# EDGAR Filing Document

**Accession Number:** 0002089855
**File Stem:** 0001999371-26-009120
**Filing Date:** 2026-4
**Character Count:** 1292741
**Document Hash:** 99195a2805ef8abb22384252b8b61986
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-009120.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001999371-26-009120

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Active Crypto ETF
- **CENTRAL INDEX KEY:** 0002089855
- **STANDARD INDUSTRIAL CLASSIFICATION:** [6221]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 394422405
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291007
- **FILM NUMBER:** 26898023

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

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|:---|:---|
| ![](activecrypto-s1a001.jpg) | ![](activecrypto-s1a002.jpg) |

---

 **As filed with the Securities and Exchange Commission on April 27, 2026**

**Registration No. 333-291007**

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**<br>

 **Amendment No. 3**

**TO**

**FORM S-1**

**REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**T. ROWE PRICE ACTIVE CRYPTO ETF** 

**SPONSORED BY T. ROWE PRICE SPONSOR LLC**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Delaware**<br>|  | **6221**<br>|  | **39-4422405** |
| *(State or other jurisdiction of incorporation or organization)* | | *(Primary Standard Industrial Classification Code Number)* | | *(I.R.S. Employer Identification No.)* |

---

**c/o T. Rowe Price Associates, Inc.**

**1307 Point Street, Baltimore, Maryland 21231**

**410-345-2000**

*(Address, including zip code, and telephone number, including area code,* 

*of registrant's principal executive offices)* 

 

Copies to:

---

| | |
|:---|:---|
| **Adam T. Teufel, Esq.** | **Sonia Kurian, Esq.** |
| **Dechert LLP** | **T. Rowe Price** |
| **1900 K Street, NW** | **1307 Point Street** |
| **Washington, DC 20006** | **Baltimore, MD 21231** |

---

Approximate date of commencement of proposed sale to the public: As soon as practicable after this Registration Statement becomes effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Non-accelerated filer ☒ <br> Accelerated filer ☐ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

![](activecrypto-s1a003.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**PROSPECTUS** | &nbsp;&nbsp;**PROSPECTUS** |
| &nbsp;&nbsp;**[ ], 2026** | T. ROWE PRICE<br>|
| &nbsp;&nbsp;TKNZ | Active Crypto ETF |

---

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities, and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to Completion**

 **Preliminary Prospectus dated April 27, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Active Crypto ETF**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Active Crypto ETF (the "Fund" or "Trust") is an actively-managed, exchange-traded product (ETP) organized as a Delaware statutory trust. The Fund issues shares representing units of fractional undivided beneficial interests (Shares) that are expected to trade, subject to notice of issuance, on NYSE Arca (the "Exchange") under the symbol "TKNZ." Shares can be purchased and sold by investors through their broker-dealer.

The Fund's investment objective is to seek long-term capital growth through investments in crypto assets. The Fund's investments in crypto assets is limited to holding crypto assets which satisfy the criteria set forth under "Business of the Fund — Asset Eligibility" section. Any purchase of the Shares of the Fund is subject to the risks of crypto assets and crypto asset markets as well as the additional risks of investing in the Fund.

An investment in the Fund is subject to the risks of an investment in crypto assets, which are subject to a high degree of price variability, as well as to the risks of crypto asset markets more generally, and the risks of investing in an actively-managed ETP. An investment in the Fund may be riskier than other funds that do not directly hold crypto assets, or financial instruments related to crypto, and may be riskier than an investment in other funds that seek to track an index. The Fund may not be suitable for all investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Sponsor LLC will serve as sponsor to the Fund (the "Sponsor") and receives a management fee. CSC Delaware Trust Company, a subsidiary of Corporation Service Company, is the Delaware trustee of the Fund (Trustee). The principal office address of the Fund is 1307 Point Street, Baltimore, Maryland 21231 and the Fund's telephone number is 410-345-2000. T. Rowe Price Associates, Inc. (the "Administrator") provides administrative services to the Fund. The Administrator also assists the Fund and the Sponsor with certain functions and duties relating to accounting. T. Rowe Price Investment Services, Inc., a wholly owned subsidiary of the Administrator, is the distributor (Distributor). State Street Bank and Trust Company (SSB) is the Fund's transfer agent. Anchorage Digital Bank N.A., (the "Crypto Custodian") is the custodian for the Fund's crypto assets and stablecoins, and SSB is the custodian for the Fund's cash and other assets (the "Cash Custodian" and together with the Crypto Custodian, the "Custodians").

The Fund intends to issue Shares on a continuous basis and is registering an indeterminate number of Shares with the SEC in accordance with Rules 456(d) and 457(u) under the Securities Act of 1933, as amended (the "Securities Act"). The Fund expects to create and redeem Shares at the next-determined net asset value (NAV) per Share, on a continuous basis, and only in aggregations of 10,000 Shares (Creation Units). The offering of the Shares is a best efforts offering through the Distributor. Creation Units may be created or redeemed only by Authorized Participants, as defined herein. Therefore, except when aggregated in Creation Units, Shares are not redeemable securities. Shares will be offered to the public from time to time at market prices, which may vary from the NAV per Share, on the secondary market.

The Sponsor and Administrator (each, a "Seed Capital Investor") each purchased Shares as shown in the table below (the "Initial Seed"), at $25.00 per Share on April 1, 2026. Delivery of the Initial Seed Shares was made on the same day. Total proceeds to the Fund from the sale of the Initial Seed Shares were $20,000. As of the date of this prospectus, these 800 Shares represent all of the outstanding Shares. It is expected that the Seed Capital Investors will purchase additional Seed Shares shortly after the date of this prospectus, as shown in the table below (Operational Seed) at $25.00 per Share. The total proceeds to the Fund from the sale of the Operational Seed Shares are expected to be $14,980,000. The Initial Seed Shares and Operational Seed Shares total $15,000,000 in Seed Shares and are expected to be used by the Fund to purchase Eligible Assets at or prior to the listing of Shares on the Exchange.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Initial Seed** <br> **Purchased April 1, 2026**  | &nbsp;&nbsp; **Operational Seed** <br> **Expected**  | &nbsp;&nbsp; **Total ($)** | &nbsp;&nbsp; **Total (Seed Shares)** |
| &nbsp;&nbsp; Administrator | &nbsp;&nbsp; $10000 | &nbsp;&nbsp; $14840000 | &nbsp;&nbsp; $14850000 | &nbsp;&nbsp; 594000 |
| &nbsp;&nbsp; Sponsor | &nbsp;&nbsp; $10000 | &nbsp;&nbsp; $140000 | &nbsp;&nbsp; $150000 | &nbsp;&nbsp; 6000 |
| &nbsp;&nbsp; Total | &nbsp;&nbsp; $20000 | &nbsp;&nbsp; $14980000 | &nbsp;&nbsp; $15000000 | &nbsp;&nbsp; 600000 |

---

See "Plan of Distribution and Seed Capital Investment" for additional information.

**Investing in the Fund involves significant risks. The Fund is not an investment company registered under the Investment Company Act of 1940, as amended (Investment Company Act), and is not required to register under such Act. The Sponsor is not registered with the Securities and Exchange Commission (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. The Fund is not a commodity pool for purposes of the Commodity Exchange Act of 1936, as amended (CEA), and the Sponsor is not subject to regulation by the U.S. Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator or a commodity trading advisor with respect to the Fund. As such, the shareholders of the Fund (Shareholders) will not be afforded the protections associated with ownership of shares in a registered investment company. Shareholders have no voting rights with respect to the Fund except as expressly provided in the Agreement and Declaration of Trust (the "Trust Agreement"). See the section, "Risk Factors."** 

**Neither the SEC nor any state securities commission has approved or disapproved of the securities offered in this prospectus or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**The Trust is an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act (the "JOBS Act") and, as such, may elect to comply with certain reduced reporting requirements.**

For a glossary of defined terms, see "Glossary."

The date of this prospectus is [ ], 2026.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [STATEMENT REGARDING FORWARD LOOKING STATEMENTS](#activecryptos1aa001) | 6 |
| [PROSPECTUS SUMMARY](#activecryptos1aa002) | 6 |
| [THE OFFERING](#activecryptos1aa003) | 9 |
| [USE OF PROCEEDS](#activecryptos1aa004) | 12 |
| [BUSINESS OF THE FUND](#activecryptos1aa005) | 12 |
| [OVERVIEW OF THE ELIGIBLE ASSETS' INDUSTRY](#activecryptos1aa006) | 16 |
| [RISK FACTORS](#activecryptos1aa007) | 34 |
| [CALCULATING NAV](#activecryptos1aa008) | 61 |
| [CREATIONS AND REDEMPTIONS](#activecryptos1aa009) | 63 |
| [CUSTODY OF FUND ASSETS](#activecryptos1aa010) | 68 |
| [ADDITIONAL INFORMATION ABOUT THE FUND](#activecryptos1aa011) | 69 |
| [LEGAL PROCEEDINGS](#activecryptos1aa012) | 69 |
| [FORM AND TRANSFER OF SHARES](#activecryptos1aa013) | 70 |
| [MANAGEMENT; VOTING BY SHAREHOLDERS](#activecryptos1aa014) | 70 |
| [DESCRIPTION OF KEY SERVICE PROVIDERS](#activecryptos1aa015) | 71 |
| [U.S. FEDERAL INCOME TAX CONSEQUENCES](#activecryptos1aa016) | 79 |
| [ERISA AND RELATED CONSIDERATIONS](#activecryptos1aa017) | 87 |
| [PLAN OF DISTRIBUTION AND SEED CAPITAL INVESTMENT](#activecryptos1aa018) | 88 |
| [CONFLICTS OF INTEREST](#activecryptos1aa019) | 88 |
| [STATEMENTS, FILINGS AND REPORTS](#activecryptos1aa020) | 89 |
| [BOOKS AND RECORDS](#activecryptos1aa021) | 90 |
| [FISCAL YEAR](#activecryptos1aa022) | 90 |
| [PROVISIONS OF LAW](#activecryptos1aa023) | 90 |
| [LEGAL MATTERS](#activecryptos1aa024) | 90 |
| [EXPERTS](#activecryptos1aa025) | 90 |
| [PRIVACY POLICY](#activecryptos1aa026) | 90 |
| [WHERE TO FIND MORE INFORMATION](#activecryptos1aa027) | 91 |
| [GLOSSARY](#activecryptos1aa028) | 91 |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#activecryptos1aa029) | 93 |

---

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 "Primary Market Transactions of Shares and Authorized Participants."

**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 the "Risk Factors" section, before making an investment decision about the Shares. Definitions of terms used in this prospectus can be found in the Glossary.

**Fund Overview and Investment Objective**

The Fund's Shares will be listed for trading on the Exchange. The Fund's investment objective is to seek long-term capital growth through investments in crypto assets. Accordingly, the Fund will employ an actively-managed investment strategy that seeks to outperform the crypto asset market, as measured by the FTSE Crypto US Listed Index (Index), and invest in a variety of different crypto assets. Unlike a passively managed fund, the Fund does not seek to track an index and the Fund's portfolio is not limited by the crypto assets in the Index (Index Constituents) nor the weights of Index Constituents in the Index.

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 other 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 Strategies**

To meet the Fund's investment objective, the Fund will employ an active investment strategy by primarily investing in a diversified basket of crypto assets, under normal market conditions. The Fund uses the Index to measure its performance and intends to outperform the Index; the Fund does not track or replicate the Index. 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 (each an "Eligible Asset"). 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. For example, there is a potential for change in the price of Shares between the time an investor places an order to purchase or sell and the time of the actual purchase or sale resulting from the price volatility of crypto assets or (particularly in the case of any Eligible Assets that may have relatively lower market capitalization) due to the Sponsor actively trading the Eligible Assets.

● Effective limits on the supply of any particular crypto asset through the proof-of-stake mechanism, gas fee burning mechanism, or fixed caps on supply may impact ether prices.

● 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.

● The Reference Rates have a limited performance history and could fail to track the price of the respective crypto asset which could adversely affect the value of the Shares.

● Further development and acceptance of the Eligible Assets is uncertain.

**Risks Related to Bitcoin and the Bitcoin Network**

● Subsidies for mining bitcoin are designed to decline over time, which may lessen the incentive for miners to process and confirm transactions on the Bitcoin Network.

● Bitcoin ownership is concentrated in a small number of holders, causing vulnerability to bitcoin.

**Risks Related to Ether and the Ethereum Network**

● Ethereum Network and ether developments may impact ether prices.

● The ongoing development of smart contracts, including those relating to decentralized finance applications, may result in problems that could reduce the demand for ether or cause a wider loss of confidence in the Ethereum Network, either of which could have an adverse impact on the value of ether.

**Risks Associated with the Use of Stablecoins, Cash, and Cash Equivalents**

● The prices of stablecoins may fluctuate, sometimes significantly.

● Stablecoins are a new development, and certain risks may be unknown.

● Cash creations and redemptions may impact the efficiency of the arbitrage mechanism compared to in-kind creations and redemptions.

● The Fund may experience a loss if it is required to sell cash equivalents at a price lower than the price at which they were acquired.

**Risks Related to Lack of Liquidity**

● Certain of the Fund's investments could become illiquid, which could cause large losses to investors.

● Buying and selling activity associated with the purchase and redemption may adversely affect an investment in the Shares.

● The inability of Authorized Participants and market makers to hedge their crypto exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares.

**Regulatory Risks**

● Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Eligible Assets or the Shares.

● Legal status of crypto assets is uncertain in various jurisdictions, which could impact the prices of crypto assets.

● A determination that the Eligible Assets or any other crypto asset is a "security" may adversely affect the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Fund.

● The lack of regulation of the crypto asset market causes vulnerabilities in the markets and may impact prices.

● A U.S. Shareholder who does not invest through a tax-exempt account may be subject to tax on its allocable share of the Fund's capital gain, which can be significant, even if the U.S. Shareholder has not sold any of the Fund Shares.

**Operating Risks**

● The Fund is new, actively-managed, and has no operational history.

● The Fund may change its Management Fee, investment objective, Index, or investment strategies at any time without Shareholder approval or advance notice.

● The crypto assets that the Fund may invest in can change from time to time as additional Eligible Assets are added.

● The Fund is not a registered investment company, so Shareholders do not have the protections of the Investment Company Act.

● Several factors may affect the Fund's ability to achieve its investment objective on a consistent basis.

● There is no assurance of the Sponsor's continued services, and discontinuance may be detrimental to the Fund.

● The Sponsor may manage a large number of assets, and this could affect the Fund's ability to trade profitably.

● The Sponsor relies heavily on key personnel. The departure of any such key personnel could negatively impact the Fund's operations and adversely impact an investment in the Fund.

● Investors may be adversely affected by an overstatement or understatement of the NAV calculation of the Fund due to the valuation method employed on the date of the NAV calculation.

● Fund assets may be depleted if investment performance does not exceed Fund fees and expenses.

● Investors may not be able to buy or sell Shares of the Fund through their current brokerages.

● The Fund may have credit, operational, theft, cyber security, and fraud risk buying or selling crypto assets.

● If a custodial agreement or an Authorized Participant agreement is terminated or a Custodian or an Authorized Participant becomes insolvent or fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian or Authorized Participant, which could pose a challenge to the safekeeping of the Fund's assets, the Fund's ability to create and redeem shares and the Fund's ability to continue to operate may be adversely affected.

● The service providers may not act in the best interest of the Fund and have limited liability.

● An investment in the Fund faces numerous risks from its Shares being traded in the secondary market, any of which may lead to the Fund's Shares trading at a premium or discount to NAV.

● The Exchange may halt trading in the Shares which would adversely impact the ability to sell Shares.

● An investment in the Fund may be adversely affected by competition from other investment vehicles focused on crypto assets.

● Anonymity and illicit financing risk of crypto assets could harm the Fund.

● The market for crypto ETFs may reach saturation.

**Risks Related to Shareholder Voting Rights and Liability**

● Shareholders have only very limited voting rights and generally will not have the power to replace the Sponsor. Shareholders will not participate in the management of the Fund and do not control the Sponsor, so they will not have influence over basic matters that affect the Fund.

● Shareholders will not have the rights enjoyed by investors in certain other types of entities.

**Fund Legal Structure**

The Fund is organized as a Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act. The Fund operates pursuant to the Trust Agreement, dated September 15, 2025. The Trust Agreement is filed as an exhibit to the registration statement of which this prospectus forms a part. The Fund was formed and is managed and controlled by the Sponsor. The Fund intends to be treated as a partnership for U.S. federal income tax purposes. The Fund continuously issues common shares representing units of undivided beneficial ownership of the Fund that may be purchased and sold on the Exchange.

As interests in a Delaware statutory trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring shareholder oppression and derivative actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors, as the Fund does not have a board of directors, and generally will not receive regular distributions of the net income and capital gains earned by the Fund).

Except as required under applicable federal law or under the rules or regulations of the Exchange, Shareholders take no part in the management or control, and have no voice in the Fund's operations or business.

As of the date of this prospectus, there are no other series of the Trust.

The Fund was organized on September 15, 2025, and the Sponsor was organized on September 4, 2025.

**Principal Offices**

The Sponsor's and Administrator's office is located at 1307 Point Street, Baltimore, Maryland 21231.

**Emerging Growth Company**

The Fund is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). For as long as the Fund is an emerging growth company, unlike other public companies, it will not be required to, among other things: (i) provide an auditor's attestation report on management's assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002; or (ii) comply with any new audit rules adopted by the Public Company Accounting Oversight Board (PCAOB) after April 5, 2012, unless the SEC determines otherwise.

The Fund will cease to be an "emerging growth company" upon the earliest of: (i) it having $1.235 billion or more in annual revenues, (ii) at least $700 million in market value of Common Shares being held by non-affiliates, (iii) it issuing more than $1.0 billion of non-convertible debt over a three-year period; or (iv) the last day of the fiscal year following the fifth anniversary of its initial public offering.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund intends to take advantage of the benefits of the extended transition period.

