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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crypto assets on public or private markets not included among the Relevant Transactions, and such transactions may take place at prices materially higher or lower than the Reference Rates’ prices. Moreover, there may be variances in the prices of crypto assets on the various crypto asset platforms, including as a result of differences in fee structures or administrative procedures. If the Reference Rate is not available, the Fund’s holdings may be fair valued. To the extent the valuation determined by the Administrator differs materially from the actual market price of the crypto assets, the price of the Shares may no longer track, whether temporarily or over time, the global market price of crypto assets, which could adversely affect an investment in the Fund by reducing investors’ confidence in the Shares’ ability to track the global market price of crypto assets. Further development and acceptance of the Eligible Assets is uncertain

The further development
and acceptance of the Eligible Asset Networks are subject to a variety of factors that are difficult to evaluate. The slowing,
stopping or reversing of the development or acceptance of the Eligible Asset Networks may adversely affect the price of the Eligible
Assets and therefore cause the Fund to suffer losses. Regulatory changes or actions may alter the nature of an investment in crypto
assets or restrict the use of crypto assets or the operations of the Eligible Asset Networks or venues on which the Eligible Assets
trade in a manner that adversely affects the price of the Eligible Assets and, therefore, the Fund’s Shares. The Eligible
Assets are not legal tender and federal, state and/or foreign governments may restrict the use and exchange of the Eligible Assets,
and regulation of the Eligible Assets, both in the United States and elsewhere, is still developing. For example, it may become
difficult or illegal to acquire, hold, sell or use the Eligible Assets in one or more countries, which could adversely impact the
price of such assets, and therefore the value of the Fund’s Shares.

Forks, airdrops, and
similar events in the Eligible Asset Networks could have adverse effects

From time to time, developers
of one or more networks underlying the Eligible Assets may suggest changes to the network. If a sufficient number of users and
miners elect not to adopt the changes, a new crypto asset, operating on the earlier version of the network, may be created. This
is often referred to as a “fork.” Hard forks of one or more of the networks underlying the Eligible Asset could adversely
affect the market for such assets and, therefore, an investment in the Fund. See “Business of the
Fund – Incidental Rights, Forks, Airdrops, and Similar Events.”

Furthermore, a hard fork can
lead to new security concerns, for example, also, during the DAO attack an Ethereum trading platform announced in July 2016 that
it had lost 40,000 Ethereum Classic, worth about $100,000 at that time, as a result of “replay attacks,” in which transactions
from one network were rebroadcast on the other network. Another possible result of a hard fork is an inherent decrease in the level
of security due to significant amounts of validating power remaining on one network or migrating instead to the new forked network.
After a hard fork, it may become easier for an individual validator or validating pool’s validating power to exceed 50% of
the validating power of a crypto asset network that retained or attracted less validating power, thereby making crypto asset networks
that rely on PoS more susceptible to attack.

The announcement of a hard
fork could also lead to increased demand for the pre-fork crypto asset, in anticipation that ownership of the pre-fork crypto asset
would entitle holders to a new crypto asset following the fork. The increased demand for the pre-fork crypto asset may cause the
price of the crypto asset to rise. After the hard fork, it is possible the aggregate price of the two versions of the crypto asset
running in parallel would be less than the price of the crypto asset immediately prior to the fork. For example, following the
DAO hack in July 2016, holders of ether voted on-chain to reverse the hack, effectively causing a hard fork. For the days following
the vote, the price of ether rose from $11.65 on July 15, 2016 to $14.66 on July 21, 2016, the day after the first Ethereum Classic
block was mined.

The Fund will adhere to the
policies outlined by the Crypto Custodian, which may be updated without prior notice to the Sponsor or the Fund. The Crypto Custodian
may not support forks and airdrops, and the Fund and the Sponsor may not be able to use its custodial account to attempt to receive,
request, send, store, or engage in any other type of transaction involving a new version of any “forked” asset held
by the Fund. In the event of a fork, the Crypto Custodian may temporarily suspend operations with respect to the affected asset
(with or without advance notice to the Sponsor and/or the Fund) and decide whether to support (or cease supporting) either branch
of the forked protocol entirely. Additionally, in case of support, it may take significant time for the Crypto Custodian to implement
or provide access to any asset created because of a fork, and the Fund will only be able to account for the forked asset after
it is given access by the Crypto Custodian. The Crypto Custodian assumes absolutely no liability whatsoever in respect of an unsupported
branch of a forked protocol or its determination whether to support a forked protocol. The Crypto Custodian is under no obligation
to support any airdrops or forks, or handle them in any manner, which could adversely impact the value of an investment in the
Fund.

In addition to forks, a crypto
asset may become subject to an airdrop. In an airdrop, the promoters of a new crypto asset announce to holders of another crypto
asset that such holders will be entitled to claim a certain amount of the new crypto asset for free, based on the fact that they
hold such other crypto asset. Airdrops could create operational, security, legal or regulatory, or other risks for the Fund, the
Sponsor, the Crypto Custodian, Authorized Participants, or other entities.

With respect to any fork, airdrop,
or similar event, or other Incidental Rights and/or IR Virtual Currency, the Sponsor shall, in its sole discretion, decide what
action the Fund shall take. Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto asset,
Incidental Right, or IR Virtual Currency, so long as such action is consistent with the Fund’s policies and custodial policies,
does not adversely affect the status of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited
by law. In the event of a fork or airdrop, the Sponsor will determine which network it believes is the appropriate network for
the new crypto asset, and whether the new crypto asset qualifies as an Eligible Asset for the Fund’s purposes. The Sponsor
may provide instructions to the Crypto Custodian regarding forks and airdrops, and any decisions or actions related to airdrops
or forks involving the Fund’s assets will align with the Fund policies and guidelines set forth by the Crypto Custodian.
Such decisions regarding hard forks and airdrops may adversely affect the Fund, which in turn would have a negative effect on the
value of the Shares. There are likely to be operational, tax, securities law, regulatory, legal and practical issues that significantly
limit, or prevent entirely, Shareholders’ ability to realize a benefit, through their Shares in the Fund, from any airdrop,
fork or similar event.

The Eligible Asset
Networks may face scalability challenges as they expand to a greater number of users

As with other crypto asset
networks, the Eligible Asset Networks face significant scaling challenges because public blockchains generally face a tradeoff
between security and scalability. A network is typically less susceptible to manipulation or capture if more participants, or “nodes,”
are involved in the processing and maintenance of such network. However, a greater number of nodes may decrease the network’s
efficiency in processing transactions and may result in increased settlement times. Increased settlement times could discourage
certain uses for crypto assets such as bitcoin and ether (for example, micropayments), and could reduce demand for and price of
such asset, which could adversely impact the value of an investment in the Fund.

Crypto Asset Markets are
susceptible to theft, loss and destruction