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: 2026-05-15
Accession Number: 0001999371-26-010860
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126010860/tknz-s1a_051526.htm

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fee until May 31, 2027, for a net annual management fee equal to 0.75% of the Trust’s daily average net assets. The annual management fee waiver will automatically terminate on May 31, 2027, and may only be extended at the sole discretion of the Sponsor. Price Associates provides administrative services to the Trust. Pursuant to the Administration Agreement between Price Associates and the Sponsor on behalf of the Trust, Price Associates assists with overall the operation of the Trust, acts as a liaison among service providers, assists with regulatory compliance, tax and accounting services (including valuing the Trust’s crypto assets and calculating the NAV per share of the Trust), and preparation of certain regulatory and financial reports. In addition, Price Associates makes available the office space, equipment, personnel and facilities required to provide such services. No compensation for any administrative services provided is paid to Price Associates by the Trust.

T. Rowe Price Investment
Services, Inc. (Investment Services), a wholly-owned subsidiary of Price Associates and affiliate of the Sponsor, serves as distributor
to the Trust. The distributor is registered as a broker-dealer under the 1934 Act and is a member of the Financial Industry Regulatory
Authority, Inc. (FINRA). Pursuant to an underwriting agreement, no compensation for any distribution services provided is paid to Investment
Services by the Trust.

As of April 1, 2026, the Sponsor and Price
Associates, each owned 400 shares of the Trust which in aggregate represented 100% of the Trust’s net assets.

NOTE 3 – SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent
events through April 10, 2026, the date the financial statement was available for issuance and has determined that there were no subsequent
events requiring adjustment or additional disclosure in the financial statement.

T. Rowe Price Active Crypto ETF

PROSPECTUS

Until 25 calendar days after the date of
this Prospectus, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required
to deliver a Prospectus. This is in addition to the dealers’ obligation to deliver a Prospectus when acting as underwriters and
with respect to their unsold allotments or subscriptions.

PART II—INFORMATION
NOT REQUIRED IN PROSPECTUS

Item 13. Other Expenses of Issuance and
Distribution(1)

The Trust shall not bear any expenses
incurred in connection with the issuance and distribution of the securities being registered. Set forth below are the reasonably estimated
fees and expenses (other than underwriting commissions and discounts) in connection with the issuance and distribution of the securities.

Amount

SEC registration fee (2)

Exchange Listing Fee $	17,500

Accounting and Auditor fees and expenses $	166,800

Legal fees and expenses $	400,000

Miscellaneous expenses (including trustee fees and expenses) $	6,500

Total 590,800	(2)

(1)	Subject to revision upon completion of the offering.

(2)	An indeterminate amount of securities are being registered
to be offered or sold and the filing fee will be calculated and paid in accordance with Rule 456(d) and Rule 457(u).

Item 14. Indemnification of Directors and
Officers.

Section 18-108 of the Delaware Limited
Liability Company Act provides that a limited liability company may indemnify and hold harmless any member, manager or other person against
any and all claims and demands whatsoever, subject to any standards and restrictions set forth in the limited liability company agreement
of the limited liability company.

Section 3.4 of the Trust Agreement
provides that the Sponsor shall not be under any liability to the Fund, the Trustee (as defined in the Trust Agreement) or any Shareholder
(as defined in the Trust Agreement) 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; provided, however, that Section 3.4 of the Trust Agreement
shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad
faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion,
endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by any other Person
(as defined in the Trust Agreement) for any matters arising hereunder. The Sponsor shall in no event be deemed to have assumed or incurred
any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Trust Agreement.

Section 2.6 of the Trust Agreement
provides that the Trustee (individually and in its capacity as such) and any officer, Affiliate (as defined in the Trust Agreement), director,
employee, or agent of the Trustee (each an “Indemnified Person”) shall be entitled to indemnification from the Fund, to the
fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including
the reasonable fees and expenses of counsel and fees and expenses incurred in connection with enforcement of its indemnification rights
hereunder, and including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, “Expenses”),
to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation,
operation or termination of the Fund, the execution, delivery or performance of this Trust Agreement or the transactions contemplated
hereby; provided, however, that the Fund shall not be required to indemnify any Indemnified Person for any Expenses which are a result
of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Fund to indemnify the Indemnified
Persons as provided herein shall survive the termination of this Trust Agreement and the resignation or removal of the Trustee. If the
Fund shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment
owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an
Indemnified Person as if it were the primary obligor hereunder; provided, however, that the Sponsor shall not be required to indemnify
any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified
Person.

Item 15. Recent Sales of Unregistered Securities.

None

Item 16. Exhibits.

Exhibit No. Description

1.1* Underwriting Agreement

1.2* Seed Capital Investor Subscription Agreement (Sponsor)

1.3* Seed Capital Investor Subscription Agreement (Administrator)

3.1* Amended and Restated Trust Agreement

3.2** Certificate of Trust

5.1* Opinion of Dechert LLP as to legality

8.1* Opinion of Dechert LLP as to tax matters

10.1* Sponsor Agreement

10.2* Administration Agreement

10.3* Crypto Custodian Agreement

10.4* Cash Custodian Agreement

10.5* Transfer Agent Agreement

10.6* Crypto Trading Counterparty Agreement - JSCT

10.7* Form of Authorized Participant Agreement

10.8* Fee Waiver Agreement

23.1 Consent of Independent Registered Public Accounting Firm (to be filed by
amendment)

23.2* Consents of Dechert LLP (included in Exhibit 5.1 and 8.1 )

24.1* Power of Attorney (included on the signature page)

99.1* Index Licensing Agreement

107* Filing Fee Table

* Previously
filed on April 27, 2026, and incorporated herein by reference.

** Previously
filed on October 22, 2025, and incorporated herein by reference.

Item 17. Undertakings.

(a)     The
undersigned registrant hereby undertakes:

file, during any period in which offers, or sales are being made, a post-effective amendment to this registration statement:

include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

(ii)    To reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation
of Registration Fee” table in the effective registration statement.

(iii)   To include any
material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement.

Provided, however, that paragraphs
(a)(1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1 and the information
required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the
Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that
are incorporated by reference in the registration statement.