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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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 10,000 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.

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

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* Form of Authorized Participant Agreement

10.3* Crypto Custodian Agreement

10.4* Cash Custodian Agreement

10.5* Distribution Agreement

10.6* Administrative Agreement

10.7* Form of Seed Capital Investor Subscription Agreement