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

Chunk 3 of 66
Word Count: 1492
Character Count: 9189

Document Content:

as an exhibit to the registration statement of which this prospectus forms a part. The Fund was formed and is managed and controlled by the Sponsor. The Fund intends to be treated as a partnership for U.S. federal income tax purposes. The Fund continuously issues common shares representing units of undivided beneficial ownership of the Fund that may be purchased and sold on the Exchange. As interests in a Delaware statutory trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring shareholder oppression and derivative actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors, as the Fund does not have a board of directors, and generally will not receive regular distributions of the net income and capital gains earned by the Fund).

Except as required under applicable
federal law or under the rules or regulations of the Exchange, Shareholders take no part in the management or control, and have no voice
in the Fund’s operations or business.

As of the date of this prospectus,
there are no other series of the Trust.

The Fund was organized on September
15, 2025, and the Sponsor was organized on September 4, 2025.

Principal Offices

The Sponsor’s and Administrator’s
office is located at 1307 Point Street, Baltimore, Maryland 21231.

Emerging Growth Company

The Fund is an “emerging growth
company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Fund is
an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor’s
attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting pursuant
to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting
Oversight Board (PCAOB) after April 5, 2012, unless the SEC determines otherwise.

The Fund will cease to be an “emerging
growth company” upon the earliest of: (i) it having $1.235 billion or more in annual revenues, (ii) at least $700 million in market
value of Common Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year
period; or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS
Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B)
of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the
adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund intends to take advantage
of the benefits of the extended transition period.

THE
OFFERING

Offering	The Shares represent units of fractional undivided beneficial
interest in, and the ownership of, the Fund.

Use of Proceeds	Proceeds received by the Fund from the issuance and sale of Creation
Units consist of cash deposits. Such cash deposits are held by the Cash Custodian on behalf of the Fund until (i) transferred in
connection with the purchase of the crypto assets, (ii) delivered to Authorized Participants in connection with a redemption of Creation
Units or (ii) transferred to pay the Fund’s fees and expenses. In the future, the Fund may engage in in-kind creations and
redemptions.

Ticker Symbol	TKNZ

Creation and Redemption	The Fund issues and redeems Creation Units on a continuous basis.
Creation Units are only issued or redeemed in exchange for an amount of cash determined by the Administrator each day the Exchange is
open for regular trading. Creation Units may be created or redeemed only by Authorized Participants. Authorized Participants will deliver
only cash to create Shares and will receive only cash when redeeming Shares. Further, 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.

As part of the creation process, the Fund will create Shares for
an Authorized Participant and receive crypto assets from a third-party that is not the Authorized Participant. As part of the redemption
process, the Fund will redeem the Shares from an Authorized Participant and deliver crypto assets to a third-party that is not the Authorized
Participant. The third party will not be acting as an agent of the Authorized Participant or acting at the direction of the Authorized
Participant with respect to the Fund’s delivery or receipt of crypto assets. The third party will be unaffiliated with the Fund
and the Sponsor.
See “Creations and Redemptions” section for more details.

Performance Benchmark (Index)	FTSE Crypto US Listed Index

Net Asset Value and Determination of NAV	The Fund’s NAV per Share will be calculated by taking the
current market value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares. As of the date
of this prospectus, the assets of the Fund will consist of Eligible Assets, cash, cash equivalents, and stablecoins. The Sponsor has the
exclusive authority to determine the Fund’s NAV, the calculation of which has been delegated to the Administrator.

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. See “Calculating NAV” section for more details.

Management Fee	The Fund expects to pay the Sponsor a Management Fee, monthly
in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund (the “Management Fee”). The Management Fee
is paid in consideration of the Sponsor’s services related to the management of the Trust’s business and affairs.

As of the date of this prospectus, the Sponsor irrevocably
waives 0.15% of the Management Fee until May 31, 2027, for a net Management Fee of 0.75% per annum of the daily NAV of the Fund. The waiver
will automatically terminate on May 31, 2027, and may only be extended at the sole discretion of the Sponsor.

Fund Expenses	The Sponsor pays all routine operational, administrative, and
other ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator, Trustee, Custodians, Transfer
Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration fees, report preparation
and mailing expenses, and ordinary legal fees and expenses.

In addition to the Management Fee, the Fund pays certain expenses
as described in “Business of the Fund - Fund Fees and Expenses,” including brokerage commissions, transaction fees, borrowing
and financing costs, taxes or governmental fees, and non-recurring, extraordinary, or unusual fees and expenses.

Voting Rights	Shareholders generally do not have any voting rights, take no
part in the management or control of the Fund, and have no voice in the Fund’s operations or business. In addition, the Sponsor,
in its sole discretion, may determine to amend the Sponsor Agreement, including to increase the Management Fee, without Shareholder consent.
See “Management; Voting by Shareholders.”

Forks, Airdrops, and Incidental Rights	From time to time, the Fund may be entitled to or come into possession
of rights to acquire, or otherwise establish dominion and control over, any crypto asset or other asset or right, which rights are incident
to the Fund’s ownership of a crypto asset and arise with or without any action of the Fund or of the Sponsor. With respect to any
such fork, airdrop, or similar event, or other Incidental Rights and/or IR Virtual Currency, the Sponsor shall, in its sole discretion,
decide what action the Fund shall take. Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto
asset, Incidental Right, or IR Virtual Currency, so long as such action is consistent with the Fund’s policies and custodial policies,
does not adversely affect the status of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited
by law. In the event of a fork or airdrop, the Sponsor will determine which network it believes is the appropriate network for the new
crypto asset, and whether the new crypto asset qualifies for investment for the Fund’s purposes.