SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-05-15
Accession Number: 0001999371-26-010860
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126010860/tknz-s1a_051526.htm

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small asset base, certain of the Fund’s expenses and its portfolio transaction costs may be higher than those of a Fund with a larger asset base. To the extent that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some Shareholders. To the extent that the Fund engages in staking activities, the Fund will be exposed to increased liquidity risk Staking typically requires that the Fund lock up the staked Eligible Assets for a specified period. During the staking period and the subsequent unbonding period required to unstake the Eligible Assets, the Fund typically cannot transfer such assets. The unbonding period varies by asset and may exceed historical averages based on network activity. For a detailed discussion of the Fund’s staking activities and procedures, see ‘Business of the Fund—Staking.’

Due to the time involved in “exiting”
the staking process, there is a risk that the Fund could become unable to timely meet excessive redemption requests in amounts that are
greater than the portion of the Fund’s stakeable Eligible Assets that remain un-staked, leading to temporary delays in settlement
and, in extreme scenarios, the temporary unavailability of the Fund’s redemption program. Moreover, any staked Eligible Assets which
must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Fund’s
Eligible Assets that have not been staked, or through another mechanism to manage liquidity in connection with redemption orders) will
be un-staked only after the redemption request is approved by the Fund, the Sponsor executes an un-stake or withdrawal transaction through
the Crypto Custodian, and such transaction is processed by the network on which the Eligible Asset is based. The Staking Provider will
not be able to transfer unstaked Eligible Assets or Staking Provider Consideration to another address on the network.

In addition, depending on the anticipated
length of the unbonding period, the staked Eligible Assets may be classified as illiquid under the Fund’s liquidity risk management
program. In addition, if staked Eligible Assets are determined to be offered or sold as a security under the Securities Act, they could
be subject to significant constraints in terms of any transfer or disposal of such Eligible Assets. In such event, the Fund may consider
one or more Eligible Assets to be an “illiquid security”, which it defines as a security that the Fund reasonably expects
cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly
changing the market value of the security.

Rewards for staked Eligible Assets
may be accrued even before the staked Eligible Assets are unbonded. Once accrued, such rewards are considered part of the Fund’s
assets, even if unbonding has not occurred. The Sponsor and the Fund will manage liquidity in accordance with the Fund’s liquidity
risk policies and procedures and will monitor staking and bonding/unbonding activity closely on a daily basis.

Risks Related to Shareholder Voting Rights
and Liability

Shareholders have only very limited
voting rights and generally will not have the power to replace the Sponsor. Shareholders will not participate in the management of the
Fund and do not control the Sponsor so they will not have influence over basic matters that affect the Fund

Shareholders will have very limited
voting rights with respect to the Fund’s affairs. Shareholders may elect a replacement sponsor only if the current Sponsor resigns
voluntarily or loses its corporate charter. Shareholders will not be permitted to participate in the management or control of the Fund
or the conduct of its business. Shareholders must therefore rely upon the duties and judgment of the Sponsor to manage the Fund’s
affairs.

Shareholders will not have the
rights enjoyed by investors in certain other types of entities

As interests in a Delaware statutory
trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including, for example,
the right to bring Shareholder oppression and derivative actions). In addition, the Shares have limited voting and distribution rights
(for example, Shareholders do not have the right to elect directors, as the Fund does not have a board of directors, and generally will
not receive regular distributions of the net income and capital gains earned by the Fund). The Fund is also not subject to certain investor
protection provisions of the Sarbanes Oxley Act of 2002 and Exchange governance rules.

CALCULATING
NAV

The NAV of the Fund will be equal
to the total assets of the Fund, including but not limited to, all crypto assets, stablecoins, cash, and cash equivalents less total liabilities
of the Fund. The NAV per share is calculated by dividing NAV of the Fund by the number of shares currently outstanding. The methodology
used to calculate the price of the crypto assets in determining the NAV of the Fund may not be deemed consistent with U.S. GAAP (GAAP).

