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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a temporary defensive position to respond to adverse market, economic, political, or other conditions, such as to provide flexibility in meeting redemptions, pay expenses, or manage cash flows. The Fund will not invest in any asset considered a security under the federal securities laws, at any time. Summary of Risk Factors An investment in the Fund involves risk. Some of the risks are summarized below. See “Risk Factors” section for additional information. Risks Related to Crypto Asset Markets • The Eligible Assets are relatively new technological innovations with a limited operating history. • The price of many crypto assets, including the Eligible Assets, has exhibited periods of extreme volatility, which could have a negative impact on the performance of the Fund. • Momentum trading of crypto assets could adversely affect the price of the Eligible Assets, and, in turn, the value of the Shares and an investment in the Fund.

•	The Reference Rates have a limited performance history and could fail to track the price of the respective
crypto asset which could adversely affect the value of the Shares.

•	Further development and acceptance of the Eligible Assets is uncertain.

Risks Related
to Bitcoin and the Bitcoin Network

•	Subsidies for mining bitcoin are designed to decline over time, which may lessen the incentive for miners
to process and confirm transactions on the Bitcoin Network.

•	Bitcoin ownership is concentrated in a small number of holders, causing vulnerability to bitcoin.

Risks Related
to Ether and the Ethereum Network

•	Ethereum Network and ether developments may impact ether prices.

•	Effective limits on ether supply through the proof-of-stake mechanism and gas fee burning mechanism may
impact ether prices.

•	The ongoing development of smart contracts, including those relating to decentralized finance applications,
may result in problems that could reduce the demand for ether or cause a wider loss of confidence in the Ethereum Network, either of which
could have an adverse impact on the value of ether.

Risks Associated
with the Use of Stablecoins, Cash, and Cash Equivalents

•	The prices of stablecoins may fluctuate, sometimes significantly.

•	Stablecoins are a new development and certain risks may be unknown.

•	Cash creations and redemptions may impact the efficiency of the arbitrage mechanism compared to in-kind
creations and redemptions.

•	The Fund may experience a loss if it is required to sell cash equivalents at a price lower than the price
at which they were acquired.

Risks Related
to Lack of Liquidity

•	Certain of the Fund’s investments could become illiquid, which could cause large losses to investors.

•	Buying and selling activity associated with the purchase and redemption may adversely affect an investment
in the Shares.

•	The inability of Authorized Participants and market makers to hedge their crypto exposure may adversely
affect the liquidity of Shares and the value of an investment in the Shares.

Regulatory
Risks

•	Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or
regulatory developments could significantly harm the value of the Eligible Assets or the Shares.

•	Legal status of crypto assets is uncertain in various jurisdictions, which could impact the prices of
crypto assets.

•	A determination that the Eligible Assets or any other crypto asset is a “security” may adversely
affect the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Fund.

•	The lack of regulation of the crypto asset market causes vulnerabilities to the markets and may impact
prices.

Operating
Risks

•	The Fund is new, actively managed, and has no operational history.

•	The Fund may change its investment objective, Index, or investment strategies at any time without Shareholder
approval or advance notice.

•	The crypto assets that the Fund may invest in can change from time to time as additional Eligible Assets
are added.

•	The Fund is not a registered investment company, so Shareholders do not have the protections of the Investment
Company Act of 1940.

•	Several factors may affect the Fund’s ability to achieve its investment objective on a consistent
basis.

•	There is no assurance of the Sponsor’s continued services, and discontinuance may be detrimental
to the Fund.

•	The Sponsor may manage a large number of assets, and this could affect the Fund’s ability to trade
profitably.

•	The Sponsor relies heavily on key personnel. The departure of any such key personnel could negatively
impact the Fund’s operations and adversely impact an investment in the Fund.

•	Investors may be adversely affected by an overstatement or understatement of the NAV calculation of the
Fund due to the valuation method employed on the date of the NAV calculation.

•	Fund assets may be depleted if investment performance does not exceed fees.

•	Investors may not be able to buy or sell Shares of the Fund through their current brokerages.

•	The Fund may have credit, operational, and fraud risk buying or selling crypto assets.

•	If a custodial agreement or an Authorized Participant agreement is terminated or a Custodian or an Authorized
Participant becomes insolvent or fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian
or Authorized Participant, which could pose a challenge to the safekeeping of the Fund’s assets, the Fund’s ability to create
and redeem shares and the Fund’s ability to continue to operate may be adversely affected.

•	The service providers may not act in the best interest of the Fund and have limited liability.

•	An investment in the Fund faces numerous risks from its Shares being traded in the secondary market, any
of which may lead to the Fund’s Shares trading at a premium or discount to NAV.

•	The Exchange may halt trading in the Shares which would adversely impact the ability to sell Shares.

•	An investment in the Fund may be adversely affected by competition from other investment vehicles focused
on crypto assets.

•	Anonymity and illicit financing risk of crypto assets could harm the Fund.

•	The market for crypto ETFs may reach saturation.

Risks Related
to Shareholder Voting Rights and Liability

•	Shareholders have only very limited voting rights and generally will not have the power to replace the
Sponsor. Shareholders will not participate in the management of the Fund and do not control the Sponsor so they will not have influence
over basic matters that affect the Fund.

•	Shareholders will not have the rights enjoyed by investors in certain other types of entities.

Fund Legal Structure

The Fund is organized as a Delaware
statutory trust, formed pursuant to the Delaware Statutory Trust Act. The Fund operates pursuant to the Trust Agreement, dated September
15, 2025. The Trust Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. The Fund was
formed and is managed and controlled by the Sponsor. The Fund intends to be treated as a partnership for U.S. federal income tax purposes.
The Fund continuously issues common shares representing units of undivided beneficial ownership of the Fund that may be purchased and
sold on the Exchange.

As interests in a Delaware statutory
trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including, for example,
the right to bring shareholder oppression and derivative actions). In addition, the Shares have limited voting and distribution rights
(for example, shareholders do not have the right to elect directors, as the Fund does not have a board of directors, and generally will
not receive regular distributions of the net income and capital gains earned by the Fund).

Except as required under applicable
federal law or under the rules or regulations of an Exchange, Shareholders take no part in the management or control, and have no voice
in the Fund’s operations or business.

As of the date of this prospectus,
there are no other series of the Trust.

The Fund was organized on September
15, 2025, and the Sponsor was organized on September 4, 2025.

Principal Offices

The Sponsor’s and Administrator’s
office is located at 1307 Point Street, Baltimore, Maryland 21231.

Emerging Growth Company

The Fund is an “emerging growth
company” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). For as long as the Fund is
an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor’s
attestation report on management’s assessment of the effectiveness of our system of internal control over financial reporting pursuant
to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting
Oversight Board (PCAOB) after April 5, 2012, unless the SEC determines otherwise.