**THE OFFERING**

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| | |
|:---|:---|
| &nbsp;&nbsp;Offering | &nbsp;&nbsp; The Shares represent units of fractional undivided beneficial interest in, and the ownership of, the Fund.<br>|
| &nbsp;&nbsp;Use of Proceeds | &nbsp;&nbsp; Proceeds received by the Fund from the issuance and sale of Creation Units consist of cash deposits. Such cash deposits are held by the Cash Custodian on behalf of the Fund until (i) transferred in connection with the purchase of the crypto assets, (ii) delivered to Authorized Participants in connection with a redemption of Creation Units or (ii) transferred to pay the Fund's fees and expenses. In the future, the Fund may engage in in-kind creations and redemptions.<br>|
| &nbsp;&nbsp;Ticker Symbol | &nbsp;&nbsp; TKNZ |

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| | |
|:---|:---|
| &nbsp;&nbsp;Creation and Redemption | &nbsp;&nbsp; The Fund issues and redeems Creation Units on a continuous basis. Creation Units are only issued or redeemed in exchange for an amount of cash determined by the Administrator each day the Exchange is open for regular trading. Creation Units may be created or redeemed only by Authorized Participants. Authorized Participants will deliver only cash to create Shares and will receive only cash when redeeming Shares. Further, 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. In the future, the Fund may also permit Authorized Participants to create and redeem Shares via in-kind transactions.<br>As part of the creation process, the Fund will create Shares for an Authorized Participant and receive crypto assets from a third-party that is not the Authorized Participant. As part of the redemption process, the Fund will redeem the Shares from an Authorized Participant and deliver crypto assets to a third-party that is not the Authorized Participant. The third party will not be acting as an agent of the Authorized Participant or acting at the direction of the Authorized Participant with respect to the Fund's delivery or receipt of crypto assets. The third party will be unaffiliated with the Fund and the Sponsor.<br> See "Creations and Redemptions" section for more details.<br>|
| &nbsp;&nbsp;Performance Benchmark (Index) | &nbsp;&nbsp; FTSE Crypto US Listed Index<br>|
| &nbsp;&nbsp;Net Asset Value and Determination of NAV | &nbsp;&nbsp; The Fund's NAV per Share will be calculated by taking the current market value of its total assets, subtracting any liabilities, and dividing that total by the number of Shares. As of the date of this prospectus, the assets of the Fund will consist of Eligible Assets, cash, cash equivalents, and stablecoins. The Sponsor has the exclusive authority to determine the Fund's NAV, the calculation of which has been delegated to the Administrator.<br>The Administrator of the Fund will calculate the NAV once each Business Day, at the close of the NYSE, normally 4:00 p.m. E.T, each day the NYSE is open for business. However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC. For purposes of making these calculations, a "Business Day" means any day other than a day when NYSE is closed for regular trading. See "Calculating NAV" section for more details.<br>|
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp; The Fund expects to pay the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund (the "Management Fee"). The Management Fee is paid in consideration of the Sponsor's services related to the management of the Trust's business and affairs. <br>As of the date of this prospectus, the Sponsor irrevocably waives 0.15% of the Management Fee until May 31, 2027, for a net Management Fee of 0.75% per annum of the daily NAV of the Fund. The waiver will automatically terminate on May 31, 2027, and may only be extended at the sole discretion of the Sponsor. <br>|
| &nbsp;&nbsp;Fund Expenses | &nbsp;&nbsp; The Sponsor pays all routine operational, administrative, and other ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator, Trustee, Custodians, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration fees, report preparation and mailing expenses, and ordinary legal fees and expenses.<br>In addition to the Management Fee, the Fund pays certain expenses as described in "Business of the Fund - Fund Fees and Expenses," including brokerage commissions, transaction fees, borrowing and financing costs, taxes or governmental fees, and non-recurring, extraordinary, or unusual fees and expenses.<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;Voting Rights | &nbsp;&nbsp; Shareholders generally do not have any voting rights, take no part in the management or control of the Fund, and have no voice in the Fund's operations or business. In addition, the Sponsor, in its sole discretion, may determine to amend the Sponsor Agreement, including to increase the Management Fee, without Shareholder consent. See "Management; Voting by Shareholders."<br>|
| &nbsp;&nbsp;Forks, Airdrops, and Incidental Rights | &nbsp;&nbsp; From time to time, the Fund may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any crypto asset or other asset or right, which rights are incident to the Fund's ownership of a crypto asset and arise with or without any action of the Fund or of the Sponsor. With respect to any such fork, airdrop, or similar event, or other Incidental Rights and/or IR Virtual Currency, the Sponsor shall, in its sole discretion, decide what action the Fund shall take. Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto asset, Incidental Right, or IR Virtual Currency, so long as such action is consistent with the Fund's policies and custodial policies, does not adversely affect the status of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited by law. In the event of a fork or airdrop, the Sponsor will determine which network it believes is the appropriate network for the new crypto asset, and whether the new crypto asset qualifies for investment for the Fund's purposes.<br>|
| &nbsp;&nbsp;Suspension of Issuance, Transfers, and Redemptions | &nbsp;&nbsp; The Distributor may, and upon the direction of the Sponsor shall, suspend the acceptance of purchase orders or the delivery or registration of transfers of Shares generally, or may, and upon the direction of the Sponsor shall, refuse a particular purchase order, delivery or registration of shares (i) during any period when the transfer books of the Transfer Agent are closed or (ii) at any time, if the Sponsor thinks it advisable for any reason. The Distributor may, and upon the direction of the Sponsor shall, suspend the right to surrender Shares or postpone the delivery date of a crypto asset or other Fund property generally or with respect to a particular redemption order (i) 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 (ii) during a period when the Sponsor determines that delivery, disposal, or evaluation of a crypto asset is not reasonably practicable. The Distributor 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 in a prospectus supplement or current report on Form 8-K. See "Creation and Redemption" section.<br>|
| &nbsp;&nbsp;Limitation on Obligations and Liability | &nbsp;&nbsp; The Sponsor has no liability to the Fund, the Trustee or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred under the Trust Agreement; provided, however, that the Sponsor is not protected against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct.<br>The Trustee is not liable for (a) the acts or omissions of the Sponsor or (b) supervising or monitoring the performance and the duties and obligations of the Sponsor or the Fund under the Trust Agreement, except as otherwise provided in the Trust Agreement. The Trustee is not liable under any circumstances, except for a breach of its obligations pursuant to the Trust Agreement or its own willful misconduct, bad faith or gross negligence. See "Description of Key Service Providers" section.<br>|
| &nbsp;&nbsp;Authorized Participants | &nbsp;&nbsp; Creation Units may be created or redeemed only by Authorized Participants. Each Authorized Participant must be a registered broker-dealer, a participant in the Depository Trust Company (the "DTC"), and have entered into an agreement with the Distributor and Sponsor (the "Authorized Participant Agreement"). The Authorized Participant Agreement provides the procedures for the creation and redemption of Creation Units and for the delivery of cash (or for the delivery of crypto assets, if the Fund engages in in-kind creations and redemptions) in connection with such creations or redemptions. See "Creations and Redemptions" for more details.<br>|

---

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| | |
|:---|:---|
| &nbsp;&nbsp;Clearance and settlement | &nbsp;&nbsp; The Shares will be evidenced by a global certificate that the Fund issues to DTC. The Shares are issued in book-entry form only. Transactions in Shares clear through the facilities of DTC. Investors may hold their Shares through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC.<br>|

---

**USE OF PROCEEDS**

Proceeds received by the Fund from the issuance and sale of Creation Units consist of deposits of cash (or of crypto assets, if the Fund engages in in-kind creations and redemptions). Such cash (or crypto asset) deposits are held by the Cash Custodian, or as applicable, the Crypto Custodian, on behalf of the Fund until (i) transferred in connection with the purchase of the Eligible Assets, (ii) delivered to Authorized Participants in connection with a redemption of Creation Units or (iii) transferred to pay the Fund's fees and expenses.

**BUSINESS OF THE FUND**

The activities of the Fund primarily consist of (1) issuing or redeeming Creation Units in exchange for cash (or in exchange for crypto assets, if the Fund engages in-kind creations and redemptions); (2) selling or delivering crypto assets for cash as necessary to cover the Management Fee, Fund expenses not assumed by the Sponsor, and other liabilities; and (3) buying and selling crypto assets.

The Fund is actively-managed. It engages in activities designed to obtain a profit from, or to ameliorate losses primarily caused by, changes in the price of the Eligible Assets.

**The Fund Objective**

The Fund's investment objective is to seek long-term capital growth through investments in crypto assets. The Fund intends to achieve its objective by primarily investing in a diversified basket of crypto assets, under normal market conditions. The Shares are designed to provide investors with a means of obtaining price exposure to multiple crypto assets, as opposed to direct acquisition, holding, and trading of crypto assets on a peer-to-peer or other basis or via a crypto asset platform. The Shares are also intended to reduce the complexities and operational burdens associated with direct investment in these crypto assets, seeks to generate returns that are higher than those of the Index, and reflect the investment exposure to the assets held by the Fund, less the Fund's expenses and liabilities. The Sponsor interprets the term "crypto asset" to mean an asset that (1) is generated, issued, and/or transferred using a blockchain or similar distributed ledger technology network, including, but not limited to, assets known as "tokens," "digital assets," "cryptocurrencies," "virtual currencies," and "coins," and (2) relies on cryptographic protocols.

**The Fund's Investment Strategies**

The Fund will employ an active investment strategy by primarily investing in a diversified basket of crypto assets, under normal market conditions. This strategy offers investors an alternative method of accessing the crypto asset markets through an actively-managed ETP, the Shares of which trade in the public securities market. Consistent with its investment objective, the Fund does not seek to replicate the Index, use its investments to enhance leverage, nor seek performance that is the multiple or inverse multiple of the Index.

Within a disciplined, risk-managed framework, the Fund will invest in crypto assets based on fundamental analysis and a momentum- and trend-following analysis to select Eligible Assets in the Fund and allocate portfolio weights. In determining the fundamental views on which Eligible Assets to invest in, and to what extent, the Fund may consider a variety of factors regarding the crypto asset and its underlying network. Specifically, the Fund's investment strategy for identifying investment opportunities uses both "top down" approaches (such as, thematic research, addressable markets, and sector analysis) and "bottom up" approaches (such as, valuation and quantitative measures). The fundamental analysis is used to identify assets with strong potential for long-term growth and is based on a macroanalysis of factors, including, but not limited to, the technology underlying the network and the asset, the "tokenomics" or economic aspects of an asset and its underlying network (including the supply, "burning" or "minting" of tokens, or any other inflationary and/or deflationary mechanisms), the nature of the ecosystem built by the network. The momentum- and trend-following analysis is based on current market dynamics and investor behavior and is used to identify assets with strong potential for short-term gains.

The Sponsor's internal research and analysis leverages insights from diverse sources, including external research, to develop and refine its investment selections and identify and take advantage of trends within the crypto assets industry that have ramifications for the crypto assets to be held by the Fund. The Sponsor will select investments for the Fund that represent the Sponsor's highest-conviction investment ideas in constructing the Fund's portfolio. The Sponsor's highest-conviction investment ideas are those that it believes present the best risk-reward opportunities.

The investment process is implemented using an assessment and rating of each asset on an ongoing basis across multiple factors, such as intrinsic value of crypto assets by examining their underlying fundamental characteristics, momentum characteristics, and assessing potential for long-term growth and short-term performance. Additionally, a quantitative model, which includes the Sponsor's portfolio analytics using numerical data and risk controls, is then used to size and manage positions within the disciplined risk framework.

Under normal circumstances, the Fund is expected to hold between five and fifteen (5 – 15) crypto assets; however, the Fund may hold more than fifteen or less than five crypto assets at any time. Based on the Sponsor's views on one or more Eligible Assets, the Sponsor may actively trade any or all such Eligible Assets from time to time. Such active trading of one or more Eligible Assets may take place at any time during the life of the Fund, including outside the Fund's regular creation and redemption processes. The Fund may use one or more of its Eligible Assets to purchase other Eligible Assets. While the Fund generally trades during the hours that the Shares are traded on the Exchange, the Fund may engage in trading of Eligible Assets on both U.S. and non-U.S. crypto trading platforms through 24-hour trading. The Sponsor has adopted policies and procedures governing active trading of Eligible Assets, such as a best execution policy.

Under normal circumstances, the Fund may also hold cash, cash equivalents, and stablecoins to cover expenses, buy crypto assets, and allow for efficient trading. The cash equivalents (1) may not be securities and (2) include, but are not limited to: currency, demand deposits with banks or other financial institutions, bank money market accounts, time deposits, and CDs with maturities of three months or less. Stablecoins are like tokenized cash. The Fund will only hold stablecoins in the form of USDC, a U.S. dollar denominated stablecoin issued by Circle Internet Financial, LLC, as it meets the "payment stablecoin" definition of Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), as enacted on July 18, 2025. The Fund may continue to hold USDC unless or until any rules promulgated under the GENIUS Act no longer permit such holding.

The Fund may also hold cash, cash equivalents, and stablecoins as a temporary defensive position, which may be inconsistent with the Fund's principal investment objectives and/or strategies and may impact the Fund's returns. The Fund may assume a temporary defensive position by deploying 100% of its assets in cash, cash equivalents and stablecoins to respond to adverse market, economic, political, or other conditions, such as providing flexibility in meeting redemptions, pay expenses, or manage cash flows. As a result, depending upon prevailing market conditions and/or other investment considerations, at any time, the Fund may hold as little as 0%, and as much as 100% of its assets in Eligible Assets, with the remainder of its assets in cash, cash equivalents and stablecoins. The Fund may not invest in any asset considered a security under the federal securities laws, at any time.

**Incidental Rights, IR Virtual Currency, Forks, Airdrops, and Similar Events**

From time to time, the Fund may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any crypto asset (for avoidance of doubt, other than crypto assets held by the Fund) or other asset or right, which rights are incident to the Fund's ownership of crypto assets and arise without any action of the Fund, or of the Sponsor on behalf of the Fund (Incidental Rights). Additionally, the Fund may be entitled to or come into possession of rights to acquire, or otherwise establish dominion and control over, any crypto asset (for avoidance of doubt, other than crypto assets held by the Fund) or other asset or right, acquired by the Fund through the exercise of any Incidental Right (IR Virtual Currency). Such events involving Incidental Rights and IR Virtual Currencies include a fork in a crypto asset blockchain, an airdrop offered to holders of crypto assets, or other similar event. A fork occurs when developers of one or more networks underlying the Eligible Assets may suggest changes to the network and a sufficient number of users and/or miners elect not to adopt the changes, creating a new crypto asset. In an airdrop, the promoters of a new crypto asset announce to holders of another crypto asset that such holders will be entitled to claim a certain amount of the new crypto asset for free, based on the fact that they hold such other crypto asset.

With respect to any Incidental Right, IR Virtual Currency, fork, airdrop, or similar event, the Sponsor shall, in its sole discretion, decide what action the Fund shall take. Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto asset, Incidental Right, or IR Virtual Currency, so long as such action is consistent with the Fund's policies and custodial policies, does not adversely affect the status of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited by law. In the event of a fork or airdrop, the Sponsor will determine which network it believes is the appropriate network for the new crypto asset, and whether the new crypto asset qualifies as an Eligible Asset for the Fund's purposes.

**Asset Eligibility**

The only crypto assets that the Fund may hold are Eligible Assets, which meet the following eligibility criteria. Specifically, each crypto asset must (1) be a commodity and (2) either:

● trades on a market that is an Intermarket Surveillance Group (ISG) member from which the Exchange may obtain information about trading in such crypto asset from the ISG member, at all times such crypto asset is in the Fund's portfolio;

● underlies a futures contract that has been made available to trade on a designated contract market regulated by the CFTC for at least six months, provided that the Exchange has a comprehensive surveillance sharing agreement, at all times such crypto asset is in the Fund's portfolio; or

● when the crypto asset is acquired, the economic exposure to such crypto asset commodity represents at least 40% of the NAV of an exchange-traded fund that lists and trades on any national securities exchange.

As of the date of this prospectus, based on the Sponsor's assessment of available data, the following crypto assets are considered Eligible Assets (ticker symbols in parenthesis): bitcoin (BTC), ether (ETH), SOL (SOL), XRP (XRP), ada (ADA), AVAX (AVAX), litecoin (LTC), DOT (DOT), Dogecoin (DOGE), HBAR (HBAR), Bitcoin Cash (BCH), LINK (LINK), lumen (XLM), Shiba Inu (SHIB), and sui (SUI). The Fund may invest in other Eligible Assets not listed without prior notice to Shareholders. Shareholders will be informed of any new Eligible Assets on the Fund's website. The Fund will not invest in any crypto asset that is not an Eligible Asset. Shareholders will be informed of any material changes to the eligibility criteria in a prospectus supplement, the Fund's periodic reports, or current report on Form 8-K.

**Staking**

Staking on a crypto asset network refers to using a crypto asset, or permitting such crypto asset to be used, directly or indirectly, through a service provider or otherwise, in such crypto asset network's proof-of-stake (PoS) validation protocol, in exchange for the receipt of consideration, including, but not limited to, staking rewards paid in-kind (collectively, "Staking"). The Fund, Sponsor, Custodian, or any other service provider engaged by the Fund, whether associated with the Fund or otherwise, may directly or indirectly, engage in any action that would result in any portion of the Fund's crypto assets becoming subject Staking or other validation processes on the Eligible Assets' underlying networks, in the future. Specifically, the Fund's crypto assets may be used to engage in Staking, or other related processes that earn additional crypto assets, generate income, or accrue any form of earnings, in accordance with appropriate risk, tax and regulatory guidance. Shareholders will be informed in a prospectus supplement, the Fund's periodic reports, or current report on Form 8-K, of a description of the staking program, including a description of related processes, the Eligible Assets applicable and how staking is managed relevant to the Eligible Assets, material terms of relevant third-party agreements, relevant third-party responsibilities, how staking rewards are managed, of liquidity risk policies and procedures, and any related risks. Until such descriptions are provided to Shareholders, none of the Fund, Sponsor, nor Crypto Custodian will engage in Staking.

**The Performance Benchmark (Index)**

The Fund compares its performance against the Index, which serves as a benchmark of the investible crypto asset market. While the Index will be composed of up to ten (10) crypto assets, the Fund may, at any given time, hold greater than ten (10) crypto assets. Moreover, the Fund's portfolio is not limited to Index Constituents nor the weights of Index Constituents in the Index. However, the only crypto assets that the Fund will invest in are Eligible Assets.

The Index is part of the FTSE Digital Asset Index Series and leverages the FTSE DAR Reference Price. The Index does not track the overall performance of all crypto assets generally, nor the performance of any specific crypto assets. The Index was launched on October 14, 2025 and includes up to the top ten crypto assets based on the market capitalization of such crypto assets that are eligible under the generic listing standards established by the SEC for passively-managed crypto asset ETPs. The Index is then weighted by square root market capitalization. The crypto asset selection process involves reviewing and collecting data for crypto assets that trade on hundreds of exchanges that are operated globally to capture data to support index construction, with key considerations including market capitalization, liquidity, investability, and the availability of index pricing and reference data inputs. Availability of pricing is a core requirement for a crypto asset to be included in the investible universe of the FTSE Indices, which leverage the FTSE DAR Reference Price.

As of March 31, 2026, the chart below shows the Index Constituents of the Index and their related blockchains.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Index Constituent** | &nbsp;&nbsp; **Blockchain** | &nbsp;&nbsp; **% Weight in Index** |
| &nbsp;&nbsp; BTC | &nbsp;&nbsp; Bitcoin | &nbsp;&nbsp; 42.83 |
| &nbsp;&nbsp; ETH | &nbsp;&nbsp; Ethereum | &nbsp;&nbsp; 19.09 |
| &nbsp;&nbsp; LINK | &nbsp;&nbsp; Chainlink | &nbsp;&nbsp; 2.91 |
| &nbsp;&nbsp; XLM | &nbsp;&nbsp; Stellar | &nbsp;&nbsp; 2.85 |
| &nbsp;&nbsp; ADA | &nbsp;&nbsp; Cardano | &nbsp;&nbsp; 3.37 |
| &nbsp;&nbsp; BCH | &nbsp;&nbsp; Bitcoin Cash | &nbsp;&nbsp; 3.70 |
| &nbsp;&nbsp; DOGE | &nbsp;&nbsp; Dogecoin | &nbsp;&nbsp; 4.50 |
| &nbsp;&nbsp; XRP | &nbsp;&nbsp; XRP | &nbsp;&nbsp; 10.56 |
| &nbsp;&nbsp; SOL | &nbsp;&nbsp; Solana | &nbsp;&nbsp; 7.93 |
| &nbsp;&nbsp; AVAX | &nbsp;&nbsp; Avalanche | &nbsp;&nbsp; 2.25 |

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The Index's underlying pricing employs a methodology designed to capture data from vetted assets and exchanges to meet the requirements of EU Benchmarks. The Fund may use a different Index at any time; notification of a change will be made in a prospectus supplement or the Fund's periodic reports. As of March 31, 2026, the Index lists its historical performance as follows:

1-month <u> 3-month </u> <br> <u> 2.77 </u> <u> (25.16) </u>

There can be no assurance as to the future performance of the Index and the past performance should not be taken as an indication of future performance. Furthermore, as an actively-managed fund, there is no assurance of a correlation between the performance of the Index and the Fund.

**Fund Fees and Expenses**

The Fund expects to pay the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.90% per annum of the daily NAV of the Fund. As of the date of this prospectus, the Sponsor irrevocably waives 0.15% of the Management Fee until May 31, 2027, for a net Management Fee of 0.75% per annum of the daily NAV of the Fund. The waiver will automatically terminate on May 31, 2027, and may only be extended at the sole discretion of the Sponsor.

The Management Fee is paid in consideration of the Sponsor's services related to the management of the Fund's business and affairs. The Administrator will calculate the Management Fee on a daily basis with respect to the NAV of the Fund, and the Management Fee will be paid directly by the Fund to the Sponsor. The Management Fee will accrue daily and be payable monthly in cash.

The Sponsor pays all routine operational, administrative, and other ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator, Trustee, Custodians, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration fees, report preparation and mailing expenses, and ordinary legal fees and expenses. Expenses paid by Sponsor are not subject to any caps or limits.

In addition to the Fund's Management Fee, the Fund pays all of its (1) brokerage commissions, including but not limited to applicable exchange fees and give-up fees, fees and commissions related to any crypto transaction fees for on-chain transfers of assets, and other transaction related fees and expenses charged in connection with trading activities. The Fund also pays all of its (2) borrowing and financing costs and expenses. The Fund pays all of its (3) taxes or governmental fees payable by or in respect to the Fund to federal, state, or other governmental agencies, domestic or foreign, including stamp or other transfer taxes. The Fund also pays all of its (4) non-recurring, extraordinary, or unusual fees and expenses, if any. Non-recurring, extraordinary, or unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. The Fund may be required to indemnify the Sponsor, and the Fund and/or the Sponsor may be required to indemnify the Fund's service providers under certain unusual or extraordinary circumstances. Non-recurring, unusual, or extraordinary expenses of the Fund will be determined by the Sponsor or Administrator. The Sponsor may determine, in its sole discretion, to assume any non-recurring, unusual, or extraordinary expenses of the Fund, if applicable. All such expenses to be paid by the Fund will be determined by the Sponsor. Any Fund expense specifically attributable to the Fund or arises out of the Fund's operations will be directly allocated to the Fund and any shared expense will be allocated using a pro rata methodology that allocates certain of the expense to the Fund.

The Sponsor and/or the Administrator will bear the costs and expenses related to the Fund's organization and initial offer and sale of Shares, including registration fees paid or to be paid to the SEC, Financial Industry Regulatory Authority (FINRA) or any other regulatory body or self-regulatory organization. None of the costs and expenses related to the Fund's organization and initial offer and sale of Shares are chargeable to the Fund. Further, neither the Sponsor nor the Administrator may recover any of these costs and expenses from the Fund.

