NOTE 1 – ORGANIZATION

T. Rowe Price Active Crypto ETF (the Trust) is organized as a Delaware statutory trust, governed by the Amended and Restated Agreement and Declaration of Trust, dated September 15, 2025 (Trust Agreement). The Trust is an actively-managed exchange-traded product that seeks long-term capital growth through investments in crypto assets. The Trust primarily invests in crypto assets that meet the Trust’s eligibility criteria. Under normal circumstances, the Trust is expected to hold between five and fifteen (5–15) crypto assets; however, the Trust may hold more or less at any time.

The trustee of the Trust is CSC Delaware Trust Company. The Trust’s sponsor is T. Rowe Price Sponsor LLC (Sponsor), a Delaware limited liability company and a direct subsidiary of T. Rowe Price Group, Inc. (Price Group). The administrator of the Trust is T. Rowe Price Associates, Inc. (Price Associates or Administrator), an affiliate of the Sponsor and a direct subsidiary of Price Group. T. Rowe Price Investment Services, Inc., a wholly owned subsidiary of the Administrator and an affiliate of the Sponsor, is the Trust's distributor (Distributor). State Street Bank and Trust Company (SSB) is the Trust’s transfer agent (Transfer Agent). Anchorage Digital Bank N.A., is the custodian for the Trust’s crypto assets and payment stablecoins, and SSB is the custodian for the Trust’s cash and other assets (the Custodians). The Trust issues shares (Shares) representing units of fractional undivided beneficial interests. The Shares are listed and traded on NYSE Arca, Inc. (Exchange) under the symbol TKNZ. The fiscal year end of the Trust is December 31st.

The Trust is not an investment company registered under the Investment Company Act of 1940, as amended (the Investment Company Act), and is not required to register under such Act. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended.

On April 1, 2026 (initial seed date), the Trust issued 800 seed Shares (initial seed shares) of the Trust; 400 initial seed shares each to the Sponsor and Price Associates (Seed Capital Investors) at a per Share price of $25. Total proceeds to the Trust from the sale of initial seed shares were $20,000. Prior to the initial seed date, the Trust had no operations other than matters relating to its organization. On July 14, 2026, the Seed Capital Investors purchased additional seed Shares (operational seed shares) in a cash transaction comprised of 599,200 Shares; 5,600 operational seed shares purchased by the Sponsor and 593,600 operational seed shares purchased by Price Associates at a per Share price of $25. Total proceeds from the sale of the operational seed shares were $14,980,000. The total proceeds to the Trust from the sale of the initial seed shares and operational seed shares were $15,000,000 for an aggregate of 600,000 Shares.

The Trust’s registration statement on Form S-1 relating to its continuous public offering of Shares was declared effective by the Securities and Exchange Commission (SEC) on June 18, 2026 (Effective Date). The Trust commenced operations and Shares began trading on the Exchange on July 16, 2026.