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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and analysis leverages insights from diverse sources, including external research, to develop and refine its investment selections and identify and take advantage of trends within the crypto assets industry that have ramifications for the crypto assets to be held by the Fund. The Sponsor will select investments for the Fund that represent the Sponsor’s highest-conviction investment ideas in constructing the Fund’s portfolio. The Sponsor’s highest-conviction investment ideas are those that it believes present the best risk-reward opportunities. The investment process is implemented using an assessment and rating of each asset on an ongoing basis across multiple factors, such as intrinsic value of crypto assets by examining their underlying fundamental characteristics, momentum characteristics, and assessing potential for long-term growth and short-term performance. Additionally, a quantitative model, which includes the Sponsor’s portfolio analytics using numerical data and risk controls, is then used to size and manage positions within the disciplined risk framework.

Under normal circumstances, the Fund is expected to hold between five and
fifteen (5 – 15) crypto assets; however, the Fund may hold more than fifteen or less than five crypto assets at any time. Based
on the Sponsor’s views on one or more Eligible Assets, the Sponsor may actively trade any or all such Eligible Assets from time
to time. Such active trading of one or more Eligible Assets may take place at any time during the life of the Fund, including outside
the Fund’s regular creation and redemption processes. The Fund may use one or more of its Eligible Assets to purchase other Eligible
Assets. While the Fund generally trades during the hours that the Shares are traded on the Exchange, the Fund may engage in trading of
Eligible Assets on both U.S. and non-U.S. crypto trading platforms through 24-hour trading. The Sponsor has adopted policies and procedures
governing active trading of Eligible Assets, such as a best execution policy.

Under normal circumstances, the
Fund may also hold cash, cash equivalents, and stablecoins to cover expenses, buy crypto assets, and allow for efficient trading. The
cash equivalents (1) may not be securities and (2) include, but are not limited to: currency, demand deposits with banks or other financial
institutions, bank money market accounts, time deposits, and CDs with maturities of three months or less. Stablecoins are like tokenized
cash. The Fund will only hold stablecoins in the form of USDC, a U.S. dollar denominated stablecoin issued by Circle Internet Financial,
LLC, as it meets the “payment stablecoin” definition of Guiding and Establishing National Innovation for U.S. Stablecoins
Act (GENIUS Act), as enacted on July 18, 2025. The Fund may continue to hold USDC unless or until any rules promulgated under the GENIUS
Act no longer permit such holding.

The Fund may also hold cash,
cash equivalents, and stablecoins as a temporary defensive position, which may be inconsistent with the Fund’s principal
investment objectives and/or strategies and may impact the Fund’s returns. The Fund may assume a temporary defensive position
by deploying 100% of its assets in cash, cash equivalents and stablecoins to respond to adverse market, economic, political, or
other conditions, such as providing flexibility in meeting redemptions, pay expenses, or manage cash flows. As a result, depending
upon prevailing market conditions and/or other investment considerations, at any time, the Fund may hold as little as 0%, and as
much as 100% of its assets in Eligible Assets, with the remainder of its assets in cash, cash equivalents and stablecoins. The
Fund may not invest in any asset considered a security under the federal securities laws, at any time.

Incidental Rights, IR
Virtual Currency, Forks, Airdrops, and Similar Events

From time to time, the Fund
may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any crypto asset
(for avoidance of doubt, other than crypto assets held by the Fund) or other asset or right, which rights are incident to the Fund’s
ownership of crypto assets and arise without any action of the Fund, or of the Sponsor on behalf of the Fund (Incidental Rights).
Additionally, the Fund may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control
over, any crypto asset (for avoidance of doubt, other than crypto assets held by the Fund) or other asset or right, acquired by
the Fund through the exercise of any Incidental Right (IR Virtual Currency). Such events involving Incidental Rights and IR Virtual
Currencies include a fork in a crypto asset blockchain, an airdrop offered to holders of crypto assets, or other similar event.
A fork occurs when developers of one or more networks underlying the Eligible Assets may suggest changes to the network and a sufficient
number of users and/or miners elect not to adopt the changes, creating a new crypto asset. In an airdrop, the promoters of a new
crypto asset announce to holders of another crypto asset that such holders will be entitled to claim a certain amount of the new
crypto asset for free, based on the fact that they hold such other crypto asset.