In the event the Fund's cash balance is insufficient to pay all fees and expenses, including the Management Fee, the Fund may need to sell its crypto assets from time to time to pay for its fees and expenses. The NAV is reduced by the accrual of Management Fee or any Fund expenses not assumed by the Sponsor. Each sale of crypto assets by the Fund generally will be a taxable event for the Fund. See "U.S. Federal Income Tax Consequences" section.

The Sponsor, from time to time, may temporarily waive all or a portion of the Management Fee and/or Fund expenses, in its sole discretion. The Sponsor is not under an obligation to waive any portion of the Management Fee nor any Fund expenses. For any waiver instituted, such waiver does not create an obligation outside the strict terms of a waiver agreement. In the future, if the Sponsor decides to extend a waiver or institute a new waiver, Shareholders will be notified in a prospectus supplement, the Fund's periodic reports, or current report on Form 8-K. In addition, the Sponsor, in its sole discretion, may determine to amend the Sponsor Agreement, including to increase the Management Fee, without Shareholder consent.

------

**OVERVIEW OF THE ELIGIBLE ASSETS' INDUSTRY**

Each Eligible Asset operates on its respective network (Eligible Asset Networks). The Eligible Asset Networks are 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.

In this section, the Sponsor provides descriptions of the Eligible Assets. Bitcoin and ether are discussed in more detail in this section because, as of the date of this prospectus, together, they are expected to represent more than 50% of the Fund's holdings. There is no assurance or guarantee that bitcoin and ether will continue to be the two largest holdings at any time. The Eligible Assets described in this section are not discussed in any particular order. The Sponsor may update this section periodically; however, there is no obligation to amend the Fund's prospectus in the event of changes to the Eligible Assets or weights of the Eligible Assets.

Prices, market capitalization, and the approximate current supply for each of the Eligible Assets described in this section are as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Crypto Asset Ticker** | &nbsp;&nbsp; **Market Cap** | &nbsp;&nbsp; **Closing Price (USD)** | &nbsp;&nbsp; **Current Circulating Supply** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BTC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1375464640847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $68730.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20012000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $253416950546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2099.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120691000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45980032248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XRP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $80389484571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61391674000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8979841260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36096440000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AVAX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3731827156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427892000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4138584628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77031000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2051129322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655822000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DOGE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14086000989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153733966000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HBAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3757163748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43320766000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BCH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8692230176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $434.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20018000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LINK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6301181928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724167000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XLM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5141160541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33311121000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHIB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3475139633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589243546544000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3459588249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3953389000 |

---

Source: CoinMetrics and Artemis, as of April 7, 2026

**Bitcoin (BTC)**

The Bitcoin System as a whole is involved in maintaining the ledger of bitcoin ownership and facilitating the transfer of bitcoin among parties, as well as its components, such as the Bitcoin Network, the Bitcoin Blockchain, the Bitcoin Protocol and Bitcoin Clients (together, the "Bitcoin System"). The crypto asset native to the Bitcoin System is bitcoin whose ownership registry and full transfer history is made by the Bitcoin System.

Bitcoin is a crypto asset that serves as the unit of account on an open-source, permissionless, decentralized, peer-to-peer computer network (known as the Bitcoin Network). Every bitcoin is fractionable to the eighth decimal place, with its smallest fraction equal to 0.00000001 bitcoin and called a "Satoshi." It may be used to pay for goods and services, stored for future use, or converted to government-backed currency such as the U.S. dollar. The adoption of bitcoin for these purposes has been limited. The value of bitcoin is not backed by any government, corporation, or other identified body.

**Bitcoin Blockchain and Consensus Mechanism**

Transactions in bitcoin are broadcasted over the Bitcoin Network and registered in bundles called blocks, which are set to occur on average every 10 minutes and collectively track the full transaction history and ownership of bitcoins in circulation. Every block is cryptographically tied to its predecessor, creating a chain of blocks called the "Bitcoin Blockchain." Blocks are identified by a block height as if they were progressively piled up starting from a height of zero. The first block of the Bitcoin Blockchain is known as the Genesis block, assigned a height of 0 (zero), and was created on January 3, 2009.

Unlike traditional financial ledgers where a central authority is responsible for updating users' balances and preventing the same balance to be spent twice, the Bitcoin System introduces a cost for network participants to add new blocks of transactions to the Bitcoin Blockchain. This consists of creating a proof-of-work by solving a highly costly cryptographic problem by trial and error and broadcasting the obtained solution to other network participants for verification. A key feature of proof-of-work is its asymmetry: the proof generator needs to expend large amounts of computational power to generate it, whereas others can easily verify that the proof is valid at a negligible cost.

The solution to the proof-of-work problem creates a cryptographic hash that sets a unique identifier for every block and includes an imprint of all the transactions included in the block as well as the identifier of the block's immediate predecessor. This generates a strong cryptographic tie among the blocks in the Bitcoin Blockchain and implies that rebuilding the transaction history from a height smaller than or equal to the current one would demand regenerating all the cumulative proof-of-work from that point until the current block. Given the necessary computational cost, the bigger the pile of blocks stacked above a specific block, the smaller the likelihood for the information included in it to be changed, effectively making it immutable after enough proof-of-work is generated on top of it. At any height, if two diverging versions of the Bitcoin Blockchain exist, a bifurcation referred to as a blockchain fork, the consensual version of the Bitcoin Blockchain is defined as the chain with the largest cumulative proof-of-work, establishing Bitcoin's so-called fork choice rule. These rules establish a mechanism for the Bitcoin Blockchain to be appended over time and for the Bitcoin Network to reach consensus on bitcoin ownership and transaction history. Therefore, proof-of-work is generally referred to as the consensus mechanism of the Bitcoin System.

The built-in incentive element of the Bitcoin System is bitcoin, which is issued over time as a subsidy that rewards network participants responsible for generating proof-of-work and, thus, adding new blocks to the Bitcoin Blockchain. Since they invest in computational equipment and expend electricity in exchange for newly-issued coins, there exists a clear similarity between this activity and the mining of precious metals such as gold or silver. The creation of proof-of-work is thus popularly referred to as bitcoin mining, and network participants engaging in the activity are called bitcoin miners. Users of the Bitcoin Network might also pay transaction fees in bitcoin to gain priority over others in having their transactions included in a new block. The fees paid by all transactions in a mined block are reverted to the successful miner alongside the mining subsidy.

To make sure that the creation of blocks and thus the issuance of new bitcoin occur on average every 10 minutes, the Bitcoin System has a built-in difficulty adjustment that tunes the cost of generating a valid proof-of-work every interval of 2,016 blocks — approximately every two weeks — starting from the Genesis block. If some miners get more specialized and are able to mine blocks faster than 10 minutes on average, the difficulty is increased when the next cycle of 2,016 blocks starts. On the other hand, if some miners have to shut down operations and blocks start being appended to the blockchain with an average interval exceeding 10 minutes, difficulty is decreased as of the beginning of the next cycle of 2,016 blocks. The computational power of a miner is measured by its capacity to compute cryptographic hashes in the attempt to generate a valid proof-of-work. The collective computational power of the Bitcoin Network is known as the network's hash rate.

**Bitcoin Supply**

The value of bitcoin depends on its supply (which is limited) as well as its demand across its trading venues. The supply of bitcoin follows a predefined issuance schedule since Bitcoin's conception. After every multiple of 210,000 blocks, the issuance of bitcoin per block is reduced in half. These events are referred to as "halvings." Bitcoin's mining subsidy started at 50 bitcoin per mined block and remained constant until the first halving in November 2012 (at 210,000 blocks), dropping the mining subsidy to 25 bitcoin. The second halving occurred in July 2016 (at 420,000 blocks), dropping the subsidy per block to 12.5 bitcoin. The third halving took place in May 2020 (at 630,000 blocks), dropping the subsidy per block to 6.25 bitcoin. The fourth happened in April 2024 (at 840,000), dropping the subsidy per block to 3.125 bitcoin which will persist until height 1,049,999.

By design, the supply of bitcoin is intentionally limited to 21 million units, making bitcoin a disinflationary asset, that is, with a rate of supply growth that decreases over time until reaching zero when the last satoshi is mined. The maximum cap and the disinflationary nature of bitcoin makes it a potential candidate for digital store of value, an investment thesis that is still gaining traction among investors worldwide.

**Bitcoin Network, Protocol, Clients and Network Upgrades**

Bitcoin is maintained on the decentralized, open source, peer-to-peer computer network, the Bitcoin Network. No single entity owns or operates the Bitcoin Network. The Bitcoin Network is accessed through software and governs bitcoin's creation and movement. The source code for the Bitcoin Network, often referred to as the Bitcoin Protocol, is open-source, and anyone can contribute to its development.

Proof-of-work, the fork choice rule, the difficulty adjustment and the supply schedule of bitcoin comprise the Bitcoin Protocol, the full set rules that users of the Bitcoin System must agree on in order to participate in the Bitcoin Network. Implementations of the Bitcoin Protocol are called "Bitcoin Clients." These are open-source codes that can be maintained by anyone and used by any individual wishing to join the Bitcoin Network. Every computer running an instance of a Bitcoin Client is called a node.

The infrastructure of the Bitcoin Network is collectively maintained by its participants, which include miners, developers, and users. Miners register transactions and provide security to the Bitcoin Network. Developers maintain and contribute updates to the Bitcoin Clients. Users access the Bitcoin Network either running their own node or communicating with the node run by a third-party server. Anyone can be a user, developer, or miner, but not all Bitcoin Network participants need to run a node.

Bitcoin is stored on the bitcoin blockchain, which contains a complete record and history for each bitcoin transaction.

Miners, who are creating new bitcoins, use specialized computer software and hardware to solve a highly complex mathematical problem presented by the Bitcoin Protocol. The first miner to successfully solve the problem is permitted to add a block of transactions to the bitcoin blockchain. The new block is then confirmed through acceptance by a majority of users who maintain versions of the blockchain on their individual computers. Miners that successfully add a block to the bitcoin blockchain are automatically rewarded with a fixed amount of bitcoin for their effort plus any transaction fees paid by transferors whose transactions are recorded in the block. This reward system is how new bitcoin enters circulation and is the mechanism by which versions of the blockchain held by users on a decentralized network are kept in consensus.

However, due to a lack of central authority, the release of updates to the Bitcoin Core or other Bitcoin Clients by their developers does not guarantee that the updates will be automatically adopted by the other network participants. Users and miners must accept any changes made to the source code by downloading the proposed modification and that modification is effective only with respect to those Bitcoin users and miners who choose to download it and run. As a practical matter, a modification to the source code becomes part of the Bitcoin Network only if it is accepted by individuals that collectively form a majority of the Bitcoin Network. If a modification is accepted by only a small percentage of users and miners, a division will occur such that one network will run the pre-modification source code and the other network will run the modified source code. Such a division is known as a "hard fork." To avoid network splits, the Bitcoin community chooses to implement BIPs via soft forks, which are backward-compatible updates and thus optional in nature, meaning multiple versions of the same Bitcoin Client can coexist in the Bitcoin Network.

Development of Bitcoin Clients has increasingly focused on amendments to the Bitcoin Protocol to enhance speed and scalability. For example, in August 2017, a BIP known as "segregated witness" was adopted in a Bitcoin soft fork. Among other things, it enables so-called second layer solutions, such as the "Lightning Network," or payment channels, which could potentially allow greater speed and a greater number of transactions that the Bitcoin Network can process in a given time interval (i.e., transaction throughput). The Lightning Network is an open-source decentralized network that enables the instant off-blockchain transfer of bitcoin without requiring a trusted third party. The Lightning Network uses bidirectional payment channels, which work as follows: an on-blockchain transaction is required to open a channel, which can later be closed through another on-blockchain transaction. Once a channel is open, value can be transferred instantly between counterparties engaging in bitcoin transactions without such transactions being broadcasted to the Bitcoin Network. This enables increased transaction throughput and reduces the computational burden on the Bitcoin Network.

Other uses of segregated witness include smart contracts (which are programs that automatically execute on a blockchain) and distributed registers built into, built atop, or pegged alongside the Bitcoin Blockchain. For example, one white paper published by the blockchain technology company Blockstream Corporation Inc. calls for the use of "pegged sidechains" to develop programming environments built within blockchain ledgers that can interact with and rely on the security of the Bitcoin Network and blockchain while remaining independent thereof. Applications of this concept include open-source projects such as RSK (Rootstock), which seeks to create novel open-source smart contract platforms built on the Bitcoin Blockchain to allow automated, condition-based payments with increased speed and scalability.

Such research and development projects may utilize bitcoin as tokens for the facilitation of their non-financial uses, thereby potentially increasing demand for bitcoin and the utility of the Bitcoin Network as a whole. Conversely, to the extent that such projects operate on the Bitcoin Blockchain, they may increase the data flow on the Bitcoin Network and could either "bloat" the size of the blockchain or result in slower confirmation times. At this time, such projects remain in early stages and have not been materially integrated into the blockchain or Bitcoin Network.

The latest Bitcoin soft fork known as "Taproot" was activated in November 2021, introducing a new scheme for digital signatures, enhancing the privacy of more complex Bitcoin scripts and optimizing block space usage for multi-signature transactions. Taproot has become more prominent since late 2022 with the launch of Bitcoin inscriptions, which uses Taproot functionality to assign pieces of information to distinct satoshis. Also, Taproot is being used in the implementation of Taproot Assets, a novel programmability layer built on top of Bitcoin that allows users to create other crypto assets on the Bitcoin Blockchain, while using them at fast speeds and low costs over the Lightning Network. Similar to the adoption of the Lightning Network, inscriptions and Taproot Assets are still experimental technologies and might be subject to significant risks.

**Bitcoin wallets and transactions**

Users of the Bitcoin Network must either run a Bitcoin Client or use a Bitcoin wallet. To initiate a Bitcoin transaction, users generate one or more unique pairs of private and public keys, the latter being used to receive funds, and the former to authenticate transactions and send bitcoin. These pairs can be hierarchically derived from a single set of words known as a seed phrase. As their names suggest, public keys can be safely shared with anyone in the network, whereas private keys should be kept secret. This is analogous to the use of a bank account, with a public key similar to the bank identifier and branch number, and the private key the analogue to the account's transaction password.

A private-public key pair is generated using asymmetric cryptographic, meaning that deriving a public key from its corresponding private key is easy, whereas guessing a private key from a known public key is virtually impossible. The generation of the pair and the signing of transactions is securely carried out using a device disconnected from the internet, maintaining the secrecy of the private key and the custody of bitcoins in a so-called cold wallet. If a private key is at least once exposed to the internet, it turns the corresponding wallet into a so-called hot wallet, exposing the user to the risk of theft of funds by a malicious actor that might gain access to the device during the time of internet exposure. Therefore, security and ownership of bitcoins rely heavily on the proper management of private keys, as these keys are the only way to authorize transactions. This property guarantees the possibility of secure custody of bitcoins without counterparty risk and the ability for a user to be the only network participant knowing the private key to its wallet. On the other hand, losing a private key means losing access to the associated funds permanently, similar to a bearer asset like cash, and exposing it to the internet creates the risk of a malicious actor becoming able to drain funds from the wallet.

**Bitcoin Markets**

In the Bitcoin market, participants range from individual end-users who utilize bitcoin for peer-to-peer transactions, to merchants who accept bitcoin as payment for goods and services. Despite its potential, bitcoin has not yet achieved widespread adoption as a mainstream payment method. Investors also represent a significant portion of market participants, purchasing bitcoin as a speculative asset or as part of a diversified investment portfolio. These transactions occur both on bitcoin spot markets and over-the-counter (OTC) markets, with the former being more accessible to retail investors and the latter catering to institutional entities handling large volumes of bitcoin.

In addition to using bitcoin to purchase goods and services, investors may purchase and sell bitcoin to speculate as to the value of bitcoin in the bitcoin market, or as a long-term investment to diversify their portfolio. The value of bitcoin within the market is determined, in part, by the supply of and demand for bitcoin in the global bitcoin market, market expectations for the adoption of bitcoin as a store of value, the number of merchants that accept bitcoin as a form of payment, and the volume of peer-to-peer transactions, among other factors.

Bitcoin spot markets typically permit investors to open accounts with the market and then purchase and sell bitcoin via websites or through mobile applications on a prefunded basis. Prices for trades on bitcoin spot markets are typically reported publicly. An investor opening a trading account must deposit an accepted government-issued currency into their account with the spot market, or a previously acquired crypto asset, before they can purchase or sell assets on the spot market. The process of establishing an account with a bitcoin market and trading bitcoin is different from, and should not be confused with, the process of users sending bitcoin from one bitcoin address to another bitcoin address on the Bitcoin Blockchain. This latter process is an activity that occurs on the Bitcoin Network, while the former is an activity that occurs entirely within the order book operated by the spot market. The spot market typically records the investor's ownership of bitcoin in its internal books and records, rather than on the Bitcoin Blockchain. The spot market ordinarily does not transfer bitcoin to the investor on the Bitcoin Blockchain unless the investor makes a request to the exchange to withdraw the bitcoin in his or her exchange account to an off-exchange bitcoin wallet.

In addition, bitcoin futures and options trading occur on exchanges in the U.S. regulated by the CFTC. The market for CFTC-regulated trading of bitcoin derivatives has developed substantially. Although bitcoin was the first crypto asset, in the ensuing years, the number of other crypto assets (such as ether), market participants and companies in the space has increased significantly. The category and protocols are still being defined and evolving. Bitcoin has generally exhibited high price volatility relative to more traditional asset classes. One volatility measure, standard deviation, is based on the variability of historical price returns. A higher standard deviation indicates a wider dispersion of past price returns and thus greater historical volatility.

**Ether (ETH)**

Ethereum is an entire system, responsible for maintaining the ledger of ether ownership and enabling the transfer of ether among parties, as well as the components of the Ethereum system such as the Ethereum Network, the Ethereum Blockchain, the Ethereum Protocol and the Ethereum Clients (together, the "Ethereum System"). The native crypto asset to the Ethereum Network is ether.

Ethereum is a permissionless, decentralized and peer-to-peer computer network of nodes that enables developers to build and deploy the so-called smart contracts and decentralized apps (dApps) on a global scale. The Ethereum Network improves on the capabilities of the Bitcoin Network by allowing, in addition to simple ether transfers, the creation of the smart contracts (software that are automatically executed when predetermined terms and conditions are met). Smart contracts permit the creation of crypto assets with various properties and the deployment of decentralized applications on Ethereum.

Ether, the native crypto asset of the Ethereum Network, serves as a unit of account, allowing for peer-to-peer transactions and incentivizing network participants. Every ether is fractionable to the eighteenth decimal place, with its smallest fraction equal to 0.000000000000000001 ether and called a wei.

The computational environment of the Ethereum Network is known as the Ethereum Virtual Machine (EVM), and computational cycles in the EVM consume so-called gas units which are denominated in fractions of ether and expressed in Gwei (short for "gigawei" or one billion wei or one billionth of one ether). The EVM is similar to an engine, while ether is the fuel that propels it. Ether is therefore known as the "gas" token of the Ethereum Network. Ether may also be used to pay for goods and services, stored for future use, or converted to government-backed currency such as the dollar. The value of ether is not backed by any government, corporation, or other identified body.

**Ethereum Blockchain and Consensus Mechanism**

Similar to Bitcoin, transactions on Ethereum are broadcasted over the Ethereum Network and registered in blocks, which are set to occur every 12 seconds. Ethereum blocks collectively track the full transaction history, the accounts and balances of users and contracts in the "Ethereum System," and other blockchain data that collectively are referred to as the state of Ethereum. Ethereum ensures that its state transition is deterministic, meaning that given the same initial state and set of transactions, all nodes in the Ethereum Network are able to compute the same final state. Blocks are organized in a chain forming the "Ethereum Blockchain," starting from the "genesis block" at height 0 (zero), which was created on July 30, 2015.

Unlike the Bitcoin System, which relies on proof-of-work, Ethereum operates on a PoS consensus mechanism where users must lock a certain amount of ether to engage with transaction validation and code execution. In contrast to proof-of-work, in which miners expend hardware and electricity to become eligible to append new blocks to the blockchain, in PoS, users known as validators pledge capital denominated in ether as a "stake," providing a guarantee of action in good faith towards the honest operation of the network. If Ethereum Network participants detect a malicious activity by a validator, such as proposing two different blocks at the same height or attesting to two different versions of the consensual Ethereum Blockchain, they can cast a slashing alert that subtracts part of the malicious actor's stake. As such, PoS substitutes the computational cost to cheat on proof-of-work by the risk of losing part of a validator's stake, aligning the incentives for consensus participants to remain honest over time. Ethereum's implementation of PoS also has a fork choice rule, which uses validators' votes on the chain with the most accumulated validator activity to select the consensual chain at any point in time.

