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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network fees and similar transaction fees; borrowing and financing fees and expenses. Examples of extraordinary expenses include services performed by the Sponsor (or any other service provider) on behalf of the Fund to protect the Fund or the interests of Shareholders (including, for example, in connection with any fork of the Bitcoin or Ethereum blockchain), any indemnification of the Cash Custodian, Crypto Custodian, Administrator or other agents, service providers or counterparties of the Fund, and extraordinary legal fees and expenses, including any legal fees and expenses incurred in connection with litigation, regulatory enforcement or investigation matters. The Sponsor is a Delaware limited liability company formed on September 4, 2025. The Sponsor is responsible for establishing the Fund and for the registration of the Shares. The Sponsor has delegated the oversight of the performance of the Fund’s principal service providers to the Administrator, who exercises day-to-day oversight over such service providers.

The Sponsor Agreement provides that
the Sponsor will not be liable for losses to the Fund, and Sponsor shall be indemnified, to the extent provided in the Trust Agreement,
which provides that the Sponsor and its shareholders, members, directors, officers, employees, affiliates and subsidiaries (each a “Sponsor
Indemnified Party”) shall be indemnified by the Fund and held harmless against any loss, liability or expense incurred thereunder
without gross negligence, bad faith, or willful misconduct on the part of such Sponsor Indemnified Party arising out of or in connection
with the performance of its obligations hereunder or any actions taken in accordance with the provisions of the Trust Agreement.

The Sponsor Agreement may be terminated:
(i) by the Sponsor at any time upon 30 days’ prior written notice; or (ii) by either party upon discovery of acts of fraud or willful
malfeasance of the other party in performing its duties thereunder.

Key Personnel of the Sponsor

The Fund does not have any directors,
officers, or employees. The following persons, in their capacities as executive officers of the Sponsor, a Delaware limited liability
company, perform certain functions with respect to the Fund that, if the Fund had directors or executive officers, would typically be
performed by them. The following persons serve as officers of the Sponsor and perform certain functions with respect to the Fund: [ ]

THE TRUSTEE

The sole Trustee of the Trust is CSC
Delaware Trust Company. The Trustee’s principal offices are located at 251 Little Falls Drive, Wilmington, DE 19808 and its telephone
number is (866) 403-5272. The Trustee is unaffiliated with the Sponsor. The Trustee’s duties and liabilities with respect to
the offering of Shares and the management of the Fund are limited to its express obligations under the Trust Agreement.

The Trustee will accept service of
legal process on the Trust in the State of Delaware and will make certain filings under the Delaware Statutory Trust Act. The Trustee
does not owe any other duties to the Trust, the Sponsor or the Shareholders. The Trustee is permitted to resign upon at least sixty (60)
days’ written notice to the Sponsor. The Trust Agreement provides that the Trustee is entitled to reasonable compensation for its
services from the Sponsor or an affiliate of the Sponsor (including the Fund), and is indemnified by the Fund against any expenses it
incurs relating to or arising out of the formation, operation or termination of the Trust, or any action or inaction of the Trustee under
the Trust Agreement, except to the extent that such expenses result from bad faith, the gross negligence or willful misconduct of the
Trustee. The Sponsor has the discretion to replace the Trustee.

The Trustee has not signed the registration
statement of which this prospectus is a part and is not subject to issuer liability under the federal securities laws for the information
contained in this prospectus and under federal securities laws with respect to the issuance and sale of the Shares. Under such laws, neither
the Trustee, either in its capacity as Trustee or in its individual capacity, nor any director, officer or controlling person of the Trustee
is, or has any liability as, the issuer or a director, officer or controlling person of the issuer of the Shares.

Under the Trust Agreement, the Trustee
has delegated to the Sponsor the exclusive management and control of all aspects of the business of the Trust. The Trustee has no duty
or liability to supervise or monitor the performance of the Sponsor, nor does the Trustee have any liability for the acts or omissions
of the Sponsor.

