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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fundamentals, valuation, and momentum, within a disciplined risk-based framework. The Fund primarily invests in crypto assets that meet the Fund’s eligibility criteria (each an “Eligible Asset”). Under normal circumstances, the Fund is expected to hold between five and fifteen (5–15) crypto assets; however, the Fund may hold more or less at any time. The Fund may also hold cash, cash equivalents, and stablecoins to cover expenses, buy crypto assets, and allow for efficient trading. The Fund may assume a temporary defensive position to respond to adverse market, economic, political, or other conditions, such as to provide flexibility in meeting redemptions, pay expenses, or manage cash flows. The Fund will not invest in any asset considered a security under the federal securities laws, at any time. Summary of Risk Factors An investment in the Fund involves risk. Some of the risks are summarized below. See “Risk Factors” section for additional information.

Risks Related to Crypto
Asset Markets

●	The Eligible Assets are relatively new technological innovations with a limited operating history.

●	The price of many crypto assets,
including the Eligible Assets, has exhibited periods of extreme volatility, which could have
a negative impact on the performance of the Fund. For example, there is a potential for change
in the price of Shares between the time an investor places an order to purchase or sell and
the time of the actual purchase or sale resulting from the price volatility of crypto assets
or (particularly in the case of any Eligible Assets that may have relatively lower market
capitalization) due to the Sponsor actively trading the Eligible Assets.

●	Effective limits on the supply of any particular crypto asset through the proof-of-stake mechanism,
gas fee burning mechanism, or fixed caps on supply may impact ether prices.

●	Momentum trading of crypto assets could adversely affect the price of the Eligible Assets, and,
in turn, the value of the Shares and an investment in the Fund.

●	The Reference Rates have a limited performance history and could fail to track the price of the
respective crypto asset which could adversely affect the value of the Shares.

●	Further development and acceptance of the Eligible Assets is uncertain.

Risks Related to Bitcoin
and the Bitcoin Network

●	Subsidies for mining bitcoin are designed to decline over time, which may lessen the incentive
for miners to process and confirm transactions on the Bitcoin Network.

●	Bitcoin ownership is concentrated in a small number of holders, causing vulnerability to bitcoin.

Risks Related to Ether
and the Ethereum Network

●	Ethereum Network and ether developments may impact ether prices.

●	The ongoing development of smart contracts, including those relating to decentralized finance applications,
may result in problems that could reduce the demand for ether or cause a wider loss of confidence in the Ethereum Network, either
of which could have an adverse impact on the value of ether.

Risks Associated with
the Use of Stablecoins, Cash, and Cash Equivalents

●	The prices of stablecoins may fluctuate, sometimes significantly.

●	Stablecoins are a new development, and certain risks may be unknown.

●	Cash creations and redemptions may impact the efficiency of the arbitrage mechanism compared to
in-kind creations and redemptions.

●	The Fund may experience a loss if it is required to sell cash equivalents at a price lower than
the price at which they were acquired.

Risks Related to Lack
of Liquidity

●	Certain of the Fund’s investments could become illiquid, which could cause large losses to
investors.

●	Buying and selling activity associated with the purchase and redemption may adversely affect an
investment in the Shares.

●	The inability of Authorized Participants and market makers to hedge their crypto exposure may adversely
affect the liquidity of Shares and the value of an investment in the Shares.

Regulatory Risks

●	Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative
or regulatory developments could significantly harm the value of the Eligible Assets or the Shares.

●	Legal status of crypto assets is uncertain in various jurisdictions, which could impact the prices
of crypto assets.

●	A determination that the Eligible Assets or any other crypto asset is a “security”
may adversely affect the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination
of, the Fund.

●	The lack of regulation of the crypto asset market causes vulnerabilities in the markets and
may impact prices.

Operating Risks

●	The Fund is new, actively-managed, and has no operational history.

●	The Fund may change its Management Fee, investment objective, Index, or investment strategies
at any time without Shareholder approval or advance notice.

●	The crypto assets that the Fund may invest in can change from time to time as additional Eligible
Assets are added.

●	The Fund is not a registered investment company, so Shareholders do not have the protections
of the Investment Company Act.

●	Several factors may affect the Fund’s ability to achieve its investment objective on a consistent
basis.

●	There is no assurance of the Sponsor’s continued services, and discontinuance may be detrimental
to the Fund.

●	The Sponsor may manage a large number of assets, and this could affect the Fund’s ability
to trade profitably.

●	The Sponsor relies heavily on key personnel. The departure of any such key personnel could negatively
impact the Fund’s operations and adversely impact an investment in the Fund.

●	Investors may be adversely affected by an overstatement or understatement of the NAV calculation
of the Fund due to the valuation method employed on the date of the NAV calculation.

●	Fund assets may be depleted if investment performance does not exceed Fund fees and expenses.

●	Investors may not be able to buy or sell Shares of the Fund through their current brokerages.

●	The Fund may have credit, operational, theft, cyber security, and fraud risk buying or selling
crypto assets.

●	If a custodial agreement or an Authorized Participant agreement is terminated or a Custodian or
an Authorized Participant becomes insolvent or fails to provide services as required, the Sponsor may need to find and appoint
a replacement custodian or Authorized Participant, which could pose a challenge to the safekeeping of the Fund’s assets,
the Fund’s ability to create and redeem shares and the Fund’s ability to continue to operate may be adversely affected.

●	The service providers may not act in the best interest of the Fund and have limited liability.

●	An investment in the Fund faces numerous risks from its Shares being traded in the secondary market,
any of which may lead to the Fund’s Shares trading at a premium or discount to NAV.

●	The Exchange may halt trading in the Shares which would adversely impact the ability to sell Shares.

●	An investment in the Fund may be adversely affected by competition from other investment vehicles
focused on crypto assets.

●	Anonymity and illicit financing risk of crypto assets could harm the Fund.

●	The market for crypto ETFs may reach saturation.

Risks Related to Shareholder
Voting Rights and Liability

●	Shareholders have only very limited voting rights and generally will not have the power to replace
the Sponsor. Shareholders will not participate in the management of the Fund and do not control the Sponsor, so they will not have
influence over basic matters that affect the Fund.

●	Shareholders will not have the rights enjoyed by investors in certain other types of entities.

Fund Legal Structure

The Fund is organized as a
Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act. The Fund operates pursuant to the Trust Agreement,
dated September 15, 2025. The Trust Agreement is filed as an exhibit to the registration statement of which this prospectus forms
a part. The Fund was formed and is managed and controlled by the Sponsor. The Fund intends to be treated as a partnership for U.S.
federal income tax purposes. The Fund continuously issues common shares representing units of undivided beneficial ownership of
the Fund that may be purchased and sold on the Exchange.

As interests in a Delaware statutory
trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including, for example,
the right to bring shareholder oppression and derivative actions). In addition, the Shares have limited voting and distribution rights
(for example, Shareholders do not have the right to elect directors, as the Fund does not have a board of directors, and generally will
not receive regular distributions of the net income and capital gains earned by the Fund).

Except as required under
applicable federal law or under the rules or regulations of the Exchange, Shareholders take no part in the management or control,
and have no voice in the Fund’s operations or business.

As of the date of this prospectus,
there are no other series of the Trust.

The Fund was organized on September
15, 2025, and the Sponsor was organized on September 4, 2025.

Principal Offices