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

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if the other party declines to make amendments necessary to comply with regulatory requirements. More Information about the Performance Benchmark The Index is owned, administered and calculated by FTSE International Limited (the “Index Provider”). The Index Provider is a company incorporated and registered in England, and its principal offices are located at 10 Paternoster Square, London, EC4M 7LS, United Kingdom. The Index Provider is experienced in calculating and administering digital asset indices. The Index Provider is unaffiliated with the Sponsor. Pursuant to an agreement between the Administrator and the Index Provider (Index Agreement), the Fund may use the Index data for an initial twelve month subscription period, after which it shall automatically renew for further terms of one year each. Either party may elect to not renew the subscription by providing at least thirty days’ written notice prior to the expiration of the then current term. FEDERAL INCOME TAX CONSEQUENCES

The following discussion summarizes
the material U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of the Fund and the U.S. federal
income tax treatment of the Fund. The discussion represents, insofar as it describes conclusions as to U.S. federal income tax law
and subject to the limitations and qualifications described below, the opinion of Dechert LLP. The opinion of Dechert LLP, however, is
not binding on the United States Internal Revenue Service (IRS) or on the courts and does not preclude the IRS from taking a contrary
position. Except where noted otherwise, it deals only with the U.S. federal income tax consequences relating to Shares held as capital
assets by U.S. Shareholders (as defined below) who are not subject to special tax treatment. For example, in general it does not address
the tax consequences to, such as, but not limited to, dealers in securities or currencies or commodities, traders in securities or dealers
or traders in commodities that elect to use a mark to market method of accounting, financial institutions, regulated investment companies
(except as discussed below), tax-exempt entities (except as discussed below), insurance companies, persons holding Shares as a part of
a position in a “straddle” or as part of a “hedging,” “conversion” or other integrated transaction
for U.S. federal income tax purposes, persons with “applicable financial statements” within the meaning of section 451(b)
of the Internal Revenue Code of 1986, as amended (the “Code”), or holders of Shares whose “functional currency”
is not the U.S. dollar. Furthermore, the discussion below is based on the provisions of the Code, and regulations (Treasury Regulations),
rulings and judicial decisions thereunder as of the date of this prospectus, and such authorities may be repealed, revoked or modified
(possibly with retroactive effect) so as to result in U.S. federal income tax consequences different from those discussed below. Further,
the U.S. federal income tax treatment of certain crypto asset transactions continues to evolve, and legislation or future administrative
guidance could result in U.S. federal income tax consequences that differ from those discussed below.

No ruling has been or will be requested
from the IRS with respect to any matter affecting the Fund or prospective investors, and the IRS may disagree with the tax positions taken
by the Fund. If the IRS were to challenge the Fund’s tax positions in litigation, they might not be sustained by the courts. No
statutory, administrative or judicial authority directly addresses the treatment of the Shares or instruments similar to the Shares for
U.S. federal income tax purposes. As a result, the Fund cannot assure investors that the IRS or the courts will agree with the tax consequences
described herein. A different treatment from that described below could adversely affect the amount, timing and character of income, gain
or loss in respect of an investment in the Shares and could adversely affect the value of the Shares.

As used herein, the term “U.S.
Shareholder” means a Shareholder that is, for U.S. federal income tax purposes, (i) a citizen or resident of the United States,
(ii) a corporation created or organized in or under the laws of the United States or any political subdivision thereof, (iii) an estate
the income of which is subject to U.S. federal income taxation regardless of its source or (iv) a trust that (a) is subject to the supervision
of a court within the United States and the control of one or more United States persons as described in section 7701(a)(30) of the Code,
or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a United States person. A “Non-U.S.
Shareholder” is a holder that is not a U.S. Shareholder nor a partnership for U.S. federal income tax purposes. If a partnership
or other entity or arrangement treated as a partnership holds our Shares, the tax treatment of a partner will generally depend upon the
status of the partner and the activities of the partnership. If you are a partner of a partnership holding our Shares, the discussion
below may not be applicable to you and you should consult your own tax advisor regarding the tax consequences of acquiring, owning and
disposing of Shares.

EACH PROSPECTIVE INVESTOR IS ADVISED
TO CONSULT ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN SHARES, AS WELL AS ANY APPLICABLE
STATE, LOCAL OR FOREIGN TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES.

Tax Classification of the Fund

The Fund is organized and will
be operated as a statutory trust in accordance with the provisions of the Trust Agreement and applicable Delaware law.
Notwithstanding the Fund’s status as a statutory trust, due to the nature of its activities, the Fund will not be classified
as a trust for U.S. federal income tax purposes but rather it is more likely than not it will be classified as a partnership
for U.S. federal income tax purposes. The trading of Shares on the Exchange will cause the Fund to be classified as a
“publicly traded partnership” for U.S. federal income tax purposes. Under section 7704 of the Code, a publicly traded
partnership is generally taxable as a corporation. In the case of an entity not registered under the Investment Company Act (such as
the Fund) and not meeting certain other conditions, however, an exception to this general rule applies if at least 90% of the
entity’s gross income is “qualifying income” for each taxable year of its existence (the “qualifying income
exception”). For this purpose, qualifying income is defined as including, in pertinent part, interest (other than from a
financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or
dividends.

In the case of a partnership of which
a principal activity is the buying and selling of commodities other than as inventory or of futures, forwards and options with respect
to commodities, “qualifying income” also includes income and gains from commodities and from such futures, forwards, options,
and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect
to commodities.

There is very limited authority on
the U.S. federal income tax treatment of the crypto assets. Based on CFTC determinations that treat bitcoin and ether as commodities under
the CEA, the Fund intends to take the position that the crypto assets qualify as commodities for purposes of satisfying the qualifying
income exception under section 7704 of the Code. Further, in absence of guidance to the contrary, the Fund intends to take the position
that income derived from the staking of crypto assets, if any, constitutes qualifying income for purposes of the qualifying income exception
under section 7704 of the Code. Shareholders should be aware that the Fund’s position is not binding on the IRS, and no assurance
can be given that the IRS will not challenge the Fund’s position, or that the IRS or a court will not ultimately reach a contrary
conclusion, which would result in the material adverse consequences to Shareholders and the Fund discussed below.

The Fund’s taxation as a partnership
rather than a corporation will require the Sponsor to conduct the Fund’s business activities in such a manner that it satisfies
the requirements of the qualifying income exception on a continuing basis. No assurances can be given that the Fund’s operations
for any given year will produce income that satisfies these requirements.