Actors running Ethereum validators range from individual enthusiasts to professional operations with dedicated hardware and data centers. Users activate a validator by running consensus software on Ethereum and depositing 32 ether on a staking contract deployed on the Ethereum Network. They are rewarded with newly issued ether as a subsidy and transaction fees paid by users to gain priority in having their transactions executed first. The Ethereum Network's complexity and reliance on staking attract a specific type of participant, one who is often deeply involved in the ecosystem, increasing the likelihood for committed entities to take on the responsibilities of a validator.

**Smart Contracts, Crypto Assets and Decentralized Applications**

The Ethereum Network allows users to write and implement smart contracts — that is, general-purpose code that executes on every node in the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can leverage the EVM through its built-in programming language, Solidity, to create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create crypto assets other than ether.

Development on the Ethereum Network involves building more complex tools on top of smart contracts, such as dApps, organizations that are autonomous, known as decentralized autonomous organizations (DAOs), and entirely new decentralized governance systems. For example, a company that distributes charitable donations on behalf of users could hold donated funds in smart contracts that are paid to charities only if the charity satisfies certain predefined conditions.

Ethereum is also a platform for creating new crypto assets and conducting their associated initial coin offerings. It has a suite of standards that allow for the creation of fungible crypto assets, such as governance tokens that confer voting power in DAOs or stablecoins pegged to government-backed currencies like the dollar; non-fungible tokens allowing for the creation of unique representations of value, such as digital collectibles, digital art, decentralized identity systems and digital characters and items in metaverses and videogames; and more versatile tokens that bring new utility to dApps by integrating decentralized data provision and indexing. Many crypto assets in the crypto market were built on the Ethereum Network.

An important set of dApps on the Ethereum Network exists within the sector known as decentralized finance (DeFi) or open finance platforms, which seek to democratize access to financial services, such as borrowing, lending, custody, trading, derivatives, and insurance, by removing third party intermediaries. DeFi can allow users to lend and earn interest on their crypto assets, exchange one crypto asset for another, and create derivative crypto assets such as stablecoins. For example, in August 2025, $44 billion worth of crypto assets were deposited on DeFi applications on the Ethereum Network. Ethereum is also used to create decentralized naming systems, decentralized social networks, and the registry and commercialization of digital art. More recently, companies and asset managers have started to use Ethereum to tokenize traditional assets such as money-market funds. While experiencing a significant rise in total value secured by the Ethereum Network since inception, most applications in the Ethereum ecosystem are still incipient and/or in experimental phase.

Since smart contracts are general purpose software, they can be naturally used to create highly complex dApps, which can be further combined among themselves in a composable manner to create even more complex applications. On the other hand, given the nascent nature of the EVM and Solidity, there might be significant architectural risks and unseen bugs in Ethereum's current technological stack. This may pose relevant security risks on dApps running on the platform, lead to the drain, loss or indefinite lock of value deposited on them, and potentially harm users interacting with such applications or having participation in the total value deposited in a DApp.

**Ether Supply**

Unlike bitcoin, the supply schedule of ether has changed a number of times since the inception of the Ethereum Network. The initial creation of ether involved the issuance of 72.0 million tokens. Of these, 60.0 million ether (83.33% of the supply) were sold to the public in a crowd sale in 2014, raising approximately $18 million. Another 6.0 million ether (8.33% of the supply) went to the Ethereum Foundation for operational costs, while 3.0 million ether each (4.17% of the supply) were distributed to developers who contributed to the network and members of the Ethereum Foundation for purchasing at the initial crowd sale price.

While currently operating under a PoS consensus mechanism, the Ethereum Network started operation under a proof-of-work consensus mechanism similar to Bitcoin, migrating to its current PoS consensus mechanism in September 2022 during an upgrade known as "The Merge." Over time, new ether was put into circulation by miners creating blocks on the Ethereum blockchain.

From the Genesis block to late 2017, the mining subsidy on the Ethereum Network was equal to 5 ether per block. In October 2017, the Byzantium upgrade was activated, decreasing the mining subsidy to 3 ether and aiming to prepare Ethereum for future scaling solutions. In February 2019, the Constantinople upgrade further reduced the mining subsidy to 2 ether per block. In December 2020, Ethereum's new PoS consensus layer called the Beacon Chain was launched in preparation for The Merge in September 2022, introducing a deterministic supply curve that issues new ether to validators based on the total amount of ether staked. In August 2021, the London upgrade introduced the concept of a base fee burn. This means that a portion of the transaction fees paid by users on the network started being burned, effectively working as an ether supply reduction mechanism. This base fee is algorithmically adjusted based on network demand, and ether burn is more intense in periods of high network activity. The latest change in ether monetary policy took place during the Merge, in which mining was deprecated and mining subsidies ceased. Unlike bitcoin, ether's supply is uncapped and can be inflationary when the rate of new ether being created is higher than the rate that ether is being destroyed.

In October 2025, ether had a total circulating supply of about 121 million. In February 2025, of about 120 million circulating supply, approximately 72 million ether were pre-mined, 50.4 million ether were issued by miners before the switch to PoS, 2.3 million ether were issued to validators staking ether and 4.4 million ether were burned in base fees. There is no guarantee that the ether issuance policy will remain unchanged over time, and future modifications to monetary policy might create splits in the Ethereum community and lead to two or more conflicting Ethereum networks.

**Ethereum protocol, clients and network upgrades**

PoS, the fork choice rule, the EVM architecture and the monetary policy of ether comprise the "Ethereum Protocol," the full set rules that users of the Ethereum System have to agree on in order to participate in the network. Implementations of the Ethereum Protocol are called "Ethereum Clients." These are open-source codes that can be maintained by anyone and used by any individual wishing to join the Ethereum Network. Every computer running an instance of an Ethereum Client is called a node. The infrastructure of the Ethereum Network is collectively maintained by various participants, which includes validators, developers, and users. Validators register transactions inside blocks and provide security to the Ethereum Network. Developers maintain and contribute updates to Ethereum Clients. Users access the Ethereum Network either running their own node or communicating with nodes run by a third party server. Anyone can be a user, developer, or validator, but not all network participants need to run a node.

Similar to BIPs, Ethereum upgrade proposals are known as Ethereum Improvement Proposals (EIPs). However, all Ethereum upgrades are made through hard forks, which are not backward-compatible and thus demand Ethereum users to update their clients to continue having access to the Ethereum Network. The Merge introduced the Beacon Chain as the new consensus layer of Ethereum, responsible for block production and finalization, whereas the original Ethereum chain remained as the network's execution layer, in which code execution takes place. This transition was expected since the network's launch in mid-2015, and aimed at reducing Ethereum's overall energy consumption while paving the way for higher scalability and increased transaction throughput. Since the Merge, all upgrades on Ethereum consist of new releases for both consensus and execution software of all clients implementing the Ethereum Protocol.

While the Ethereum Protocol is an open-source project with no official company or group in control, there is one entity called the Ethereum Foundation which supports the development, growth, and research on Ethereum. It plays a role in stewarding the Ethereum ecosystem, but it does not control or manage the network. Instead, the Foundation provides resources, grants, and coordination to help maintain the Ethereum protocol and its infrastructure.

Unlike Bitcoin, which has Bitcoin Core as its dominant client, the Ethereum Network is operated by a more diverse list of clients. In October 2025, about 44% of Ethereum nodes run the geth client, 18% the nethermind client, 18% of the go-ethereum client, and the remaining are split among other clients. Core developers of Ethereum clients are able to access, and can alter, the client's source code and, as a result, they are responsible for official releases of updates and other changes to Ethereum Clients.

*Network Upgrades.* Since the Merge, Ethereum experienced the successful activation of two other upgrades: (i) the Shanghai/Capella (Shapella) upgrade, activated in April 2023, which enabled ether withdrawals for validators participating in the network's consensus layer and (ii) the Cancun/Deneb (Dencun) upgrade in March 2024, which activated proto-danksharding (EIP-4844), a new technology that reduces the costs for second layer solutions known as rollups to post data on Ethereum and thus decreases transaction fees paid by users using these upper layers to access the Ethereum ecosystem.

Particularly, following the Dencun upgrade, most second layers that had properly prepared for the activation of EIP-4844 experienced, as expected, reduced transaction fees when batching transactions to the main Ethereum Network. In turn, the upgrade lowered the transaction costs for executing transactions on such networks and significantly reduced activity on Ethereum's base layer. However, some second layer solutions reportedly experienced outages and other disruptions in the aftermath of the upgrade, which in the case of "Blast," one of Ethereum's rollups, led to a halt in block production for a period of time. Blast normal operation was reportedly restored afterward. As with any change to open-source software code and client overhaul, planned forks such as the ones activated since the Merge could introduce bugs, coding defects, unanticipated or undiscovered problems, flaws, security risks, problematic incentive structures, or otherwise fail to work as intended or achieve the expected benefits that proponents hope for in the short term or the long term.

Because Ethereum has no central authority, the release of updates to Ethereum Clients by their developers does not guarantee that the updates will be automatically adopted by the other network participants. Users and validators must accept any changes made to the source code by downloading the proposed modification and that modification is effective only with respect to those Ethereum users and validators who choose to download and run it. As a practical matter, a modification to the source code becomes part of the Ethereum Network only if it is accepted by individuals that collectively have a majority of the Ethereum Network. If a modification is accepted by only a percentage of users and validators, a division will occur such that one network will run the pre-modification source code and the other network will run the modified source code.

As a continuation to the Ethereum 2.0 transition, Ethereum underwent a third upgrade called Pectra, which was activated in May 2025. Pectra activated a number of EIPs, including:

● Staker Flexibility: Validators can now accumulate rewards, holding balances from 32 to 2048 ether and earning compounding rewards. The prior distributing validator model (which sends rewards above 32 ether to a withdrawal address) remains supported.

● User Experience Enhancements: Self-custodied wallets can now delegate to smart contracts, enabling new functionality such as sponsorship.

**Ethereum wallets and transactions**

Similar to the Bitcoin System, users of the Ethereum Network must either run an Ethereum Client or use an Ethereum wallet. To initiate an Ethereum transaction, users generate a pair of private and public keys, the latter being used to receive funds, and the former to authenticate transactions, send funds and interact with dApps on the platform. The same careful management of private keys must be carried out in the case of Ethereum, allowing a user to securely custody ether and other crypto assets living on the Ethereum Network. Nonetheless, in contrast to Bitcoin, where multiple private-public key pairs can be derived from a single seed phrase, Ethereum operates on an account-based model. This means that instead of tracking multiple individual key pairs, a single account is used to manage the balance of ether and crypto assets. Each account has an associated public address and private key, and the entire balance is tied to the account rather than to individual key pairs. To execute any transaction on Ethereum, including sending ether and other crypto assets, and interacting with dApps, a user must hold enough ether on its balance to pay for the gas costs of the corresponding code execution.

**Ether Markets**

The Ethereum market includes a wide array of participants in the investment, retail, and service sectors. The investment sector, similar to bitcoin, includes both private and professional investors who trade ether for speculative purposes. The retail sector involves users who buy ether to transfer it or to pay for transaction fees when transferring other crypto assets and interacting with dApps on the Ethereum Network. Retail users can also buy ether to pay for goods and services, though its adoption as a payment method is still in its infancy. The service sector, on the other hand, is expanding rapidly, with companies like Coinbase, Kraken, and Gemini providing essential services such as trading, payment processing, custodial solutions and staking. As Ethereum continues to evolve, the service sector is expected to grow, offering more sophisticated and varied services to accommodate the network's increasing user base and its unique functionalities like smart contracts.

In addition to using ether to engage in transactions, investors may purchase and sell ether to speculate as to the value of ether in the market, or as a long-term investment to diversify their portfolio. The value of ether within the market is determined, in part, by the supply of and demand for ether in the global ether market, market expectations for the adoption of ether as a store of value, the number of merchants that accept ether as a form of payment, and the volume of peer-to-peer transactions, among other factors.

Centralized spot ether markets typically permit investors to open accounts with the trading platform and then purchase and sell ether via websites or through mobile applications. Prices for trades on centralized spot ether markets are typically reported publicly. An investor opening a trading account must deposit an accepted government-issued currency into their account with the spot market, or a previously acquired crypto asset, before they can purchase or sell assets on the spot market. The process of establishing an account with a centralized ether market and trading ether is different from, and should not be confused with, the process of users sending ether from one Ethereum address to another Ethereum address on the Ethereum Blockchain or decentralized on-chain trading platforms. This latter process is an activity that occurs on the Ethereum Network, while the former is an activity that occurs entirely within the order book operated by the centralized spot market. The centralized spot market typically records the investor's ownership of ether in its internal books and records, rather than on the Ethereum Blockchain. The centralized spot market ordinarily does not transfer ether to the investor on the Ethereum Blockchain unless the investor makes a request to the crypto asset trading platform to withdraw the ether in their account to an off-exchange ether wallet.

Outside of the spot markets, ether can be traded OTC. The OTC market is largely institutional in nature, and OTC market participants generally consist of institutional entities, such as firms that offer ether-sided liquidity for ether, investment managers, proprietary trading firms, high-net-worth individuals that trade ether on a proprietary basis, entities with sizable ether holdings, and family offices. The OTC market provides a relatively flexible market in terms of quotes, price, quantity, and other factors, although it tends to involve large blocks of Ether. The OTC market has no formal structure and no open-outcry meeting place. Parties engaging in OTC transactions will agree upon a price, often via phone or email, and then one of the two parties will initiate the transaction. For example, a seller of ether could initiate the transaction by sending the ether to the buyer's ether address. The buyer would then wire U.S. dollars to the seller's bank account. OTC trades are sometimes hedged and eventually settled with concomitant trades on ether spot markets. In addition, ether futures and options trading occur on exchanges in the U.S. regulated by the CFTC. The market for CFTC-regulated trading of ether derivatives has developed substantially.

**SOL (Solana Blockchain)**

Solana is a smart contract platform enabling the creation of dApps such as DeFi, digital collectibles, and blockchain games. Its system comprises the Solana Network, the Solana Blockchain, the Solana Protocol and Solana Clients. SOL is the native crypto asset for the Solana system.

Solana uses PoS for network consensus but integrates Proof-of-History into its PoS mechanism to enable continuous block production. This allows Solana to skip over slow or unresponsive slot leaders without waiting for a full consensus round. Proof-of-History, despite common misconceptions, is not a standalone consensus algorithm. While Solana's current consensus integrates Proof-of-History, the network could theoretically function without it by making minor adjustments to its implementation. Proof-of-History ensures consistent block production, with each validator independently verifying the sequence, eliminating the need for external time synchronization. Solana's consensus algorithm, Tower BFT, leverages Proof-of-History's synchronized clock computations to enhance performance and efficiency. This creates a universal clock across the network, allowing it to skip slots assigned to slow or unresponsive leaders. Validators can produce blocks continuously without waiting for previous blocks or undergoing a synchronous consensus round for each slot.

SOL does not have a fixed cap supply. It serves multiple purposes: (i) existing tokens are deposited as collateral (or stake) for users to join the network's validation set and provide security, (ii) newly issued tokens are issued as rewards for validators operating the network, and (iii) existing tokens are the medium of exchange with which users pay for code execution on the platform, allowing them to interact with different applications and send assets from one place to another. Every SOL is fractionable to the smallest unit called Lamports, with its smallest fraction equal to 0.000000001 SOL each, named in honor of Leslie Lamport.

The Solana blockchain relies on two types of globally distributed nodes: Validators and Remote Procedure Call (RPC) nodes. Validators are voting consensus nodes, while RPC nodes are non-voting nodes. Validators vote to determine the validity of transactions until consensus is reached. Once validated, the on-chain state changes are applied, and the transactions are recorded in the Solana ledger for permanent storage. The RPC node then sends the response back to the client application. Solana's governance relies on Solana Improvement Proposals (SIPs), which outline suggested network changes. Anyone can submit a SIP, but community support is crucial. Validators, developers, and stakeholders review proposals to reach consensus on updates that shape the blockchain's future.

Solana offers faster and cheaper transactions compared to Ethereum, leading the space of alternative infrastructure platforms in crypto. As a general purpose smart contracts platform, Solana allows for the creation of diverse applications, including blockchain games, minting and transfer of dollar stablecoins and crypto payments through traditional methods. On March 18, 2025, SOL futures became available for trading in both a micro-sized (25 SOL) and a larger-sized contract (500 SOL) on CME, a CFTC-regulated marketplace.

**XRP (XRP Ledger Blockchain)**

XRP Ledger is an open-source, decentralized blockchain created in 2012 and is designed to facilitate rapid and cost-effective global payments. Its system comprises the XRPL Blockchain, the XRPL Protocol and XRPL Clients. XRP is the native crypto asset of the XRP Ledger system.

XRPL Ledger can process nearly 1,000 transactions per second, making it suitable for cross-border payments with very low transaction fees. It supports a variety of transaction types, including payments, escrows, trust sets, order book transactions, and payment channel transactions. The XRP Ledger uses a unique consensus protocol that ensures all users can agree on the ledger's current state and the order of transactions. This protocol, known as the XRP Ledger Consensus Protocol, processes valid transactions without relying on a central operator, avoiding single points of failure. The network remains functional even if participants join, leave, or misbehave. If too many participants are unreachable or acting maliciously, progress halts instead of confirming invalid transactions. This consensus method avoids the resource-intensive competition seen in most other blockchain systems. The XRP Ledger Consensus Protocol aims to agree on a set of transactions for the next ledger version, apply them in order, and confirm that all participants reach the same result. Once this process is complete, the ledger version is considered validated and final.

XRP, as a crypto asset, serves as a bridge currency for financial transactions between different currencies and assets, granting access to the XRPL, which is designed to support a wide range of uses, including asset tokenization solutions and the issuance of digital currencies. XRP functions both as a crypto asset and as a security measure to prevent spam and malicious activity. Every XRP is fractionable to the smallest unit called Drop, and it has the same precision as a 64-bit unsigned integer where each unit is equivalent to 0.000001 XRP. It uses integer math, so that any amount less than a full drop is rounded down. XRP has a burning mechanism where a small fee is levied on each transaction, and this fee is permanently removed from the total supply. This explains why the total supply of XRP slightly differs from the maximum supply of 100 billion, with the current total at 99.98 billion.

XRP possesses a maximum supply cap of 100 billion coins, and there was no initial coin offering for XRP. Instead, XRP was created and distributed through a private sale, with Ripple Labs, the company behind the XRP Ledger, initially holding a significant portion of the total supply. XRP's distribution was structured differently from typical ICOs, and no public token sale occurred at the time of its launch. The initial distribution of the pre-mined XRP tokens was allocated among Ripple, the company behind the XRP Ledger, its co-founders, and the core team. Out of the 100 billion tokens, Ripple received 80 billion, while the remaining 20 billion were assigned to the co-founders and core team. To maintain control over the supply, Ripple locked 55 billion of the 80 billion tokens it received. These locked tokens are periodically unlocked through monthly escrows.

Any changes affecting transaction processing or consensus must be approved by at least 80% of the network of validators. While Ripple Labs contributes to the network, its rights are the same as any other contributor. The XRP Ledger has over 150 validators, with more than 35 on the default Unique Node List (UNL), and Ripple operates only one of these nodes.

Recent advancements in programmability, coupled with successes in legal battles, have enhanced XRP's public perception. However, the value of XRP is primarily influenced by factors such as demand in the global crypto market, market expectations for the adoption of the XRP Ledger as a novel payment network, the number of merchants accepting XRP, and the volume of peer-to-peer transactions involving the asset, among others. On May 20, 2025, XRP futures became available for trading on CME, a CFTC-regulated marketplace.

**Ada (Cardano Blockchain)**

Cardano is a blockchain platform designed for scalability, security, and sustainability, supporting smart contracts and decentralized applications. The Cardano system comprises the Cardano Network, the Cardano Blockchain, the Cardano Protocol, and Cardano Clients. Ada is the native crypto asset of the Cardano system.

Cardano uses the Ouroboros PoS protocol to maintain its Blockchain where each block contains transactions and data, cryptographically linked. The Protocol includes rules for transaction processing, block creation, and consensus. Cardano Clients run on distributed computers worldwide, which interact with the Network to maintain the Blockchain, validate transactions and execute smart contracts.

Ada is used to pay for transaction fees on the Network, as a peer-to-peer currency for value transfer, a unit of account with the ecosystem of applications, as the economic incentive for staking and participating in consensus, and within Cardano's governance model where ada holders can vote on proposals. Every ada is fractionable to the sixth decimal place, with its smallest fraction equal to 0.000001 ada and called a "Lovelace."

To participate in Ouroboros, ada holders can either operate staking pools and run Clients or delegate ada holdings to a staking pool. Over time, pool operators are selected to create blocks based on their share of the stake in the Network. Similarly to Bitcoin and Ethereum, network upgrades are managed through Cardano Improvement Proposals (CIPs), with significant updates like the implementation of smart contracts happening in September 2021 via the Alonzo upgrade and further enhancements in scalability such as the launch of the Hydra second layer in May 2023.

