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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description of related processes, the Eligible Assets applicable and how staking is managed relevant to the Eligible Assets, material terms of relevant third-party agreements, relevant third-party responsibilities, how staking rewards are managed, of liquidity risk policies and procedures, and any related risks. Until such descriptions are provided to Shareholders, none of the Fund, Sponsor, nor Crypto Custodian will engage in Staking. The Performance Benchmark (Index) The Fund compares its performance against the Index, which serves as a benchmark of the investible crypto asset market. While the Index will comprise of up to ten (10) crypto assets, the Fund may, at any given time, hold greater than ten (10) crypto assets. Moreover, the Fund portfolio is not limited by the crypto assets that comprise the Index (Index Constituents) nor the weights of Index Constituents in the Index. However, the only crypto assets that the Fund will invest in are Eligible Assets.

The Index is part of the
FTSE Digital Asset Index Series and leverages the FTSE DAR Reference Price. The Index was launched in October 2025 and comprises
the top ten crypto assets based on the market capitalization of such crypto assets that are eligible under the generic listing
standards established by the SEC for passively-managed crypto asset ETPs. The Index is then weighted by square root market capitalization.
The crypto asset selection process involves reviewing and collecting data for crypto assets that trade on hundreds of exchanges
that are operated globally to capture data to support index construction, with key considerations including market capitalization,
liquidity, investability, and the availability of index pricing and reference data inputs. Availability of pricing is a core requirement
for a crypto asset to be included in the investible universe of the FTSE Indices, which leverage the FTSE DAR Reference Price.

As of January 8, 2026, the
chart below shows the Index Constituents of the Index and their related blockchains.

Index Constituent	Blockchain	% Weight in Index

BTC	Bitcoin	41.87

ETH	Ethereum	18.55

LINK	Chainlink	2.87

XLM	Stellar	2.57

ADA	Cardano	3.46

BCH	Bitcoin Cash	3.69

DOGE	Dogecoin	4.51

XRP	XRP	11.42

SOL	Solana	8.66

AVAX	Avalanche	2.37

The Index’s underlying
pricing employs a methodology designed to capture data from vetted assets and exchanges to meet the requirements of EU Benchmarks.
The Fund may use a different Index at any time; notification of a change will be made in a prospectus supplement or the Fund’s
periodic reports. Additional information about the Index is available at https://www.lseg.com/en/ftse-russell/index-resources/factsheets,
which is a third-party website and the contents of the website are not incorporated by reference into the registration statement.

Fund Fees and Expenses

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 is paid
in consideration of the Sponsor’s services related to the management of the Fund’s business and affairs. The Administrator
will calculate the Management Fee on a daily basis with respect to the NAV of the Fund, and the Management Fee will be paid directly
by the Fund to the Sponsor. The Management Fee will accrue daily and be payable monthly in cash.

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. Expenses paid by Sponsor are not subject to
any caps or limits.

In addition to the Fund’s
Management Fee, the Fund pays all of its (1) brokerage commissions, including but not limited to applicable exchange fees and give-up
fees, fees and commissions related to any crypto transaction fees for on-chain transfers of assets, and other transaction related
fees and expenses charged in connection with trading activities. The Fund also pays all of its (2) borrowing and financing costs
and expenses. The Fund pays all of its (3) taxes or governmental fees payable by or in respect to the Fund to federal, state, or
other governmental agencies, domestic or foreign, including stamp or other transfer taxes. The Fund also pays all of its (4) non-recurring,
extraordinary, or unusual fees and expenses, if any. Non-recurring, extraordinary, or unusual fees and expenses are unexpected
or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses.
The Fund may be required to indemnify the Sponsor, and the Fund and/or the Sponsor may be required to indemnify the Fund’s
service providers under certain unusual or extraordinary circumstances. Non-recurring, unusual, or extraordinary expenses of the
Fund will be determined by the Sponsor or Administrator. The Sponsor may determine, in its sole discretion, to assume any non-recurring,
unusual, or extraordinary expenses of the Fund, if applicable. All such expenses to be paid by the Fund will be determined by the
Sponsor. Any Fund expense specifically attributable the Fund or arises out of the Fund’s operations will be directly allocated
to the Fund and any shared expense will be allocated using a pro rata methodology that allocates certain of the expense to the
Fund.

