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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are subject to Title I of ERISA and/or Section 4975 of the Code (collectively, “Plans”); and (ii) persons who are fiduciaries with respect to the investment of assets treated as “plan assets” within the meaning of U.S. Department of Labor (the “DOL”) regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the “Plan Assets Regulation”), of a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the Code. It is anticipated that the Shares will constitute “publicly-held offered securities” as defined in the Department of Labor Regulations § 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan’s interest in the underlying DOT held in the Fund represented by the Shares, should be treated as assets of the Plan, for purposes of applying the “fiduciary responsibility” and “prohibited transaction” rules of ERISA and the Code.

“Governmental plans” within
the meaning of Section 3(32) of ERISA, certain “church plans” within the meaning of Section 3(33) of ERISA and “non-U.S.
plans” described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions
of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or regulation that
is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised to consult with
their counsel prior to an investment in the Shares.

In contemplating an investment of a
portion of Plan assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into
account the facts and circumstances of the Plan, the “Risk Factors” discussed above and whether such investment is consistent
with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the authority
to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt
prohibited transaction with a “party in interest” or “disqualified person” within the meaning of ERISA and Section
4975 of the Code respectively; (3) the investment is in accordance with the Plan’s funding objectives; and (4) such investment is
appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking into account the overall
investment policy of the Plan, the composition of the Plan’s investment portfolio and the Plan’s need for sufficient liquidity
to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary should consider the DOL’s
regulation on investment duties, which can be found at 29 C.F.R. § 2550.404a-1.

By investing, each Plan shall be deemed
to acknowledge and agree that (a) none of the Sponsor, the Administrator, the Trustee, the Custodians or any of their respective affiliates
(the “Transaction Parties”) has through this prospectus and related materials provided any investment advice within the meaning
of Section 3(21) of ERISA to the Plan in connection with the decision to purchase or acquire such Shares and (b) the information provided
in this prospectus and related materials will not make a Transaction Party a fiduciary to the Plan.

SEED CAPITAL INVESTMENT

[The Seed Capital Investor will not
receive from the Trust, the Sponsor or any of their affiliates any fee or other compensation in connection with the sale of the Seed Baskets.
The Seed Capital Investor will be acting as a statutory underwriter with respect to the seed purchase.

The Seed Capital Investor will not
act as an Authorized Participant with respect to the Seed Baskets, and its activities with respect to the Seed Baskets will be distinct
from those of an Authorized Participant. Unlike most Authorized Participants, the Seed Capital Investor is not in the business of purchasing
and selling securities for its own account or the accounts of others. The Seed Capital Investor will not act as an Authorized Participant
to purchase (or redeem) Baskets in the future.]

PLAN OF DISTRIBUTION

Buying and Selling Shares

Most investors buy and sell Shares
of the Fund in secondary market transactions through brokers. Shares trade on the Exchange under the ticker symbol “[ ].”
Shares are bought and sold throughout the trading day like other publicly traded securities. When buying or selling Shares through
a broker, most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms of their brokerage
account for details on applicable charges and, as discussed in “U.S. Federal Income Tax Consequences,” any provisions authorizing
the broker to borrow Shares held on your behalf. The Seed Capital Investor and certain affiliates of the Fund and the Sponsor may purchase
and resell shares pursuant to this prospectus.

Seed Capital Investor; Selling Shareholder

Distributor and Authorized Participants

The offering of the Fund’s Shares
is a best efforts offering. The Fund continuously offers aggregated shares in Creation Units at their NAV through the Distributor, to
Authorized Participants. Shares will be sold at the next-determined NAV per Share. All Authorized Participants pay a transaction
fee of $[ ] for each creation or redemption order.

As of the date of this prospectus,
the Authorized Participants are [ ].

Because new Shares can be created and
issued on an ongoing basis, at any point during the life of the Fund, a “distribution,” as such term is used in the 1933 Act,
will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities may
result in their being deemed purchasers in a distribution in a manner that would render them statutory underwriters and subject them to
the prospectus delivery and liability provisions of the 1933 Act. For example, an Authorized Participant, other broker-dealer firm
or its client will be deemed a statutory underwriter if it purchases a creation unit from the Fund, breaks the creation unit down into
the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an
active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Participants may engage
in secondary market or other transactions in Shares that would not be deemed “underwriting.” For example, an Authorized Participant
may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other Authorized Participants.
A determination of whether a particular market purchaser is an underwriter must take into account all the facts and circumstances pertaining
to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered
a complete description of all the activities that would lead to designation as an underwriter and subject them to the prospectus delivery
and liability provisions of the 1933 Act.

Dealers who are neither Authorized
Participants nor “underwriters” but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading
transactions), and thus dealing with Shares that are part of an “unsold allotment” within the meaning of Section 4(a)(3)(C) of
the 1933 Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the 1933
Act.

Investors are cautioned that they might
not be able to buy or sell Shares of the Fund through their current brokerages. Moreover, even if an investor were able to purchase Shares
through their current brokerage, that brokerage might decide to stop trading in crypto-linked securities and the investor would potentially
face restrictions on when and or how they could trade their existing crypto assets position.

The Sponsor expects that any broker-dealers selling
Shares will be members of FINRA. Investors intending to create or redeem creation units through Authorized Participants in transactions
not involving a broker-dealer registered in such investor’s state of domicile or residence should consult their legal advisor
regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation or redemption.

CONFLICTS OF INTEREST

There are actual and potential conflicts
of interest in the Fund’s structure and operation to consider before purchasing Shares. By purchasing the Shares, Shareholders agree
and consent to the provisions set forth in the Trust Agreement and consent to such conflicts of interest in the event of any proceeding
alleging that such conflicts violated any duty owed by the Sponsor to the Shareholders.

Potential or Actual Conflicts of
Interest

The Fund and the Sponsor or its
Affiliates may have actual or potential conflicts of interest, which may cause them to favor their own interests to the Fund’s detriment.