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 1 of 66
Word Count: 1488
Character Count: 9628

Document Content:

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 is [

TABLE OF CONTENTS

STATEMENT
REGARDING FORWARD LOOKING STATEMENTS	6

PROSPECTUS
SUMMARY	6

THE
OFFERING	9

USE
OF PROCEEDS	12

BUSINESS
OF THE FUND	12

OVERVIEW
OF THE ELIGIBLE ASSETS’ INDUSTRY	16

RISK
FACTORS	34

CALCULATING
NAV	61

CREATIONS
AND REDEMPTIONS	63

CUSTODY
OF FUND ASSETS	68

ADDITIONAL
INFORMATION ABOUT THE FUND	69

LEGAL
PROCEEDINGS	69

FORM
AND TRANSFER OF SHARES	70

MANAGEMENT;
VOTING BY SHAREHOLDERS	70

DESCRIPTION
OF KEY SERVICE PROVIDERS	71

FEDERAL INCOME TAX CONSEQUENCES	79

ERISA
AND RELATED CONSIDERATIONS	87

PLAN
OF DISTRIBUTION AND SEED CAPITAL INVESTMENT	88

CONFLICTS
OF INTEREST	88

STATEMENTS,
FILINGS AND REPORTS	89

BOOKS
AND RECORDS	90

FISCAL
YEAR	90

PROVISIONS
OF LAW	90

LEGAL
MATTERS	90

EXPERTS	90

PRIVACY
POLICY	90

WHERE
TO FIND MORE INFORMATION	91

GLOSSARY	91

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	93

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 on [ ].

Authorized Participants may be
required to deliver a prospectus when making transactions in the Shares. See “Primary Market Transactions of Shares and Authorized
Participants.”

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 in 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 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