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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from or out of an alleged violation of federal or state securities laws unless: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the party seeking indemnification and the court approves the indemnification; (ii) such claim has been dismissed with prejudice on the merits by a court of competent jurisdiction as to the party seeking indemnification; or (iii) a court of competent jurisdiction approves a settlement of the claims against the party seeking indemnification and finds that indemnification of the settlement and related costs should be made, provided that, before seeking such approval, the Sponsor or other indemnitee must apprise the court of the position held by regulatory agencies against such indemnification. These agencies are the SEC and the securities administrator of the State or States in which the plaintiffs claim they were offered or sold interests. LEGAL MATTERS

Dechert LLP has advised the Sponsor
in connection with the Shares being offered. Dechert LLP advises the Sponsor with respect to its responsibilities as sponsor of, and with
respect to matters relating to, the Fund. Certain opinions of counsel will be filed with the SEC as exhibits to the Registration Statement
of which this Prospectus is a part.

EXPERTS

The financial statements of the Fund
as of [ ], included in this prospectus have been so included in reliance on the report of [ ], an independent registered public accounting
firm, given on the authority of said firm as experts in auditing and accounting.

PRIVACY POLICY

The Fund, Administrator, and the Sponsor
may collect or have access to certain nonpublic personal information about current and former Shareholders. Nonpublic personal information
may include information received from Shareholders, such as a Shareholder’s name, social security number and address, as well as
information received from brokerage firms about Shareholder holdings and transactions in Shares of the Trust. The Trust, Administrator,
and the Sponsor do not disclose nonpublic personal information except as required by law or as described in their Privacy Policy. The
Trust, Administrator, and the Sponsor restrict access to the nonpublic personal information they collect about Shareholders to those of
their and their affiliates’ employees and service providers who need access to such information to provide products and services
to Shareholders.

The Trust, Administrator, and the Sponsor
maintain safeguards that comply with federal law to protect Shareholders’ nonpublic personal information. These safeguards are reasonably
designed to (1) ensure the security and confidentiality of Shareholders’ records and information; (2) protect against any anticipated
threats or hazards to the security or integrity of Shareholders’ records and information; and (3) protect against unauthorized access
to or use of Shareholders’ records or information that could result in substantial harm or inconvenience to any Shareholder. Third-party
service providers with whom the Trust, Administrator, and the Sponsor share nonpublic personal information about Shareholders must agree
to follow appropriate standards of security and confidentiality, which includes safeguarding such nonpublic personal information physically,
electronically and procedurally.

WHERE TO FIND MORE INFORMATION

The Sponsor has filed on
behalf of the Fund a registration statement on Form S-1 with the SEC under the Securities Act. This prospectus does not contain all of
the information set forth in the registration statement (including the exhibits to the registration statement), parts of which have been
omitted in accordance with the rules and regulations of the SEC. For further information about the Fund or the Shares, please refer to
the registration statement, which you may inspect, without charge, online at www.sec.gov. Information about the Fund or the Shares can
also be obtained from the Fund’s website at [ ]. This Internet address is only provided here as a convenience to you, and the information
contained on or connected to the Fund’s website is not considered part of this prospectus. We will make available, free of charge,
on our website our Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K (including any amendments thereto), proxy
statements and other information filed with, or furnished to, the SEC, as soon as reasonably practicable after such documents are so
filed or furnished.

The Fund will be subject to the informational
requirements of the Exchange Act and the Sponsor will, on behalf of the Fund, file certain reports and other information with the SEC.
These filings will contain certain important information that does not appear in this prospectus. For further information about the Fund,
you may read and copy these filings at the SEC’s Internet site (www.sec.gov), which also contains reports and other information
regarding issuers that file electronically with the SEC.

GLOSSARY

In this prospectus, each of the following
terms has the meaning set forth below:

“Administration Agreement”
— The [Administration Agreement] between the Administrator and the Fund.

“Administrator” —
T. Rowe Price Associates, Inc.

“Authorized Participant”
— A person who, at the time of submitting an order to create or redeem one or more Creation Units (i) is a registered broker-dealer,
(ii) is a DTC Participant or an Indirect Participant, and (iii) has in effect a valid Authorized Participant Agreement.

“Business Day” —
Any day other than: (1) a Saturday or a Sunday, or (2) a day on which the Cboe BZX Exchange is closed for regular trading.

“Cash Custodian” —

“Cash Settled” —
When the relevant futures contract expires, if the value of the underlying asset exceeds the futures contract price, the seller pays to
the purchaser cash in the amount of that excess, and if the futures contract price exceeds the value of the underlying asset, the purchaser
pays to the seller cash in the amount of that excess.

“CEA” — The United
States Commodity Exchange Act of 1936, as amended.

“Code” — The United
States Internal Revenue Code of 1986, as amended.

“Code of Ethics” —
The codification of the Sponsor’s business and ethical principles that applies to its executive officers.

“Creation Unit” —
A block of 10,000 Shares.

“Crypto Trading Counterparty”
— Third-party, who is not a registered broker-dealer, with a written agreement with the Fund to conduct its crypto asset transactions.

“Custodian Agreement” —
The agreement, governed by New York law, between the Fund and the Crypto Custodian regarding the custody of the Fund’s crypto assets.

“Custodians” — The
Cash Custodian and Crypto Custodian, collectively.

“DTC” — The Depository
Trust Company.

“DTC Participant” —
An entity that has an account with DTC.

“Eligible Assets” —
Crypto assets eligible for investment by the Fund.

“Eligible Asset Network”
— The network upon which an Eligible Asset operates. Each Eligible Asset Network is a decentralized peer-to-peer computer systems
that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.

“ET” — Eastern Time
zone.

“Exchange” — the
Fund’s listing exchange, which is [NYSE Arca, Inc.]

“Exchange Act” —
The United States Securities Exchange Act of 1934, as amended.

“FINRA” — The Financial
Industry Regulatory Authority.

“Index” — FTSE Crypto
US Listed Index

“Index Constituents” —
crypto assets that comprise the Index

“ITV” — intraday indicative
trust value per Share

“JOBS Act”— The Jumpstart
Our Business Startups Act.

“NAV” — Net asset
value per Share.

“Order Book” — A
list of buy and sell orders with associated limit prices and sizes that have not yet been matched.

“Sarbanes-Oxley Act” —
The Sarbanes–Oxley Act of 2002.

“SEC” — The Securities
and Exchange Commission of the United States, or any successor governmental agency in the United States.

“Securities Act” —
The United States Securities Act of 1933, as amended.

“Shareholders” —
Owners of beneficial interests in the Shares.

“Shares” — Units
of fractional undivided beneficial interest in the net assets of the Fund.

“Sponsor” — T. Rowe
Price Sponsor LLC.

“Stablecoins”
— Crypto assets designed to have a stable value over time and are often pegged to a fiat currency, such as the U.S. dollar, at
a certain value.

FINANCIAL STATEMENTS

[to be filed by amendment]

T. Rowe Price Active Crypto ETF

PROSPECTUS

[Until 25 calendar days after the date of this
Prospectus, all dealers that effect transactions in 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.