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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The Sponsor and the Fund expect to conduct these transactions by trading directly with Crypto Trading Counterparties. A Crypto Trading Counterparty may be an affiliate of an Authorized Participant. Crypto Trading Counterparties may be added at any time, subject to the discretion of the Sponsor. In the event the Sponsor engages any additional Crypto Trading Counterparties, shareholders will be notified of the addition of such Crypto Trading Counterparties in a prospectus supplement, in its periodic reports, and/or on the Fund’s website. The Sponsor and/or the Fund are solely responsible for selecting the third party to deliver or receive crypto assets. Further, the third party will not be acting as an agent of the Authorized Participant with respect to the delivery or receipt of the crypto assets to the Fund or acting at the direction of the Authorized Participant. The third party will be unaffiliated with the Fund, Sponsor, or Administrator.

Creation orders will take place as
follows, where “T” is the date of the order and each day in the sequence must be a Business Day:

Creation Order Date (T) Settlement Date (T+1)

1.      Authorized
Participant places a creation order.

2.      The
Transfer Agent accepts (or rejects) the creation order.

3.      The
Fund will enter into a transaction with the Crypto Trading Counterparty to purchase the corresponding crypto assets.

soon as practicable after 4:00 p.m. ET, the Sponsor determines the Creation Unit Cash Total Amount, including any dollar cost difference
between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund acquires the crypto assets. 5.      The
Authorized Participant delivers the Creation Unit Total Cash Amount to the Fund’s cash account that is maintained with the Cash
Custodian.

6.      The
Crypto Trading Counterparty delivers the crypto assets related to the purchase transaction into the Fund’s Vault Balance.

7.      Once
the Fund is in simultaneous possession of the Creation Unit cash component and the crypto assets, the Fund delivers the corresponding
Shares to the Authorized Participant.

8.      The
Fund transfers the cash related to the purchase transaction from the Fund cash account maintained with the Cash Custodian to the Crypto
Trading Counterparty.

Redemption orders will take place as
follows, where “T” is the date of the order and each day in the sequence must be a Business Day:

Redemption Order Date (T) Settlement Date (T+1)

1.      A uthorized
Participant places a redemption order.

2.       The Transfer Agent accepts (or rejects) the redemption order.

3.       The Fund enters into a transaction with the Crypto Trading Counterparty to sell the corresponding crypto assets.

4.       As soon as practicable after 4:00 p.m. ET, the Sponsor determines the Creation Unit Cash Total Amount, including any dollar cost
difference between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund sells the crypto assets. 5.       The Authorized Participant delivers the Shares to be redeemed to the Fund.

6.       The Crypto Trading Counterparty delivers cash to the Fund’s cash account that is maintained with the Cash Custodian related
to the sell transaction.

7.       Once the Fund is in simultaneous possession of the Shares and the respective Creation Unit cash component, the Fund cancels the
Shares comprising the number of Creation Unit redeemed by the Authorized Participant.

8.       The Fund instructs the Crypto Custodian to transfer the corresponding crypto assets agreed on the sell transaction from the Fund’s
Vault Balance.

9.       The
Fund transfers the Creation Unit cash component from the cash account maintained with the Cash Custodian to the Authorized Participant.

Creation Procedures

For a creation order, the Authorized
Participant will be required to submit the purchase order by 2:00 p.m. ET, or the close of regular trading on the Exchange, whichever
is earlier (the “Order Cutoff Time”). The Order Cutoff Time may be modified by the Sponsor in its sole discretion. Orders
received after the Order Cutoff Time on a Business Day will not be accepted and should be resubmitted on the following Business Day.

