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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or receive crypto assets as part of the creation or redemption process or otherwise direct the Fund or a third-party with respect to purchasing, holding, delivering, or receiving crypto assets as part of the creation or redemption process. In the future, the Fund may also permit Authorized Participants to create and redeem Shares via in-kind transactions. Each Authorized Participant must be a registered broker-dealer, a participant in the DTC, and have entered into an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Creation Units and for the delivery of cash (or for the delivery of crypto assets, if the Fund engages in in-kind creations and redemptions) in connection with such creations or redemptions. As of the date of this prospectus, the Authorized Participants are [ ]. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

The offering of the Fund’s
Shares is a best efforts offering. The Fund continuously offers aggregated shares in Creation Units at their NAV through the Distributor,
to Authorized Participants. Shares will be sold at the next-determined NAV per Share. All Authorized Participants pay a fixed
transaction fee for each creation or redemption order.

Because new Shares can be
created and issued on an ongoing basis, at any point during the life of the Fund, a “distribution,” as such term is
used in the Securities Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned
that some of their activities may result in their being deemed purchasers in a distribution in a manner that would render them
statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act. For example,
an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a
Creation Unit from the Fund, breaks the Creation Unit down into the constituent Shares and sells the Shares to its customers; or
if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary
market demand for the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares
that would not be deemed “underwriting.” For example, an Authorized Participant may act in the capacity of a broker
or dealer with respect to Shares that were previously distributed by other Authorized Participants. A determination of whether
a particular market purchaser is an underwriter must take into account all the facts and circumstances pertaining to the activities
of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete
description of all the activities that would lead to designation as an underwriter and subject them to the prospectus delivery
and liability provisions of the Securities Act.

Dealers who are neither
Authorized Participants nor “underwriters” but are nonetheless participating in a distribution (as contrasted to ordinary
secondary trading transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning
of Section 4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided
by Section 4(a)(3) of the Securities Act.

Investors are cautioned
that they might not be able to buy or sell Shares of the Fund through their current brokerages. Moreover, even if an investor were
able to purchase Shares through their current brokerage, that brokerage might decide to stop trading in crypto-linked securities
and the investor would potentially face restrictions on when and or how they could trade their existing crypto assets position.

The Sponsor expects that
any broker-dealers selling Shares will be members of FINRA. Investors intending to create or redeem Creation Units through
Authorized Participants in transactions not involving a broker-dealer registered in such investor’s state of domicile
or residence should consult their legal advisor regarding applicable broker-dealer regulatory requirements under the state
securities laws prior to such creation or redemption.

Portfolio Transactions in Connection
with Creations and Redemptions

In addition to actively
trading portfolio assets, the Sponsor and the Fund will engage in crypto asset transactions for converting cash, stablecoins, or
crypto assets into crypto assets (in association with “creation” or “purchase” orders) and crypto assets
into cash (in association with redemption orders). The Fund will conduct its crypto asset transactions by trading directly with
third parties, who are not registered broker-dealers, pursuant to written agreements between such counterparties and the Fund (each
a “Crypto Trading Counterparty”). See “Crypto Trading Counterparties” section for more information.

Creation orders will take place
as follows, where “T” is the date of the order and each day in the sequence must be a Business Day:

Creation Order Date (T) Settlement Date (T+1)

1.	Authorized Participant places a creation order. 5.	The Authorized Participant delivers the Creation Unit Total Cash Amount to the Fund’s cash account that is maintained with the Cash Custodian.

2.	The Transfer Agent accepts (or rejects) the creation order. 6.	The Crypto Trading Counterparty delivers the crypto assets related to the purchase transaction into the Fund’s Vault Balance (defined below).

3.	The Fund will enter into a transaction with the Crypto Trading Counterparty to purchase the corresponding crypto assets. 7.	Once the Fund is in simultaneous possession of the Creation Unit cash component and the crypto assets, the Fund delivers the corresponding Shares to the Authorized Participant.

4.	As soon as practicable after 4:00 p.m. ET, the Administrator determines the Creation Unit Cash Total Amount, including any dollar cost difference between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund acquires the crypto assets. 8.	The Fund transfers the cash related to the purchase transaction from the Fund cash account maintained with the Cash Custodian to the Crypto Trading Counterparty.

Redemption orders will take
place as follows, where “T” is the date of the order and each day in the sequence must be a Business Day:

Redemption Order Date (T) Settlement Date (T+1)

1.	Authorized Participant places a redemption order. 5.	The Authorized Participant delivers the Shares to be redeemed to the Fund.

2.	The Transfer Agent accepts (or rejects) the redemption order. 6.	The Crypto Trading Counterparty delivers cash to the Fund’s cash account that is maintained with the Cash Custodian related to the sell transaction.

3.	The Fund enters into a transaction with the Crypto Trading Counterparty to sell the corresponding crypto assets. 7.	Once the Fund is in simultaneous possession of the Shares and the respective Creation Unit cash component, the Fund cancels the Shares comprising the number of Creation Unit redeemed by the Authorized Participant.

4.	As soon as practicable after 4:00 p.m. ET, the Administrator determines the Creation Unit Cash Total Amount, including any dollar cost difference between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund sells the crypto assets. 8.	The Fund instructs the Crypto Custodian to transfer the corresponding crypto assets agreed on the sell transaction from the Fund’s Vault Balance.

9.	The Fund transfers the Creation Unit cash component from the cash account maintained with the Cash Custodian to the Authorized Participant.

Creation Procedures

Order Submission and
Acceptance

For a purchase order, the Authorized
Participant must submit the purchase order by 2:00 p.m. ET, or the close of regular trading on the Exchange, whichever is earlier (the
“Order Cutoff Time”). The Sponsor may modify the Order Cutoff Time in its sole discretion. Orders received after the Order
Cutoff Time will not be accepted and must be resubmitted on the following Business Day.

The Authorized Participant
must submit a purchase order indicating the number of Creation Units it intends to acquire. The Sponsor will acknowledge the purchase
order. The date of acknowledgement will determine the “Estimated Cash Amount,” which is equivalent in value to the
quantity of crypto assets and other portfolio assets (“Basket”) but excludes a Variable Fee (defined below) and transaction
fees. If the purchase order is in proper form and accepted, an endorsed confirmation, an email, or other electronic communication
indicating the acceptance of the purchase order) will be transmitted to the Authorized Participant on the date such purchase order
is received. Prior to such acceptance, a purchase order only represents the Authorized Participant’s unilateral offer and
has no binding effect upon the Fund, Sponsor, Crypto Custodian, or any other party.

Crypto Asset Transactions

On the order date, the Fund
will enter into a transaction with a Crypto Trading Counterparty to buy crypto assets in exchange for the cash proceeds from such
purchase order. Fractional precision greater than that supported by the Fund’s Crypto Trading Counterparties and Custodian
for a particular crypto asset is disregarded for the purpose of the computation of that crypto asset in the Fund’s portfolio.

Settlement