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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and the information contained on or connected to the Fund’s website is not considered part of this prospectus. We will make available, free of charge, on our website our Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (including any amendments thereto), proxy statements and other information filed with, or furnished to, the SEC, as soon as reasonably practicable after such documents are so filed or furnished. The Fund will be subject to the informational requirements of the Exchange Act and the Sponsor will, on behalf of the Fund, file certain reports and other information with the SEC. These filings will contain certain important information that does not appear in this prospectus. For further information about the Fund, you may read and copy these filings at the SEC’s Internet site (www.sec.gov), which also contains reports and other information regarding issuers that file electronically with the SEC.

The Fund, Sponsor, and its
affiliates (collectively, “T. Rowe”) may maintain a presence on social media platforms, including the platform
formerly known as Twitter. T. Rowe is not affiliated with any social media platform and has no control over how these platforms
or other third parties will use any information shared on such platforms. T. Rowe does not control, endorse, or assume any
responsibility for the information displayed on webpages or other links from any social media platform. Similarly, T. Rowe
does not control, endorse, or assume any responsibility for any third-party websites. Such information is not authorized, prepared,
verified, or updated by T. Rowe and may be inaccurate, incomplete, untimely, or inconsistent with T. Rowe’s public
disclosures.

GLOSSARY

In this prospectus, each of
the following terms has the meaning set forth below:

Administration
Agreement The Administration Agreement between the Administrator and the Sponsor.

Administrator
T. Rowe Price Associates, Inc.

Authorized
Participant A person who, at the time of submitting an order to create or redeem one or more Creation Units (i) is a
registered broker-dealer, (ii) is a DTC Participant or an Indirect Participant, and (iii) has in effect a valid Authorized Participant
Agreement.

Basket
Quantity of crypto assets and other portfolio assets

Blockchain
A decentralized, distributed, and public digital transaction ledger that is continuously updated and reconciled among
certain users and is protected by cryptography.

Business
Day Any day other than: (1) a Saturday or a Sunday, or (2) a day on which the Exchange is closed for regular trading.

Cash
Custodian [ ].

Cash
Settled When the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract
price, the seller pays to the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value
of the underlying asset, the purchaser pays to the seller cash in the amount of that excess.

CEA
The United States Commodity Exchange Act of 1936, as amended.

Code
The United States Internal Revenue Code of 1986, as amended.

Code
of Ethics The codification of the Sponsor’s business and ethical principles that applies to its executive officers.

Creation
Unit A block of 5,000 Shares.

Crypto
Asset An asset that (1) is generated, issued, and/or transferred using a blockchain or similar distributed ledger
technology network, including, but not limited to, assets known as “tokens,” “digital assets,” “cryptocurrencies,”
“virtual currencies,” and “coins,” and (2) relies on cryptographic protocols.

Crypto
Trading Counterparty Third-party, who is not a registered broker-dealer, with a written agreement with the Fund to conduct
its crypto asset transactions.

Crypto
Custodian Agreement The agreement between the Fund and the Crypto Custodian regarding the custody of the Fund’s
crypto assets.

Custodians
The Cash Custodian and Crypto Custodian, collectively.

DTC
The Depository Trust Company.

DTC
Participant An entity that has an account with DTC.

Eligible
Assets Crypto assets eligible for investment by the Fund.

Eligible
Asset Network The network upon which an Eligible Asset operates. Each Eligible Asset Network is a decentralized peer-to-peer
computer system that rely on public key cryptography for security, and their values are primarily influenced by market supply and
demand.

Eastern Time zone.

Exchange
the Fund’s listing exchange, which is [NYSE Arca, Inc.]

Exchange
Act The United States Securities Exchange Act of 1934, as amended.

FINRA
The Financial Industry Regulatory Authority.

Firm
T. Rowe Price Group, Inc., parent company of the Sponsor, Administrator, and their affiliates.

Index
FTSE Crypto US Listed Index.

Index
Constituents crypto assets that comprise the Index.

Investment
Company Act The Investment Company Act of 1940, as amended.

ITV
intraday indicative trust value per Share.

JOBS
Act The Jumpstart Our Business Startups Act.

NAV
Net asset value.

Order
Book A list of buy and sell orders with associated limit prices and sizes that have not yet been matched.

Reference
Rate The primary reference rate that the Administrator uses to value each crypto asset and stablecoin held by the Fund
in determining the Fund’s NAV

Sarbanes-Oxley
Act The Sarbanes–Oxley Act of 2002.

SEC
The Securities and Exchange Commission of the United States, or any successor governmental agency in the United States.

Securities
Act The United States Securities Act of 1933, as amended.

Shareholders
Owners of beneficial interests in the Shares.

Shares
Units of fractional undivided beneficial interest in the net assets of the Fund.

Sponsor
T. Rowe Price Sponsor LLC.

Stablecoins
Crypto assets designed to have a stable value over time and are often pegged to a fiat currency, such as the U.S. dollar, at a
certain value.

Vault Balance The
Fund’s segregated account of crypto assets controlled and secured by the Crypto Custodian.

FINANCIAL
STATEMENTS

[to be filed by amendment]

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

Set forth below is an estimate
(except as indicated) of the amount of fees and expenses (other than underwriting commissions and discounts) payable by the registrant
in connection with the issuance and distribution of the units pursuant to the prospectus contained in this registration statement.

Amount

SEC registration fee (1	)(2)

Exchange Listing Fee (actual) $	[ ]

Auditor’s fees and expenses $	[ ]

Legal fees and expenses $	[ ]

Printing expenses $	[ ]

Miscellaneous expenses $	[ ]

Total [ ]	(2)

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

(2)	The Registrant notes
that an indeterminate amount of securities are being registered to be offered or sold
and that 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.