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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affiliates have no fiduciary duties to the Fund or its Shareholders, which may permit them to favor their own interests to the detriment of the Fund and its Shareholders. The Fund and the Sponsor and its affiliates may have inherent conflicts to the extent the Sponsor attempts to make changes impacting the Management Fee and this may not always be in the best interest of the Fund’s investment performance. The Sponsor’s officers, delegates, and employees may not devote their time exclusively to the Fund. These persons may be directors, trustees, officers or employees of other entities, or otherwise work in respect of other clients. They could have a conflict between their responsibilities to the Fund and to those other entities and/or clients. The Sponsor and its affiliates and their principals, officers or employees may trade crypto assets, securities and futures and related contracts for their own accounts or managed accounts.

In addition, the Sponsor and its affiliates
(including the Administrator) and their principals, officers or employees may trade crypto assets, securities and futures and related
contracts for their own accounts or managed accounts. A conflict of interest may exist if their trades are in the same markets and occur
at the same time as the Fund trades using the clearing broker to be used by the Fund. A potential conflict also may occur if the Sponsor
and its affiliates and their principals, officers or employees trade their accounts or managed accounts more aggressively or take positions
in their accounts that are opposite, or ahead of, the positions taken by the Fund. If the Sponsor or its affiliates acquires knowledge
of a potential transaction or arrangement that may be an opportunity for the Fund, it shall have no duty to offer such opportunity to
the Fund.

The Sponsor and its affiliates
manage the operations of the Fund, which may cause actual or potential conflicts of interest.

The Sponsor has sole current authority
to manage the investments and operations of the Fund, and this may allow it to act in a way that furthers its own interests and in conflict
with the Shareholder’s best interests, including the authority of the Sponsor to allocate expenses. Shareholders have very limited
voting rights, which will limit the ability to influence matters such as amendment of the Trust Agreement, changes in the Fund’s
basic investment policies, dissolution of the Trust, or the sale or distribution of the Fund’s assets. The Sponsor is responsible
for selecting and engaging the Trust’s service providers, including service providers engaged in connection with valuation of the
Fund’s assets. To the extent that the Sponsor has other commercial arrangements with the service providers, the Sponsor may face
conflicts of interest with respect to its oversight and supervision of the service providers. Further, to the extent that the Sponsor
has investments in crypto assets and/or in Shares, and due to the fact that the Management fee is payable based on the value of the Shares,
the Sponsor may face potential conflicts of interest with respect to the valuation of Shares.

Mitigation of Potential or Actual Conflicts
of Interest

Whenever a conflict of interest exists
between the Sponsor or any of its Affiliates, on the one hand, and the Fund, any Shareholder, or any other person, on the other hand,
the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest
of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating
to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles.
In the absence of bad faith by the Sponsor and its Affiliates, the resolution, action or terms so made, taken or provided by the Sponsor
shall not constitute a breach of the Trust Agreement or any other agreement contemplated therein or of any duty or obligation of the Sponsor
or its Affiliates at law or in equity or otherwise.

STATEMENTS,
FILINGS AND REPORTS

After the end of each fiscal year,
the Administrator will cause to be prepared an annual report for the Fund containing audited financial statements. The annual report will
be in such form and contain such information as will be required by applicable laws, rules and regulations and may contain such additional
information which the Administrator determines shall be included. The annual report will be filed with the SEC and the Exchange and will
be distributed to such persons and in such manner, as is required by applicable laws, rules and regulations. The Sponsor (or its delegate)
is responsible for the registration and qualification of the Shares under the federal securities laws. The Administrator will also prepare,
or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator will make such elections,
file such tax returns, and prepare, disseminate and file such tax reports, as it is advised to by its counsel or accountants or as required
from time to time by any applicable statute, rule or regulation.

BOOKS
AND RECORDS

The Fund keeps its books of record
and account at the office of the Sponsor or at the offices of the Administrator, or such office, including of an administrative agent,
as it may subsequently designate upon notice. The books and records are open to inspection by any person who establishes to the Fund’s
satisfaction that such person is a Shareholder upon reasonable advance notice at all reasonable times during usual business hours of the
Fund. The Fund keeps a copy of the Trust Agreement on file in the Sponsor’s office which will be available for inspection by any
Shareholder at all times during its usual business hours upon reasonable advance notice.

FISCAL
YEAR

The fiscal year of the Fund is the
calendar year. The Sponsor has the continuing right to select an alternate fiscal year.

PROVISIONS
OF LAW

According to applicable law, indemnification
of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission or conduct that gave rise to the claim
for indemnification was in the best interest of the Fund and the act, omission or activity that was the basis for such loss, liability,
damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence or
misconduct by the Sponsor, and such indemnification or agreement to hold harmless is recoverable only out of the assets of the Fund.

This offering is made pursuant to
federal and state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises
out of an alleged violation of such laws is prohibited unless certain conditions are met. These conditions require that no indemnification
of the Sponsor or any underwriter for the Fund may be made in respect of any losses, liabilities or expenses arising from or out of an
alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count
involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification; (ii) such
claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification; or
(iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds that indemnification
of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor or other indemnitee must
apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities
administrator of the State or States in which the plaintiffs claim they were offered or sold interests.

LEGAL
MATTERS

Dechert LLP has advised the Sponsor
in connection with the Shares being offered. Dechert LLP advises the Sponsor with respect to its responsibilities as sponsor of, and with
respect to matters relating to, the Fund. Certain opinions of counsel will be filed with the SEC as exhibits to the Registration Statement
of which this Prospectus is a part.

EXPERTS

The financial statements of the
Fund as of April 1, 2026, included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, an
independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

PRIVACY
POLICY