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: 2026-03-16
Accession Number: 0001999371-26-005896
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126005896/active-s1a_031626.htm

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and is not required to register under such Act. The Sponsor is not registered with the Securities and Exchange Commission (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. The Fund is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (CEA), and the Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (the “CFTC”) as a commodity pool operator or a commodity trading advisor with respect to the Fund. As such, the shareholders of the Fund (Shareholders) will not be afforded the protections associated with ownership of shares in a registered investment company. Shareholders have no voting rights with respect to the Fund except as expressly provided in the Agreement and Declaration of Trust (the “Trust Agreement”). See the section, “Risk Factors.”

Neither the SEC nor any
state securities commission has approved or disapproved of the securities offered in this prospectus or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.

The Trust is an “emerging
growth company” as that term is used in the Jumpstart Our Business Startups Act (the “JOBS Act”) and, as such,
may elect to comply with certain reduced reporting requirements.

For a glossary of defined
terms, see “Glossary.”

The date of this prospectus

TABLE OF CONTENTS

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS	4

PROSPECTUS SUMMARY	5

THE OFFERING	9

USE OF PROCEEDS	11

BUSINESS OF THE FUND	11

OVERVIEW OF THE ELIGIBLE ASSETS’ INDUSTRY	15

RISK FACTORS	36

CALCULATING NAV	65

CREATIONS AND REDEMPTIONS	68

CUSTODY OF FUND ASSETS	74

ADDITIONAL INFORMATION ABOUT THE FUND	75

LEGAL PROCEEDINGS	75

FORM AND TRANSFER OF SHARES	75

MANAGEMENT; VOTING BY SHAREHOLDERS	76

DESCRIPTION OF KEY SERVICE PROVIDERS	77

U.S. FEDERAL INCOME TAX CONSEQUENCES	83

ERISA AND RELATED CONSIDERATIONS	92

PLAN OF DISTRIBUTION AND SEED CAPITAL INVESTMENT	92

CONFLICTS OF INTEREST	93

STATEMENTS, FILINGS AND REPORTS	94

BOOKS AND RECORDS	94

FISCAL YEAR	94

PROVISIONS OF LAW	94

LEGAL MATTERS	95

EXPERTS	95

PRIVACY POLICY	95

WHERE TO FIND MORE INFORMATION	95

GLOSSARY	96

FINANCIAL STATEMENTS	98

This prospectus contains information
you should consider when making an investment decision about the Shares. You may rely on the information contained in this prospectus.
Neither the Fund nor the Sponsor has authorized any person to provide you with different information and, if anyone provides you
with different or inconsistent information, you should not rely on it. You should assume that the information appearing in this
prospectus is accurate only as of the date on the front cover of this prospectus. This prospectus is not an offer to sell the Shares
in any jurisdiction where the offer or sale of the Shares is not permitted.

Until [ ] (25 calendar days
after the date of this prospectus), all dealers effecting transactions in the Shares, whether or not participating in this distribution,
may be required to deliver a prospectus. This requirement is in addition to the obligations of dealers to deliver a prospectus
when acting as underwriters and with respect to unsold allotments or subscriptions. The Sponsor first intends to use this prospectus

Authorized Participants may be
required to deliver a prospectus when making transactions in the Shares. See “Plan of Distribution and Seed Capital Investment.”

STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS

This prospectus includes statements
which relate to future events or future performance. In some cases, you can identify such forward-looking statements by terminology
such as “may,” “will,” “should,” “could,” “expect,” “intend,”
“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential”
or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included
in this prospectus that address activities, events or developments that may occur in the future, including such matters as changes
in commodity prices and market conditions (for crypto assets and the Shares), the Trust’s operations, the Sponsor’s
plans and references to the Trust’s future success and other similar matters are forward-looking statements. These statements
are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses
made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as
well as other factors it believes are appropriate in the circumstances. Whether or not actual results and developments will conform
to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the
special considerations discussed in this prospectus, general economic, market and business conditions, changes in laws or regulations,
including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political
developments. See “Risk Factors.” Consequently, all the forward-looking statements made in this prospectus are qualified
by these cautionary statements, and there can be no assurance that the actual results or developments the Sponsor anticipates will
be realized or, even if substantially realized, will result in the expected consequences to, or have the expected effects on, the
Trust’s operations or the value of the Shares. Should one or more of these risks discussed in “Risk Factors”
or other uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from
those described in forward-looking statements. None of the Trust, the Sponsor, or the Administrator or their respective affiliates
is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in
the Sponsor’s expectations or predictions, other than as required by applicable laws. Investors are therefore cautioned against
placing undue reliance on forward-looking statements.

PROSPECTUS
SUMMARY

This is only a summary of
the prospectus and, while it contains material information about the Fund and its Shares, it does not contain or summarize all
of the information about the Fund and the Shares contained in this prospectus that is material and/or which may be important to
you. You should read this entire prospectus, including the “Risk Factors” section, before making an investment decision
about the Shares. Definitions of terms used in this prospectus can be found in the Glossary.

Fund Overview and Investment Objective

The Fund’s Shares will be
listed for trading on the Exchange. The Fund’s investment objective is to seek long-term capital growth through investments in
crypto assets. Accordingly, the Fund will employ an actively-managed investment strategy that seeks to outperform the crypto asset market,
as measured by the FTSE Crypto US Listed Index (Index), and invest in a variety of different crypto assets. Unlike a passively managed
fund, the Fund does not seek to track an index and the Fund’s portfolio is not limited by the crypto assets that comprise the Index
(Index Constituents) nor the weights of Index Constituents in the Index.

Because the Fund will be
actively-managed, the price of the Shares may often vary from changes in the spot prices of the portfolio of crypto assets. The
Fund, the Sponsor, the Administrator, and other service providers, including the Custodians, will not loan or pledge the Fund’s
assets, nor will the Fund’s assets serve as collateral for any loan or similar arrangement. The Fund may, however, use one
or more of its crypto assets to purchase other crypto assets, and may engage in trading of crypto assets on both U.S. and non-U.S.
crypto trading platforms. The Fund will not utilize leverage, derivatives, or any similar arrangements in seeking to achieve its
investment objective. The intraday indicative trust value (or “ITV”) will be disseminated every 15 seconds throughout
each day that the Fund’s Shares are traded on the Exchange.

The Fund’s Strategies

To meet the Fund’s
investment objective, the Fund will employ an active investment strategy by primarily investing in a diversified basket of commodity
crypto assets, under normal market conditions. The Fund uses the Index to measure its performance and intends to outperform the
Index; the Fund does not track or replicate the Index. The Fund will invest in crypto assets through a fundamentally informed
model-based process and will take an active view on specific crypto assets based on criteria such as fundamentals, valuation,
and momentum, within a disciplined risk-based framework. The Fund primarily invests in crypto assets that meet the Fund’s
eligibility criteria (each an “Eligible Asset”). Under normal circumstances, the Fund is expected to hold between
five and fifteen (5–15) crypto assets; however, the Fund may hold more or less at any time. The Fund may also hold cash,
cash equivalents, and stablecoins to cover expenses, buy crypto assets, and allow for efficient trading. The Fund may assume a
temporary defensive position to respond to adverse market, economic, political, or other conditions, such as to provide flexibility
in meeting redemptions, pay expenses, or manage cash flows. The Fund will not invest in any asset considered a security under
the federal securities laws, at any time.

Summary of Risk Factors

An investment in the Fund involves
risk. Some of the risks are summarized below. See “Risk Factors” section for additional information.