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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long as the Fund is an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor’s attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting Oversight Board (PCAOB) after April 5, 2012, unless the SEC determines otherwise. The Fund will cease to be an “emerging growth company” upon the earliest of: (i) it having $1.235 billion or more in annual revenues, (ii) at least $700 million in market value of Common Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year period; or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107
of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in
Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth
company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
The Fund intends to take advantage of the benefits of the extended transition period.

THE
OFFERING

Offering	The Shares represent units of fractional undivided beneficial
interest in, and the ownership of, the Fund.

Use
of Proceeds	Proceeds received by the Fund from the issuance
and sale of Creation Units consist of cash deposits. Such cash deposits are held by the Cash Custodian on behalf of the
Fund until (i) transferred in connection with the purchase of the crypto 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. In the future, the Fund may engage in in-kind creations and redemptions.

Ticker Symbol	[

Creation
and Redemption	The Fund issues and redeems Creation Units on
a continuous basis. Creation Units are only issued or redeemed in exchange for an amount of cash determined by the Administrator
each day the Exchange is open for regular trading. Creation Units may be created or redeemed only by Authorized Participants.
Authorized Participants will deliver only cash to create Shares and will receive only cash when redeeming Shares. Further,
Authorized Participants will not directly or indirectly purchase, hold, deliver, or receive crypto assets as part of the
creation or redemption process or otherwise direct the Fund or a third party with respect to purchasing, holding, delivering,
or receiving crypto assets as part of the creation or redemption process. In the future, the Fund may also permit Authorized
Participants to create and redeem Shares via in-kind transactions.

As part of the creation process, the Fund will
create Shares for an Authorized Participant and receive crypto assets from a third-party that is not the Authorized Participant.
As part of the redemption process, the Fund will redeem the Shares from an Authorized Participant and deliver crypto assets
to a third-party that is not the Authorized Participant. The third party will not be acting as an agent of the Authorized
Participant or acting at the direction of the Authorized Participant with respect to the Fund’s delivery or receipt
of crypto assets. The third party will be unaffiliated with the Fund and the Sponsor.
See “Creations and Redemptions”
section for more details.

Performance
Benchmark (Index)	FTSE Crypto US Listed Index

Net
Asset Value and Determination of NAV	The Fund’s NAV per Share will be calculated
by taking the current market value of its total assets, subtracting any liabilities, and dividing that total by the number
of Shares. As of the date of this prospectus, the assets of the Fund will consist of Eligible Assets, cash, cash equivalents,
and stablecoins. The Sponsor has the exclusive authority to determine the Fund’s NAV, the calculation of which has
been delegated to the Administrator.

The Administrator of the Fund will calculate
the NAV once each Business Day, at the close of the NYSE, normally 4:00 p.m. E.T, each day the NYSE is open for business.
However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE
is restricted, if the NYSE closes earlier, or as may be permitted by the SEC. For purposes of making these calculations,
a “Business Day” means any day other than a day when NYSE is closed for regular trading. See “Calculating
NAV” section for more details.

Management
Fee	The Fund expects to pay the Sponsor a Management
Fee, monthly in arrears, in an amount equal to [X.XX]% per annum of the daily NAV of the Fund (the “Management Fee”).
The Management Fee is paid in consideration of the Sponsor’s services related to the management of the Trust’s
business and affairs.

Fund Expenses	The Sponsor pays all routine operational, administrative,
and other ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator, Trustee,
Custodians, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration
fees, report preparation and mailing expenses, and ordinary legal fees and expenses.

In addition to the Management Fee, the Fund
pays certain expenses as described in “Business of the Fund - Fund Fees and Expenses,” including brokerage
commissions, transaction fees, borrowing and financing costs, taxes or governmental fees, and non-recurring, extraordinary,
or unusual fees and expenses.

Voting
Rights	Shareholders generally do not have any voting
rights, take no part in the management or control of the Fund, and have no voice in the Fund’s operations or business.
In addition, the Sponsor, in its sole discretion, may determine to amend the Sponsor Agreement, including to increase
the Management Fee, without Shareholder consent. See “Management; Voting by Shareholders.”

Forks, Airdrops, and Incidental Rights	From time to time, the Fund may be entitled to or come
into possession of rights to acquire, or otherwise establish dominion and control over, any crypto asset or other asset or right,
which rights are incident to the Fund’s ownership 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.