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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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

Creations and redemptions may be suspended
for any reason and at any time, including (1) 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 (2) when the Sponsor or Distributor determines that creations
or redemptions are not reasonably practicable, including due to issues with the delivery, disposal or evaluation of the crypto assets,
service provider disruption, acts of God, civil disturbance, government prohibition, war, terrorism, technical failures, network disruptions,
cybersecurity breaches, or similar event. The Sponsor or Distributor shall reject any purchase order or redemption order that is not in
proper form, and the Sponsor or Distributor may reject any order for any reason. If the Sponsor or the Distributor suspend redemptions,
Shareholders will be notified in a prospectus supplement or a current report on Form 8-K. Suspension of the creation or redemption of
Shares could negatively impact the Shares’ liquidity and/or cause the Shares to trade at premiums and discounts, and otherwise have
a negative impact on the value of the Shares.

In-Kind Creation and Redemption of Shares

In the future, the Fund may also
permit Authorized Participants to create and redeem Shares
via in-kind transactions. For each creation and redemption, the Fund reserves the right to require all-cash or designate a basket of
portfolio assets and cash. For in-kind creations and redemptions, the Fund will designate, on each Business Day, creation and redemption
baskets consisting of specified quantities of crypto assets and/or cash that Authorized Participants must deliver in connection with
creation orders or will receive in connection with redemption orders. The Fund will specify cash-in-lieu of certain crypto assets, as
needed, such as where: (1) a specified crypto asset is unavailable in sufficient quantity; (2) transfer, custody, or settlement of a
crypto asset is operationally impracticable; (3) a crypto asset cannot be transferred in fractional amounts; (4) market disruption or
blockchain-related events impair transferability; or (5) the Fund otherwise determines that accepting cash is in the best interests of
the Fund.

The Fund expects that the composition
of each creation and redemption basket will be determined prior to the opening of regular trading, on each Business Day. The Fund may
designate more than one basket and may modify a basket intraday, as needed, such as due to market disruptions, custody limitations, trading
halts, blockchain network events, or material volatility affecting one or more crypto assets.

Crypto assets comprising the in-kind
basket will be valued in accordance with the “Calculating NAV” section of the Registration Statement. Any cash-in-lieu amount
will be calculated based on the value of the omitted crypto asset, together with any applicable transaction fees, spreads, operational
charges, or other adjustments designed to protect the Fund from transaction-related costs.

For an in-kind creation order, the
Sponsor will acknowledge the purchase order and the date of acknowledgement will determine the specified quantity of crypto assets and
cash, as determined by the Fund, that the Authorized Participant needs to deposit. For settlement of an in-kind creation order, the Fund
delivers Shares to the Authorized Participant in exchange for the specified crypto assets and cash, as determined by the Fund, received
from the Authorized Participant.

For an in-kind redemption order, the
Sponsor will acknowledge the redemption order and the date of acknowledgement will determine the specified crypto asset and cash portfolio,
as determined by the Fund, that the Authorized Participant expects to receive in exchange for the Shares to be delivered to the Fund.
For settlement of an in-kind redemption order, the Fund delivers the crypto asset and cash portfolio, as determined by the Fund, to the
Authorized Participant in exchange for Shares received from the Authorized Participant.

Although the SEC provided a regulatory
pathway to permit certain in-kind creations and redemptions, it is not clear whether and how market participants will adjust their activities
to account for the new orders. There can be no assurance that Authorized Participants (or third parties for which the Authorized Participant
is acting on behalf) would be permitted to create or redeem Shares via in-kind transactions with the Fund in the future. If or when the
Fund permits in-kind creations and redemptions, Shareholders will be notified in a prospectus supplement, the Fund’s periodic reports,
or a current report on Form 8-K.

Crypto Trading Counterparties

The Sponsor and the Fund are solely
responsible for selecting the Crypto Trading Counterparties to execute transactions for the Fund’s purchase and sale of crypto assets.
The Crypto Trading Counterparties engaged and the material terms of these agreements, which may be updated from time to time, are described
in the section, “Key Service Providers – Crypto Trading Counterparties.”

Except for serving as service providers
to other products affiliated with or controlled by affiliates of the Sponsor, the Crypto Trading Counterparties are independent entities
and are not affiliated with the Fund or the Sponsor. It is possible that a Crypto Trading Counterparty may on any given day be or become
considered an affiliate of the Fund if it acquired Shares in an amount that would cause it to become considered an affiliate of the Fund,
as the Shares are publicly traded.

A Crypto Trading Counterparty may
be an affiliate of an Authorized Participant. Further, the Crypto Trading Counterparties will not be acting as an agent of the Authorized
Participant with respect to the delivery or receipt of the crypto assets to the Fund or acting at the direction of the Authorized Participant.
See “Key Service Providers – Crypto Trading Counterparties.”

In designating a Crypto Trading Counterparty,
the Sponsor and the Fund evaluate and select service providers based on a defined set of criteria, as established in its internal compliance
policies, including: (i) institutional-grade operational and compliance frameworks; (ii) demonstrated financial stability and creditworthiness;
(iii) proven track record in handling crypto asset transactions with sufficient liquidity and competitive pricing; and (iv) robust cybersecurity
measures and adherence to regulatory standards.

The Sponsor and its affiliates have
adopted and implemented policies and procedures that are designed to comply with applicable anti-money laundering laws and sanctions
laws and regulations, including applicable KYC laws and regulations. The Sponsor and the Fund will only interact with Crypto Trading
Counterparties with respect to whom the Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process.

Active Trading

As an actively-managed product, the
Sponsor’s portfolio management team determines target allocations for each Eligible Asset based on the Fund’s investment strategy
and the Sponsor executes trades through Crypto Counterparties. The Fund may, at any time, engage in purchases or sales of Eligible Assets
to adjust portfolio weights, including portfolio trades unrelated to primary market transactions. In this scenario, the Fund will use
its Crypto Trading Counterparties but such orders will be placed separately from the purchases or sales of assets attributable to Creation
and Redemption. Active trades will settle on T+1.

CUSTODY
OF Fund ASSETS

The Fund’s investment strategy
consists primarily of direct investments in crypto assets, commonly referred to as “spot” investments. The Fund’s crypto
assets and stablecoins are held by the Crypto Custodian on behalf of the Fund.

The crypto assets and stablecoins
exist and are recorded on cryptographically secured distributed ledgers or any similar technology, which serves as the decentralized transaction
ledger for the Eligible Asset Networks. The Fund’s assets with the Crypto Custodian are held in segregated accounts on the respective
blockchain, commonly referred to as “wallets,” and are therefore not commingled with corporate or other customer assets. All
transactions are recorded on the blockchain, ensuring the verification of each asset’s location in specific digital wallets.

The responsibility for safekeeping
the crypto assets and stablecoins owned by the Fund lies with the Crypto Custodian. The Crypto Custodian safeguards the private key materials
for the Fund’s crypto assets via offline and air-gapped cold storage, hardware security modules, and whitelisting.