With respect to any Incidental
Right, IR Virtual Currency, fork, airdrop, or similar event, the Sponsor shall, in its sole discretion, decide what action the
Fund shall take. Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto asset, Incidental
Right, or IR Virtual Currency, so long as such action is consistent with the Fund’s policies and custodial policies, does
not adversely affect the status of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited
by law. In the event of a fork or airdrop, the Sponsor will determine which network it believes is the appropriate network for
the new crypto asset, and whether the new crypto asset qualifies as an Eligible Asset for the Fund’s purposes.

Asset Eligibility

The only crypto assets that
the Fund may hold are Eligible Assets, which meet the following eligibility criteria. Specifically, each crypto asset must (1)
be a commodity and (2) either:

●	trades on a market that is an Intermarket Surveillance Group (ISG) member from which the Exchange
may obtain information about trading in such crypto asset from the ISG member, at all times such crypto asset is in the Fund’s
portfolio;

●	underlies a futures contract that has been made available to trade on a designated contract
market regulated by the CFTC for at least six months, provided that the Exchange has a comprehensive surveillance sharing agreement,
at all times such crypto asset is in the Fund’s portfolio; or

●	when the crypto asset is acquired, the economic exposure to such crypto asset commodity represents
at least 40% of the NAV of an exchange-traded fund that lists and trades on any national securities exchange.

As of the date of this prospectus, based on the Sponsor’s assessment
of available data, the following crypto assets are considered Eligible Assets (ticker symbols in parenthesis): bitcoin (BTC), ether (ETH),
SOL (SOL), XRP (XRP), ada (ADA), AVAX (AVAX), litecoin (LTC), DOT (DOT), Dogecoin (DOGE), HBAR (HBAR), Bitcoin Cash (BCH), LINK (LINK),
lumen (XLM), Shiba Inu (SHIB), and sui (SUI). The Fund may invest in other Eligible Assets not listed without prior notice to Shareholders.
Shareholders will be informed of any new Eligible Assets on the Fund’s website. The Fund will not invest in any crypto asset that
is not an Eligible Asset. Shareholders will be informed of any material changes to the eligibility criteria in a prospectus supplement,
the Fund’s periodic reports, or current report on Form 8-K.

Staking

Staking on a crypto asset network refers to using a crypto asset, or
permitting such crypto asset to be used, directly or indirectly, through a service provider or otherwise, in such crypto asset network’s
proof-of-stake (PoS) validation protocol, in exchange for the receipt of consideration, including, but not limited to, staking rewards
paid in-kind (collectively, “Staking”). The Fund, Sponsor, Custodian, or any other service provider engaged by the Fund, whether
associated with the Fund or otherwise, may directly or indirectly, engage in any action that would result in any portion of the Fund’s
crypto assets becoming subject Staking or other validation processes on the Eligible Assets’ underlying networks, in the future.
Specifically, the Fund’s crypto assets may be used to engage in Staking, or other related processes that earn additional crypto
assets, generate income, or accrue any form of earnings, in accordance with appropriate risk, tax and regulatory guidance. Shareholders
will be informed in a prospectus supplement, the Fund’s periodic reports, or current report on Form 8-K, of a description of the
staking program, including a description of related processes, the Eligible Assets applicable and how staking is managed relevant to the
Eligible Assets, material terms of relevant third-party agreements, relevant third-party responsibilities, how staking rewards are managed,
of liquidity risk policies and procedures, and any related risks. Until such descriptions are provided to Shareholders, none of the Fund,
Sponsor, nor Crypto Custodian will engage in Staking.