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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of a crypto asset and arise with or without any action of the Fund or of the Sponsor. With respect to any such fork, airdrop, or similar event, or other Incidental Rights and/or IR Virtual Currency, 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 for investment for the Fund’s purposes.

Suspension of Issuance, Transfers, and Redemptions	The Distributor may, and upon the direction of the Sponsor shall,
suspend the acceptance of purchase orders or the delivery or registration of transfers of Shares generally, or may, and upon the direction
of the Sponsor shall, refuse a particular purchase order, delivery or registration of shares (i) during any period when the transfer
books of the Transfer Agent are closed or (ii) at any time, if the Sponsor thinks it advisable for any reason. The Distributor may,
and upon the direction of the Sponsor shall, suspend the right to surrender Shares or postpone the delivery date of a crypto asset or
other Fund property generally or with respect to a particular redemption order (i) during any period in which regular trading on
the Exchange is suspended or restricted, or the Exchange is closed (other than scheduled holiday or weekend closings), or (ii) during
a period when the Sponsor determines that delivery, disposal, or evaluation of a crypto asset is not reasonably practicable. The Distributor
shall reject any purchase order or redemption order that is not in proper form. If the Sponsor and/or the Fund suspend redemptions, Shareholders
will be notified in a prospectus supplement or current report on Form 8-K. See “Creation and Redemption” section.

Limitation on Obligations and Liability	The Sponsor has no liability to the Fund, the Trustee or any Shareholder
for any action taken or for refraining from the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment
or for depreciation or loss incurred under the Trust Agreement; provided, however, that the Sponsor is not protected against any liability
to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct.

The Trustee is not liable for (a) the acts or omissions of the
Sponsor or (b) supervising or monitoring the performance and the duties and obligations of the Sponsor or the Fund under the Trust Agreement,
except as otherwise provided in the Trust Agreement. The Trustee is not liable under any circumstances, except for a breach of its obligations
pursuant to the Trust Agreement or its own willful misconduct, bad faith or gross negligence. See “Description of Key Service Providers”
section.

Authorized Participants	Creation Units may be created or redeemed only by Authorized Participants.
Each Authorized Participant must be a registered broker-dealer, a participant in the Depository Trust Company (the “DTC”),
and have entered into an agreement with the Distributor and Sponsor (the “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.
See “Creations and Redemptions” for more details.

Clearance and settlement	The Shares will be evidenced by a global certificate that the
Fund issues to DTC. The Shares are issued in book-entry form only. Transactions in Shares clear through the facilities of DTC. Investors
may hold their Shares through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC.

USE
OF PROCEEDS

Proceeds received by the Fund from
the issuance and sale of Creation Units consist of deposits of cash (or of crypto assets, if the Fund engages in in-kind creations and
redemptions). Such cash (or crypto asset) deposits are held by the Cash Custodian, or as applicable, the Crypto Custodian, on behalf of
the Fund until (i) transferred in connection with the purchase of the Eligible Assets, (ii) delivered to Authorized Participants
in connection with a redemption of Creation Units or (iii) transferred to pay the Fund’s fees and expenses.

BUSINESS
OF THE FUND

The activities of the Fund primarily
consist of (1) issuing or redeeming Creation Units in exchange for cash (or in exchange for crypto assets, if the Fund engages in-kind
creations and redemptions); (2) selling or delivering crypto assets for cash as necessary to cover the Management Fee, Fund expenses not
assumed by the Sponsor, and other liabilities; and (3) buying and selling crypto assets.

The Fund is actively-managed. It engages
in activities designed to obtain a profit from, or to ameliorate losses primarily caused by, changes in the price of the Eligible Assets.

The Fund Objective

The Fund’s investment objective
is to seek long-term capital growth through investments in crypto assets. The Fund intends to achieve its objective by primarily investing
in a diversified basket of crypto assets, under normal market conditions. The Shares are designed to provide investors with a means of
obtaining price exposure to multiple crypto assets, as opposed to direct acquisition, holding, and trading of crypto assets on a peer-to-peer
or other basis or via a crypto asset platform. The Shares are also intended to reduce the complexities and operational burdens associated
with direct investment in these crypto assets, seeks to generate returns that are higher than those of the Index, and reflect the investment
exposure to the assets held by the Fund, less the Fund’s expenses and liabilities. The Sponsor interprets the term “crypto
asset” to mean 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.

The Fund’s Investment Strategies

The Fund will employ an active investment
strategy by primarily investing in a diversified basket of crypto assets, under normal market conditions. This strategy offers investors
an alternative method of accessing the crypto asset markets through an actively-managed ETP, the Shares of which trade in the public securities
market. Consistent with its investment objective, the Fund does not seek to replicate the Index, use its investments to enhance leverage,
nor seek performance that is the multiple or inverse multiple of the Index.

Within a disciplined, risk-managed
framework, the Fund will invest in crypto assets based on fundamental analysis and a momentum- and trend-following analysis to select
Eligible Assets in the Fund and allocate portfolio weights. In determining the fundamental views on which Eligible Assets to invest in,
and to what extent, the Fund may consider a variety of factors regarding the crypto asset and its underlying network. Specifically, the
Fund’s investment strategy for identifying investment opportunities uses both “top down” approaches (such as, thematic
research, addressable markets, and sector analysis) and “bottom up” approaches (such as, valuation and quantitative measures).
The fundamental analysis is used to identify assets with strong potential for long-term growth and is based on a macroanalysis of factors,
including, but not limited to, the technology underlying the network and the asset, the “tokenomics” or economic aspects of
an asset and its underlying network (including the supply, “burning” or “minting” of tokens, or any other inflationary
and/or deflationary mechanisms), the nature of the ecosystem built by the network. The momentum- and trend-following analysis is based
on current market dynamics and investor behavior and is used to identify assets with strong potential for short-term gains.

The Sponsor’s internal
research 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.