Ada possesses a maximum supply cap of 45 billion coins, whose distribution included an initial coin offering, in which participants bought ada using other crypto assets such as bitcoin and ether prior to the network's genesis block, created in September 2017. Approximately 31.1 billion ada were initially distributed as follows: 648.2 million were assigned to the Cardano Foundation, 2.1 billion ada to EMURGO, 2.5 billion ada to IOHK, and 25.9 billion ada were sold to the public during the ICO. The remaining ada supply is distributed over time through staking rewards. When a stake pool successfully creates a block, it earns a reward to be shared among the pool's operators and delegators. The reward consists of a base reward, a fixed amount of ada awarded for creating a block, and fees paid by users whose transactions are included in the block. In October 2025, the circulating supply of ada was approximately 36 billion coins.

To incentivize decentralization of the capital among staking operators, pools with a larger stake receive more opportunities to create blocks, but the reward distribution mechanism ensures that smaller pools can still be viable. There's a saturation point beyond which additional stake in a pool does not yield additional rewards, encouraging the delegation of ada to multiple pools for a more decentralized network. A portion of the block reward is also allocated to a community treasury, which can be used for funding projects through Cardano's governance system. While new ada is minted through staking rewards, the rate of issuance is designed to become increasingly less inflationary over time. This controlled inflation aims to balance incentivizing participation with maintaining the value of ada, with rewards from staking expected to decrease as more ada is staked, reducing the overall issuance rate.

Being a smart contracts platform, Cardano directly competes with networks like Ethereum and Solana, distinguishing itself with its academic approach to blockchain development, emphasizing peer-reviewed research. The network's evolution, particularly in smart contract capabilities, positions ada as an integral part of Cardano's broader ecosystem for decentralized applications. As such, the value of ada is determined, in part, by the supply of and demand for ada in the global crypto market, market expectations for the adoption of Cardano as a novel technological platform for dApps, the number of merchants that accept ada as a form of payment, the volume of peer-to-peer transactions involving the asset, among other factors.

**AVAX (Avalanche Blockchain)**

Avalanche is a scalable, interoperable blockchain platform designed for high throughput and low latency, supporting dApps, custom blockchains called subnets, and asset creation. The Avalanche system comprises the Avalanche Network, the Avalanche Blockchain, the Avalanche Protocol, and Avalanche Clients. AVAX is the native crypto asset of the Avalanche system.

Avalanche utilizes a novel consensus protocol known as the Avalanche Consensus, a novel implementation of PoS based on repeated sub-sampling of validators to reach consensus quickly, offering speed and scalability over other PoS variants. The Avalanche Protocol governs how transactions are validated, blocks are created, and consensus is achieved across three primary blockchains: the X-Chain for asset creation, the C-Chain for creation of smart contracts compatible with the Ethereum Virtual Machine (EVM), and the P-Chain for coordinating validators and subnets (to be defined below).

Nodes on the network run clients to validate transactions and maintain the network, categorized into types based on their roles within the three chains. It's possible to use Avalanche to create customizable blockchains known as subnets, allowing for private or public networks with their own set of validators, enhancing scalability and customization for specific applications. Network upgrades are managed through Avalanche Improvement Proposals (AIPs), with updates focusing on improving network functionality, interoperability, and performance.

AVAX is used to pay for transaction fees on the Network, as a peer-to-peer currency for value transfer, a unit of account with the ecosystem of applications, and as the economic incentive for staking and participating in consensus. AVAX is also used for creating and interacting with subnets. Every AVAX is fractionable to the ninth decimal place, with its smallest fraction equal to 0.000000001 AVAX and called a nanoAVAX or nAVAX.

AVAX has a maximum supply cap of 720 million tokens, and a portion of transaction fees is burned, introducing a deflationary mechanism that reduces the circulating supply over time. In September 2020, 360 million coins were minted at network's genesis, and the other half of the AVAX tokens are minted over time as a reward to validators securing the system. The initial supply was primarily distributed to the Avalanche Team, the Avalanche Foundation, the community and development endowment, strategic partnerships; publicly sold in an ICO, privately sold, or sold in a seed round; or airdropped to early users of the ecosystem. Most of this initial distribution was subject to vesting schedules, fostering long-term commitment of the entities involved in the launch of Avalanche. Transaction fees on Avalanche are not reverted to validators but rather burned, being permanently removed from the asset's circulating supply. The issuance of new AVAX is governed by dynamic parameters, which over time determine the future supply expansion rate subject to the asymptotic maximum cap.

Avalanche competes directly with networks like Ethereum, Solana and Cardano, standing out due to its focus on speed, scalability, and the ability to create customized subnets, aiming to offer a platform where developers can build in a more flexible and efficient environment compared to other blockchain ecosystems. The value of AVAX is determined, in part, by the supply of and demand for AVAX in the global crypto market, market expectations for the adoption of Avalanche as a novel technological platform for dApps, the number of merchants that accept AVAX as a form of payment, the volume of peer-to-peer transactions involving the asset, among other factors.

**Litecoin (Litecoin System)**

Litecoin is a decentralized, open-source blockchain designed for peer-to-peer transactions. Its system comprises the Litecoin Network, the Litecoin Blockchain, the Litecoin Protocol, and Litecoin Clients. The native crypto asset of the Litecoin system is litecoin (LTC).

LTC is used in peer-to-peer transactions to pay for goods and services, stored for future use, or converted to government-backed currency such as the U.S. dollar. It has a maximum supply cap of 84 million coins, with every LTC fractionable to the eighth decimal place, and its smallest fraction equal to 0.00000001 LTC and called a "Litoshi" (analogously to Bitcoin Satoshis).

To make sure that the creation of blocks and thus the issuance of new LTC occur on average every 2.5 minutes, the Litecoin system also possesses a built-in difficulty adjustment that tunes the cost of generating a valid proof-of-work every interval of 2,016 blocks — approximately every 3.5 days (against Bitcoin's approximate 14 days difficulty periods) — starting from its genesis block, which was mined on October 7, 2011. Newly-issued LTC is the primary incentive for miners to keep appending blocks to the Blockchain. In addition, users of the Network can pay miners with additional LTC to prioritize their transactions, with fees typically lower in comparison to the ones on Bitcoin due to Litecoin's design for faster and cheaper transactions.

The value of LTC depends on its supply (which is limited to 84 million), and demand for LTC in the markets for exchange that have been organized to facilitate the trading of the asset. The supply of LTC follows a predefined issuance schedule. After every 840,000 mined blocks, the issuance of LTC per block is reduced in half. Litecoin's mining subsidy started at 50 LTC per mined block and remained constant until the first halving in August 2015 (at 840,000 blocks), dropping the mining subsidy to 25 LTC. The second halving occurred in August 2019 (at 1,680,000 blocks) setting the subsidy per block to 12.5 LTC. The third halving occurred in August 2023 (at 2,520,000 blocks), setting the subsidy per block to 6.25 LTC until height 3,359,999. In October 2025, the circulating supply of LTC was approximately 76 million coins.

LTC is considered a direct competitor to bitcoin as a crypto asset for digital payments given its goal of improving upon bitcoin by offering faster transaction confirmation times and a different proof-of-work algorithm to potentially have a more decentralized set of miners. Nonetheless, while LTC also possesses a very strict monetary policy, its market perception as an emerging digital store of value is not as relevant or consolidated as is the case of BTC. Therefore, the value of LTC is determined, in part, by the supply of and demand for LTC in the global crypto market, market expectations for the adoption of Litecoin as novel payment network, the number of merchants that accept LTC as a form of payment, the volume of peer-to-peer transactions involving the asset, among other factors.

**DOT (Polkadot Network)**

Polkadot is an online, decentralized, distributed computing platform that operates on a peer-to- peer basis. The Polkadot system includes the Polkadot Network, Relay Chain, which is a decentralized protocol that secures, connects, and coordinates every chain, independent Parachains, and Bridges. The native crypto asset of the Polkadot system is DOT. Unlike bitcoin, there is no maximum amount of DOT that may be outstanding. DOT is divisible to up to ten decimal places into shares named "Plancks."

Polkadot is designed to be a base layer platform that will enable future developers the ability to build a wide variety of decentralized applications, as well as to seamlessly connect with existing non-Polkadot blockchains such as Bitcoin or Ethereum. Decentralized applications are applications that are designed to run without a middleman between the developer and the user. Polkadot's main feature is a sharded blockchain protocol. Conventional "homogenous" sharding is a way to distribute the burden of computation involved in processing the blocks of a blockchain. When sharded, portions of the distributed ledger are broken down further and distributed to additional computers for faster processing of a single chain. Heterogeneous sharding, on the other hand, is unique to Polkadot. Heterogeneous sharding allows an entire network of blockchains to distribute the workload as shards but to operate together in a single ecosystem. This gives developers scale, while still preserving a high degree of flexibility to customize features. This flexibility allows for blockchains built on the Polkadot protocol to optimize for their own use cases.

The second Polkadot blockchain is the Relay Chain acting as a base layer that connects all the Parachains together. The Relay Chain validates the state transition of all the connected Parachains. It is also what allows the Parachains to stay heterogeneous. By offloading the consensus work and block building to the Relay Chain, individual Parachains sacrifice less functionality and gain scale from parallel transactions that can be done on the latent capacity around the chain. Also, importantly, the Relay Chain facilitates cross communication between Parachains. Akin to the ARPAnet for the early internet, Polkadot harmonizes blockchain communications to allow data to move independently, facilitating the creation of large numbers of currently unworkable decentralized applications. The Polkadot system uses the Relay Chain as a heterogeneous, multi-chain to ensure the secure transfer and authenticity of each DOT and hosts the public transaction ledger. The Relay Chain is a decentralized digital file, or ledger, that contains all the records of DOT and is stored in multiple copies globally on the computers of users of the Polkadot Network. The Relay Chain is public and accessible to all, and includes a record of every DOT, every transaction in DOT in order and every public address on the Polkadot Network. Every computer on the Polkadot Network is a "node," and collectively all of the nodes ensure that each new transaction in DOT adheres to certain rules before it is added to the Relay Chain.

Transaction data is permanently recorded on the Relay Chain in data files called "blocks," which reflect transactions that have been recorded and authenticated by Polkadot Network participants. Each newly recorded block of transactions refers back to and "connects" with the immediately preceding recorded block in the ledger. Each new block records outstanding DOT transactions, and outstanding transactions are settled and validated through such recording. Although there are size limits to each block, the Relay Chain is designed to represent a complete, transparent, secure and unbroken history of all the transactions that have occurred on the Polkadot Network. The Polkadot Network and associated software programs can view the Relay Chain to determine the exact balance, if any, of DOT associated with any public address listed on the Relay Chain.

The third Polkadot blockchains, are Bridges, which allow Parachains to interact with external blockchains like Ethereum or Bitcoin Blockchain, although with some limitations. Due to the nature of decentralized technology, there will not be one blockchain to run all applications, yet there should not be a constellation of blockchains, all in the same universe but galaxies apart. The interoperability of Polkadot is therefore a notable feature.

Polkadot Network uses a "Nominated PoS" algorithm, in which "nominators" can delegate their tokens to trusted validators, giving them voting power in selecting validators while spreading security responsibilities across the network.

The Polkadot Network launched with its proof of concept software release in May 2018, and Polkadot's first live and operational blockchain candidate was launched in May 2020. This was the first step in a multi-stage deployment per the project's planned roadmap. This first version of Polkadot used a Proof of Authority consensus mechanism managed by six validators in the Web3 Foundation. In June 2020, the Web3 Foundation started the initial validator election process to transition the network to a Nominated PoS consensus mechanism. This started the process of allowing DOT token holders from the fundraise the ability to stake DOT with newly elected validators. In July 2020, the Web3 Foundation used its "superuser" key to upgrade the network and unlock full governance authority. Shortly thereafter, the newly formed governance council removed the Web3 Foundation's "superuser" privileges, allowing for the network to become permissionless. Then, in August 2020, DOT token transfers were unlocked.

In the October 2017 fundraise of DOT, 10 million DOT were created and reportedly distributed as follows: 50% allocated to 2017 token sale investors; 5% allocated to the 2019 private sale investors; 3.4% allocated to 2020 token sale investors; 11.6% retained by the Web3 Foundation for future fundraising efforts; and 30% allocated to the Web3 Foundation for operating expenses used to develop Polkadot.

DOT is stored on a blockchain and is linked to a unique digital address, or wallet, that is associated with a public key and a private key. Ownership of DOT is established by recording on the Relay Chain the unique address and the amount of DOT held. The wallet thus holds the cryptographic keys associated with DOT, rather than the DOT itself. A Polkadot wallet is tied to Polkadot network functions, like participating in governance, contributing to crowdloans, and staking.

DOT is mainly used for the functional mechanisms of the Polkadot Network. The DOT serves five primary functions: governance over the Polkadot Network, allowing for interoperability between Parachains and Bridges, as the gas token of the Polkadot Network, staking for network operations and bonding for Parachains to secure a spot on the Relay Chain. When messages are sent between two blockchains on the network, DOT is used to pay for fees. DOT holders are also responsible for managing significant events by voting on protocol upgrades and fixes. The token also ensures that network participants act in a manner that does not damage the network by putting capital at risk. In order to provide an incentive to participate in the operation of the Polkadot Network, participants who perform their delineated roles in validating transactions are awarded DOTs. Unlike tokens generated by mining on blockchains that use a Proof-of-Work consensus algorithm, the Polkadot Network uses a PoS algorithm.

**Dogecoin (Dogecoin Blockchain)**

Dogecoin Network is a peer-to-peer, decentralized network of computers that operates on cryptographic protocols. The Dogecoin Blockchain is the decentralized ledger upon which Dogecoin transactions are processed and settled, serving as the underlying technology of the Dogecoin Network. No single entity owns or operates the Dogecoin Blockchain, the infrastructure of which is collectively maintained by a decentralized user base. Dogecoin is the native crypto asset of the Dogecoin system. The supply of Dogecoin is intentionally unlimited, with thousands of Dogecoins introduced regularly rather than a capped limit.

The Dogecoin Network allows people to exchange tokens of value, Dogecoin, which are recorded on the Dogecoin Blockchain. The Dogecoin Network is based on a shared public ledger, the Dogecoin Blockchain, similar to the Bitcoin network. However, the Dogecoin Network differentiates itself from other crypto asset networks in that its stated primary function is community-driven and widely used for tipping and microtransactions, rather than serving as a store of value. The Dogecoin Network is designed to be a fast and accessible peer-to-peer payment system. As a result, the Dogecoin Network and Dogecoin aim to improve the ease and affordability of transferring value while fostering a fun and inclusive community around the crypto asset.

Dogecoin was originally developed by software engineers as a lighthearted take on the rapidly emerging crypto asset market in 2013. They believed that existing crypto assets at the time, such as Bitcoin, had overly grandiose goals to "change the world," and launched Dogecoin as a fun, community-driven, and lighthearted alternative. The project adopted a popular internet meme – a photograph of a Shiba Inu dog named Kabosu, as its brand image and mascot, and chose the name "Dogecoin" in reference to the dog as a way of emphasizing the fun and friendly aspects of the project. The use of an internet meme as inspiration for the project later caused users to refer to Dogecoin as a memecoin and sparked the creation of many competitor memecoins.

Built on the framework of Litecoin Blockchain, Dogecoin Blockchain uses a simplified and energy-efficient proof-of-work mechanism using the Scrypt algorithm, which allows for faster transaction processing compared to Bitcoin Blockchain. Relative to Bitcoin, which utilizes the SHA-256 cryptographic algorithm, the Dogecoin Blockchain is optimized for speed, processing transactions in approximately one minute, as opposed to approximately 10 minutes for bitcoin, and is energy-efficient compared to many other blockchain systems. The fast settlement times are useful for microtransactions and everyday payments. The Dogecoin Blockchain also has scalability, capable of handling significant transaction volumes without significant delays and low transaction fees. Dogecoin reportedly also had a "fair launch," which means that no single person or entity received grants of Dogecoin prior to the launch; instead, all new Dogecoin has been earned in the market through mining activity.

Transactions are validated on the Dogecoin Blockchain by a network of independent nodes. These nodes participate in securing and updating the ledger through a proof-of-work mechanism. Any participant can run a node to validate transactions and contribute to the health and integrity of the network. Unlike permissioned systems, the Dogecoin Blockchain operates in a fully decentralized and permissionless manner, allowing anyone to join and participate in the network without requiring approval or relying on trusted entities.

The process begins when a user submits a transaction to the Dogecoin Network. The submitted transaction is broadcast to nodes within the network. Miners, who act as validators, then group transactions into blocks and compete to solve a computational puzzle as part of the proof-of-work process. The first miner to successfully solve the puzzle adds their block of transactions to the blockchain. Once a block is added, it is shared with all nodes in the network, which validate the new block and ensure that it conforms to the blockchain's rules. This decentralized process ensures the accuracy and security of the Dogecoin Blockchain.

Notably, Dogecoin miners may engage in "merged mining" with the Litecoin network, because Dogecoin and Litecoin use the same Scrypt-based proof-of-work consensus mechanism. Merged mining occurs when a single miner mines blocks on two chains at once. The process allows the smaller chain to benefit from the security of the larger chain, but can introduce risks of centralization and conflicts of interest.

Before engaging in Dogecoin transactions, a user generally must first install Dogecoin wallet software on their computer or mobile device. This software allows the user to generate a private and public key pair associated with a Dogecoin address. The Dogecoin wallet enables the user to connect to the blockchain and transfer Dogecoin to, and receive Dogecoin from, other users. Each Dogecoin address, or wallet, is associated with a unique public key and private key pair.

Dogecoin can be held in various types of wallets, including hardware wallets, software wallets, and custodial wallets. A wallet stores the private keys that control the account on the Dogecoin Blockchain. The private key is essential for signing transactions on the blockchain. Whoever possesses the private key associated with a Dogecoin account effectively controls the Dogecoin held by that account.

However, if a user loses or deletes their private key, they may permanently lose access to the Dogecoin in the associated wallet.

When sending Dogecoin, the user's wallet software must validate the transaction with the private key. This digitally signed transaction is then broadcast to the Dogecoin Network, where miners validate and confirm it through the proof-of-work process. Since every computation on the Dogecoin Network requires processing power, there is a small transaction fee paid by the sender. This fee ensures that the network remains efficient and incentivizes miners to process transactions.

Some Dogecoin transactions are conducted "off-blockchain" and are therefore not recorded on the Dogecoin Blockchain. These "off-blockchain transactions" involve the transfer of control over, or ownership of, a specific digital wallet holding Dogecoin or the reallocation of ownership of certain Dogecoin in a pooled-ownership digital wallet, such as a wallet owned by a crypto asset trading platform. In contrast to on-blockchain transactions, which are publicly recorded on the Dogecoin Blockchain, information and data regarding off-blockchain transactions are generally not publicly available. Therefore, off-blockchain transactions are not true Dogecoin Network transactions, as they do not involve the transfer of transaction data on the Dogecoin Blockchain and do not reflect the movement of Dogecoin between addresses recorded on the ledger. For these reasons, off-blockchain transactions are subject to risks. Any such transfer of Dogecoin ownership is not protected by the protocol underlying the Dogecoin Blockchain and is not recorded or validated through the blockchain's decentralized ledger mechanism.

**HBAR (Hedera Network)**

The Hedera Network is a public distributed ledger technology network that enables people to interact and transact online efficiently and securely without the need for third-party companies, which often collect and sell their users' personal information. The purpose of the Hedera Network is to provide a stable, trustworthy network for a wide variety of decentralized, enterprise-grade applications. Although the primary purpose of the Hedera Network is not to operate a payments system or store of value, like most public DLT networks, the Hedera Network requires a crypto asset to properly operate and incentivize consensus and behavior on the DLT network. HBAR is the native crypto asset of the Hedera Network. HBAR are used to power decentralized applications, build peer-to-peer transactional models, and protect the network from malicious actors.

The Hedera Network works through a type of distributed consensus technology based on the "hashgraph" consensus algorithm. The combination of the consensus algorithm and corresponding data structure of the Hedera Network is different from most other prominent DLT networks that are based on blockchain technology.

Like blockchains and other DLTs, the Hedera Network allows online communities to create a shared, trustworthy database without the need for third-party intermediaries. Other DLT networks face trade-offs between performance and security (if they are faster, they are less secure; if they are more secure, they are forced to slow down). In contrast, according to Hedera, hashgraph based transactions are processed at speeds that can be orders of magnitude faster than on a blockchain, and offers higher levels of security needed for distributed networks.

According to Hedera, developers and enterprises can use the Hedera Network's services (crypto assets, smart contracts, file, and Hedera Consensus Service) to create applications that run on top of the network. The Hedera Network supports the potential for an exceptionally wide range of applications — from music-streaming services to pharmaceutical supply chain management to energy microgrids to multi-player online games.

The Hedera Network is built on the hashgraph distributed consensus algorithm, invented by Dr. Leemon Baird and subsequently patented by Swirlds, Inc. in 2016. Swirlds has granted to Hedera an exclusive non-transferable, perpetual right and license to using hashgraph technology for the limited and sole purpose of making the Hedera Network. The hashgraph data structure and consensus algorithm provides a novel platform for distributed consensus.

