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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of such individual’s gain. As discussed above, Non-U.S. Shareholders would also be subject to a 10% withholding tax on the consideration payable upon a sale or exchange of such Non-U.S. Shareholder’s Shares unless an exception to withholding applies. Branch Profits Tax on Corporate Non-U.S. Shareholders In addition to the taxes noted above, any Non-U.S. Shareholders that are corporations may also be subject to an additional tax, the branch profits tax, at a rate of 30%. The branch profits tax is imposed on a non-U.S. corporation’s dividend equivalent amount, which generally consists of the corporation’s after-tax earnings and profits that are effectively connected with the corporation’s U.S. trade or business but are not reinvested in a U.S. business. This tax may be reduced or eliminated by an income tax treaty between the United States and the country in which the Non-U.S. Shareholder is a “qualified resident.” Foreign Account Tax Compliance Act

Legislation commonly referred
to as the Foreign Account Tax Compliance Act or “FATCA,” generally imposes a 30% U.S. withholding tax on payments of
certain types of income to foreign financial institutions that fail to enter into an agreement with the United States Treasury
to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S.
persons as substantial owners). The types of income subject to the withholding tax include U.S.-source interest and dividends and
the gross proceeds from the sale of any property that could produce U.S.-source interest or dividends. Proposed Treasury Regulations,
however, generally eliminate withholding under FATCA on gross proceeds. Taxpayers generally may rely on these proposed Treasury
Regulations until final Treasury Regulations are issued. The information required to be reported includes the identity and taxpayer
identification number of each account holder that is a U.S. person and transaction activity within the holder’s account.
In addition, subject to certain exceptions, this legislation also imposes a 30% U.S. withholding tax on payments to foreign entities
that are not financial institutions unless the foreign entity certifies that it does not have a greater than 10% U.S. owner or
provides the withholding agent with identifying information on each greater than 10% U.S. owner. Depending on the status of a Non-U.S.
Shareholder and the status of the intermediaries through which it holds Shares, a Non-U.S. Shareholder could be subject to this
30% U.S. withholding tax with respect to distributions on its Shares. Under certain circumstances, a Non-U.S. Shareholder may be
eligible for a refund or credit of such taxes.

Prospective Non-U.S. Shareholders
should consult their own tax advisor regarding these and other tax issues unique to Non-U.S. Shareholders.

Backup Withholding

The Fund may be required to
withhold U.S. federal income tax (backup withholding) from payments to: (1) any Shareholder who fails to furnish the Fund with
his, her or its correct taxpayer identification number or a certificate that the Shareholder is exempt from backup withholding,
and (2) any Shareholder with respect to whom the IRS notifies the Fund that the Shareholder is subject to backup withholding. Backup
withholding is not an additional tax and may be returned or credited against a taxpayer’s regular U.S. federal income tax
liability if appropriate information is provided to the IRS. The backup withholding rate is the fourth lowest rate applicable to
individuals under Code section 1(c) (currently 24%) and may increase in future tax years.

Other Tax Considerations

In addition to U.S. federal
income taxes, a Shareholder may be subject to other taxes, such as state, local and foreign income taxes, unincorporated business
taxes, business franchise taxes, and estate, gift, inheritance or intangible taxes that may be imposed by the various jurisdictions
in which the Fund does business or owns property or where the Shareholder resides. Although an analysis of those various taxes
is not presented here, each prospective Shareholder should consider their potential impact on its investment in the Fund. It is
each Shareholder’s responsibility to file the appropriate U.S. federal, state, local, and foreign tax returns.

ERISA
AND RELATED CONSIDERATIONS

The Employee Retirement Income
Security Act of 1974, as amended and/or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”)
impose certain requirements on: (i) employee benefit plans and certain other plans and arrangements, including individual
retirement accounts and annuities, Keogh plans and certain collective investment funds or insurance company general or separate
accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section 4975 of the Code
(collectively, “Plans”); and (ii) persons who are fiduciaries with respect to the investment of assets treated as “plan
assets” within the meaning of U.S. Department of Labor (the “DOL”) regulation 29 C.F.R. § 2510.3-101, as
modified by Section 3(42) of ERISA (the “Plan Assets Regulation”), of a Plan. Investments by Plans are subject to the
fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the Code. It is anticipated
that the Shares will constitute “publicly-held offered securities” as defined in the Department of Labor Regulations
§ 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan’s interest in the underlying DOT held
in the Fund represented by the Shares, should be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility”
and “prohibited transaction” rules of ERISA and the Code.

“Governmental plans”
within the meaning of Section 3(32) of ERISA, certain “church plans” within the meaning of Section 3(33) of ERISA and
“non-U.S. plans” described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited
transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or
other law or regulation that is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such
plans are advised to consult with their counsel prior to an investment in the Shares.

In contemplating an investment
of a portion of Plan assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider,
taking into account the facts and circumstances of the Plan, the “Risk Factors” discussed above and whether such investment
is consistent with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary
has the authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a
direct or indirect non-exempt prohibited transaction with a “party in interest” or “disqualified person”
within the meaning of ERISA and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan’s
funding objectives; and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence
and diversification, taking into account the overall investment policy of the Plan, the composition of the Plan’s investment
portfolio and the Plan’s need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment
in the Shares, the Plan fiduciary should consider the DOL’s regulation on investment duties, which can be found at 29 C.F.R.

By investing, each Plan shall
be deemed to acknowledge and agree that (a) none of the Sponsor, the Administrator, the Trustee, the Custodians or any of their
respective affiliates (the “Transaction Parties”) has through this prospectus and related materials provided any investment
advice within the meaning of Section 3(21) of ERISA to the Plan in connection with the decision to purchase or acquire such Shares
and (b) the information provided in this prospectus and related materials will not make a Transaction Party a fiduciary to the
Plan.

Plan
of Distribution and SEED CAPITAL INVESTMENT

Buying and Selling Shares

Most investors buy and sell Shares
of the Fund in secondary market transactions through broker-dealers, at market prices. Shares trade on the Exchange under the Fund’s
ticker symbol. Shares are bought and sold throughout the trading day, like other publicly traded securities. When buying or selling
Shares through a broker, most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms
of their brokerage account for details on applicable charges and, any provisions authorizing the broker to borrow shares held on behalf
of an investor. The Seed Capital Investor and certain affiliates of the Fund and the Sponsor may purchase and resell shares pursuant
to this prospectus.

Seed Capital Investment