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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from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold interests. LEGAL MATTERS

Dechert LLP has advised the Sponsor
in connection with the Shares being offered. Dechert LLP advises the Sponsor with respect to its responsibilities as sponsor of, and with
respect to matters relating to, the Fund. Certain opinions of counsel will be filed with the SEC as exhibits to the Registration Statement
of which this Prospectus is a part.

EXPERTS

The financial statements of the
Fund as of April 1, 2026, included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an
independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

PRIVACY
POLICY

The Fund, Administrator, and the Sponsor
may collect or have access to certain nonpublic personal information about current and former Shareholders. Nonpublic personal information
may include information received from Shareholders, such as a Shareholder’s name, social security number and address, as well as
information received from brokerage firms about Shareholder holdings and transactions in Shares of the Trust. The Trust, Administrator,
and the Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. The
Trust, Administrator, and the Sponsor restrict access to the nonpublic personal information they collect about Shareholders to those of
their and their affiliates’ employees and service providers who need access to such information to provide products and services
to Shareholders.

The Trust, Administrator, and the
Sponsor maintain safeguards that comply with federal law to protect Shareholders’ nonpublic personal information. These safeguards
are reasonably designed to (1) ensure the security and confidentiality of Shareholders’ records and information; (2) protect against
any anticipated threats or hazards to the security or integrity of Shareholders’ records and information; and (3) protect against
unauthorized access to or use of Shareholders’ records or information that could result in substantial harm or inconvenience to
any Shareholder. Third-party service providers with whom the Trust, Administrator, and the Sponsor share nonpublic personal information
about Shareholders must agree to follow appropriate standards of security and confidentiality, which includes safeguarding such nonpublic
personal information physically, electronically and procedurally.

WHERE
TO FIND MORE INFORMATION

The Sponsor has filed on behalf
of the Fund a registration statement on Form S-1 with the SEC under the Securities Act. This prospectus does not contain all of the information
set forth in the registration statement (including the exhibits to the registration statement), parts of which have been omitted in accordance
with the rules and regulations of the SEC. For further information about the Fund or the Shares, please refer to the registration statement,
which you may inspect, without charge, online at www.sec.gov. Information about the Fund or the Shares can also be obtained from the Fund’s
website at https://www.troweprice.com/financial-intermediary/us/en/investments/etfs/active-crypto-etf.html. This Internet address is only
provided here as a convenience to you, and the information contained on or connected to the Fund’s website is not considered part
of this prospectus. We will make available, free of charge, on our website our Form 10-K, quarterly reports on Form 10-Q and current reports
on Form 8-K (including any amendments thereto), proxy statements and other information filed with, or furnished to, the SEC, as soon as
reasonably practicable after such documents are so filed or furnished.

The Fund will be subject to the informational
requirements of the Exchange Act and the Sponsor will, on behalf of the Fund, file certain reports and other information with the SEC.
These filings will contain certain important information that does not appear in this prospectus. For further information about the Fund,
you may read and copy these filings at the SEC’s Internet site (www.sec.gov), which also contains reports and other information
regarding issuers that file electronically with the SEC.

The Fund, Sponsor, and its affiliates
(collectively, “T. Rowe”) may maintain a presence on social media platforms, including the platform formerly known as
Twitter. T. Rowe is not affiliated with any social media platform and has no control over how these platforms or other third parties
will use any information shared on such platforms. T. Rowe does not control, endorse, or assume any responsibility for the information
displayed on webpages or other links from any social media platform. Similarly, T. Rowe does not control, endorse, or assume any
responsibility for any third-party websites. Such information is not authorized, prepared, verified, or updated by T. Rowe and may
be inaccurate, incomplete, untimely, or inconsistent with T. Rowe’s public disclosures.

GLOSSARY

In addition to terms defined herein,
in this prospectus, each of the following terms has the meaning set forth below:

Administration
Agreement The Administration Agreement between the Administrator and the Sponsor.

Administrator
T. Rowe Price Associates, Inc.

Authorized
Participant A person who, at the time of submitting an order to create or redeem one or more Creation Units (i) is a registered
broker-dealer, (ii) is a DTC Participant or an Indirect Participant, and (iii) has in effect a valid Authorized Participant Agreement.

Basket
Identity and quantity of crypto assets and other portfolio assets (including cash) as determined by the Fund.

Blockchain
A decentralized, distributed, and public digital transaction ledger that is continuously updated and reconciled among certain
users and is protected by cryptography.

Business
Day Any day other than: (1) a Saturday or a Sunday, or (2) a day on which the Exchange is closed for regular trading.

Cash
Custodian SSB.

Cash
Settled When the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price,
the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying
asset, the purchaser pays to the seller cash in the amount of that excess.

CEA
The United States Commodity Exchange Act of 1936, as amended.

Code
The United States Internal Revenue Code of 1986, as amended.

Code
of Ethics The codification of the Sponsor’s business and ethical principles that applies to its executive officers.

Creation
Unit A block of 10,000 Shares.

Crypto
Asset An asset that (1) is generated, issued, and/or transferred using a blockchain or similar distributed ledger technology
network, including, but not limited to, assets known as “tokens,” “digital assets,” “cryptocurrencies,”
“virtual currencies,” and “coins,” and (2) relies on cryptographic protocols.

Crypto
Trading Counterparty Third-party, who is not a registered broker-dealer, with a written agreement with the Fund to conduct
its crypto asset transactions.

Crypto
Custodian Anchorage Digital Bank N.A.

Custodians
The Cash Custodian and Crypto Custodian, collectively.

DTC
The Depository Trust Company.

DTC
Participant An entity that has an account with DTC.

Eligible
Assets Crypto assets eligible for investment by the Fund.

Eligible
Asset Network The network upon which an Eligible Asset operates. Each Eligible Asset Network is a decentralized peer-to-peer
computer system that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.

Eastern Time zone.

Exchange
The Fund’s listing exchange, which is NYSE Arca, Inc.

Exchange
Act The United States Securities Exchange Act of 1934, as amended.

FINRA
The Financial Industry Regulatory Authority.

Firm
T. Rowe Price Group, Inc., parent company of the Sponsor, Administrator, and their affiliates.

Index
FTSE Crypto US Listed Index.

Index
Constituents The crypto assets that are in the Index.

Investment
Company Act The Investment Company Act of 1940, as amended.

ITV
The intraday indicative trust value per Share.

JOBS
Act The Jumpstart Our Business Startups Act.

NAV
Net asset value.

Order
Book A list of buy and sell orders with associated limit prices and sizes that have not yet been matched.

Reference
Rate The primary reference rate that the Administrator uses to value each crypto asset and stablecoin held by the Fund in determining
the Fund’s NAV.

Sarbanes-Oxley
Act The Sarbanes–Oxley Act of 2002.

SEC
The Securities and Exchange Commission of the United States, or any successor governmental agency in the United States.

Securities
Act The United States Securities Act of 1933, as amended.

Shareholders
Owners of beneficial interests in the Shares.

Shares
Units of fractional undivided beneficial interest in the net assets of the Fund.

Sponsor
T. Rowe Price Sponsor LLC.