The Sponsor and/or the Administrator
will bear the costs and expenses related to the Fund’s organization and initial offer and sale of Shares, including registration
fees paid or to be paid to the SEC, Financial Industry Regulatory Authority (FINRA) or any other regulatory body or self-regulatory
organization. None of the costs and expenses related to the Fund’s organization and initial offer and sale of Shares are
chargeable to the Fund. Further, neither the Sponsor nor the Administrator may recover any of these costs and expenses from the
Fund.

In the event the Fund’s
cash balance is insufficient to pay all fees and expenses, including the Management Fee, the Fund may need to sell its crypto assets
from time to time to pay for its fees and expenses. The NAV is reduced by the accrual of Management Fee or any Fund expenses not
assumed by the Sponsor. Each sale of crypto assets by the Fund generally will be a taxable event for the Fund. See “U.S.
Federal Income Tax Consequences” section.

The Sponsor, from time to
time, may temporarily waive all or a portion of the Management Fee and/or Fund expenses, in its sole discretion. The Sponsor is
not under an obligation to waive any portion of the Management Fee nor any Fund expenses. If any waiver is instituted, such waiver
does not create an obligation outside the strict terms of the waiver. As of the date of this prospectus, the Sponsor does not intend
to waive any of the Management Fee or Fund expenses. In the future, if the Sponsor decides to institute a waiver, Shareholders
will be notified in a prospectus supplement, the Fund’s periodic reports, or current report on Form 8-K. In addition, the
Sponsor, in its sole discretion, may determine to amend the Sponsor Agreement, including to increase the Management Fee, without
Shareholder consent.

OVERVIEW
OF THE ELIGIBLE ASSETS’ INDUSTRY

Each Eligible Asset operates
on its respective network (Eligible Asset Networks). The Eligible Asset Networks are decentralized peer-to-peer computer systems
that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.

In this section, the Sponsor
provides descriptions of the Eligible Assets. Bitcoin and ether are discussed in more detail in this section because, as of the
date of this prospectus, together, they are expected to represent more than 50% of the Fund’s holdings. There is no assurance
or guarantee that bitcoin and ether will continue to be the two largest holdings at any time. The Eligible Assets described in
this section are not discussed in any particular order. The Sponsor may update this section periodically; however, there is no
obligation to amend the Fund’s prospectus in the event of changes to the Eligible Assets or weights of the Eligible Assets.

Prices and market capitalization
for each of the Eligible Assets described in this section are as follows:

Crypto Asset	Market Cap	Closing Price (USD)

BTC	$1,824,562,102,538	$91,359.76

ETH	$378,996,076,767	$3,140.12

SOL	$75,469,147,084	$133.98

XRP	$126,762,437,696	$2.09

ADA	$14,660,252,991	$0.40

AVAX	$6,136,821,054	$14.27

LTC	$6,299,718,225	$82.14

DOT	$3,537,162,030	$2.14

DOGE	$25,116,777,341	$0.15

HBAR	$5,355,583,080	$0.13

BCH	$12,772,160,549	$639.37

LINK	$9,493,133,527	$13.41

XLM	$7,537,963,088	$0.23

SHIB	$5,344,249,596	$0.00

USDC	$75,363,438,322	$1.00

SUI	$6,412,231,283	$1.69

Source: CoinMetrics, as
of Jan. 4, 2026

Bitcoin (BTC)

The Bitcoin System as a whole
is involved in maintaining the ledger of bitcoin ownership and facilitating the transfer of bitcoin among parties, as well as its
components, such as the Bitcoin Network, the Bitcoin Blockchain, the Bitcoin Protocol and Bitcoin Clients (together, the “Bitcoin
System”). The crypto asset native to the Bitcoin System is bitcoin whose ownership registry and full transfer history is
made by the Bitcoin System.