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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specific to the Fund or to customers holding any crypto assets with the Crypto Custodian and may not be available or sufficient to protect the Fund from all possible losses or sources of losses. The Cash Custodian The Cash Custodian for the Fund’s cash and non-crypto assets is [ ]. [ ] (“Master Custodian Agreement”). The Cash Custodian is not affiliated with the Sponsor. The Cash Custodian is responsible for safekeeping all cash and other non-crypto assets of the Fund delivered to the Cash Custodian. The Cash Custodian has agreed to, among other things, open and maintain a separate deposit account or accounts of the Fund, to determine the amount of crypto and/or cash required for an issuance or redemption of Shares in a creation unit, and to release and deliver non-crypto assets and pay out cash. [material terms, including on term, termination, and indemnification, to be provided] Trading Counterparties

The Fund buys and sells
crypto assets through Crypto Trading Counterparties selected by the Sponsor that are responsible for executing and settling the
trades by facilitating trading, providing liquidity, and supporting price discovery. Crypto Trading Counterparties may include
entities or protocols that deploy their own capital to make markets—by quoting two-sided prices or supplying assets to pools—so
participants can trade, borrow, lend, or hedge at observable prices and sizes. The Fund does not currently intend to engage a prime
broker or other liquidity provider providing prime brokerage services. The agreements with the Crypto Asset Trading Counterparties
provide that once the Sponsor determines which counterparty to execute a trade with based on its execution procedures, and the
Sponsor has placed a trade with a specific counterparty, that counterparty is contractually obligated to settle that trade. The
Crypto Asset Trading Counterparties will have no obligation to participate in orders for creations and redemptions.

The Crypto Asset Trading Counterparties
are [ ].

The Transfer Agent

The Fund’s Transfer
Agent is [ ]. [ ], is [business organization and principal place of business] [(“Transfer Agency and Service Agreement”)].
The Transfer Agent is unaffiliated with the Trust and the Sponsor.

The Transfer Agent: (1)
facilitates the issuance and redemption of Shares of the Trust; (2) records issuance of shares and maintains a record of outstanding
shares; and (3) makes periodic reports to the Trust. The Trust’s Transfer Agent facilitates the settlement of Shares in response
to the placement of creation orders and redemption orders from Authorized Participants.

[material terms, including
on term, termination, and indemnification, to be provided]

The Distributor

T. Rowe Price Investment
Services, Inc., a wholly-owned subsidiary of the Administrator and affiliate of the Sponsor, serves as the Distributor, under the
Underwriting Agreement. The Distributor is registered as a broker-dealer under the Exchange Act and is a member of the Financial
Industry Regulatory Authority, Inc. (FINRA). The Distributor is located at 1307 Point Street, Baltimore, Maryland 21231.

The Sponsor has delegated
to the Distributor the following: acting as the agent of the Fund in connection with the sale of Shares in the various states in
which the Distributor is qualified as a broker-dealer, managing creation and redemption orders, and marketing Shares. No sales
charges are paid by Shareholders or the Fund, and no compensation is paid to the Distributor. The Underwriting Agreement also allows
the Distributor to enter into agreements with affiliated entities to offer and sell Shares of the Fund, under limited conditions,
to certain investors outside the United States.

Pursuant to the terms of
the Underwriting Agreement, the Distributor is responsible for working with the Sponsor, Administrator, and Transfer Agent to review
and approve, or reject, purchase and redemption orders of Creation Units placed by Authorized Participants. The Distributor has
agreed to use its best efforts to obtain orders for Creation units of Shares from Authorized Participants but is under no obligation
to purchase or sell any specific amount of Shares. The Distributor also is responsible for reviewing, approving, and, where necessary,
filing the marketing materials prepared by the Trust, or its other service providers, for compliance with applicable SEC and FINRA
laws, rules, and regulations, including any advertising laws, rules, and regulations.

In accordance with the terms
of the Underwriting Agreement, the Distributor is liable and holds the Fund harmless for any losses that the Fund may sustain as
the result of any wrongful act the Distributor or its employees, officers, representatives, or agents, or any untrue statement
or alleged untrue statement of material fact contained in the Registration Statement that was provided to the Fund by the Distributor.
Also, the Distributor or the Fund may both terminate the Underwriting Agreement upon sixty (60) days’ written notice to one
another or immediately if required for regulatory and compliance purposes.

More Information about the Performance
Benchmark

The Index is owned, administered
and calculated by FTSE International Limited (the “Index Provider”). The Index Provider is a company incorporated and registered
in England, and its principal offices are located at 10 Paternoster Square, London, EC4M 7LS, United Kingdom. The Index Provider is experienced
in calculating and administering digital asset indices. The Index Provider is unaffiliated with the Sponsor. Pursuant to an agreement
between the Administrator and the Index Provider (“Index Agreement”), the Fund may use the Index data for an initial twelve
month subscription period, after which it shall automatically renew for further terms of one year each. Either party may elect to not
renew the subscription by providing at least thirty days’ written notice prior to the expiration of the then current term.

FEDERAL INCOME TAX CONSEQUENCES

The following discussion
summarizes the material U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of the Fund and
the U.S. federal income tax treatment of the Fund. The discussion represents, insofar as it describes conclusions as to U.S. federal
income tax law and subject to the limitations and qualifications described below, the opinion of Dechert LLP. The opinion of Dechert
LLP, however, is not binding on the United States Internal Revenue Service (IRS) or on the courts and does not preclude the IRS
from taking a contrary position. Except where noted otherwise, it deals only with the U.S. federal income tax consequences relating
to Shares held as capital assets by U.S. Shareholders (as defined below) who are not subject to special tax treatment. For example,
in general it does not address the tax consequences to, such as, but not limited to, dealers in securities or currencies or commodities,
traders in securities or dealers or traders in commodities that elect to use a mark to market method of accounting, financial institutions,
regulated investment companies (except as discussed below), tax-exempt entities (except as discussed below), insurance companies,
persons holding Shares as a part of a position in a “straddle” or as part of a “hedging,” “conversion”
or other integrated transaction for U.S. federal income tax purposes, persons with “applicable financial statements”
within the meaning of section 451(b) of the Internal Revenue Code of 1986, as amended (the “Code”), or holders of Shares
whose “functional currency” is not the U.S. dollar. Furthermore, the discussion below is based on the provisions of
the Code, and regulations (Treasury Regulations), rulings and judicial decisions thereunder as of the date of this prospectus,
and such authorities may be repealed, revoked or modified (possibly with retroactive effect) so as to result in U.S. federal income
tax consequences different from those discussed below. Further, the U.S. federal income tax treatment of certain crypto asset transactions
continues to evolve, and legislation or future administrative guidance could result in U.S. federal income tax consequences that
differ from those discussed below.

No ruling has been or will
be requested from the IRS with respect to any matter affecting the Fund or prospective investors, and the IRS may disagree with
the tax positions taken by the Fund. If the IRS were to challenge the Fund’s tax positions in litigation, they might not
be sustained by the courts. No statutory, administrative or judicial authority directly addresses the treatment of the Shares or
instruments similar to the Shares for U.S. federal income tax purposes. As a result, the Fund cannot assure investors that the
IRS or the courts will agree with the tax consequences described herein. A different treatment from that described below could
adversely affect the amount, timing and character of income, gain or loss in respect of an investment in the Shares and could adversely
affect the value of the Shares.