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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effect, large trades or clusters of trades transacted over a short period of time will not have an undue influence, and the effect of large trades at prices that deviate from the prevailing price are mitigated from having an undue influence. The Administrator requires the Reference Rate provider(s) to have a control framework that is consistent with relevant regulations and designed to ensure the integrity of its Reference Rates. If one or more Reference Rates are not available or the Administrator determines that one or more Reference Rates are unreliable (referred to herein as a “Fair Value Event”), the Fund’s holdings may be fair valued by the Administrator. Additionally, the Administrator will monitor for unusual prices and escalate to the Sponsor if detected. Notification of a material change to the Reference Rate will be made via a prospectus supplement, in its periodic Exchange Act reports, and/or on the Fund’s website.

The Fund’s cash equivalents are
valued at the close of the NYSE and are reported at fair value, as determined by the Administrator. The Administrator will fair value
by taking into account various, adopted factors, and methodologies for determining fair value. This value may differ from the value the
Fund receives upon sale of the cash equivalents.

The Administrator of the Fund will
calculate the NAV once each Business Day, as of the earlier of the close of the NYSE or 4:00 p.m. E.T. For purposes of making these calculations,
a “Business Day” means any day other than a day when NYSE is closed for regular trading. The NAV per share for a business
day will be released after 4:00 p.m. E.T. Trading during the core trading session on the Exchange typically closes at 4:00 p.m. E.T. However,
NAVs are not officially released until after the completion of a comprehensive review of the NAV and prices utilized to determine the
NAV of the Fund by the Administrator. Upon the completion of the end of day reviews by the Administrator, the NAV per share is released
to the public typically by [6:00 p.m. E.T. and generally no later than 8:00 p.m. E.T.]. The period between 4:00 p.m. E.T. and
the NAV release after [6:00 p.m. E.T.] (or later) provides an opportunity for the Administrator to detect, flag, investigate, and correct
unusual pricing should it occur and implement a Fair Value Event, if necessary. Any such correction could adversely affect the value of
the shares.

The Fund’s
periodic financial statements may not utilize the NAV of the Fund to the extent the methodology used to calculate the price of the
crypto assets is deemed not to be consistent with GAAP. The Fund’s periodic financial statements will be prepared in
accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements
and Disclosures” (ASC Topic 820) and utilize an exchange-traded price from the Fund’s principal market (or in the
absence of a principal market, the most advantageous market) for crypto assets as of [11:59] p.m. E.T. on the Fund’s financial
statement measurement date. The Sponsor will determine in its sole discretion the valuation sources and policies used to prepare the
Fund’s financial statements in accordance with GAAP. Under GAAP, such a price is expected to be deemed a Level 1 input in
accordance with the ASC Topic 820 because it is expected to be a quoted price in active markets for identical assets or
liabilities.

Intraday Trust Value

In order to provide updated information
relating to the Fund for use by Shareholders and market professionals, the Sponsor will engage an independent calculator to calculate
and disseminate an ITV. The ITV will be calculated by using the prior day’s closing NAV per Share of the Fund as a base and will
be updated throughout the trading day to reflect changes in the value of the Fund’s holdings during the trading day.

The ITV will be disseminated on a per
Share basis every 15 seconds each day the NYSE is open for regular trading and be widely disseminated by one or more major market data
vendors. Several major market data vendors display and/or make widely available ITVs taken from the Consolidated Tape Association (CTA)
or other data feeds. The ITV should not be viewed as an actual real time update of the NAV, because NAV is calculated only once per day.
See, “Calculating NAV section.”

Secondary Market Transactions of
Shares

Shares may trade at, above or below
their NAV. The NAV will fluctuate with changes in the market value of the Fund’s assets. The trading prices of Shares will fluctuate
in accordance with changes in their NAV as well as market supply and demand. The amount of the discount or premium in the trading price
relative to the NAV may be influenced by non-concurrent trading hours between the major crypto asset markets and the Exchange. While the
Shares will trade on the Exchange until 4:00 p.m. ET, liquidity in the market for crypto assets may be reduced, negatively affecting the
trading volume; alternatively, developments in crypto asset markets (which operate around the clock), including the price volatility,
declines in trading volumes, and the closing of crypto platforms due to fraud, failures, security breaches or otherwise that occur outside
of the Exchange trading hours will not be reflected in trading prices of the Shares until trading on the Exchange opens. As a result,
during this time, trading spreads, and the resulting premium or discount, on Shares may widen. The Sponsor believes that the aggregation
of shares in a Creation Unit will enable Authorized Participants and crypto asset trading counterparties to manage inventory and facilitate
an effective arbitrage mechanism for the Fund. The Sponsor believes that the arbitrage opportunities may provide a mechanism to mitigate
the effect of such premium or discount.

The Fund is not registered as an investment
company for purposes of U.S. federal securities laws and is not subject to regulation by the SEC as an investment company. Consequently,
the owners of Shares do not have the regulatory protections provided to investors in registered investment companies. For example, the
provisions of the Investment Company Act that limit transactions with affiliates, prohibit the suspension of redemptions (except under
certain limited circumstances) or limit sales loads, among others, do not apply to the Fund. The Sponsor is not registered with the SEC
as an investment adviser and is not subject to regulation by the SEC as such in connection with its activities with respect to the Fund.
Consequently, the owners of Shares do not have the regulatory protections provided to advisory clients of SEC-registered investment advisers.

CREATIONS AND REDEMPTIONS

Primary Market Transactions of Shares

The Fund expects to create and redeem
Shares on a continuous basis only in aggregations of 10,000 Shares (Creation Units). Only Authorized Participants, which are registered
broker-dealers who have entered into written agreements with the Distributor and the Administrator, can place orders to purchase or redeem
Creation Units in exchange for cash.

The Authorized Participants will deliver
only cash to create Shares and will receive only cash when redeeming Shares. The Fund may publish a basket of pro rata or non-pro rata
holdings on a daily basis for informational purposes only. Authorized Participants will not directly or indirectly purchase, hold, deliver,
or receive crypto assets as part of the creation or redemption process or otherwise direct the Fund or a third-party with respect to purchasing,
holding, delivering, or receiving crypto assets as part of the creation or redemption process.

As of the date of this prospectus,
the Authorized Participants are [ ]. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

Portfolio Transactions

The Sponsor and the
Fund will engage in crypto asset transactions for converting cash, stablecoins, or crypto assets into crypto assets (in association
with purchase orders) and crypto assets into cash (in association with redemption orders). The Fund will conduct its crypto asset
transactions by choosing, in its sole discretion, either to trade directly with third parties, who are not registered
broker-dealers, pursuant to written agreements between such counterparties (each a “Crypto Trading Counterparty”) and
the Fund. 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.