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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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.

The Sponsor, Distributor, and/or the
Fund may suspend the acceptance of purchase orders or the delivery or registration of transfers of or refuse a particular purchase order,
delivery or registration of Shares (i) during any period when the transfer books are closed or (ii) at any time, if the Sponsor thinks
it advisable for any reason. The Sponsor and/or the Fund shall reject any purchase order or redemption order that is not in proper form.

Redemption Procedures

Authorized Participants, acting on
authority of the registered holder of Shares, may surrender Creation Units in exchange for the corresponding Total Cash Amount. For a
redemption, the Authorized Participant will be required to submit a redemption order by an Order Cutoff Time. 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 redemption order indicating the number of Creation Units it intends to redeem. The Sponsor will acknowledge the redemption order. The
date of acknowledgement will determine the Estimated Cash Amount that the Authorized Participant expects to receive in connection with
the Fund assets that the Fund needs to sell to the Crypto Trading Counterparty. If the redemption order is accepted, a copy of the redemption
order endorsed “Accepted” (or an automated email indicating the acceptance of the redemption 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 redemption order is received. Prior to the acceptance as specified above, a redemption order will only
represent the Authorized Participant’s unilateral offer to deposit Creation Units in exchange for cash and will have no binding
effect upon the Fund, Sponsor and its affiliates, Crypto Custodian, or any other party.

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

For settlement of a
redemption, the Fund delivers cash to the Authorized Participant in exchange for shares received from the Authorized Participant.
Meanwhile, the Crypto Trading Counterparty delivers the required cash in exchange for crypto assets. 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 redemption
order, the Authorized Participant may be given the option to (1) cancel the redemption order, or (2) accept that the Fund will
continue to attempt to complete the execution, which will delay the settlement date of the redemption order.

The Cash Redemption Amount to be delivered
to the Authorized Participant in exchange for the ETF shares is the cash equivalent value of the ETF Shares redeemed (i.e., the number
of Creation Units redeemed), minus Slippage and a fixed transaction fee. The Cash Redemption Amount 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 redemption order has been accepted by the Distributor, the Authorized Participant will be required to deposit the
ETF Shares as determined by the [Administrator] on the settlement date as determined on the effective date of the redemption order. A
redemption transaction fee, which is a fixed amount, is imposed to offset the transfer and other transaction costs associated with the
redemptions of Creation Units. The redemption transaction fee will be $[ ].

The calculation of the Total Cash Amount
necessary for the redemption 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.

As with creation orders, in a redemption
order, to the extent the price amount for selling the crypto assets is lower than the price utilized in calculating the NAV the Authorized
Participant is responsible for paying the Slippage. In the case the price amount for selling the crypto assets is higher than the price
utilized in calculating the NAV, the Authorized Participant shall receive the Slippage.

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 receive with respect of accepted redemption orders placed by them
on such Business Day.

Transfers of crypto assets out of 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 redemptions, the on-chain transaction fees are paid by the Crypto Custodian as part of the custodial services.

Upon the surrender of Shares and the
payment of any expenses, taxes or charges (such as stamp taxes or stock transfer taxes or fees) by the redeeming Authorized Participant,
and the completion of the sale of crypto assets for cash by the Fund, the Distributor will instruct the delivery of cash to the Authorized
Participant. Disruption of services at the Custodians or the Authorized Participant’s banks would have the potential to delay settlement
of the crypto asset related to Share redemptions.

Redemptions may be suspended only (1)
during any period in which regular trading on the Exchange is suspended or restricted or the Exchange is closed (other than scheduled
holiday or weekend closings), or (2) during a period when the Sponsor determines that delivery, disposal or evaluation of the crypto assets
is not reasonably practicable (for example, as a result of an interruption in services or availability of the Custodians, Administrator,
or other service providers to the Fund, act of God, catastrophe, civil disturbance, government prohibition, war, terrorism, strike or
other labor dispute, fire, force majeure, interruption in telecommunications, Internet services, or network provider services, unavailability
of Fedwire, SWIFT or banks’ payment processes, significant technical failure, bug, error, disruption or fork of the Eligible Asset
Networks, hacking, cybersecurity breach, or power, Internet, or the Eligible Asset Networks outage, or similar event). The Sponsor and/or
the Fund shall reject any purchase order or redemption order that is not in proper form. If the Sponsor and/or the Fund suspend redemptions,
Shareholders will be notified through a prospectus supplement, a current report on Form 8-K, the Fund’s periodic Exchange Act reports
and/or on the Fund’s website.

Potential In-Kind Creation and Redemption
of Shares

In the future, the Fund may also permit
Authorized Participants (or third parties for which the Authorized Participant is acting on behalf) to create and redeem Shares via in-kind
transactions, subject to receiving regulatory approval. The timing of applicable regulatory approval is unknown and there is no guarantee
that such regulatory approval will be received. Accordingly, there can be no assurance that Authorized Participants (or third parties
for which the Authorized Participant is acting on behalf) would be permitted to create or redeem Shares via in-kind transactions with
the Fund in the future.

Crypto Trading Counterparties

The Fund has reached agreements in
principle and intends to execute definitive formal agreements with the following Crypto Trading Counterparties: [ ] and such agreements
will be filed as exhibits to the registration statement. The material terms of these agreements may be updated from time to time. Except
for serving as service providers to other products affiliated with or controlled by affiliates of the Sponsor, the Crypto Trading Counterparties
are independent entities and are not affiliated with the Fund or the Sponsor.