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: 2026-03-16
Accession Number: 0001999371-26-005896
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126005896/active-s1a_031626.htm

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included in the Fund’s investment strategy. The Fund is not a registered investment company, so Shareholders do not have the protections of the Investment Company Act The Fund is not an investment company subject to the Investment Company Act. Accordingly, the Fund’s Shareholders do not have the protections expressly provided by that statute, including: provisions preventing Fund insiders from managing the Fund to their benefit and to the detriment of Fund Shareholders; provisions preventing the Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing Fund management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting Fund leverage; provisions imposing a fiduciary duty on the managers with respect to receipt of compensation for services; and provisions preventing changes in the Fund’s character without the consent of Fund Shareholders.

In addition, the Fund will
not hold or trade in commodity interests regulated by the CEA, as administered by the CFTC. Furthermore, the Sponsor believes that
the Fund is not a commodity pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation
by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the operation of the Fund. Consequently,
Shareholders will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.

There are technical risks
inherent in the trading system the Sponsor intends to employ

The Sponsor’s order management
system is a broadly used and well-known computer-based system that utilizes external data feeds of market information. The Sponsor
can experience business interruptions if its order management system or data feeds are disrupted or corrupted. For further discussion
of technical and business continuity risks to the Fund’s and the Sponsor’s systems, see the discussion under the caption
“Event Risk” below.

Several factors may affect
the Fund’s ability to achieve its investment objective on a consistent basis

There can be no assurance
that the Fund will achieve its investment objective. Prospective investors should read this entire prospectus and consult with
their own advisers before subscribing for Shares. Factors that may affect the Fund’s ability to meet its investment objective
include: (1) Fund’s ability to purchase and sell crypto assets in an efficient manner to effectuate creation and redemption
orders; (2) transaction fees associated with the Eligible Asset Networks; (3) the crypto asset market becoming illiquid or disrupted;
(4) the need to conform the Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or
tax law requirements; (5) early or unanticipated closings of the markets on which the Eligible Assets trade, resulting in the inability
of Fund to execute intended portfolio transactions; and (6) accounting standards.

There is no assurance
of the Sponsor’s continued services, and discontinuance may be detrimental to the Fund

There is no assurance that
the Sponsor will be willing or able to continue to service the Fund for any length of time. If the Sponsor discontinues its activities
on behalf of the Fund or other investment Fund complex, the Fund may be adversely affected.

The Sponsor may manage
a large number of assets, and this could affect the Fund’s ability to trade profitably

Increases in assets under
management may affect trading decisions. The Sponsor does not intend to limit the amount of Fund assets. The more assets the Sponsor
manages, the more difficult it may be for it to trade profitably because of the difficulty of trading larger positions without
adversely affecting prices and performance and of managing risk associated with larger positions.

The Sponsor relies heavily
on key personnel. The departure of any such key personnel could negatively impact the Fund’s operations and adversely impact
an investment in the Fund

The Sponsor relies heavily
on key personnel to manage its activities. These key personnel intend to allocate their time managing the Fund in a manner that
they deem appropriate. If such key personnel were to leave or be unable to carry out their present responsibilities, it may have
an adverse effect on the management of the Sponsor.

Shareholders have no right
or power to take part in the management of the Fund. Accordingly, no investor should purchase Shares unless such investor is willing
to entrust all aspects of the management of the Fund to the Sponsor.

In addition, certain personnel
performing services on behalf of the Sponsor will be shared with the affiliates of the Sponsor, including with respect to execution,
Fund operations and legal, regulatory and tax oversight. Such individuals will devote a small percentage of their time to those
activities.

Additionally, there can be
no assurance that all of the personnel who provide services to the Fund will continue to be associated with the Fund for any length
of time. The loss of the services of one or more such individuals could have an adverse impact on the Fund’s ability to realize
its investment objective.

The liability of the Sponsor
and the Trustee are limited, and the value of the Shares will be adversely affected if the Fund is required to indemnify the Trustee
or the Sponsor

Under the Trust Agreement,
the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent
gross negligence or willful misconduct on the part of the Trustee or Sponsor, as the case may be. That means the Sponsor may require
the assets of the Fund to be sold in order to cover losses or liability suffered by the Sponsor or by the Trustee. Any sale of
that kind would reduce the NAV of the Fund and the value of its Shares.

The Fund may incur higher
fees and expenses upon renewing existing or entering into new contractual relationships

The arrangements between clearing
brokers and counterparties on the one hand and the Fund on the other generally are terminable by the clearing brokers or counterparty
upon notice to the Fund. In addition, the agreements between the Fund and its third-party service providers, such as the Custodians,
are generally terminable at specified intervals. Upon termination, the Sponsor may be required to renegotiate or make other arrangements
for obtaining similar services if the Fund intends to continue to operate. Comparable services from another party may not be available,
or even if available, these services may not be available on the terms as favorable as those of the expired or terminated arrangements.

The Fund is actively-managed,
which may result in performance and cost differences compared to a passively-managed fund

Unlike passively-managed
crypto ETPs that seek to track an index by replicating the index’s holdings and weights, the Fund’s performance depends on
the Sponsor actively selecting Eligible Assets, determining portfolio weights and the timing for these transactions without regard
to an index. If the Sponsor’s judgments about the attractiveness, value, or market trends affecting particular Eligible Assets
prove to be incorrect, the Fund may underperform passively-managed crypto ETPs that track the Index or similar benchmarks. The
Sponsor’s judgments about the attractiveness, value, or potential appreciation of the Fund’s investments may prove
to be incorrect. The Fund could underperform other ETPs (whether actively-managed or otherwise) with a similar index as the Index
or similar investment program if the Fund’s investment selections or overall strategies fail to produce the intended results.
Regulatory, tax, or other developments may affect the investment strategies available to the Sponsor, which could adversely affect
the ability to implement the Fund’s overall investment program and achieve the Fund’s investment objective. The Fund
uses a reference rate for pricing crypto assets, which is different from the reference rate used by the Index. Therefore, there
may be performance differences attributed to the different reference rates, as well as the difference in crypto assets and weights
of those crypto assets of the Fund compared to the Index Constituents.

Actively-managed funds are
also subject to higher costs than passively-managed funds. The Fund incurs trading costs associated with active and frequent trading
of Eligible Assets. These trading costs can result in higher total expenses compared to passively-managed crypto ETPs. These higher
costs reduce the Fund’s NAV and may cause the Fund to underperform passively-managed crypto ETPs, particularly in market environments
where active management does not add sufficient value to offset the additional costs.

Market participants may
attempt to “reverse engineer” one or more of the Fund’s trading strategies. If successful, this could result
in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its
Shareholders. These practices may include front-running (trading ahead of the Fund) or free-riding (mirroring the Fund’s
strategies).