The Trust launched and commenced trading in July 2026, following seed capital issuance and regulatory approval. It is the first actively managed multi-crypto spot ETF by T. Rowe Price, aiming to provide investors with diversified crypto exposure under professional management.

• T. Rowe Price launched the first actively managed multi-crypto spot ETF, trading under the symbol TKNZ on NYSE Arca starting July 16, 2026, following SEC approval and seed capital issuance [N1][S1].
• The Trust employs an active, model-based investment strategy targeting long-term capital growth through diversified crypto asset holdings, with a management fee net of waiver at 0.75% annually [S1].
• Shares are issued and redeemed in Creation Units of 10,000 shares by Authorized Participants, with in-kind creation and redemption authorized but not currently utilized [S1].
• The Trust's NAV is calculated daily using reference rates from third-party vendor Lukka, Inc., with fallback valuation methods as needed [S1].

The Trust's active management and model-based investment process provide potential for differentiated performance relative to passive crypto indices. The backing of T. Rowe Price Group offers operational expertise, regulatory compliance, and investor confidence. The Trust's diversified crypto asset holdings and disciplined risk framework may appeal to investors seeking exposure to crypto with professional management and governance.

The Trust operates in a highly volatile and rapidly evolving crypto asset market, which may present valuation and liquidity challenges. The absence of leverage and derivatives limits certain risk management or return enhancement strategies. As a newly launched product, it faces competition from other crypto ETFs and evolving regulatory scrutiny. The Trust's reliance on third-party valuation sources and the nascent nature of crypto markets may impact NAV accuracy and investor confidence.

The Trust benefits from the established brand and operational infrastructure of T. Rowe Price Group, including experienced management, administration, and distribution affiliates. Its actively managed approach to crypto asset investing, combined with a disciplined, model-based process, differentiates it from passive crypto ETFs. The use of reputable custodians and third-party valuation providers supports operational integrity. However, as a new product in a volatile and evolving crypto market, its competitive moat is primarily based on brand trust and operational execution rather than entrenched market position.

• Market Volatility and Crypto Asset Risks: The Trust invests in crypto assets, which are subject to high price volatility, regulatory changes, and market liquidity risks that can affect performance and NAV.
• Operational and Valuation Risks: The Trust relies on third-party vendors for crypto asset valuation and custodians for asset safekeeping, which introduces operational and valuation risks.
• Regulatory and Legal Risks: The Trust is not registered as an investment company and is not a commodity pool, but changes in regulatory frameworks could impact its operations or investor access.
• Limited Operating History: Having commenced operations in July 2026, the Trust has a limited track record, which may affect investor assessment of its performance and stability.

• T. Rowe Price Active Crypto ETF is organized as a Delaware statutory trust governed by an agreement dated September 15, 2025.
• The Trust is an actively-managed exchange-traded product seeking long-term capital growth through investments in crypto assets.
• The Trust's trustee is CSC Delaware Trust Company, and the sponsor is T. Rowe Price Sponsor LLC, a subsidiary of T. Rowe Price Group, Inc.
• The administrator is T. Rowe Price Associates, Inc., and the distributor is T. Rowe Price Investment Services, Inc.
• State Street Bank and Trust Company acts as transfer agent; Anchorage Digital Bank N.A. is custodian for crypto assets and payment stablecoins; State Street Bank is custodian for cash and other assets.
• The Trust is not registered as an investment company under the Investment Company Act and is not a commodity pool under the Commodity Exchange Act.
• The investment objective is to seek long-term capital growth by investing in a diversified basket of commodity crypto assets, aiming to outperform the FTSE Crypto US Listed Index.
• The Trust employs an actively-managed, fundamentally informed model-based process considering fundamentals, valuation, and momentum within a risk-based framework.
• Under normal conditions, the Trust holds between 5 and 15 crypto assets but may hold more or less at any time.
• The Trust may hold cash, cash equivalents, and payment stablecoins for expenses, trading efficiency, and defensive positioning.
• The Trust does not invest in assets considered securities under federal securities laws and does not use leverage or derivatives.
• Shares trade on NYSE Arca under the symbol TKNZ, issued and redeemed in Creation Units of 10,000 shares by Authorized Participants.
• The SEC issued a 19b-4 order on June 12, 2026, permitting in-kind creations and redemptions, though the Trust does not currently use this method.
• The Sponsor manages the Trust and receives an annual management fee of 0.90% of average daily net assets, with a contractual waiver of 0.15% until May 31, 2027, resulting in a net fee of 0.75%.
• As of June 30, 2026, the Trust had issued 800 initial seed shares at $25 each, totaling $20,000, and had no operations other than share issuance.
• The Trust commenced operations and trading on July 16, 2026.
• The NAV is calculated daily by the Administrator using reference rates from Lukka, Inc. or other sources, based on spot exchange prices aggregated between 3:00 p.m. and 4:00 p.m. ET.
• The Trust's financial statements follow GAAP and ASC Topic 820 for fair value measurement of crypto assets.
• The Trust holds only a small cash balance generally, being otherwise fully invested to maintain its investment objective.
• The Trust's only ordinary recurring expense is the Sponsor's management fee; the Sponsor pays all routine operational and administrative expenses.
• At June 30, 2026, the Trust had no off-balance sheet arrangements.
• The Trust's source of liquidity is sales of crypto assets and cash and cash equivalents balances.
• The Trust's net income for the quarter ended June 30, 2026, was zero, reflecting no operations beyond share issuance.
• Financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.