The Hedera Network is governed by the Hedera Governing Council (Hedera Council), a rotating group of global organizations that span across multiple industries and geographies. The primary responsibilities of Hedera Council members are to: (i) participate in the governance of the Hedera Network; and (ii) host and maintain a node on the Hedera Network. Hedera Council members contribute their expertise and experience in Hedera Council deliberations and decision-making relating to software updates, Hedera Treasury management, network pricing, regulatory compliance, and other key governance matters.

Each Hedera Council member holds an equal ownership interest in the Hedera Network and has equal voting rights on governance matters. The Hedera Council membership does not confer any economic interest in Hedera, such as rights to dividends or a share of profits. Other than Swirlds, Inc. (which has a permanent Hedera Council seat), each Hedera Council member is term-limited to two consecutive three-year terms, and members will accordingly rotate on and off the Hedera Council. The Hedera Council also votes on proposals to upgrade the Hedera Network software and other features, although the source code and protocols for the Hedera Network are capable of being developed in an open- or closed-source environment for distributed applications.

One central difference between hashgraphs and blockchains is the way that they add transactions to their respective distributed ledgers. Generally on a blockchain, blocks with records of transactions are added to the data-chain one after the other to create a history of the network's data. If two miners create blocks simultaneously, the blockchain will momentarily fork and the network's nodes will choose to continue adding to the longest chain, abandoning the shorter chain. The sequential order must be maintained for the network to function and to ensure the ledger consists of just one chain of blocks.

Hashgraphs also package transactions into blocks, but unlike on a blockchain, all hashgraph blocks are added to the distributed ledger, regardless of their order or circumstance – none are discarded. The hashgraphs are all used to create a more complete picture of the network's transactional data. The resulting structure is called a Directed Acyclic Graph and one of the primary advantages over blockchains is that they can reduce the data size per transaction, thereby lowering costs, increasing speed, and ultimately achieving higher levels of scalability.

To achieve consensus on the network's transactional data, hashgraph functions to calculate a fair order of transactions in a decentralized environment. One of the major differentiators is the degree to which individuals or small groups are prevented from manipulating the order, ensuring fairness.

Hashgraph uses "gossip about gossip" and virtual voting in order to bring the network to consensus on the timestamp of any event with efficiency of bandwidth usage without centralizing around any entity or group of entities. Nodes continuously communicate all the information they hold about transactions to other nodes at random via gossip protocol. Every time two nodes come in sync, each node marks the completion of the sync with an "event." An event is a data structure that is stored in the network's memory and comprises a timestamp, transactions, two hashes of the last of each node's events, and a cryptographic signature. Hashgraph calculates timestamps via automated virtual voting such that consensus is collectively arrived at by all nodes.

HBAR enables any holder of the asset to pay for utility provided by the network, and also ensures security of the network through the process of staking (tying influence within virtual voting to the amount of coin held). This also protects the network from malicious actors through a staking mechanism similar to PoS, by using HBAR as a scarce resource.

Gossip between the network nodes is the same speed regardless of which node submitted the transaction and cannot be increased by paying more for a given transaction. This differs from other public network models which allow applications to pay more for their transactions to be processed first. Similarly, because there is no concept of leaders in the consensus, no small subset of nodes can collude to unduly influence the consensus order in their own favor. This helps the hashgraph consensus algorithm achieve asynchronous Byzantine Fault Tolerance, which enables honest nodes of a network to agree on the timing and order of a set of transactions fairly and securely without a centralized authority.

Transactions are propagated to the network and come to final consensus in a matter of seconds. If an application is worried about a single node holding back from sending the transaction to the rest of the network then they can submit to multiple nodes. In this scenario then only the first transaction to reach consensus would be kept and the others would be ignored.

HBAR serves two vital purposes. First, it is used as a mechanism to secure the network against cyberattacks through the Hedera Network's distributed consensus process. Additionally, it provides the "fuel" that incentivizes and pays for the computing resources necessary to enable the Hedera Network.

The Hedera Network was launched in August 2018. At that time, the network's total fixed supply of HBAR of 50 billion HBAR was minted and placed into a Hedera Treasury account. The Hedera Treasury consists of multiple cryptographically secure, multi-signature accounts. HBAR can be transferred out of a Hedera Treasury account only after a transaction is cryptographically signed by a majority of the Hedera Council members. This ensures that control over the network's crypto assets remains decentralized and vested in large, trustworthy entities.

Hedera's HBAR release plan calls for a slow, measured release of HBAR out of the Hedera Treasury. Hedera's strategy behind this schedule is to release HBAR from the Hedera Treasury such that the growth of circulating supply is commensurate with the adoption and use of the Hedera Network. Hedera's strategy regarding the number of HBAR in circulation may change depending on several factors, including (but not limited to) accelerated or diminished demand for services on the network, network security considerations, efforts to provide incentives or support to developers and others who will encourage use of the network, and as may be needed based on regulatory considerations.

**Bitcoin Cash (Bitcoin Cash Network)**

Bitcoin Cash (BCH) is a crypto asset created and transmitted through the operations of the peer-to-peer Bitcoin Cash Network. There are several key features of the Bitcoin Cash Network.

BCH was created as a result of a fork of the Bitcoin blockchain. In July 2017, bitcoin miners implemented a software upgrade known as BIP 91, which activated the Segregated Witness (SegWit) upgrade at block 477,120. SegWit was sought to enable second-layer solutions on bitcoin, such as the Lightning Network. Several developers, miners and other participants on the Bitcoin blockchain opposed the proposed SegWit upgrades designed to increase bitcoin's capacity; these stakeholders pushed forward alternative plans which would increase the block size limit to eight megabytes through a hard fork.

The Bitcoin Cash fork occurred in August 2017, at block 478,559. Up to the previous block (478,558), the bitcoin and Bitcoin Cash blockchains were identical. This means that anyone who owned one bitcoin at the time of the fork automatically owned one unit of Bitcoin Cash. The technical difference between Bitcoin Cash and bitcoin at the time of the fork is that Bitcoin Cash supports larger block sizes. This allows the Bitcoin Cash blockchain to process more transactions per second compared to bitcoin.

Bitcoin Cash was the first of the bitcoin forks. In November 2018, Bitcoin Cash further split into two separate crypto assets: BCH and Bitcoin Satoshi Vision. In November 2020, there was a second contested hard fork where the leading node implementation, BitcoinABC, created BCHA (now dubbed "eCash" or "XEC").

**LINK (Chainlink Network)**

LINK is issued through a smart contract on the Ethereum Blockchain as an ERC-677 token and serves as the native digital currency for the Chainlink Network. Chainlink Network is a decentralized oracle network built on the Ethereum Network. LINK relies on the Ethereum Network for key functionalities such as storage, transfer, and usage.

The Chainlink Network consists of three main blockchain components: oracle selection, data reporting, and result aggregation.

Oracle Selection: Oracles are entities that connect blockchains to external systems and enable smart contracts to execute based on inputs and outputs from on-blockchain and off-blockchain data sources. A user looking for oracles specifies the requirements in a service level agreement (SLA). SLA parameters include the desired number of oracles, the desired reputation of the oracles, and the types of requested data. A reputation contract tracks service-provider performance metrics.

Data Reporting: Once the SLA has been finalized, off-chain oracles execute and report data back to the blockchain to be utilized by the user. The Chainlink Network includes nodes that acts as a bridge between off-chain data and the Ethereum blockchain.

Result Aggregation: Once the oracles reveal their results, an aggregating contract analyzes the results and reports to the reputation contract. Results are evaluated on the timeliness and correctness of data delivery. Detecting incorrect results is a unique problem for each data feed. For this reason, each purchaser may specify a customized contract to verify the data. These results feed into the reputation system which helps future users evaluate the data providers.

LINK is used as a payment token within the Chainlink ecosystem and a component of the network's security through staking. The LINK token is used to pay Chainlink node operators for oracle services. For a smart contract on Ethereum to use a Chainlink node, it will have to pay using LINK. Chainlink nodes may also stake LINK as collateral as a way of insuring the data delivery service. This staking as collateral function is an optional feature of LINK that allows operators the ability to earn additional income.

The Chainlink Network also offers a fee model where off-chain and on-chain revenue from Chainlink ecosystem adoption is converted to LINK tokens. To reduce payment friction and accelerate adoption, the Chainlink ecosystem allows users to pay for Chainlink services using their preferred form of payment, including on-chain tokens and off-chain fiat payments. These payments are then programmatically converted into LINK tokens using decentralized exchange infrastructure and stored in a strategic Chainlink Reserve.

**Lumen (Stellar Network)**

Lumen is the native token of the Stellar Network. The Stellar Network's intended function is to allow users or businesses to conduct cross-currency transactions securely and quickly. In addition, the Stellar Network also offers a decentralized exchange for the creation and trading of tokenized assets which track the price of foreign currencies or stablecoins such as USDC.

Stellar was created in 2014 by a team of scientists, advisers, and engineers of the Stellar Development Foundation (SDF). The Stellar Network was not created through a fork of the Ripple network, but it does share several similarities with the Ripple network. For example, the Stellar Network initially employed the Ripple Protocol Consensus Algorithm as its consensus mechanism, which was replaced with the Stellar Consensus Protocol as a result of a fork of the Stellar blockchain and subsequent upgrade.

The Stellar Ledger uses a consensus mechanism called the Stellar Consensus Protocol which is an implementation of the Federated Byzantine Agreement pioneered by Ripple, which is similar to PoS, but does not include staking rewards or incentives. Instead, the Federated Byzantine Agreement is a consensus mechanism where nodes independently decide which other nodes to trust for information. Lumens transactions are resolved around every six seconds, which is faster than Bitcoin's block production, which are resolved around every 10 minutes.

Lumens serve multiple purposes. Lumens are needed for transaction fees and minimum balances on accounts on the Stellar Network in order to prevent people from overwhelming the network and to aid in transaction prioritization. This fee prevents users with malicious intentions from flooding the network. Lumens also serve as a security measure that mitigates Denial-of-Service attacks that attempt to generate large numbers of transactions or consume large amounts of space in the Stellar Ledger. Similarly, the Stellar Network requires all accounts to hold a minimum balance of lumens, which incentivizes users to declutter the Stellar Ledger by eliminating abandoned accounts, thereby ensuring that all accounts are likely to have economic utility on the Stellar Network. Lumens may also facilitate multi-currency transactions when there is a liquid market between lumens and each currency involved, allowing for liquidity providers to use lumens to transfer value between two currencies, instead of working across several currency pairs.

**Shiba Inu (SHIB)**

Shiba Inu (SHIB) is a crypto asset created in August 2020 by an anonymous entity called "Ryoshi." SHIB is an Ethereum-based crypto asset and memecoin (considered by many to be a meme-inspired project based on the Dogecoin meme featuring the Shiba Inu dog as its mascot). To improve efficiency, the community developed Shibarium, a Layer-2 blockchain built on Ethereum, designed to reduce transaction costs and increase throughput. SHIB is designed to be used as a medium of exchange and store of value. SHIB had a total supply of one quadrillion tokens.

SHIB is the most widely available of four principal types of tokens that form part of the SHIB ecosystem. SHIB can be exchanged with any of the ERC20 tokens of the Ethereum ecosystem. The three other tokens include: (1) Leash, with a total supply of only 107,646 tokens; (2) Bone (BONE), with a total supply of 250 million tokens and only available on the decentralized exchange ShibaSwap. BONE is a governance token that will allow Shiba Inu users and developers (the "ShibArmy") to vote on proposals. The more BONE users possess, the more weight their vote will carry in the decision process of future projects. (3) TREAT is the Transactional Rewards for Engagement and Access Token, serving as the Shiba Inu ecosystem's key reward mechanism and gateway to exclusive features and opportunities.

The SHIB ecosystem supports projects such as an non-fungible token art incubator and the development of a decentralized exchange called ShibaSwap. Developed by Shytoshi Kusama, ShibaSwap is the primary DeFi platform within the Shiba Inu ecosystem. ShibaSwap was launched in 2021, based on decentralized exchanges such as SushiSwap and Uniswap. ShibaSwap is designed to boost the utility of the SHIB tokens, offering a range of typical DeFi tools. Users can trade tokens, deposit in liquidity pools, stake their coins, and vote on ShibaSwap governance proposals. These functions are handled by smart contracts on the Ethereum blockchain, which allows users to trade any supported ERC-20 token directly with other users.

Users who add their tokens to a liquidity pool are termed to be "digging" for BONE token rewards. "Diggers" create ShibaSwap Liquidity Provider (SSLP) tokens and deposit them into a liquidity pool. These tokens represent each digger's share in the trading pool and can be used to claim BONE rewards. The more liquidity a digger provides and the longer SSLP tokens are left in the pool, the more rewards the digger can potentially earn. This incentivizes users to contribute to ShibaSwap's liquidity and decentralization, which helps stabilize the tokens' prices and ensure smooth trading.

"Bury" is ShibaSwap's term for staking, another key feature of the platform. "Buried" tokens are temporarily removing them from circulation. In return for this, stakers earn rewards in the form of additional tokens. On ShibaSwap, SHIB, Leash, and Bone tokens can all be "buried." Once buried, these tokens earn returns paid out in a wrapped version of the staked tokens. For instance, if Leash or SHIB tokens are staked, stakers receive xLEASH or xSHIB in return. The rewards for burying tokens are distributed weekly, but only one-third of the rewards can be claimed immediately. The rest are locked up and vested over six months.

**SUI (SUI)**

SUI is a crypto asset that is created and transmitted through the operations of the peer-to-peer Sui Network, a network of computers that operates on cryptographic protocols. No single entity owns or operates the Sui Network, the infrastructure of which is collectively maintained by a broad user base. The Sui Network allows people to exchange tokens of value, called SUI, which are recorded on a public transaction ledger known as a blockchain. SUI can be used to pay for transaction fees and network operations, including computational power on the Sui Network, or it can be converted to fiat currencies, such as the U.S. dollar, at rates determined on crypto asset trading platforms or in individual end-user-to-end-user transactions under a barter system. Furthermore, the Sui Network was designed to allow users to write and implement smart contracts—that is, general-purpose code that executes on the network and can instruct the transmission of information and value based on a sophisticated set of logical conditions. Using smart contracts, users can create markets, store registries of debts or promises, represent the ownership of property, move funds in accordance with conditional instructions and create crypto assets other than SUI on the Sui Network. Smart contract operations are executed on the Sui blockchain in exchange for payment of SUI. Like the Ethereum network, the Sui Network is one of a number of projects intended to expand blockchain use beyond just a peer-to-peer money system.

The Sui Network primarily uses a delegated proof-of-stake consensus mechanism to incentivize SUI holders to validate transactions. Unlike proof-of-work, in which miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, in proof-of-stake, validators risk or "stake" coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked. Any malicious activity, such as disagreeing with the eventual consensus or otherwise violating protocol rules, results in the forfeiture or "slashing" of a portion of the staked coins. Proof-of-stake is viewed as more energy efficient and scalable than proof-of-work.

Unlike many other smart contract platforms that batch transaction into blocks, Sui validators individually validate transactions. Sui uses "Narwhal" and "Bullshark" as its memory pool and consensus engines, respectively, which complement proof-of-stake by allowing transactions performed on Sui to be verified and executed in parallel, rather than sequentially like in prominent blockchains like Bitcoin and Ethereum. Under Narwhal, instead of a proposing validator broadcasting all transactions in a block to the other validators, the proposing validators send references to transactions that other validators have already received in their local memory pools. These memory pools serve as logs of unprocessed transactions awaiting verification and execution on a blockchain. The transaction data can thus bypass the full consensus process, removing the large data transmission step which often impedes proof-of-stake consensus and introduces latency. Further unlike traditional blockchains, which add transactions in a single, linear sequence, Bullshark uses a structure whereby each transaction points to multiple previous transactions, allowing many transactions to be processed at the same time. The purpose of Narwhal and Bullshark is to increase scalability of a blockchain allowing for parallel processing of transactions and increasing transaction speed.

The Sui Network was initially conceived in 2021 by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias to continue research initially performed while the group was employed by Meta Platforms, Inc., in which they collaborated on a crypto asset project called Diem (formerly known as Libra). Mysten Labs Inc. (Mysten), an independent consortium of blockchain software developers which contributes to the development of the Sui Network, formed as an outgrowth of the Diem project. The Sui Foundation is an independent nonprofit entity that supports research and development of open-source technology related to Sui.

Although Mysten and the Sui Foundation continue to exert significant influence over the direction of the development of SUI, the Sui Network is distributed and does not require governmental authorities or financial institution intermediaries to create, transmit or determine the value of SUI.

Unlike Bitcoin, which was solely created through a progressive mining process, 10 billion SUI were created in connection with the launch of the Sui Network. Following the launch of the Sui Network, no further SUI will be created unless a modification (or "fork") of the Sui Network's protocol occurs. The Sui Network's capped total supply of 10 billion SUI tokens is unlocked according to a distribution and unlock schedule designed to balance liquidity, stability, and long-term growth. The Sui "mainnet" launched on May 3, 2023 with a portion of the total supply made liquid at launch.

The SUI token serves four purposes on the Sui Network. First, SUI can be staked within an "epoch" in order to participate in the proof-of-stake mechanism. Second, SUI is the asset denomination needed for paying the Gas Fees to execute transactions or other operations on the Sui Network. Third, SUI can be used as a versatile and liquid asset for various applications including the standard features of money – a unit of account, a medium of exchange, or a store of value – and more complex functionality enabled by smart contracts, interoperability, and composability across the Sui ecosystem. Fourth, and finally, SUI plays an important role in governance by acting as a right to participate in on-chain voting on issues such as protocol upgrades.

The SUI token powers a variety of real-world applications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Decentralized Finance: Lending and borrowing protocols allow users to supply SUI for interest or borrow
against collateral. Yield farming and staking rewards allow liquidity providers to earn yield by participating in automated market makers
and liquidity pools. Stablecoins and payments benefit from SUI's fast and low-cost transactions, making it ideal for cross-border
transfers and remittances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Non-Fungible Tokens: NFT minting and trading allow artists and developers to create and trade NFTs on
SUI's blockchain with low minting costs. On-chain gaming assets enable in-game items, skins, and collectibles to be represented
as NFTs, unlocking true ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Gaming and Metaverse: Play-to-earn gaming economies allow players to earn rewards in a decentralized manner.
Low-latency transactions enable smooth in-game purchases and seamless on-chain interactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Supply Chain and Enterprise Solutions: Provenance and authentication solutions track goods transparently,
ensuring authenticity and reducing fraud. Enterprise blockchain integration supports identity management, record-keeping, and automation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identity Verification and Security: Decentralized identity solutions verify credentials and prevent fraud.
Data privacy enhancements allow privacy-preserving transactions and selective disclosure mechanisms.

SUI has a fixed total supply of ten billion tokens, meaning no additional SUI will be minted beyond this limit. At network launch, a portion of the total supply (roughly 5% of all tokens) was in circulation, while the remaining tokens are being released progressively over time. The structured emission schedule is designed to support network security, incentivize validators and participants, and sustain the long-term growth of the Sui Network.

**RISK FACTORS**

Carefully consider the risks described below before making an investment decision. Refer to the other information included in this prospectus, as well as information found in documents incorporated by reference in this prospectus, before deciding to purchase any Shares. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future.

**Risks Related to Crypto Asset Markets**

**The Eligible Assets are relatively new technological innovations with a limited operating history**

The Eligible Assets have a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of the assets and, in turn, a limited basis for evaluating an investment. Although past performance is not necessarily indicative of future results, if crypto assets had a more established history, such history might (or might not) provide investors with more information on which to evaluate an investment in the Fund.

**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**

Crypto assets (including the Eligible Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. Speculators and investors who seek to profit from trading and holding crypto assets generate a significant portion of the demand for crypto assets. Such speculation regarding the potential future appreciation in the value of crypto assets may inflate their price. Conversely, a decrease in demand or speculation for crypto assets, or a change in regulation and/or the regulatory environment and perceptions thereof, among other things, may cause a drop in the prices of crypto assets. Developments related to the operations of crypto asset networks may also contribute to the volatility in the price of the crypto assets. These factors may continue to increase the volatility of the price of crypto assets, which may have a negative impact on the performance of the Fund.

In the past, developments in the crypto asset economy have led to extreme volatility and disruption in crypto asset markets, a loss of confidence in participants of the crypto asset ecosystem, significant negative publicity surrounding crypto assets broadly and market-wide declines in liquidity. For example, beginning in late 2021 and continuing through 2023, crypto asset prices fell sharply, leading to volatility and disruption in the crypto asset markets. Several prominent crypto asset firms such as Celsius Network LLC, Voyager Digital Ltd., and Three Arrows Capital declared bankruptcy. In November 2022, FTX Trading Ltd. (FTX) (a major crypto asset trading platform by volume), and numerous affiliates of FTX filed for bankruptcy, following which U.S. and other regulators began investigations into FTX, and the U.S. Department of Justice brought criminal charges against FTX's founder and former CEO and others. Several other crypto firms have also declared bankruptcy following the events around FTX, and federal and state regulators in the U.S. have brought charges against a number of crypto firms. These events have adversely affected confidence among participants in the crypto asset markets, and have generated negative publicity and have caused market-wide declines in crypto asset trading prices and liquidity.

