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: 2026-02-11
Accession Number: 0001999371-26-003054
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126003054/active-s1a_021126.htm

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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 (ii) 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 commodity 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 commodity, 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.

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.