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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such additions in a prospectus supplement or the Fund’s periodic reports. The Sponsor conducts due diligence on potential Crypto Asset Trading Counterparties, with entities being added or removed from consideration on an ongoing basis. Each Crypto Asset Trading Counterparty must undergo onboarding by the Sponsor prior to entering into crypto asset transactions on behalf of the Fund. The Sponsor will not place orders with any Crypto Asset Trading Counterparty that is an affiliate of the Fund, the Trust or the Sponsor. Each of the Crypto Asset Trading Counterparties are, and any other Crypto Asset Trading Counterparty that the Sponsor, on behalf of the Fund, places orders with in the future, will be subject to U.S. federal and/or state licensing requirements or similar laws in non-U.S. jurisdictions, and maintain practices and policies designed to comply with anti-money laundering (AML) and know your customer (KYC) regulations or similar laws in non-U.S. jurisdictions.

Flow Traders. Transacting
in crypto assets with Flow Traders is subject to the Flow Traders terms of business and relevant disclosures published at time of execution
of such transaction, as made publicly available by Flow Traders. The Sponsor, on behalf of the Fund, has conducted a review of Flow Traders’
terms of business and disclosures, and has deemed it acceptable for the Fund to transact subject to those terms. Neither Flow Traders
nor the Fund shall be held liable by the other party for any direct losses, liabilities, expenses, suits, demands, or costs (including
reasonable attorney fees), except in instances of fraud, willful misconduct, or gross negligence, regardless of the underlying cause.
In no event shall either party be liable to the other party or any third party for indirect, consequential, or special damages.

Jane Street. The Sponsor, on behalf of the Fund,
has entered into a Master Purchase and Sale Agreement for Digital Assets (the “Master Agreement”) with Jane Street to allow
the Fund to enter into spot purchase or sale transactions in crypto assets on a principal to principal basis.  Under the Master
Agreement, Jane Street, the Fund, and Sponsor each has no liability: (i) with respect to any immaterial breach of the Master Agreement
which does not arise from its fraud, willful misconduct, bad faith or gross negligence, (ii) for any act or omission (including insolvency)
or delay of any third-party, including any bank, digital wallet provider or digital currency exchange or any of their agents or subcontractors,
(iii) for any interruption or delays of service, system failure, or errors in the design or functioning of any electronic system, provided
that such system is not maintained by Jane Street, or (iv) for any consequential, indirect, incidental, or any similar damages (even
if informed of the possibility or likelihood of such Special Damages).  The Fund, Sponsor, and Jane Street, will each indemnify,
defend and hold parties covered by this clause harmless together with its officers, directors, members, affiliates, employees, agents
and licensors from and against all losses, liabilities, judgments, proceedings, claims, damages and costs (including reasonable attorneys’
fees) resulting from any third-party action related to: (i) the indemnifying party’s breach of the terms of this Agreement, (ii)
the indemnifying party’s violation of any applicable law, rule or regulation, or (iii) the indemnified party’s reasonable
reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by or on behalf of the indemnifying
party. The Master Agreement continues in effect until terminated in writing by either party.

The Distributor

T. Rowe Price Investment Services,
Inc., a wholly-owned subsidiary of the Administrator and affiliate of the Sponsor, serves as the Distributor, under the Underwriting Agreement.
The Distributor is registered as a broker-dealer under the Exchange Act and is a member of the Financial Industry Regulatory Authority,
Inc. (FINRA). The Distributor is located at 1307 Point Street, Baltimore, Maryland 21231.

The Fund has engaged the Distributor
to provide the following services: acting as the agent of the Fund in connection with the sale of Shares in the various states in which
the Distributor is qualified as a broker-dealer, managing creation and redemption orders, and marketing Shares. No sales charges are paid
by Shareholders or the Fund, no compensation is paid to the Distributor, and the Distributor does not receive any underwriting discount
from the sale of Shares. The Underwriting Agreement also allows the Distributor to enter into agreements with affiliated entities to offer
and sell Shares of the Fund, under limited conditions, to certain investors outside the United States.

Pursuant to the terms of the Underwriting
Agreement, the Distributor is responsible for working with the Sponsor, Administrator, and Transfer Agent to review and approve, or reject,
purchase and redemption orders of Creation Units placed by Authorized Participants. The Distributor has agreed to use its best efforts
to obtain orders for Creation Units of Shares from Authorized Participants but is under no obligation to purchase or sell any specific
amount of Shares. The Distributor also is responsible for reviewing, approving, and, where necessary, filing the marketing materials prepared
by the Fund, or its other service providers, for compliance with applicable SEC and FINRA laws, rules, and regulations, including any
advertising laws, rules, and regulations. The Distributor will not engage in any stabilizing transactions, short sales, covering transactions
or penalty bids with respect to the Shares.

In accordance with the terms of
the Underwriting Agreement, the Distributor is liable and holds the Fund harmless for any losses that the Fund may sustain as the result
of any wrongful act by the Distributor or its directors, officers, employees, or representatives, or any untrue statement or alleged untrue
statement or omission or alleged omission of material fact contained in a registration statement, shareholder report, or other information
covering Shares filed or made public by the Fund, if such statement or omission was made in reliance upon information furnished to the
Fund by the Distributor. Similarly, the Fund indemnifies and holds harmless the Distributor and its directors, officers, employees, representatives,
and controlling persons against losses arising from (i) any wrongful act by the Fund or its directors, officers, employees, or representatives,
(ii) breaches of the Fund’s representations or warranties to the Distributor, (iii) claims brought by an Authorized Participant (provided
the Distributor has not acted with willful misfeasance, bad faith, or gross negligence), or (iv) any untrue statement, alleged untrue
statement, omission, or alleged omission of material fact in a registration statement, shareholder report, or other information if made
in reliance upon information furnished to the Distributor by the Fund. Neither party’s indemnification obligations extend to losses resulting
from the indemnified party’s own willful misfeasance, bad faith, or gross negligence. Also, the Distributor or the Fund may both terminate
the Underwriting Agreement upon sixty (60) days’ written notice to one another, or forthwith if the other party declines to make
amendments necessary to comply with regulatory requirements.

More Information about the Performance Benchmark

The Index is owned, administered
and calculated by FTSE International Limited (the “Index Provider”). The Index Provider is a company incorporated and registered
in England, and its principal offices are located at 10 Paternoster Square, London, EC4M 7LS, United Kingdom. The Index Provider is experienced
in calculating and administering digital asset indices. The Index Provider is unaffiliated with the Sponsor. Pursuant to an agreement
between the Administrator and the Index Provider (Index Agreement), the Fund may use the Index data for an initial twelve month subscription
period, after which it shall automatically renew for further terms of one year each. Either party may elect to not renew the subscription
by providing at least thirty days’ written notice prior to the expiration of the then current term.

FEDERAL INCOME TAX CONSEQUENCES