Federal and state legislatures and regulatory agencies are expected to introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as crypto asset trading platforms and custodians, and in May 2025, the House of Representatives passed the Digital Asset Market Clarity Act, although this is yet to be passed by the Senate. The U.S. regulators have issued reports and releases concerning crypto assets. However, the extent and content of any forthcoming laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. It is possible that the Fund may be required to comply with new laws and regulations, which could result in new costs for the Fund. The Fund may have to devote increased time and attention to regulatory matters, which could increase costs to the Fund. New laws, regulations and regulatory actions could significantly restrict or eliminate the market for, or uses of, crypto assets including the Eligible Assets, which could have a negative effect on the value of the Eligible Assets, which in turn would have a negative effect on the value of the Shares.

These events are continuing to develop at a rapid pace and it is not possible to predict at this time all of the risks that they may pose to the Sponsor, the Fund, their affiliates and/or the Fund's third-party service providers, or to the crypto asset industry as a whole.

There is a potential for change in the price of Shares between the time an investor places an order to purchase or sell and the time of the actual purchase or sale resulting from the price volatility of crypto assets or (particularly in the case of any Eligible Assets that may have relatively lower market capitalization) due to the Sponsor actively trading the Eligible Assets. Continued disruption and instability in the crypto asset markets as these events develop, including further declines in the trading prices and liquidity of the Eligible Assets, could have a material adverse effect on the value of the Shares and the Shares could lose all or substantially all of their value.

**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**

Momentum trading is a strategy where investors buy or sell an asset based on recent price trends of an asset, rather than its fundamental value. Momentum trading typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, is impacted by appreciation in value. Crypto assets may be subject to momentum trading. Momentum trading may result in speculation regarding future appreciation in the value of crypto assets, which may inflate prices and lead to increased volatility. As a result, crypto assets may be more likely to fluctuate in value due to changing investor perceptions regarding future appreciation or depreciation in prices, which could adversely affect the price of the Eligible Assets, and, in turn, the value of the Shares in the Fund.

**The Reference Rates have a limited performance history and could fail to track the price of the respective crypto asset which could adversely affect the value of the Shares**

The Reference Rates were developed by the Reference Rate Provider and have a limited performance history. A longer history of actual performance through various economic and market conditions would provide greater and more reliable information for an investor to assess the performance of the Reference Rates. The crypto trading platforms used in the Relevant Transactions could also change over time. Although the Reference Rates are intended to accurately capture the market price of the respective crypto assets, third parties may be able to purchase and sell crypto assets on public or private markets not included among the Relevant Transactions, and such transactions may take place at prices materially higher or lower than the Reference Rates' prices. Moreover, there may be variances in the prices of crypto assets on the various crypto asset platforms, including as a result of differences in fee structures or administrative procedures.

If the Reference Rate is not available, the Fund's holdings may be fair valued. To the extent the valuation determined by the Administrator differs materially from the actual market price of the crypto assets, the price of the Shares may no longer track, whether temporarily or over time, the global market price of crypto assets, which could adversely affect an investment in the Fund by reducing investors' confidence in the Shares' ability to track the global market price of crypto assets.

**Further development and acceptance of the Eligible Assets is uncertain**

The further development and acceptance of the Eligible Asset Networks are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development or acceptance of the Eligible Asset Networks may adversely affect the price of the Eligible Assets and therefore cause the Fund to suffer losses. Regulatory changes or actions may alter the nature of an investment in crypto assets or restrict the use of crypto assets or the operations of the Eligible Asset Networks or venues on which the Eligible Assets trade in a manner that adversely affects the price of the Eligible Assets and, therefore, the Fund's Shares. The Eligible Assets are not legal tender and federal, state and/or foreign governments may restrict the use and exchange of the Eligible Assets, and regulation of the Eligible Assets, both in the United States and elsewhere, is still developing. For example, it may become difficult or illegal to acquire, hold, sell or use the Eligible Assets in one or more countries, which could adversely impact the price of such assets, and therefore the value of the Fund's Shares.

**Forks, airdrops, and similar events in the Eligible Asset Networks could have adverse effects**

From time to time, developers of one or more networks underlying the Eligible Assets may suggest changes to the network. If a sufficient number of users and miners elect not to adopt the changes, a new crypto asset, operating on the earlier version of the network, may be created. This is often referred to as a "fork." Hard forks of one or more of the networks underlying the Eligible Asset could adversely affect the market for such assets and, therefore, an investment in the Fund. See "Business of the Fund – Incidental Rights, Forks, Airdrops, and Similar Events."

Furthermore, a hard fork can lead to new security concerns, for example, also, during the DAO attack an Ethereum trading platform announced in July 2016 that it had lost 40,000 Ethereum Classic, worth about $100,000 at that time, as a result of "replay attacks," in which transactions from one network were rebroadcast on the other network. Another possible result of a hard fork is an inherent decrease in the level of security due to significant amounts of validating power remaining on one network or migrating instead to the new forked network. After a hard fork, it may become easier for an individual validator or validating pool's validating power to exceed 50% of the validating power of a crypto asset network that retained or attracted less validating power, thereby making crypto asset networks that rely on PoS more susceptible to attack.

The announcement of a hard fork could also lead to increased demand for the pre-fork crypto asset, in anticipation that ownership of the pre-fork crypto asset would entitle holders to a new crypto asset following the fork. The increased demand for the pre-fork crypto asset may cause the price of the crypto asset to rise. After the hard fork, it is possible the aggregate price of the two versions of the crypto asset running in parallel would be less than the price of the crypto asset immediately prior to the fork. For example, following the DAO hack in July 2016, holders of ether voted on-chain to reverse the hack, effectively causing a hard fork. For the days following the vote, the price of ether rose from $11.65 on July 15, 2016 to $14.66 on July 21, 2016, the day after the first Ethereum Classic block was mined.

The Fund will adhere to the policies outlined by the Crypto Custodian, which may be updated without prior notice to the Sponsor or the Fund. The Crypto Custodian may not support forks and airdrops, and the Fund and the Sponsor may not be able to use its custodial account to attempt to receive, request, send, store, or engage in any other type of transaction involving a new version of any "forked" asset held by the Fund. In the event of a fork, the Crypto Custodian may temporarily suspend operations with respect to the affected asset (with or without advance notice to the Sponsor and/or the Fund) and decide whether to support (or cease supporting) either branch of the forked protocol entirely. Additionally, in case of support, it may take significant time for the Crypto Custodian to implement or provide access to any asset created because of a fork, and the Fund will only be able to account for the forked asset after it is given access by the Crypto Custodian. The Crypto Custodian assumes absolutely no liability whatsoever in respect of an unsupported branch of a forked protocol or its determination whether to support a forked protocol. The Crypto Custodian is under no obligation to support any airdrops or forks, or handle them in any manner, which could adversely impact the value of an investment in the Fund.

In addition to forks, a crypto asset may become subject to an airdrop. In an airdrop, the promoters of a new crypto asset announce to holders of another crypto asset that such holders will be entitled to claim a certain amount of the new crypto asset for free, based on the fact that they hold such other crypto asset. Airdrops could create operational, security, legal or regulatory, or other risks for the Fund, the Sponsor, the Crypto Custodian, Authorized Participants, or other entities.

With respect to any fork, airdrop, or similar event, or other Incidental Rights and/or IR Virtual Currency, the Sponsor shall, in its sole discretion, decide what action the Fund shall take. Such actions that the Fund may take include to irrevocably abandon, claim, or sell such crypto asset, Incidental Right, or IR Virtual Currency, so long as such action is consistent with the Fund's policies and custodial policies, does not adversely affect the status of the Fund as a partnership for U.S. federal income tax purposes, or is not otherwise prohibited by law. In the event of a fork or airdrop, the Sponsor will determine which network it believes is the appropriate network for the new crypto asset, and whether the new crypto asset qualifies as an Eligible Asset for the Fund's purposes. The Sponsor may provide instructions to the Crypto Custodian regarding forks and airdrops, and any decisions or actions related to airdrops or forks involving the Fund's assets will align with the Fund policies and guidelines set forth by the Crypto Custodian. Such decisions regarding hard forks and airdrops may adversely affect the Fund, which in turn would have a negative effect on the value of the Shares. There are likely to be operational, tax, securities law, regulatory, legal and practical issues that significantly limit, or prevent entirely, Shareholders' ability to realize a benefit, through their Shares in the Fund, from any airdrop, fork or similar event.

**The Eligible Asset Networks may face scalability challenges as they expand to a greater number of users**

As with other crypto asset networks, the Eligible Asset Networks face significant scaling challenges because public blockchains generally face a tradeoff between security and scalability. A network is typically less susceptible to manipulation or capture if more participants, or "nodes," are involved in the processing and maintenance of such network. However, a greater number of nodes may decrease the network's efficiency in processing transactions and may result in increased settlement times. Increased settlement times could discourage certain uses for crypto assets such as bitcoin and ether (for example, micropayments), and could reduce demand for and price of such asset, which could adversely impact the value of an investment in the Fund.

**Crypto Asset Markets are susceptible to theft, loss and destruction**

The Eligible Assets are susceptible to theft, loss and destruction. Crypto assets, and the platforms they trade on and their custodians (and similar market participants or service providers) are also vulnerable to cyberattacks and breaches, which could lead to theft or loss of assets. A cyber security breach or a business failure of a crypto asset platform or custodian (and similar market participants or service providers) could result in a loss of public confidence in the Eligible Assets, a decline in the value of the Eligible Assets and, as a result, adversely impact the Fund's Shares. A breach or failure of one crypto asset or network may lead to a loss in confidence in, and thus decreased usage and/or value of, other crypto assets or networks, including the Eligible Asset Networks.

**Holdings of crypto assets may be heavily concentrated and large sales or distributions by holders of such crypto assets could have an adverse effect on the market price of such crypto assets**

The largest crypto wallets are believed to hold, in aggregate, a significant percentage of the Eligible Assets in circulation. Moreover, it is possible that other persons or entities control multiple wallets that collectively hold a significant number of Eligible Assets, even if they individually only hold a small amount, and it is possible that some of these wallets are controlled by the same person or entity. As a result of this concentration of ownership, large sales or distributions by such holders could have an adverse effect on the market price of Eligible Assets.

**Crypto trading platforms may be largely unregulated or may be largely or entirely non-compliant with applicable regulation and may therefore be more exposed to fraud and failure**

The Fund intends to trade Eligible Assets primarily over-the-counter. To the extent that the Fund trades Eligible Assets on crypto platforms and other trading venues, these crypto trading platforms are relatively new. In addition, crypto trading platforms may be lightly regulated, unregulated, or may be non-compliant with existing and applicable regulations in one or more jurisdictions in which they operate. Furthermore, while some prominent crypto platforms provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance, many other crypto platforms may not provide some or any such information. Crypto trading platforms may not view themselves as being subject to, or may not comply with, regulation in a similar manner as other regulated trading platforms, such as national securities exchanges or designated contract markets. As a result, the marketplace may lose confidence in crypto platforms, including prominent platforms that handle a significant volume of the Eligible Assets' trading.

Trading activity on or reported by many crypto trading platforms may reflect behavior that would be prohibited in regulated U.S. trading venues. Any actual or perceived false trading in the crypto platforms market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of the Eligible Assets and/or negatively affect the market perception of the Eligible Assets.

In addition, over the past several years, some crypto trading platforms have been closed due to fraud and manipulative activity, business failures or security breaches. In many of these instances, the customers of such crypto platforms were not compensated or made whole for the partial or complete losses of their account balances in such crypto platforms. For example, a number of crypto trading platforms including Mt. Gox (in 2014), Bitstamp (in 2015), Bitfinex (in 2016), Youbit (in 2017), Coincheck (in 2018), Bitgrail (in 2018), Binance (in 2019), FTX (in 2022, following its bankruptcy) and ByBit (in 2025) have all been reported to be subject to hacks, thefts or other cybersecurity breaches.

Most recently, Binance suffered a $40 million hack, and FTX, formerly one of the world's largest exchanges, collapsed amid allegations of fraud and asset misappropriation, leading to criminal and civil charges against its executives. These events underscore the risks of abrupt failure, theft, and legal action in the crypto platform ecosystem, with substantial consequences for users and the broader market. The fact that many crypto platforms are not registered and fail to comply with regulations or operate in jurisdictions with less stringent regulations than in the US may expose the investors to behaviors that can jeopardize their investments. These behaviors include, but are not limited to, wash trading, fraud, front-running, and other security issues that could adversely impact the value of an investment in the Fund.

Negative perceptions, a lack of stability in the crypto asset markets and the closure or temporary shutdown of crypto platforms due to fraud, failure or security breaches may reduce confidence in the Eligible Asset Networks and result in greater volatility or decreases in the prices of the Eligible Assets. Furthermore, the closure or temporary shutdown of one or more crypto platforms used in calculating the value of the Eligible Assets may result in a loss of confidence in the Fund's ability to determine its NAV on a daily basis. The potential consequences of a crypto trading platform's failure could adversely affect the value of the Shares.

**Crypto trading platforms may be exposed to wash trading**

Crypto platforms on which the Eligible Assets trade may be susceptible to wash trading. Wash trading occurs when offsetting trades are entered into for other than bona fide reasons, such as the desire to inflate reported trading volumes. Wash trading may be motivated by a number of reasons, such as a desire for increased visibility on popular websites that monitor markets for crypto assets so as to improve their attractiveness to investors who look for maximum liquidity, or it may be motivated by the ability to attract listing fees from crypto asset issuers who seek the most liquid and high-volume platforms on which to list their coins. Results of wash trading may include unexpected obstacles to trade and erroneous investment decisions based on false information.

In the U.S., there have been allegations of wash trading on a number of crypto asset trading venues. Any actual or perceived false trading in the crypto venue market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of the Eligible Assets and/or negatively affect the market perception of crypto assets.

To the extent that wash trading either occurs or appears to occur on trading platforms on which the Eligible Asset trades, investors may develop negative perceptions about crypto assets, which could adversely impact the price the Eligible Assets and, therefore, the price of Shares.

**Crypto trading platforms may be exposed to front-running**

Crypto trading platforms on which Eligible Assets trade may be susceptible to "front-running," which refers to the process when a market participant uses technology or market advantage to get prior knowledge of upcoming transactions. Front-running is a frequent activity on centralized as well as decentralized crypto platforms. By using bots functioning on a millisecond-scale timeframe, bad actors are able to take advantage of the forthcoming price movement and make economic gains at the cost of those who had initiated these transactions. The objective of a front runner is to buy crypto assets at a low price and later sell them at a higher price while simultaneously exiting the position. Front-running happens via manipulations of gas prices or timestamps, also known as slow matching. To the extent that front-running occurs, it may result in investor frustrations and concerns as to the price integrity of crypto platforms and crypto assets more generally.

**Networked systems are vulnerable to attacks**

All networked systems are vulnerable to various kinds of attacks. As with any computer network, the Eligible Asset Networks contain certain flaws. For example, the Bitcoin Network is currently vulnerable to a "51% attack" where, if a mining pool were to gain control of more than 50% of the "hash" rate, or the amount of computing and process power being contributed to the network through mining, a malicious actor would be able to gain full control of the network and the ability to manipulate the blockchain. To the extent that such malicious actor or botnet did not yield its control of the processing power on the network, or the network community did not reject the fraudulent blocks as malicious, reversing any changes made to the blockchain may not be possible.

In addition, in May 2019, the Bitcoin Cash network, a proof-of-work network, experienced a >50% attack when two large mining pools reversed a series of transactions in order to stop an unknown miner from taking advantage of a flaw in a recent Bitcoin Cash protocol upgrade.

The Ethereum Network also remains vulnerable to various types of attacks and coordinated adverse activity. In particular, following the "Merge," where the Ethereum Network moved from a proof-of-work to a PoS mechanism under Ethereum 2.0 and the switch to PoS validation, the Ethereum Network is currently vulnerable to several types of attacks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ">33% attack" where, if a malicious actor, validator, botnet (a volunteer or hacked collection of computers controlled by networked software coordinating the actions of the computers) or group of validators acting in concert were to gain control of more than 33% of the total staked ether on the Ethereum Network, a malicious actor could temporarily impede or delay block confirmation or even cause a temporary fork in the blockchain. This is designed to be a temporary risk, as the Ethereum Network's inactivity leak would be expected to eventually penalize the attacker enough for the chain to finalize again (i.e., the honest majority would be expected to reclaim a 2/3rd stake as the attacker's stake is penalized). Moreover, it is believed that a 33% attack would not be sufficient to allow a malicious actor to engage in double-spending or fraudulent block propagation. Even without 33% control, however, a malicious actor or botnet could create a flood of transactions in order to slow down the Ethereum Network.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ">50% attack" where, if a malicious actor, validator, botnet or group of validators acting in concert were to gain control of more than 50% of the total staked ether on the Ethereum Network, a malicious actor would be able to gain full control of the Ethereum Network and the ability to manipulate future transactions on the blockchain, including censoring transactions, double-spending and fraudulent block propagation, potentially for an extended period or even permanently. In theory, the minority non-attackers might reach social consensus to reject blocks proposed by the malicious majority attacker, reducing the attacker's ability to engage in malicious activity, but there can be no assurance this would happen or that non-attackers would be able to coordinate effectively. Although the malicious actor or botnet would not be able to generate new tokens or transactions using such control, it could "double-spend" its own tokens (i.e., spend the same tokens in more than one transaction) and prevent the confirmation of other users' transactions for so long as it maintained control (over 50%). To the extent that such malicious actor or botnet did not yield its control of the validating power on the Ethereum Network or the Ethereum community did not reject the fraudulent blocks as malicious, reversing any changes made to the Ethereum Blockchain may not be possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ">66% attack" where, if a malicious actor, validator, botnet or group of validators acting in concert were to gain control of more than 66% of the total staked ether on the Ethereum Network, a malicious actor could permanently and irreversibly manipulate the blockchain, including censorship, double-spending and fraudulent block propagation. The attacker could finalize their preferred chain without any consideration for the votes of other stakers and could also revert finalized blocks.

If a malicious actor or botnet obtains control of a significant percentage of the validating power, or otherwise obtains control over an Eligible Asset Network through its influence over core developers or otherwise, such actor or botnet could manipulate the network.

Such concentration of validating power may also arise from activities such as "liquid staking," a solution that permits holders of certain crypto assets to deposit them with a liquid staking application, which stakes the deposited crypto assets while issuing the holder a transferable token in exchange. Such liquid staking applications pose centralization concerns — for example, a single liquid staking application has reportedly controlled around or in excess of 33% of the total staked ether on the Ethereum Network. In this regard, see "Liquid staking applications pose centralization concerns, and a single liquid staking application has reportedly controlled around or in excess of 33% of the total staked ether on the Ethereum Network."

The attack of a malicious actor may have an adverse effect on the Eligible Asset Networks and, therefore, on the value of an investment in the Fund.

**Crypto assets are subject to cybersecurity risk**

As crypto assets, the Eligible Assets are subject to cybersecurity risks, including the risk that malicious actors will exploit flaws in its code or structure that will allow them to, among other things, steal crypto assets held by others, control the blockchain, steal personally identifying information, or issue significant amounts of assets in contravention of their protocols. The occurrence of any of these events is likely to have a significant adverse impact on the price and liquidity of the Eligible Assets and therefore the value of an investment in the Fund. Additionally, the Eligible Asset Networks' functionality relies on the Internet. A significant disruption of Internet connectivity affecting large numbers of users or geographic areas could impede the functionality of the Eligible Assets. Any technical disruptions or regulatory limitations that affect Internet access may have an adverse effect on the Eligible Asset Networks, the price of the Eligible Assets, and the value of an investment in the Fund.

If the source code or cryptography underlying an Eligible Asset held by the Fund proves to be flawed or ineffective, malicious actors may be able to steal the Fund's assets. In the past, flaws in the source code for crypto assets have been exposed and exploited, including those that exposed users' personal information and/or resulted in the theft of users' crypto assets. Several errors and defects have been publicly found and corrected, including those that disabled some functionality for users and exposed users' personal information. Discovery of flaws in, or exploitations of, the source code that allow malicious actors to take or create money in contravention of known network rules have occurred. In addition, the cryptography underlying a crypto asset could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming ineffective. In any of these circumstances, if the crypto asset held by the Fund is affected, a malicious actor may be able to steal the Fund's crypto assets, which would adversely affect an investment in the Shares. Even if the Fund did not hold the affected crypto asset, any reduction in confidence in the source code or cryptography underlying asset generally could negatively affect the demand for the Eligible Assets and therefore adversely affect an investment in the Shares.