THE ADMINISTRATOR

T. Rowe Price Associates, Inc., an
affiliate of the Sponsor, serves as the Administrator. The Administrator’s principal address is 1307 Point Street, Baltimore, MD
21231. Under the [Administration Agreement], the Administrator assists with overall operation of the Fund, acts as a liaison among service
providers, assists with regulatory compliance, tax and accounting services (including valuing the Fund’s crypto assets and calculating
the NAV per Share of the Fund), and preparation of certain regulatory and financial reports. In addition, the Administrator makes available
the office space, equipment, personnel and facilities required to provide such services. The Administrator may engage service providers
to provide certain services under a sub-administration agreement.

THE TRANSFER AGENT

[ ] serves as the transfer agent for
the Trust, under the [Transfer Agent Agreement]. The Transfer Agent: (1) facilitates the issuance and redemption of Creation Units, (2)
handling transactions with Authorized Participants, (3) managing dividend payments, (4) records issuance of shares and maintains a record
of outstanding shares; and (4) makes periodic reports to the Fund.

THE CUSTODIANS

Crypto Custodian

The Crypto Custodian of the Fund is
[ ], under the [Crypto Custody Agreement]. The Crypto Custodian is a [National Trust Bank regulated by the Office of the Comptroller of
the Currency.] The Crypto Custodian’s principal offices are located at [ ], and its telephone number is [ ]. The Crypto Custodian
is unaffiliated with the Sponsor. The Crypto Custodian will keep custody of all of the Fund’s crypto assets and stablecoins, on
behalf of the Fund. See “Custody of Crypto Assets” section.

Cash Custodian

[ ] serves as the
“Cash Custodian” for the Fund, under the [Cash Custody Agreement]. The Cash Custodian is responsible for safekeeping
assets of the Fund, except stablecoins or crypto assets. Upon the Sponsor’s instructions, the Cash Custodian will establish
and maintain a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be transferred cash
and/or other portfolio assets (other than crypto assets or stablecoins). The Fund retains the discretion to appoint additional
custodians as necessary to manage its assets, subject to the terms of separate agreements. The Sponsor has the authority to add or
terminate custodians as deemed appropriate.

TRADING COUNTERPARTIES

The Fund buys and sells crypto assets
through trading counterparties selected by the Sponsor that are responsible for executing and settling the trades by facilitating trading,
providing liquidity, and supporting price discovery (Crypto Asset Trading Counterparties). Trading Counterparties may include entities
or protocols that deploy their own capital to make markets—by quoting two-sided prices or supplying assets to pools—so participants
can trade, borrow, lend, or hedge at observable prices and sizes (Crypto Liquidity Providers). The Fund does not currently intend to engage
a prime broker or other liquidity provider providing prime brokerage services. The agreements with the Crypto Asset Trading Counterparties
and/or Crypto Liquidity Providers provide that once the Sponsor determines which counterparty to execute a trade with based on its execution
procedures, and the Sponsor has placed a trade with a specific counterparty, that counterparty is contractually obligated to settle that
trade. The Crypto Asset Trading Counterparties and/or Crypto Liquidity Providers will have no obligation to participate in orders for
creations and redemptions.

THE DISTRIBUTOR

T. Rowe Price Investment Services,
Inc., a wholly-owned subsidiary of the Administrator and affiliate of the Sponsor, serves as the Distributor, under the Underwriting Agreement.
The Distributor is registered as a broker-dealer under the 1934 Act and is a member of the Financial Industry Regulatory Authority, Inc.
(FINRA). The Distributor is located at 1307 Point Street, Baltimore, Maryland 21231.

The Distributor acts as the agent of
the Fund, in connection with the sale of Fund Shares in the various states in which the Distributor is qualified as a broker-dealer. Under
the Underwriting Agreement, the Distributor accepts orders for Fund Shares at NAV from Authorized Participants. No sales charges are paid
by investors or the Fund, and no compensation is paid to the Distributor. The Underwriting Agreement also allows the Distributor to enter
into agreements with affiliated entities within the T. Rowe Price Group to offer and sell Shares of the Fund, under limited conditions,
to certain investors outside the United States.