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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misconduct on the part of such Sponsor Indemnified Party arising out of or in connection with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement. The Sponsor Agreement may be terminated: (i) by the Sponsor at any time upon 30 days’ prior written notice; or (ii) by either party upon discovery of acts of fraud or willful malfeasance of the other party in performing its duties thereunder. Key Personnel of the Sponsor The Fund does not have any directors, officers, or employees. The following persons, in their capacities as executive officers of the Sponsor, a Delaware limited liability company, perform certain functions with respect to the Fund that, if the Fund had directors or executive officers, would typically be performed by them. The following people serve as officers of the Sponsor and perform certain functions with respect to the Fund:

David Oestreicher (born
1967) serves as the Chief Executive Officer of the Sponsor since inception. As general counsel of the Firm, he oversees the legal,
compliance, audit, and risk functions for the Firm globally. He has served as an interested director of the T. Rowe Price registered
investment companies since July 2018. He has been with the Firm since 1997. Additionally, Mr. Oestreicher serves as a member of
the Board of Governors for the Investment Company Institute (ICI), and previously served as the chair of the ICI’s international
committee. He serves as chair of the ICI Mutual Insurance Company Board of Governors and as chair of its executive committee. He
also served on the board of the Investment Adviser Association and previously served as the chair of its legal and regulatory committee.
Prior to joining the Firm, Mr. Oestreicher was special counsel at the SEC. He earned a B.S. in business administration from Bucknell
University and a J.D. from Villanova University School of Law.

Alan Dupski (born 1982)
serves as the Chief Financial Officer of the Sponsor since inception. As Head of Fund Administration and Accounting for the Firm,
he oversees financial reporting, fund accounting, fund operations, tax, and valuation for the Firm’s pooled investment vehicles
globally. He has been with the Firm since 2015. Prior to joining the Firm, Mr. Dupski was an assistant chief accountant at
the SEC and a senior manager at PricewaterhouseCoopers, LLP. He earned a B.S. in accounting and finance from the University of
Maryland. He is a certified public accountant.

The Trustee

The sole Trustee of the Trust
is CSC Delaware Trust Company. The Trustee’s principal offices are located at 251 Little Falls Drive, Wilmington, DE 19808
and its telephone number is (866) 403-5272. The Trustee is unaffiliated with the Sponsor. The Trustee’s duties and liabilities
with respect to the offering of Shares and the management of the Fund are limited to its express obligations under the Trust Agreement.

The Trustee will accept service
of legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The
Trustee does not owe any other duties to the Trust, the Sponsor or the Shareholders. The Trustee is permitted to resign upon at
least sixty (60) days’ written notice to the Sponsor. The Trust Agreement provides that the Trustee is entitled to reasonable
compensation for its services from the Sponsor or an affiliate of the Sponsor (including the Fund), and is indemnified by the Fund
against any expenses it incurs relating to or arising out of the formation, operation or termination of the Trust, or any action
or inaction of the Trustee under the Trust Agreement, except to the extent that such expenses result from bad faith, the gross
negligence or willful misconduct of the Trustee. The Sponsor has the discretion to replace the Trustee.

The Trustee has not signed
the registration statement of which this prospectus is a part and is not subject to issuer liability under the federal securities
laws for the information contained in this prospectus and under federal securities laws with respect to the issuance and sale of
the Shares. Under such laws, neither the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director,
officer or controlling person of the Trustee is, or has any liability as, the issuer or a director, officer or controlling person
of the issuer of the Shares.

Under the Trust Agreement,
the Trustee has delegated to the Sponsor the exclusive management and control of all aspects of the business of the Trust. The
Trustee has no duty or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability
for the acts or omissions of the Sponsor.

The Fund will dissolve
upon the occurrence of certain events specified in the Trust Agreement, including (a) delisting of the Shares from the Exchange and are not approved for listing on another national securities exchange within five Business
Days of their delisting; (b) failure to appoint a successor trustee within 180 days of the Trustee's resignation or removal; (c) regulatory
determinations that the Fund is an investment company, commodity pool, or money transmitter and the Sponsor determines termination is
advisable; and (d) circumstances that prevent the Fund from determining the fair value of Eligible Assets for purposes of calculating
net asset value and the Sponsor's determination that the Fund's net assets make continued operation unreasonable or imprudent. In addition,
the Fund may be dissolved at any time for any reason by the Sponsor in its sole discretion.

Shareholders will receive
cash distributions in U.S. dollars only. No in-kind distributions of Eligible Assets, stablecoins, or other property will be made.
Liquidation proceeds will be applied first to pay all Trust liabilities and expenses (including fees owed to service providers,
transaction costs, and professional fees), and then distributed to Shareholders pro rata based on their percentage interests in
the Trust.

The Administrator

T. Rowe Price Associates,
Inc., an affiliate of the Sponsor, serves as the Administrator. The Administrator’s principal address is 1307 Point Street,
Baltimore, MD 21231. The Administrator is responsible for the day-to-day management of the Fund and any of the services necessary
for the operations and administration of the Fund. The Administrator may engage service providers to provide certain of the services.
Under the Administration Agreement, the Administrator acts as a liaison among service providers, assists with regulatory compliance,
tax and accounting services (including valuing the Fund’s crypto assets and calculating the NAV per Share of the Fund), and
preparation of certain regulatory and financial reports. In addition, the Administrator makes available the office space, equipment,
personnel and facilities required to provide such services. The Administrator’s fees are paid by the Sponsor.

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

The Crypto Custodian

The Crypto Custodian for
the Fund’s crypto asset and stablecoin holdings is [ ]. The Crypto Custodian is a [National Trust Bank regulated by
the Office of the Comptroller of the Currency.] The Crypto Custodian’s principal offices are located at [
]. The Crypto Custodian is unaffiliated with the Sponsor. [ (“Crypto Custodian Agreement”)].

The Crypto Custodian is
responsible for keeping the passwords, keys or phrases used to effect transfers of the Fund’s Digital Assets safe, secure and
confidential. The Crypto Custodian will help establish accounts and any necessary sub-accounts on the crypto asset networks
solely for the Fund. The Crypto Custodian will follow valid instructions to use such passwords, keys or phrases to effect
transfers from the Fund’s portfolio.

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

In designating a custodian
as a Crypto Custodian for the Fund, the Sponsor considers whether the custodian carries insurance, provides protection against
theft and loss and ensures that the transactions and trades are secure. [Although the Crypto Custodian carries insurance provided
by a private insurance carrier, the Crypto Custodian’s insurance addresses loss due to theft, robbery, burglary, third party
computer, and funds transfer fraud. The insurance does not cover any loss in value to the Fund and only covers losses caused by
certain events such as fraud or theft and, in such covered events, it is unlikely the insurance would cover the full amount of
any losses incurred by the Fund. The insurance maintained by the Crypto Custodian is shared among all of the Crypto Custodian’s
customers, is not 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.