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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their tax returns. Distributions by the Fund (if any) would be treated as dividend income to Shareholders to the extent of the Fund’s current and accumulated earnings and profits, then treated as a tax-free return of capital to the extent of a Shareholder’s basis in the Shares (thus reducing the Shareholder´s basis), and thereafter, to the extent such distributions exceed the Shareholder’s basis in such Shares, as capital gain for Shareholders who hold their Shares as capital assets. Accordingly, if the Fund were to be taxable as a corporation, it would likely have a material adverse effect on the economic return from an investment in the Fund and on the value of the Shares. The remainder of this summary assumes that the Fund is classified for U.S. federal income tax purposes as a partnership that it is not taxable as a corporation. U.S. Shareholders Tax Consequences of Ownership of Shares

Taxation
of the Fund’s Income No U.S. federal income tax is paid by the Fund on its income. Instead, the Fund files annual partnership
returns, and each U.S. Shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain,
loss, deductions and credits reflected on such partnership returns. Therefore, a U.S. Shareholder who does not invest through a tax-exempt
account may be subject to tax on its allocable share of the Fund’s capital gain, which can be significant, even if the U.S. Shareholder
has not sold any of the Fund Shares. Generally, in rising markets, increased turnover of the Fund's portfolio would result in additional
amounts of taxable realized gains being allocated to Shareholders than if the portfolio turnover was not so increased. Conversely, in
falling markets, increased turnover of the Fund’s portfolio may, depending upon circumstances, result in additional amounts of
realized losses being allocated to Shareholders than if the portfolio turnover were not so increased. If the Fund recognizes income,
including interest on cash equivalents and net capital gains, Shareholders must report their share of these items regardless of whether
the Fund makes a distribution of cash or property during the taxable year. Consequently, a Shareholder may be taxable on income or gain
recognized by the Fund but receive no cash distribution with which to pay the resulting tax liability or may receive a distribution that
is insufficient to pay such liability. Because the Sponsor currently does not commit to make distributions, it is likely that a U.S.
Shareholder that realizes net income or gain with respect to Shares for a taxable year will be required to pay any resulting tax from
sources other than Fund distributions. Additionally, individuals with modified adjusted gross income in excess of $200,000 ($250,000
in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their “net
investment income,” which generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital
gains (other than certain amounts earned from trades or businesses). Also included as income subject to the additional 3.8% tax is income
from businesses involved in the trading of financial instruments or commodities. Shareholders subject to this provision may be required
to pay this 3.8% tax on interest income and capital gains allocated to them by the Fund.

Monthly
Conventions for Allocations of the Fund’s Profit and Loss and Capital Account Restatements Under Code section
704, the determination of a partner’s distributive share of any item of income, gain, loss, deduction or credit is governed
by the applicable organizational document unless the allocation provided by such document lacks “substantial economic effect.”
An allocation that lacks substantial economic effect nonetheless will be respected if it is in accordance with the partners’
interests in the partnership, determined by considering all facts and circumstances relating to the economic arrangements among
the partners. Subject to the possible exception for certain conventions to be used by the Fund as discussed below, it is expected
that allocations pursuant to the Trust Agreement should be considered as having substantial economic effect or being in accordance
with Shareholders’ interests in the Fund.

In situations where a partner’s
interest in a partnership is redeemed or sold during a taxable year, the Code generally requires that partnership tax items for
the year be allocated to the partner using either an interim closing of the books or a daily proration method. The Fund intends
to allocate tax items using an interim closing of the book’s method under which income, gains, losses and deductions will
be determined on a monthly basis, taking into account the Fund’s accrued income and deductions and gains and losses (both
realized and unrealized) for the month. The tax items for each month during a taxable year will then be allocated among the holders
of Shares in proportion to the number of Shares owned by them as of the close of trading on the last trading day of the preceding
month (the “monthly allocation convention”).

Under the monthly allocation
convention, an investor who disposes of a Share during the current month will be treated as disposing of the Share as of the end
of the last day of the calendar month. For example, an investor who buys a Share on April 10 of a year and sells it on May 20 of
the same year will be allocated all of the tax items attributable to May (because it is deemed to hold the Share through the last
day of May) but none of those attributable to April. The tax items attributable to that Share for April will be allocated to the
person who held the Share as of the close of trading on the last trading day of March. Under the monthly allocation convention,
an investor who purchases and sells a Share during the same month, and therefore does not hold (and is not deemed to hold) the
Share at the close of the last trading day of either that month or the previous month, will receive no allocations with respect
to that Share for any period. Accordingly, investors may receive no allocations with respect to Shares that they actually held
or may receive allocations with respect to Shares attributable to periods that they did not actually hold the Shares.

By investing in Shares, a U.S.
Shareholder agrees that, in the absence of new legislation, regulatory or administrative guidance, or judicial rulings to the contrary,
it will file its U.S. income tax returns in a manner that is consistent with the monthly allocation convention as described above
and with the IRS Schedule K-1 or any successor form provided to Shareholders by the Fund.

For any month in which a Creation
Basket is issued or a Redemption Basket is redeemed, the Fund will credit or debit the “book” capital accounts of existing
Shareholders with the amount of any unrealized gain or loss, respectively, on Fund assets. For this purpose, the Fund will use
a convention whereby unrealized gain or loss will be computed based on the lowest NAV of the Fund’s assets during the month
in which Shares are issued or redeemed, which may be different than the value of the assets on the date of an issuance or redemption.
The capital accounts as adjusted in this manner will be used in making tax allocations intended to account for differences between
the tax basis and fair market value of property owned by the Fund at the time new Shares are issued or outstanding Shares are redeemed
(so-called “reverse Code section 704(c) allocations”). The intended effect of these adjustments is to equitably allocate
among Shareholders any unrealized appreciation or depreciation in the Fund’s assets existing at the time of a contribution
or redemption for book and tax purposes.

The conventions used by the
Fund, as noted above, in making tax allocations may cause a Shareholder to be allocated more or less income or loss for U.S. federal
income tax purposes than its proportionate share of the economic income or loss realized by the Fund during the period such Shareholder
held the Shares. This mismatch between taxable and economic income or loss in some cases may be temporary, reversing itself in
a later year when the Shares are sold, but could be permanent. As one example, a Shareholder could be allocated income accruing
after it sold its Shares, resulting in an increase in the basis of the Shares (see “Tax Basis of Shares,” below). In
connection with the disposition of the Shares, the additional basis might produce a capital loss the deduction of which may be
limited (see “Limitations on Deductibility of Losses and Certain Expenses,” below).