SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1
Document Type: S-1
Date Filed: 2025-10-22
Accession Number: 0001999371-25-015832
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937125015832/activecrypto-s1_102225.htm

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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. Exhibit.

Exhibit No. Description

3.1* Trust Agreement

3.2 Certificate of Trust

5.1* Opinion of Dechert LLP, as to legality

10.1* Form of Sponsor Agreement

10.2* Form of Authorized Participant Agreement

10.3* Form of Crypto Custodian Agreement

10.4* Form of Cash Custodian Agreement

10.5* Form of Distribution Agreement

10.6* Agent

10.7* Form of Administrator Agreement

10.8* Form of Seed Capital Investor Subscription Agreement

10.9* Form of Crypto Trading Counterparty Agreement

23.1* Consent of Independent Registered Public Accounting Firm

23.2* Consent of Dechert LLP (included in Exhibit 5.1)

24.1 Power of Attorney (included on signature page)

107 Filing Fee Table

*To be filed by amendment

Item 17. Undertakings.

(a)	The undersigned registrant hereby undertakes:

(1)	To file, during any period in which offers, or sales are being
made, a post-effective amendment to this registration statement:

include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

(ii)    To reflect
in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the “Calculation
of Registration Fee” table in the effective registration statement.

(iii)   To include any
material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change
to such information in the registration statement.

Provided, however, that paragraphs (a)(1)(i),
(ii), and (iii) of this section do not apply if the registration statement is on Form S-1 and the information required
to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated
by reference in the registration statement.

(2)    That, for
the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.

(3)    To remove
from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.

(4)    That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i)     If the
registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating
to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A,
shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such
date of first use.

(5)    That, for
the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities:

The undersigned registrant undertakes that in
a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to
such purchaser: