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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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

For settlement of a purchase order,
the Authorized Participant delivers the Total Cash Amount to the Fund’s cash account maintained with the Cash Custodian in exchange
for Shares. The Crypto Trading Counterparty delivers the required crypto assets to the Fund’s segregated account at the Crypto Custodian
(“Vault Balance”) in exchange for cash. In the event the Fund has not successfully executed and completed settlement of a
crypto asset transaction by the settlement date of the purchase order, the Authorized Participant may either (1) cancel the purchase order,
or (2) accept a delayed settlement while the Fund continues to attempt completion.

Fixed and Variable Fees and Calculation
of Total Cash Amount

The Total Cash Amount is the cash
equivalent value of the Basket, plus a Variable Fee (defined below) and a fixed transaction fee. The Total Cash Amount owed by the Authorized
Participant is determined after the Fund’s NAV is struck and the Fund’s crypto asset transactions have been confirmed. Once
a purchase order has been accepted, the Authorized Participant must deposit the Total Cash Amount as determined by the Administrator.
The fixed transaction fee for a creation is imposed to offset the transfer and other transaction costs associated with the issuance of
Creation Units. The fixed transaction fee for a creation is $100.

The Variable Fee is the difference
between the price of the assets used in calculating the NAV per Share on the creation (or redemption) order date and the net price (inclusive
of transaction costs and fees) at which the Fund acquires (or sells) the assets. To the extent the price amount for buying the assets
is higher than the price utilized in calculating the NAV the Authorized Participant is responsible for paying the Variable Fee. In the
case the price amount for buying the assets is lower than the price utilized in calculating the NAV, the Authorized Participant shall
retain the Variable Fee.

The Fund intends to make available
on each Business Day before the open of business, the Basket for that day, which Authorized Participants may use as guidance regarding
the Estimated Cash Amount for purchase orders.

The calculation of the Total Cash
Amount necessary for the creation of a Creation Unit changes from day to day. Each day that the Exchange is open, the computation is made
by the Administrator as promptly as practicable after 4:00 p.m. ET. See “Calculating NAV.”

On-Chain Transaction Costs and
Settlement Delays

Transfers of crypto assets into the
Fund’s Vault Balance are “on-chain” transactions recorded on the relevant blockchain. For creations, on-chain transaction
fees are paid by the Crypto Trading Counterparty and are not borne directly by the Fund or its Shareholders.

Crypto assets transactions on the
blockchain are susceptible to delays due to the Eligible Asset Networks outages, congestion, spikes in transaction fees demanded by miners,
or other problems or disruptions. To the extent that crypto assets transfers from the Crypto Trading Counterparty to the Fund’s
Vault Balance are delayed due to congestion or other issues with the Eligible Asset Networks, such crypto assets will not be held in offline
storage in the Vault Balance until such transfers can occur.

Redemption Procedures

Order Submission and Acceptance

Authorized Participants, acting on
authority of the registered holder of Shares, may surrender Creation Units in exchange for the corresponding Total Cash Amount only by
submitting a redemption order by an Order Cutoff Time. Orders received after the Order Cutoff Time on a Business Day will not be accepted
and must be resubmitted on the following Business Day.

The Authorized Participant must submit
a redemption order indicating the number of Creation Units it intends to be redeemed. The Sponsor will acknowledge the redemption order.
The date of acknowledgement will determine the Estimated Cash Amount that the Authorized Participant expects to receive in connection
with the Fund assets that the Fund needs to sell to the Crypto Trading Counterparty. If the redemption order is in proper form and accepted,
an endorsed confirmation, an email, or other electronic communication indicating the acceptance of the redemption will be transmitted
to the Authorized Participant on the date such redemption order is received. Prior to the acceptance, a redemption order will only represent
the Authorized Participant’s unilateral offer and will have no binding effect upon the Fund, Sponsor, Crypto Custodian, or any other
party.

Crypto Asset Transactions

On the date of the redemption order,
the Fund will enter into a transaction with a Crypto Trading Counterparty to sell crypto assets corresponding to the redemption order.
Fractional precision greater than that supported by the Fund’s Crypto Trading Counterparties and Custodian for a particular crypto
asset are disregarded for the purpose of the computation of that crypto asset in the Fund’s portfolio.

Settlement

For settlement of a redemption order,
the Authorized Participant delivers Shares to be redeemed to the Fund in exchange for cash. The Crypto Trading Counterparty delivers the
required cash to the Fund’s cash account maintained at the Cash Custodian in exchange for crypto assets. In the event the Fund has
not successfully executed and completed settlement of a crypto asset transaction by the settlement date of the redemption order, the Authorized
Participant may either (1) cancel the redemption order, or (2) accept a delayed settlement while the Fund continues to attempt to completion.

Upon the surrender of Shares and the
payment of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees) by the redeeming Authorized Participant,
and the completion of the sale of crypto assets for cash by the Fund, the Distributor will instruct the delivery of cash to the Authorized
Participant. Disruption of services at the Custodians or the Authorized Participant’s banks would have the potential to delay settlement
of the crypto asset related to Share redemptions.

Fixed and Variable Fees and Calculation
of Cash Redemption Amount

The Cash Redemption Amount to be
delivered to the Authorized Participant in exchange for the ETF shares is the cash equivalent value of the ETF Shares redeemed
(i.e., the number of Creation Units redeemed), minus a Variable Fee and minus a fixed transaction fee. The Cash Redemption Amount is
determined after the Fund’s NAV is struck and the Fund’s crypto asset transactions have been confirmed. Once a
redemption order has been accepted, the Authorized Participant must deposit the Shares as determined by the Administrator. The fixed
transaction fee for a redemption is imposed to offset the transfer and other transaction costs associated with the redemptions of
Creation Units. The fixed transaction fee for a redemption is $100. For redemptions, to the extent the price for selling the crypto
assets is lower than the price used in calculating the NAV, the Authorized Participant pays the Variable Fee.

The calculation of the Total Cash
Amount necessary for the redemption of a Creation Unit changes from day to day. Each day that the Exchange is open, the computation is
made by the Administrator as promptly as practicable after 4:00 p.m. ET. See “Calculating NAV” section. The Administrator
intends to make available on each Business Day before the open of business, the Basket for that day, which Authorized Participants may
use as guidance regarding the Estimated Cash Amount for redemption orders.

On-Chain Transaction Costs and
Settlement Delays

Transfers of crypto assets out of
the Fund’s Vault Balance are “on-chain” transactions recorded on the relevant blockchain. On-chain transaction fees
for redemptions are paid by the Crypto Trading Counterparty and are not borne directly by the Fund or its Shareholders.

Suspension and Rejection of Orders