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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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. The Fund pays certain expenses as described in “Business of the Fund - Fund Fees and Expenses,” including brokerage commissions, transaction fees, borrowing and financing costs, taxes or governmental fees, and non-recurring, extraordinary, or unusual fees and expenses. Examples of extraordinary expenses include services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the Bitcoin or Ethereum blockchain), any indemnification of the Cash Custodian, Crypto Custodian, Administrator or other agents, service providers or counterparties of the Fund, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters.

The Sponsor Agreement provides that
the Sponsor will not be liable for losses to the Fund nor any Shareholder. Further, the Sponsor shall be indemnified, to the extent provided
in the Trust Agreement, which provides that the Sponsor, its affiliates, and their directors, officers, and employees (each a “Sponsor
Indemnified Party”) shall be indemnified by the Fund against any losses, judgments, liabilities, expenses and amounts paid in settlement
of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor was acting
on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests
of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach
of this Trust Agreement on the part of the Sponsor and (ii) any such indemnification will be recoverable only from Trust assets.
All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation
of existence of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary
or involuntary petition in bankruptcy under Title 11 of the United States Code by or against the Sponsor.

The Sponsor Agreement may be terminated:
(i) by the Sponsor at any time upon 30 days’ prior written notice; or (ii) by either party upon discovery of acts of fraud or willful
malfeasance of the other party in performing its duties thereunder.

Key Personnel of the Sponsor
– Board of Directors

Board of Directors. The
Fund does not have a board of directors. The Sponsor is overseen by a Board of Directors (Board) and its Audit Committee serves
as the Audit Committee of the Fund for purposes of Rule 10A-3 under the Exchange Act. The following persons, in their capacities as directors
of the Sponsor, perform certain functions with respect to the Fund that, if the Fund had directors, would typically be performed by them.
Each of these directors:

●	Robert Winston Smith (born 1961) serves as a director of the Board of the Sponsor and as the Chair
of the Audit Committee since April 2026. Mr. Smith currently serves as Chair of the Board of Directors of Mensura Health, Inc, a biotechnology
company, since 2024 and a member of the Board of Directors of EpiWatch Inc., a digital health company, since 2024. Mr. Smith serves as
Vice Chair of the Darden School Foundation Board of Trustees and, since 2018, a Board member. Additionally, he is a member of the Board
of Hills To Climb. From 2022 to 2024, Mr. Smith served as an Adviser to Sands Capital. Mr. Smith is a former Vice President and Portfolio
Manager of T. Rowe Price. He earned a B.S. in Finance and Economics from the University of Delaware and an MBA in General Management from
the UVA Darden School of Business.

●	Meredith Callanan (born 1963) serves as a director of the Board of the Sponsor and as a member of the
Audit Committee since April 2026. Ms. Callanan also serves as a director of Aqua Laboratories, Inc., a water treatment supplier, since
2015. She is a co-founder and Advisory Committee member since 2018 of the Maryland Early Childhood Leadership Program at The George &
Betsy Sherman Center, University of Maryland-Baltimore County. Ms. Callanan previously served as Chair and Director of the T. Rowe Price
Foundation from 2005 to 2019 where she oversaw governance, stewardship of financial assets and grant-making priorities (Director, 2005-2019;
Chair, 2015-2018; Past Chair, 2019). She also was Head of Corporate Marketing & Communications at T. Rowe Price Group from 2007 to
2015, where she was responsible for the firm’s corporate brand and its global activation. Ms. Callanan earned a BA from Bates College
and a Masters in Management at the Kellogg Graduate School of Management, Northwestern University. Additionally, Ms. Callanan was a fellow
at the Harvard Advanced Leadership Initiative.

●	Robert A. Birch (born 1961) serves as a director of the Board of the Sponsor and as a member of the
Audit Committee since April 2026. Mr. Birch previously served as a member of the Board of the National Family Resiliency Center from 2015
to 2016. Mr. Birch served at T. Rowe Price from 2001 to 2015, where he was Head, Institutional Client Services for North America. During
his tenure, he chaired the firm’s Global Client Service Committee and served on both the Global Investment Services Executive Committee
and the North America Executive Committee. From 1997 to 2001, Mr. Birch was a Principal and Senior Investment Consultant with William
M. Mercer Investment Consulting.  He also chaired the firm’s North America Manager Search Committee. Prior to that, Mr. Birch
served as Assistant Director of Finance for the Central Pension Fund of the International Union of Operating Engineers from 1987 to 1997.
He earned a BS in Business Management from The University of Utah and an MBA in Finance and Investments from The George Washington University.

The following persons are considered
interested directors because they also serve as employees of the Administrator or its affiliates.

●	David Oestreicher (born 1967) serves as a director of the Board of the Sponsor since April 2026 and
the Chief Executive Officer of the Sponsor since inception. As general counsel of the Firm, he oversees the legal, compliance, audit,
and risk functions for the Firm globally. He has served as an interested director of the T. Rowe Price registered investment companies
since July 2018. He has been with the Firm since 1997. Additionally, Mr. Oestreicher serves as a member of the Board of Governors for
the Investment Company Institute (ICI), and previously served as the chair of the ICI’s international committee. He serves as chair
of the ICI Mutual Insurance Company Board of Governors and as chair of its executive committee. He also served on the board of the
Investment Adviser Association and previously served as the chair of its legal and regulatory committee. Prior to joining the Firm, Mr.
Oestreicher was special counsel at the SEC. He earned a B.S. in Business Administration from Bucknell University and a J.D. from Villanova
University School of Law.

●	Alan Dupski (born 1982) serves as a director of the Board of the Sponsor since April 2026 and the Chief
Financial Officer and Principal Accounting Officer of the Sponsor since inception. As Head of Fund Administration and Accounting for the
Firm, he oversees financial reporting, fund accounting, fund operations, tax, and valuation for the Firm’s pooled investment vehicles
globally. He has been with the Firm since 2015. Prior to joining the Firm, Mr. Dupski was an assistant chief accountant at the SEC
and a senior manager at PricewaterhouseCoopers, LLP. He earned a B.S. in Accounting and Finance from the University of Maryland. He is
a certified public accountant.

Audit Committee of the Board.
The Audit Committee operates pursuant to a written charter adopted by the Sponsor’s Board and the Audit Committee. The Sponsor
will provide a copy of the Audit Committee charter, without charge, to any shareholder who requests one.

The members of the Audit Committee
are Messrs. Smith and Birch and Ms. Callanan, each of whom is considered independent as described in the “Director Independence”
section. The Board has determined that each member of the Audit Committee is financially literate, as defined by the Exchange. The Board
has determined that Mr. Smtih qualifies as an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation

Director Independence.
The Board has undertaken a review of the independence of each director. In connection with this review, the Board has considered
transactions, relationships and arrangements between each director or any member of his or her immediate family and the Sponsor and
its subsidiaries and affiliates, including the Fund. The purpose of this review was to determine whether any such relationships or
arrangements were inconsistent with a determination that the director is independent.