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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(“Basket”) but excludes a Variable Fee (defined below) and transaction fees. If the purchase order is in proper form and accepted, an endorsed confirmation, an email, or other electronic communication indicating the acceptance of the purchase order) will be transmitted to the Authorized Participant on the date such purchase order is received. Prior to such acceptance, a purchase order only represents the Authorized Participant’s unilateral offer and has no binding effect upon the Fund, Sponsor, Crypto Custodian, or any other party. Crypto Asset Transactions On the order date, the Fund will enter into a transaction with a Crypto Trading Counterparty to buy crypto assets in exchange for the cash proceeds from such purchase order. Fractional precision greater than that supported by the Fund’s Crypto Trading Counterparties and Custodian for a particular crypto asset is disregarded for the purpose of the computation of that crypto asset in the Fund’s portfolio. Settlement

For settlement of a purchase
order, the Authorized Participant delivers the Total Cash Amount to the Fund’s cash account maintained with the Cash Custodian
in exchange for Shares. The Crypto Trading Counterparty delivers the required crypto assets to the Fund’s segregated account
at the Crypto Custodian (“Vault Balance”) in exchange for cash. In the event the Fund has not successfully executed
and completed settlement of a crypto asset transaction by the settlement date of the purchase order, the Authorized Participant
may either (1) cancel the purchase order, or (2) accept a delayed settlement while the Fund continues to attempt completion.

Fixed and Variable Fees
and Calculation of Total Cash Amount

The Total Cash Amount is
the cash equivalent value of the Basket, plus a Variable Fee (defined below) and a fixed transaction fee. The Total Cash Amount
owed by the Authorized Participant is determined after the Fund’s NAV is struck and the Fund’s crypto asset transactions
have been confirmed. Once a purchase order has been accepted, the Authorized Participant must deposit the Total Cash Amount as
determined by the Administrator. The fixed transaction fee for a creation is imposed to offset the transfer and other transaction
costs associated with the issuance of Creation Units. The fixed transaction fee for a creation is $100.

The Variable Fee is the
difference between the price of the assets used in calculating the NAV per Share on the creation (or redemption) order date and
the net price (inclusive of transaction costs and fees) at which the Fund acquires (or sells) the assets. To the extent the price
amount for buying the assets is higher than the price utilized in calculating the NAV the Authorized Participant is responsible
for paying the Variable Fee. In the case the price amount for buying the assets is lower than the price utilized in calculating
the NAV, the Authorized Participant shall retain the Variable Fee.

The Fund intends to make
available on each Business Day before the open of business, the Basket for that day, which Authorized Participants may use as
guidance regarding the Estimated Cash Amount for purchase orders.

The calculation of the Total
Cash Amount necessary for the creation of a Creation Unit changes from day to day. Each day that the Exchange is open, the computation
is made by the Administrator as promptly as practicable after 4:00 p.m. ET. See “Calculating NAV.”

On-Chain Transaction
Costs and Settlement Delays

Transfers of crypto assets
into the Fund’s Vault Balance are “on-chain” transactions recorded on the relevant blockchain. For creations,
on-chain transaction fees are paid by the Crypto Trading Counterparty and are not borne directly by the Fund or its Shareholders.

Crypto assets transactions
on the blockchain are susceptible to delays due to the Eligible Asset Networks outages, congestion, spikes in transaction fees
demanded by miners, or other problems or disruptions. To the extent that crypto assets transfers from the Crypto Trading Counterparty
to the Fund’s Vault Balance are delayed due to congestion or other issues with the Eligible Asset Networks, such crypto assets
will not be held in offline storage in the Vault Balance until such transfers can occur.

Redemption Procedures

Order Submission and
Acceptance

Authorized Participants,
acting on authority of the registered holder of Shares, may surrender Creation Units in exchange for the corresponding Total Cash
Amount only by submitting a redemption order by an Order Cutoff Time. Orders received after the Order Cutoff Time on a Business
Day will not be accepted and must be resubmitted on the following Business Day.

The Authorized Participant
must submit a redemption order indicating the number of Creation Units it intends to be redeemed. The Sponsor will acknowledge
the redemption order. The date of acknowledgement will determine the Estimated Cash Amount that the Authorized Participant expects
to receive in connection with the Fund assets that the Fund needs to sell to the Crypto Trading Counterparty. If the redemption
order is in proper form and accepted, an endorsed confirmation, an email, or other electronic communication indicating the acceptance
of the redemption will be transmitted to the Authorized Participant on the date such redemption order is received. Prior to the
acceptance, a redemption order will only represent the Authorized Participant’s unilateral offer and will have no binding
effect upon the Fund, Sponsor, Crypto Custodian, or any other party.

Crypto Asset Transactions

On the date of the redemption
order, the Fund will enter into a transaction with a Crypto Trading Counterparty to sell crypto assets corresponding to the redemption
order. Fractional precision greater than that supported by the Fund’s Crypto Trading Counterparties and Custodian for a particular
crypto asset are disregarded for the purpose of the computation of that crypto asset in the Fund’s portfolio.

Settlement

For settlement of a redemption
order, the Authorized Participant delivers Shares to be redeemed to the Fund in exchange for cash. The Crypto Trading Counterparty
delivers the required cash to the Fund’s cash account maintained at the Cash Custodian in exchange for crypto assets. In
the event the Fund has not successfully executed and completed settlement of a crypto asset transaction by the settlement date
of the redemption order, the Authorized Participant may either (1) cancel the redemption order, or (2) accept a delayed settlement
while that the Fund continues to attempt to completion.

Upon the surrender of Shares
and the payment of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees) by the redeeming Authorized
Participant, and the completion of the sale of crypto assets for cash by the Fund, the Distributor will instruct the delivery of
cash to the Authorized Participant. Disruption of services at the Custodians or the Authorized Participant’s banks would
have the potential to delay settlement of the crypto asset related to Share redemptions.

Fixed and Variable Fees
and Calculation of Cash Redemption Amount

The Cash Redemption Amount
to be delivered to the Authorized Participant in exchange for the ETF shares is the cash equivalent value of the ETF Shares redeemed
(i.e., the number of Creation Units redeemed), minus a Variable Fee and minus a fixed transaction fee. The Cash Redemption Amount
is determined after the Fund’s NAV is struck and the Fund’s crypto asset transactions have been confirmed. Once a redemption
order has been accepted, the Authorized Participant must deposit the Shares as determined by the Administrator. The fixed transaction
fee for a redemption is imposed to offset the transfer and other transaction costs associated with the redemptions of Creation
Units. The fixed transaction fee for a redemption is $100. For redemptions, to the extent the price for selling the crypto assets
is lower than the price used in calculating the NAV, the Authorized Participant pays the Variable Fee.

The calculation of the Total
Cash Amount necessary for the redemption of a Creation Unit changes from day to day. Each day that the Exchange is open, the computation
is made by the Administrator as promptly as practicable after 4:00 p.m. ET. See “Calculating NAV” section. The Administrator
intends to make available on each Business Day before the open of business, the Basket for that day, which Authorized Participants
may use as guidance regarding the Estimated Cash Amount for redemption orders.

On-Chain Transaction
Costs and Settlement Delays

Transfers of crypto assets
out of the Fund’s Vault Balance are “on-chain” transactions recorded on the relevant blockchain. On-chain transaction
fees for redemptions are paid by the Crypto Trading Counterparty and are not borne directly by the Fund or its Shareholders.

Suspension and Rejection
of Orders