The Sponsor has the authority to determine
the Fund’s NAV. Subject to the oversight of the Sponsor, the Sponsor has delegated to the Administrator the responsibility to calculate
the NAV of the Fund as well as the daily valuation process, based on pricing sources selected by the Sponsor. The Fund’s investment
team may provide pricing inputs. No investment team may provide pricing instructions.

In determining the Fund’s
NAV, the Administrator values each crypto asset and stablecoin held by the Fund based on a reference rate. The Administrator has engaged
Lukka, Inc., a third-party vendor, to provide a reference rate for each crypto asset and stablecoin held by the Fund. The Lukka Digital
Asset Median Reference Rates (as shown in the table below) shall be the primary reference rate used for valuing the Fund’s crypto
assets and stablecoin, unless the Administrator determines that one or more reference rates is not available or is unreliable (each a
“Reference Rate”). Each Reference Rate aggregates the trade flow of the respective asset on spot exchange platforms, during
an observation window between 3:00 p.m. and 4:00 p.m. E.T. into the U.S. dollar price of the respective asset, at 4:00 p.m. E.T.

Asset	Lukka Digital Asset Median Reference Rate Full Name

ADA	Lukka Digital Asset Median Reference Rate - Cardano - U.S. Dollar

BTC	Lukka Digital Asset Median Reference Rate - Bitcoin - U.S. Dollar

DOT	Lukka Digital Asset Median Reference Rate - Polkadot - U.S. Dollar

ETH	Lukka Digital Asset Median Reference Rate - Ether - U.S. Dollar

LTC	Lukka Digital Asset Median Reference Rate - Litecoin - U.S. Dollar

SOL	Lukka Digital Asset Median Reference Rate - Solana Token - U.S. Dollar

XRP	Lukka Digital Asset Median Reference Rate - Ripple - U.S. Dollar

AVAX	Lukka Digital Asset Median Reference Rate - Avalanche - U.S. Dollar

DOGE	Lukka Digital Asset Median Reference Rate - Dogecoin - U.S. Dollar

HBAR	Lukka Digital Asset Median Reference Rate - Hedera Hashgraph - U.S. Dollar

BCH	Lukka Digital Asset Median Reference Rate - Bitcoin Cash - U.S. Dollar

LINK	Lukka Digital Asset Median Reference Rate - ChainLink - U.S. Dollar

XLM	Lukka Digital Asset Median Reference Rate - Stellar Lumens - U.S. Dollar

SHIB	Lukka Digital Asset Median Reference Rate - SHIBA INU - U.S. Dollar

SUI	Lukka Digital Asset Median Reference Rate - Sui – U.S. Dollar

USDC	Lukka Digital Asset Median Reference Rate - USD Coin - U.S. Dollar

The Reference Rates are calculated
based on the transactions that take place on crypto asset trading platforms approved by the Reference Rate provider (Eligible Transactions).
The methodology (or calculation steps) for each Reference Rate is as follows:

●	All Eligible Transactions are added to a joint list, recording the trade price and size for each transaction.

●	The joint list is partitioned into a number of equally-sized time intervals.

●	For each partition separately, the volume-weighted median trade price is calculated from the trade prices
and sizes of all Eligible Transactions, i.e., across all relevant trading platforms. A volume-weighted median differs from a standard
median in that a weighting factor, in this case trade size, is factored into the calculation.

●	Each Reference Rate is then determined by the equally weighted average of the volume-weighted medians
of all partitions.

The Administrator believes that
the use of the Reference Rates is reflective of a reasonable valuation of the spot price of the Fund’s crypto assets and stablecoin
and are reasonably designed to be resistant to manipulation. For example, under this methodology, crypto asset transactions conducted
at outlier prices, large trades or clusters of trades transacted over a short period of time, and large trades at prices that deviate
from the prevailing price are mitigated from having an undue influence on the Reference Rates. The Administrator requires the Reference
Rate provider(s) to have a control framework that is consistent with relevant regulations and designed to ensure the integrity of its
Reference Rates.