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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transfer agent. [ ] (the “Crypto Custodian”) is the custodian for the Fund’s crypto assets and stablecoins, and [ ] is the custodian for the Fund’s cash and other assets (the “Cash Custodian” and together with the Crypto Custodian, the “Custodians”). For a glossary of defined terms, see “Glossary” on page 87. The date of this prospectus TABLE OF CONTENTS STATEMENT REGARDING FORWARD LOOKING STATEMENTS 3 PROSPECTUS SUMMARY 3 THE OFFERING 7 USE OF PROCEEDS 9 BUSINESS OF THE FUND 9 OVERVIEW OF THE ELIGIBLE ASSETS’ INDUSTRY 13 RISK FACTORS 32 CALCULATING NAV 60 CREATIONS AND REDEMPTIONS 62 CUSTODY OF CRYPTO ASSETS 67 ADDITIONAL INFORMATION ABOUT THE FUND 68 LEGAL PROCEEDINGS 68 FORM AND TRANSFER OF SHARES 69 MANAGEMENT; VOTING BY SHAREHOLDERS 69 DESCRIPTION OF KEY SERVICE PROVIDERS THE SPONSOR 70 THE SPONSOR 70 THE TRUSTEE 71 THE ADMINISTRATOR 71 THE TRANSFER AGENT 71 THE CUSTODIANS 71 TRADING COUNTERPARTIES 72

THE DISTRIBUTOR	72

U.S. FEDERAL INCOME TAX CONSEQUENCES	72

ERISA AND RELATED CONSIDERATIONS	81

SEED CAPITAL INVESTMENT	82

PLAN OF DISTRIBUTION	82

CONFLICTS OF INTEREST	83

STATEMENTS, FILINGS AND REPORTS	84

BOOKS AND RECORDS	84

FISCAL YEAR	84

PROVISIONS OF LAW	85

LEGAL MATTERS	85

EXPERTS	85

PRIVACY POLICY	85

WHERE TO FIND MORE INFORMATION	86

GLOSSARY	87

FINANCIAL STATEMENTS	89

This prospectus contains information
you should consider when making an investment decision about the Shares. You may rely on the information contained in this prospectus.
Neither the Fund nor the Sponsor has authorized any person to provide you with different information and, if anyone provides you with
different or inconsistent information, you should not rely on it. You should assume that the information appearing in this prospectus
is accurate only as of the date on the front cover of this prospectus. This prospectus is not an offer to sell the Shares in any jurisdiction
where the offer or sale of the Shares is not permitted.

Until [ ] (25 calendar days after the
date of this prospectus), all dealers effecting transactions in the Shares, whether or not participating in this distribution, may be
required to deliver a prospectus. This requirement is in addition to the obligations of dealers to deliver a prospectus when acting as
underwriters and with respect to unsold allotments or subscriptions. The Sponsor first intends to use this prospectus on [ ].

Authorized Participants may be required
to deliver a prospectus when making transactions in the Shares. See “Plan of Distribution.”

STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This prospectus includes statements
which relate to future events or future performance. In some cases, you can identify such forward-looking statements by terminology such
as “may,” “will,” “should,” “could,” “expect,” “intend,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative
of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this prospectus
that address activities, events or developments that may occur in the future, including such matters as changes in commodity prices and
market conditions (for crypto assets and the Shares), the Trust’s operations, the Sponsor’s plans and references to the Trust’s
future success and other similar matters are forward-looking statements. These statements are only predictions. Actual events or results
may differ materially. These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception
of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the
circumstances. Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however,
is subject to a number of risks and uncertainties, including the special considerations discussed in this prospectus, general economic,
market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or
regulatory bodies, and other world economic and political developments. See “Risk Factors.” Consequently, all the forward-looking
statements made in this prospectus are qualified by these cautionary statements, and there can be no assurance that the actual results
or developments the Sponsor anticipates will be realized or, even if substantially realized, will result in the expected consequences
to, or have the expected effects on, the Trust’s operations or the value of the Shares. Should one or more of these risks discussed
in “Risk Factors” or other uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may
vary materially from those described in forward-looking statements. None of the Trust, the Sponsor, or the Administrator or their respective
affiliates is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change
in the Sponsor’s expectations or predictions, other than as required by applicable laws. Investors are therefore cautioned against
placing undue reliance on forward-looking statements.

PROSPECTUS SUMMARY

This is only a summary of the prospectus
and, while it contains material information about the Fund and its Shares, it does not contain or summarize all of the information about
the Fund and the Shares contained in this prospectus that is material and/or which may be important to you. You should read this entire
prospectus, including “Risk Factors” beginning on page 32, before making an investment decision about the Shares.

Definitions of terms used in this
prospectus can be found in the Glossary on page 87.

Fund Overview

The Fund’s Shares will be listed
for trading on the Exchange. The Fund’s investment objective is to seek to outperform the FTSE Crypto US Listed Index over a long
term, i.e. typically over a period of a year or longer. Accordingly, unlike many ETPs and exchange-traded funds, the Sponsor will employ
an active investment strategy that is intended to try to “beat” the Index. In seeking to outperform the Index, the Fund may
not invest in the crypto assets that comprise the Index (Index Constituents) in the same proportions as the Index. In seeking to outperform
the Index, the Fund may invest in one or more Index Constituents in excess of or below the weight assigned to such Index Constituents
by the Index, invest in one or more crypto assets that are not Index Constituents, or may not invest in one or more crypto assets that
are Index Constituents.

Because the Fund will be actively-managed,
the price of the Shares may often vary from changes in the spot prices of the portfolio of crypto assets. The Fund, the Sponsor, the Administrator,
and the service providers, including the Custodians, will not loan or pledge the Fund’s assets, nor will the Fund’s assets
serve as collateral for any loan or similar arrangement. The Fund may, however, use one or more of its crypto assets to purchase other
crypto assets, and may engage in trading of crypto assets on both U.S. and non-U.S. crypto trading platforms. The Fund will not utilize
leverage, derivatives, or any similar arrangements in seeking to achieve its investment objective. The intraday indicative trust value
(or “ITV”) will be disseminated every 15 seconds throughout each day that the Fund’s Shares are traded on the Exchange.

The Fund’s Investment Objective
and Strategies

The Fund’s investment objective
is to seek to outperform the Index over a long term, i.e. typically over a period of a year or longer.

The Sponsor will employ
an active investment strategy intended to outperform the Index by primarily investing in a diversified basket of commodity crypto
assets, under normal market conditions. The Fund will invest in crypto assets through a fundamentally informed model-based process
and will take an active view on specific crypto assets based on criteria such as fundamentals, valuation, and momentum, within a
disciplined risk-based framework. The Fund primarily invests in crypto assets that meet the Fund’s eligibility criteria. Under
normal circumstances, the Fund is expected to hold between five and fifteen (5–15) crypto assets; however, the Fund may hold
more or less at any time. The Fund may also hold cash, cash equivalents, and stablecoins to cover expenses, buy crypto assets, and
allow for efficient trading. The Fund may assume 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.