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: 2026-04-27
Accession Number: 0001999371-26-009120
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126009120/activecrypto-s1a_042726.htm

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in any portion of the Fund’s crypto assets becoming subject Staking or other validation processes on the Eligible Assets’ underlying networks, in the future. Specifically, the Fund’s crypto assets may be used to engage in Staking, or other related processes that earn additional crypto assets, generate income, or accrue any form of earnings, in accordance with appropriate risk, tax and regulatory guidance. Shareholders will be informed in a prospectus supplement, the Fund’s periodic reports, or current report on Form 8-K, of a description of the staking program, including a description of related processes, the Eligible Assets applicable and how staking is managed relevant to the Eligible Assets, material terms of relevant third-party agreements, relevant third-party responsibilities, how staking rewards are managed, of liquidity risk policies and procedures, and any related risks. Until such descriptions are provided to Shareholders, none of the Fund, Sponsor, nor Crypto Custodian will engage in Staking.

The Performance Benchmark (Index)

The Fund compares its performance
against the Index, which serves as a benchmark of the investible crypto asset market. While the Index will be composed of up to ten (10)
crypto assets, the Fund may, at any given time, hold greater than ten (10) crypto assets. Moreover, the Fund’s portfolio is not
limited to Index Constituents nor the weights of Index Constituents in the Index. However, the only crypto assets that the Fund will invest
in are Eligible Assets.

The Index is part of the FTSE Digital
Asset Index Series and leverages the FTSE DAR Reference Price. The Index does not track the overall performance of all crypto assets generally,
nor the performance of any specific crypto assets.  The Index was launched on October 14, 2025 and includes up to the top ten crypto
assets based on the market capitalization of such crypto assets that are eligible under the generic listing standards established by the
SEC for passively-managed crypto asset ETPs. The Index is then weighted by square root market capitalization. The crypto asset selection
process involves reviewing and collecting data for crypto assets that trade on hundreds of exchanges that are operated globally to capture
data to support index construction, with key considerations including market capitalization, liquidity, investability, and the availability
of index pricing and reference data inputs. Availability of pricing is a core requirement for a crypto asset to be included in the investible
universe of the FTSE Indices, which leverage the FTSE DAR Reference Price.

As of March 31, 2026, the chart
below shows the Index Constituents of the Index and their related blockchains.

Index Constituent	Blockchain	% Weight in Index

BTC	Bitcoin	42.83

ETH	Ethereum	19.09

LINK	Chainlink	2.91

XLM	Stellar	2.85

ADA	Cardano	3.37

BCH	Bitcoin Cash	3.70

DOGE	Dogecoin	4.50

XRP	XRP	10.56

SOL	Solana	7.93

AVAX	Avalanche	2.25

The Index’s underlying pricing
employs a methodology designed to capture data from vetted assets and exchanges to meet the requirements of EU Benchmarks. The Fund may
use a different Index at any time; notification of a change will be made in a prospectus supplement or the Fund’s periodic reports.
As of March 31, 2026, the Index lists its historical performance as follows:

1-month	3-month

There can be no assurance as to the
future performance of the Index and the past performance should not be taken as an indication of future performance. Furthermore, as an
actively-managed fund, there is no assurance of a correlation between the performance of the Index and the Fund.

Fund Fees and Expenses

The Fund expects to pay the Sponsor
a Management Fee, monthly in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund. As of the date of this prospectus,
the Sponsor irrevocably waives 0.15% of the Management Fee until May 31, 2027, for a net Management Fee of 0.75% per annum of the daily
NAV of the Fund. The waiver will automatically terminate on May 31, 2027, and may only be extended at the sole discretion of the Sponsor.

The Management Fee is paid in consideration
of the Sponsor’s services related to the management of the Fund’s business and affairs. The Administrator will calculate the
Management Fee on a daily basis with respect to the NAV of the Fund, and the Management Fee will be paid directly by the Fund to the Sponsor.
The Management Fee will accrue daily and be payable monthly in cash.

The Sponsor pays all routine operational,
administrative, and other ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator, Trustee,
Custodians, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration fees,
report preparation and mailing expenses, and ordinary legal fees and expenses. Expenses paid by Sponsor are not subject to any caps or
limits.

In addition to the Fund’s
Management Fee, the Fund pays all of its (1) brokerage commissions, including but not limited to applicable exchange fees and give-up
fees, fees and commissions related to any crypto transaction fees for on-chain transfers of assets, and other transaction related fees
and expenses charged in connection with trading activities. The Fund also pays all of its (2) borrowing and financing costs and expenses.
The Fund pays all of its (3) taxes or governmental fees payable by or in respect to the Fund to federal, state, or other governmental
agencies, domestic or foreign, including stamp or other transfer taxes. The Fund also pays all of its (4) non-recurring, extraordinary,
or unusual fees and expenses, if any. Non-recurring, extraordinary, or unusual fees and expenses are unexpected or unusual in nature,
such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. The Fund may be required
to indemnify the Sponsor, and the Fund and/or the Sponsor may be required to indemnify the Fund’s service providers under certain
unusual or extraordinary circumstances. Non-recurring, unusual, or extraordinary expenses of the Fund will be determined by the Sponsor
or Administrator. The Sponsor may determine, in its sole discretion, to assume any non-recurring, unusual, or extraordinary expenses of
the Fund, if applicable. All such expenses to be paid by the Fund will be determined by the Sponsor. Any Fund expense specifically attributable
to the Fund or arises out of the Fund’s operations will be directly allocated to the Fund and any shared expense will be allocated
using a pro rata methodology that allocates certain of the expense to the Fund.

The Sponsor and/or the Administrator
will bear the costs and expenses related to the Fund’s organization and initial offer and sale of Shares, including registration
fees paid or to be paid to the SEC, Financial Industry Regulatory Authority (FINRA) or any other regulatory body or self-regulatory organization.
None of the costs and expenses related to the Fund’s organization and initial offer and sale of Shares are chargeable to the Fund.
Further, neither the Sponsor nor the Administrator may recover any of these costs and expenses from the Fund.

In the event the Fund’s cash
balance is insufficient to pay all fees and expenses, including the Management Fee, the Fund may need to sell its crypto assets from time
to time to pay for its fees and expenses. The NAV is reduced by the accrual of Management Fee or any Fund expenses not assumed by the
Sponsor. Each sale of crypto assets by the Fund generally will be a taxable event for the Fund. See “U.S. Federal Income Tax Consequences”
section.

The Sponsor, from time to time,
may temporarily waive all or a portion of the Management Fee and/or Fund expenses, in its sole discretion. The Sponsor is not under an
obligation to waive any portion of the Management Fee nor any Fund expenses. For any waiver instituted, such waiver does not create an
obligation outside the strict terms of a waiver agreement. In the future, if the Sponsor decides to extend a waiver or institute a new
waiver, Shareholders will be notified in a prospectus supplement, the Fund’s periodic reports, or current report on Form 8-K. In
addition, the Sponsor, in its sole discretion, may determine to amend the Sponsor Agreement, including to increase the Management Fee,
without Shareholder consent.

OVERVIEW
OF THE ELIGIBLE ASSETS’ INDUSTRY

Each Eligible Asset operates on its
respective network (Eligible Asset Networks). The Eligible Asset Networks are decentralized peer-to-peer computer systems that rely on
public key cryptography for security, and their values are primarily influenced by market supply and demand.