The Authorized Participant must submit
a purchase order indicating the number of Creation Units it intends to acquire. The Sponsor will acknowledge the purchase order. The date
of acknowledgement will determine the “Estimated Cash Amount,” which is equivalent in value to the quantity of crypto assets
and other portfolio assets (Basket) but excludes Slippage (defined below) and transaction fees. If the purchase order is accepted, a copy
of the purchase order endorsed “Accepted” (or an automated email indicating the acceptance of the purchase order) will be
transmitted to the Authorized Participant, via electronic mail message or other electronic communication, promptly from the receipt of
a submission received in proper form on the date such purchase order is received. Prior to the acceptance as specified above, a purchase
order will only represent the Authorized Participant’s unilateral offer to deposit cash in exchange for Creation Units and will
have no binding effect upon the Fund, Sponsor and its affiliates, Crypto Custodian, or any other party.

On the date of the Order for a creation
order, the Fund will enter into a transaction by choosing, in its sole discretion, to trade directly with a Crypto Trading Counterparty
to buy crypto assets in exchange for the cash proceeds from such creation order. Fractional precision greater than that supported by the
Fund’s Crypto Trading Counterparties and Custodian for a particular crypto asset is disregarded for the purpose of the computation
of that crypto asset in the Fund’s portfolio.

For settlement of a creation, the Fund
delivers Shares to the Authorized Participant in exchange for cash received from the Authorized Participant. Meanwhile, the Crypto Trading
Counterparty delivers the required crypto assets in exchange for cash. In the event the Fund has not been able to successfully execute
and complete settlement of a crypto asset transaction by the settlement date of the purchase order, the Authorized Participant may be
given the option to (1) cancel the purchase order, or (2) accept that the Fund will continue to attempt to complete the execution, which
will delay the settlement date of the purchase order.

The difference between
the price of the assets used in calculating the NAV per Share on the creation (or redemption) order date and the net price
(inclusive of transaction costs and fees) at which the Fund acquires (or sells) the assets is Slippage. To the extent the price
amount for buying the assets is higher than the price utilized in calculating the NAV the Authorized Participant is responsible for
paying the Slippage. In the case the price amount for buying the assets is lower than the price utilized in calculating the NAV, the
Authorized Participant shall keep the Slippage.

The Total Cash Amount is the cash equivalent
value of the Basket, plus Slippage and a fixed transaction fee. The Total Cash Amount owed by the Authorized Participant will be determined
after the Fund’s NAV is struck and the Fund’s crypto asset transactions have been confirmed. The agreement entered into with
each Authorized Participant provides that once a purchase order has been accepted by the Distributor, the Authorized Participant will
be required to deposit the Total Cash Amount as determined by the [Administrator] on the settlement date as determined on the effective
date of the purchase order. A creation transaction fee, which is a fixed amount, is imposed to offset the transfer and other transaction
costs associated with the issuance of Creation Units. The creation transaction fee will be $[ ].

The [Administrator] intends to make
available on each Business Day before the open of business, the Basket for that Business Day. Authorized Participants may use that Basket
as guidance regarding the Estimated Cash Amount that they may expect to have to deposit in respect of accepted purchase orders placed
by them on such Business Day.

The calculation of the Total Cash Amount
necessary for the creation of a Creation Unit changes from day to day. Each day that the Exchange is open, the computation is made by
the Administrator as promptly as practicable after 4:00 p.m. ET. See “Calculating NAV” section.

Transfers of crypto assets into the
Fund’s Vault Balance are “on-chain” transactions represented on the relevant blockchain. Any costs related to transactions
and transfers from the Crypto Trading Counterparty to the Fund’s Vault Balance are not borne directly by the Fund or its Shareholders.
For creations, on-chain transaction fees are paid by the Crypto Trading Counterparty.

Crypto assets transactions that occur
on the blockchain are susceptible to delays due to the Eligible Asset Networks outages, congestion, spikes in transaction fees demanded
by miners, or other problems or disruptions. To the extent that crypto assets transfers from the Crypto Trading Counterparty to the Fund’s
Vault Balance are delayed due to congestion or other issues with the Eligible Asset Networks, such crypto assets will not be held in offline
storage in the Vault Balance until such transfers can occur.