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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differs from a standard median in that a weighting factor, in this case trade size, is factored into the calculation. ● Each Reference Rate is then determined by the equally weighted average of the volume-weighted medians of all partitions. The Administrator believes that the use of the Reference Rates is reflective of a reasonable valuation of the spot price of the Fund’s crypto assets and stablecoin and are reasonably designed to be resistant to manipulation. For example, under this methodology, crypto asset transactions conducted at outlier prices, large trades or clusters of trades transacted over a short period of time, and large trades at prices that deviate from the prevailing price are mitigated from having an undue influence on the Reference Rates. The Administrator requires the Reference Rate provider(s) to have a control framework that is consistent with relevant regulations and designed to ensure the integrity of its Reference Rates.

If one or more Reference Rates from
the primary vendor are not available or the Administrator determines that one or more Reference Rates are unreliable, then reference rates
from another source may be used. Alternately, the Fund’s holdings may be fair valued by the Administrator (referred to herein as
a “Fair Value Event”). Additionally, the Administrator will monitor for unusual prices and escalate to the Sponsor if detected.
Notification of a material change to the Reference Rate will be made in a prospectus supplement or the Fund’s periodic reports.

The Fund’s cash equivalents
are valued at the close of the NYSE and are reported at fair value, as determined by the Administrator. The Administrator will fair value
by taking into account various, adopted factors, and methodologies for determining fair value. This value may differ from the value the
Fund receives upon sale of the cash equivalents.

The Administrator of the Fund will
calculate the NAV once each Business Day, at the close of the NYSE, normally 4:00 p.m. E.T, each day the NYSE is open for business. However,
the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE
closes earlier, or as may be permitted by the SEC. For purposes of making these calculations, a “Business Day” means any day
other than a day when NYSE is closed for regular trading. The NAV per share for a business day will be released after 4:00 p.m. E.T. Trading
during the core trading session on the Exchange typically closes at 4:00 p.m. E.T. However, NAVs are not officially released until after
the completion of a comprehensive review of the NAV and prices utilized to determine the NAV of the Fund by the Administrator. Upon the
completion of the end of day reviews by the Administrator, the NAV per share is released to the public typically by 6:45 p.m. E.T.
and generally no later than 8:00 p.m. E.T. The period between 4:00 p.m. E.T. and the NAV release after 6:45 p.m. E.T. (or later) provides
an opportunity for the Administrator to detect, flag, investigate, and correct unusual pricing should it occur and implement a Fair Value
Event, if necessary. Any such correction could adversely affect the value of the shares.

The Fund’s periodic financial
statements may not utilize the NAV of the Fund to the extent the methodology used to calculate the price of the crypto assets is deemed
not to be consistent with GAAP. The Fund’s periodic financial statements will be prepared in accordance with the Financial Accounting
Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures” (ASC Topic 820) and
utilize an exchange-traded price from the Fund’s principal market as of 11:59 p.m. E.T. on the Fund’s financial statement
measurement date. The Sponsor will determine in its sole discretion the valuation sources and policies used to prepare the Fund’s
financial statements in accordance with GAAP.

Intraday Trust Value

In order to provide updated information
relating to the Fund for use by Shareholders and market professionals, the Sponsor will engage an independent calculator to calculate
and disseminate an ITV. The ITV will be calculated by using the prior day’s closing NAV per Share of the Fund as a base and will
be updated throughout the trading day to reflect changes in the value of the Fund’s holdings during the trading day. The Fund’s
crypto assets and the weighting of each crypto asset within the Fund’s portfolio will be provided on a daily basis on the Fund’s
website.

The ITV will be disseminated on a
per Share basis every 15 seconds each day the NYSE is open for regular trading and be widely disseminated by one or more major market
data vendors. Several major market data vendors display and/or make widely available ITVs taken from the Consolidated Tape Association
(CTA) or other data feeds. The ITV should not be viewed as an actual real time update of the NAV, because NAV is calculated only once
per day. See, “Calculating NAV section.”

Secondary Market Transactions of Shares

Shares may trade at, above or below
their NAV. The NAV will fluctuate with changes in the market value of the Fund’s assets. The trading prices of Shares will fluctuate
in accordance with changes in their NAV as well as market supply and demand. The amount of the discount or premium in the trading price
relative to the NAV may be influenced by non-concurrent trading hours between the major crypto asset markets and the Exchange. While the
Shares will trade on the Exchange until 4:00 p.m. ET, liquidity in the market for crypto assets may be reduced, negatively affecting the
trading volume; alternatively, developments in crypto asset markets (which operate around the clock), including the price volatility,
declines in trading volumes, and the closing of crypto platforms due to fraud, failures, security breaches or otherwise that occur outside
of the Exchange trading hours will not be reflected in trading prices of the Shares until trading on the Exchange opens. As a result,
during this time, trading spreads, and the resulting premium or discount, on Shares may widen. The Sponsor believes that the aggregation
of shares in a Creation Unit will enable Authorized Participants and Crypto Trading Counterparties to manage inventory and facilitate
an effective arbitrage mechanism for the Fund. The Sponsor believes that the arbitrage opportunities may provide a mechanism to mitigate
the effect of such premium or discount.

The Fund is not registered as an investment
company for purposes of U.S. federal securities laws and is not subject to regulation by the SEC as an investment company. Consequently,
the owners of Shares do not have the regulatory protections provided to investors in registered investment companies. For example, the
provisions of the Investment Company Act that limit transactions with affiliates, prohibit the suspension of redemptions (except under
certain limited circumstances) or limit sales loads, among others, do not apply to the Fund. The Sponsor is not registered with the SEC
as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities with respect to the Fund.
Consequently, the owners of Shares do not have the regulatory protections provided to advisory clients of SEC-registered investment advisers.

CREATIONS
AND REDEMPTIONS

Primary Market Transactions of Shares and
Authorized Participants

The Fund expects to create and redeem
Shares on a continuous basis only in aggregations of 10,000 Shares (Creation Units). Only Authorized Participants may place orders to
purchase or redeem Creation Units in exchange for cash (or crypto assets, if in-kind creations and redemptions are permitted).

The Authorized Participants will deliver
only cash to create Shares and will receive only cash when redeeming Shares. The Fund may publish a basket of pro rata or non-pro rata
holdings on a daily basis for informational purposes only. Authorized Participants will not directly or indirectly purchase, hold, deliver,
or receive crypto assets as part of the creation or redemption process or otherwise direct the Fund or a third-party with respect to purchasing,
holding, delivering, or receiving crypto assets as part of the creation or redemption process. In the future, the Fund may also permit
Authorized Participants to create and redeem Shares via in-kind transactions.

Each Authorized Participant must be
a registered broker-dealer, a participant in the DTC, and have entered into an Authorized Participant Agreement. The Authorized Participant
Agreement provides the procedures for the creation and redemption of Creation Units and for the delivery of cash (or for the delivery
of crypto assets, if the Fund engages in in-kind creations and redemptions) in connection with such creations or redemptions.

As of the date of this prospectus,
the Authorized Participants are: Jane Street Group, LLC, Macquarie Capital (USA) Inc., Goldman Sachs & Co. LLC, and Virtu Americas
LLC. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.