**Crypto assets are subject to potential hacking, risk of theft of private keys, and loss of access risks**

Due to the nature of private keys, the Eligible Assets transactions are irrevocable and incorrectly transferred or stolen crypto assets may be irretrievable, and as a result, any incorrectly executed transaction could adversely affect the price and liquidity of the Eligible Assets, which may indirectly affect the price of the Fund's Shares.

The loss or destruction of a private key required to access the Fund's crypto assets may be irreversible. The loss of access to the private keys associated with the Fund's crypto assets could adversely affect an investment in the Shares. The Eligible Assets are controllable only by the possessor of both the unique public key and private key or keys relating to the "digital wallet" in which the currency is held. Private keys must be safeguarded and kept private in order to prevent a third party from accessing the crypto assets while held in such wallet. To the extent a private key is lost, destroyed or otherwise compromised and no backup of the private key is accessible, the Fund will be unable to access the assets held in the related digital wallet. Any loss of private keys relating to digital wallets used to store the Fund's crypto assets could adversely affect an investment in the Shares.

**Competition from central bank digital currencies and emerging payments initiatives involving financial institutions could adversely affect the price of other crypto assets**

Central banks in various countries have introduced digital forms of legal tender. Whether or not they incorporate blockchain or similar technology, central bank digital currencies, as legal tender in the issuing jurisdiction, could have an advantage in competing with, or replace, the Eligible Assets as a medium of exchange or store of value. Central banks and other governmental entities have also announced cooperative initiatives and consortia with private sector entities, with the goal of leveraging blockchain and other technology to reduce friction in cross-border and interbank payments and settlement, and commercial banks and other financial institutions have also recently announced a number of initiatives of their own to incorporate new technologies, including blockchain and similar technologies, into their payments and settlement activities, which could compete with, or reduce the demand for, the Eligible Assets. As a result of any of the foregoing factors, the value of the Eligible Assets could decrease, which could adversely affect an investment in the Fund.

**The potential limitations around insurance and Shareholders' limited rights of legal recourse against the Fund, Trustee, Sponsor, Administrator, Cash Custodian and Crypto Custodian expose the Fund and its Shareholders to the risk of loss**

The Fund, Sponsor and Administrator will maintain Fidelity Bond, Directors & Officers / Errors & Omissions ("D&O/E&O") and Cyber (Privacy) policies to provide coverage as it relates to their services to the Fund. Additionally, the Fund and/or the Sponsor will contractually require the Fund's service providers, such as the Cash Custodian and Crypto Custodian, to maintain similar insurance, including but not limited to coverage for employee fraud and theft, to help mitigate the risk of financial loss to the Fund and its Shareholders if they are deemed liable. Although insurance coverages will be required and expected to be maintained through the period they are providing services to the Fund, all policies contain some amount of exclusions or limitations which could impact the potential insurance coverage depending on the type or amount of the loss. Additionally there is no guarantee that the limits maintained by any of these entities will be sufficient to cover the full loss since (1) the insurance policies and their limits are not dedicated solely to the Fund or any particular assets held by the Fund and the availability of insurance proceeds to the Fund may be reduced if multiple claims are made by other customers, and (2) the total coverage amount may be significantly lower than the total value of the crypto assets under custody, exposing the Fund to the risk that, in the event of a loss, the insurance policy may not cover the full extent of the Fund's assets. Further, a Fund Service Provider may choose not to, or may be unable to, renew any portion or all of these insurance policies due to unforeseen changes in the insurance market, which may further expose the Fund and its Shareholders to the risk of loss. Lastly, some risks faced by the Fund may not be insurable, and therefore, those losses would have no insurance coverage and any recovery may be limited to the relevant service provider's financial ability (through capital reserve requirements or other financial safeguards) to directly indemnify the Fund and its Shareholders.

**One or more of the Eligible Assets held by the Fund may be considered a "memecoin" and may be subject to even greater levels of volatility and regulatory scrutiny than other crypto assets**

Memecoins are crypto assets inspired by internet memes or trends. Many memecoins have no stated use case or intrinsic value, other than, in some cases, as a digital collector's item. While most memecoins have relatively low trading prices and trading volume, occasionally a memecoin will develop a community of supporters that cause the memecoin to go "viral" on social networks and other media. These memecoins will often experience unpredictable and extreme price fluctuations over very short windows of time. Memecoins have also been used in "rug pulls," where the developers of the memecoin abandon a project after raising assets, leaving purchasers of the memecoin with nearly worthless assets. Memecoins are also commonly the subject of other forms of market manipulation, such as pump and dump, wash trading or spoofing schemes. Dogecoin is often considered an example of a memecoin. Dogecoin gained rapid interest and adoption in online communities, and rapidly became one of the larger crypto assets when measured by market capitalization. Users soon began using Dogecoin for certain financial transactions, including tipping, trading, and donations. Since then, other memecoins have been launched. While most of such launches receive relatively little attention, some memecoins experience rapid rises in interest. Any investment in memecoins is subject to a heightened risk of price and trading volume volatility.

Certain high-profile political figures, celebrities and organizations have publicly aligned themselves to some memecoins, exposing such memecoins to reputational, regulatory, and market risks that other crypto assets may not encounter. Periods of extreme price appreciation and decline have sometimes frequently followed social-media posts, press statements, or public appearances in which prominent public figures appear to endorse, or are rumored to endorse, various memecoins. Any negative publicity concerning such public figures or similar endorsers could materially diminish public interest in a memecoin, depress trading volume, and impair the market price of the memecoin, which, in turn, would adversely affect the value of the Fund's Shares. Conversely, favorable publicity or perceived political momentum may trigger speculative demand that inflates the price of a memecoin and heightens volatility, thereby increasing the likelihood of sharp and sudden corrections.

**Risks Related to Bitcoin, Mining Crypto Assets, and Proof-of-Work Mechanism**

**Subsidies for mining bitcoin are designed to decline over time, which may lessen the incentive for miners to process and confirm transactions on the Bitcoin Network**

Transactions in bitcoin are processed by miners who are primarily compensated by receiving newly issued bitcoins (Mining Subsidy) as a compensation for successfully solving a cryptographic problem. Mining Subsidies follow an issuance schedule that declines over time. Miners might also be compensated through voluntary fees paid by Bitcoin network participants, which alongside Mining Subsidies constitute total mining rewards.

Mining Subsidies are subject to "halvings," which are events in which the issuance of new bitcoins per mined block is cut in half. These events take place in multiples of 210,000 blocks starting from Bitcoin's block number (or block height) 0, referred to as the genesis block, which was mined on January 3, 2009. With the time interval between two consecutive blocks being targeted at 10 minutes on average, halving events should happen approximately every four years.

The bitcoin Mining Subsidy was equal to 50 bitcoins per mined block between heights 0 and 209,999. The first halving took place on November 28, 2012, as of height 210,000, dropping the Mining Subsidy to 25 bitcoins per block between heights 210,000 and 419,999. The second halving occurred on July 9, 2016, setting the Mining Subsidy per block to 12.5 bitcoins between heights 420,000 and 629,999. The third halving took place on May 11, 2020, setting the Mining Subsidy per block to 6.25 bitcoins between heights 630,000 and 839,999. The most recent halving happened on April 20, 2024, as of height 840,000.

Halvings will continue until the maximum possible 21 million bitcoins have been mined and released into circulation. Given bitcoin's average block time of 10 minutes and the halving occurring every 210,000 blocks, it is estimated that the maximum of 21 million bitcoins will be reached around the year 2137. For example, in September 2025, there were approximately 19.92 million bitcoins that were mined and in circulation.

Once new bitcoin tokens are no longer awarded for adding a new block, miners will only have transaction fees to incentivize them, and as a result, it is expected that miners will need to be better compensated with higher transaction fees to ensure that there is adequate incentive for them to continue mining.

If transaction confirmation fees become too high, the marketplace may be reluctant to use bitcoin. This may result in decreased usage and limit expansion of the Bitcoin Network in the retail, commercial and payments space, potentially adversely impacting investment in the Fund. Conversely, if the Mining Subsidy or the value of the transaction fees is insufficient to motivate miners, they may cease expending processing power to solve blocks and confirm transactions.

Ultimately, if the awards of new bitcoin for solving blocks declines and transaction fees for recording transactions are not sufficiently high to incentivize miners, or if the costs of validating transactions grow disproportionately, miners may operate at a loss, transition to other networks, or cease operations altogether. Each of these outcomes could, in turn, slow transaction validation and usage, which could have a negative impact on the Bitcoin Network and could adversely affect the value of the bitcoin held by the Fund.

An acute cessation of mining operations would reduce the collective processing power on the Bitcoin Network, which would adversely affect the transaction verification process by temporarily decreasing the speed at which blocks are added to the blockchain and make the blockchain more vulnerable to a malicious actor obtaining control in excess of 50% of the processing power on the blockchain. Reductions in processing power could result in material, though temporary, delays in transaction confirmation time. Any reduction in confidence in the transaction verification process or mining processing power may adversely impact the value of Shares of the Fund or the ability of the Sponsor to operate. These risks also apply to other crypto assets to the extent such crypto asset use mining.

**Bitcoin ownership is concentrated in a small number of holders, causing vulnerability to bitcoin**

A significant portion of bitcoin is held by a small number of holders who have the ability to affect the price of bitcoin and who are sometimes referred to as "whales." Because bitcoin is lightly regulated, bitcoin whales have the ability, alone or in coordination, to manipulate the price of bitcoin by restricting or expanding the supply of bitcoin. Activities of bitcoin whales that reduce user confidence in bitcoin, the Bitcoin Network or the fairness of bitcoin trading venues, or that affect the price of bitcoin, could have a negative impact on the value of an investment in the Fund.

**Increased transaction fees may adversely affect the usage of the crypto asset's network**

Bitcoin miners collect fees for each transaction they confirm. Miners validate unconfirmed transactions by adding the previously unconfirmed transactions to new blocks in the blockchain. Miners are not forced to confirm any specific transaction, but they are economically incentivized to confirm valid transactions as a means of collecting fees. Miners have historically accepted relatively low transaction confirmation fees, because miners have a very low marginal cost of validating unconfirmed transactions. If miners collude in an anticompetitive manner to reject low transaction fees, then bitcoin users could be forced to pay higher fees, thus reducing the attractiveness of the Bitcoin Network. Bitcoin mining occurs globally, and it may be difficult for authorities to apply antitrust regulations across multiple jurisdictions. Any collusion among miners may adversely impact an investment in the Fund or the ability of the Fund to operate. These risks also apply to other crypto assets to the extent such crypto asset uses mining. Similarly, increased transaction costs or efforts on any crypto asset network may adversely impact the price of the crypto asset.

**Sales of newly minted crypto asset could cause its price to decline, which could negatively affect an investment in the Fund**

If entities engaged in bitcoin mining choose not to hold the newly mined bitcoin, and, instead, make it available for sale, there can be downward pressure on the price of bitcoin. A bitcoin mining operation may be more likely to sell a higher percentage of its newly created bitcoin, and more rapidly so, if it is operating at a low profit margin, thus reducing the price of bitcoin. Lower bitcoin prices may result in further tightening of profit margins for miners and decreasing profitability, thereby potentially causing even further selling pressure. Diminishing profit margins and increasing sales of newly mined bitcoin could result in a reduction in the price of bitcoin, which could adversely impact an investment in the Shares. Similarly, other newly minted crypto assets may increase the supply of that crypto asset, creating downward pressure on the price of the crypto asset.

**Limited adoption and ability to use bitcoin to purchase goods contribute to price volatility**

Currently, there is relatively limited use of bitcoin in the retail and commercial markets in comparison to relatively extensive use as a store of value, thus contributing to price volatility of bitcoin that could adversely affect the Fund's Shares. Banks and other established financial institutions may refuse to process funds for bitcoin transactions; process wire transfers to or from bitcoin trading venues, bitcoin-related companies or service providers; or maintain accounts for persons or entities transacting in bitcoin or providing bitcoin-related services. Similarly, the limited adoption and ability to use any crypto asset as anything other than a store of value may contribute to price volatility.

**Environmental risks from mining could adversely affect the price of a crypto asset**

Mining bitcoin currently requires computing hardware that consumes large amounts of electricity. By way of electrical power generation, many miners rely on fossil fuels to power their operations. Public perception of the impact of mining on climate change may reduce demand for the crypto assets and increase the likelihood of regulation that limits mining or restricts energy usage by miners, which could result in a significant reduction in mining activity and adversely affect the security of the Bitcoin network and could adversely affect the price of bitcoin and the value of the Shares.

The proof-of-work validation mechanism used to verify transactions on the Bitcoin Network necessitates that bitcoin miners maintain high levels of computing power, which can require extremely high energy usage. Although measuring the electricity consumed by this process is difficult because these operations are performed by various machines with varying levels of efficiency, the process consumes a significant amount of energy. Further, in addition to the direct energy costs of performing these calculations, there are indirect costs that impact the Bitcoin Network's total energy consumption, including the costs of cooling the machines that perform these calculations. A significant decrease in the computational resources dedicated to the Bitcoin Network's validation protocol could reduce the security of the network which may erode bitcoin's viability as a store of value or means of exchange.

Several alternative mechanisms to proof-of-work have emerged in recent years, aiming to offer more energy-efficient validation processes for blockchain networks and high costs of electricity may incentivize miners to redirect their capital and efforts to other validation protocols, such as PoS blockchains, in which rather than using computational power to add new blocks of transactions to the blockchain, users pledge capital denominated in the network's native currency as a guarantee of action in good faith when producing blocks. Alternatively, miners can abandon their validation activities altogether.

Due to concerns around energy consumption and associated environmental concerns, particularly as such concerns relate to public utilities companies, various countries, states and cities have implemented, or are considering implementing, moratoriums on bitcoin mining in their jurisdictions. Such moratoriums would impede crypto asset mining and/or crypto asset use more broadly. For example, in November 2022, New York imposed a two-year moratorium (that has since expired) on new proof-of-work mining permits at fossil fuel plants in the state.

Depending on how future regulations are formulated and applied, such policies could have the potential to negatively affect the price of bitcoin, and, in turn, the value of the Shares. Increased regulation and the corresponding compliance cost of these regulations could additionally result in higher barriers to entry for bitcoin miners, which could increase the concentration of the hash rate, potentially having a negative impact on the price of bitcoin.

**Risks Related to Ether and PoS Mechanisms**

**Ethereum Network and ether developments may impact ether prices**

*Moving from Proof-of-Work to Proof-of-Stake Consensus Mechanism*. In September 2022, the Ethereum Network moved from a proof-of-work to a PoS mechanism during an upgrade known as "The Merge." Unlike proof-of-work, in which miners expend computational resources to compete to propose blocks of transactions and be rewarded coins in proportion to the number of computational resources expended, in PoS, validators pledge or "stake" coins to compete to be randomly selected to validate transactions and be rewarded coins in proportion to the total amount of coins staked. Any malicious activity, such as proposing multiple blocks at the same validation time, voting on two different versions of the consensual chain or otherwise violating protocol rules, results in the forfeiture or "slashing" of a portion of the staked coins.

Due to the absence of employed computation resources, PoS is viewed as more energy efficient than proof-of-work. In addition, PoS allows for the implementation of scaling solutions such as sharding, which parallelizes transaction registry and code execution in the network and aims to increase speeds and reduce fees.

*Ethereum Upgrades.* Since the transition to PoS, Ethereum experienced the successful activation of three other upgrades: the Shapella upgrade, Duncan upgrade, and Pectra upgrade. While the activations of the first three upgrades in the Ethereum 2.0 roadmap have been successful and widely accepted by the Ethereum community, the possibility exists that the full implementation of Ethereum 2.0 may never be achieved, or may never achieve its goals. There is no guarantee that the Ethereum community will fully embrace forthcoming upgrades planned for Ethereum 2.0, and the new protocol may never fully scale, which may have a negative impact on the market value of ether, and consequently the NAV of the Fund.

The Ethereum Network is still in the process of developing and making significant decisions that will affect policies that govern the supply and issuance of ether as well as other Ethereum Network protocols. For example, the Ethereum Network has previously reduced the quantity of ether rewarded per block and may make further reductions and additional changes in the future. If the Ethereum Network does not successfully develop its policies on supply and issuance, or does so in a manner that is not attractive to network participants, there may not be sufficient support for such network, which could lead to a decline in the price of ether. Moreover, because crypto assets, including ether, have been in existence for a short period of time and are continuing to develop, there may be additional risks in the future that are impossible to predict as of the date of this prospectus.

**Effective limits on ether supply through the PoS mechanism and gas fee burning mechanism may impact ether prices**

The rate at which new ether is issued and put into circulation is expected to vary. The Ethereum Network has no formal cap on the total supply of ether. The Ethereum Network does, however, feature several mechanisms that, individually and in aggregate, have the effect of limiting the total supply of ether outstanding. These mechanisms are sometimes referred to collectively as the "Ethereum Triple Halving."

As a result of the Merge, where the Ethereum Network moved from a proof-of-work to a PoS mechanism under Ethereum 2.0, the rate of issuance is greatly reduced. Under proof-of-work, miners expend computational resources to compete to validate transactions and are rewarded coins in proportion to the amount of computational resources expended, which resulted in comparably more new tokens rewarded. By contrast, under PoS, validators risk or "stake" coins to compete to be randomly selected to validate transactions and are rewarded coins in proportion to the amount of coins staked, which results in comparably fewer new tokens rewarded.

Ethereum's move from proof-of-work to PoS reduces issuance, and ether that is staked is non-transferable until withdrawn via the protocol's exit/withdrawal queue, which temporarily lowers immediately tradable (liquid) supply, though liquid-staking tokens can remain tradable. Additionally, the supply of ether is limited as a result of the deflationary gas fee burning mechanism introduced by Ethereum Improvement Proposal 1559 (EIP 1559) in August 2021 to reform the Ethereum gas fee market. EIP 1559 split of fees into two components: the base fee (calculated depending on the network activity involved) and the tip. When ether is issued to pay the base fee, it is removed from circulation, or "burnt," and the tip is paid to validators. As a result of this fee burning mechanism, the overall supply of ether decreases as more ether are destroyed through the fee burn. Since the fee burning depends on the network activity, the more the transactions on the Ethereum Network, the more ether is burned and the lower the issuance. This also has the effect of reducing the incentives for validators to validate transactions with higher gas fees, since those validators would only receive the tip and not base fees. Frequently, the ether supply has been deflationary over a 24-hour period as a result of the burn mechanism. Material declines in the issuance of ether may discourage existing and future validators from serving as such, and adversely impact the Ethereum Network's adoption or the price of ether. Any disruption of validation on the Ethereum Network could interfere with network operations and cause the Ethereum Network to be less attractive to users and application developers than competing blockchain networks, which could cause the price of ether to decrease.

**The ongoing development of smart contracts, including those relating to DeFi applications, may result in problems that could reduce the demand for ether or cause a wider loss of confidence in the Ethereum Network, either of which could have an adverse impact on the value of ether**

Smart contracts are programs that run on the Ethereum Network and execute automatically when certain conditions are met. Since smart contracts typically cannot be stopped or reversed, vulnerabilities in their programming can have damaging effects. For example, in 2016, a vulnerability in the smart contracts underlying "The DAO" on Ethereum enabled a hacker to steal approximately $60 million in ether, leading to a major hard fork and a 35% drop in ether's price. Subsequent years saw additional smart contract issues, such as multi-signature wallet vulnerabilities and bugs in ERC20 tokens, resulting in tens or hundreds of millions in losses or frozen funds. Major flaws have also caused disruptions to platforms like MakerDAO and exploited bridges and DeFi protocols, with attackers syphoning billions of dollars in assets. Such incidents highlight how problems in smart contract development or deployment can negatively impact the value of ether.

In some cases, smart contracts can be controlled by one or more "admin keys" or users with special privileges, or "super users." These users may have the ability to unilaterally make changes to the smart contract, enable or disable features on the smart contract, change how the smart contract receives external inputs and data or transmits ether or other crypto assets, and make other changes to the smart contract. Furthermore, in some cases inadequate public information may be available about certain smart contracts or applications, and information asymmetries may exist, even with respect to open-source smart contracts or applications; certain participants may have hidden informational or technological advantages, making for an uneven playing field. There may be opportunities for bad actors to perpetrate fraudulent schemes and engage in illicit activities and other misconduct, such as exit scams and rug pulls (orchestrated by developers and/or influencers who promote a smart contract or application and, ultimately, escape with the money at an agreed time), or Ponzi or similar fraud schemes.

Many DeFi applications are currently deployed on the Ethereum Network, and smart contracts relating to DeFi applications currently represent a significant source of demand for ether. DeFi applications may achieve their investment purposes through self-executing smart contracts that may allow users, for example, to invest crypto assets in a pool from which other users can borrow without requiring an intermediate party to facilitate these transactions. These investments may earn interest to the investor based on the rates at which borrowers repay the loan, and can generally be withdrawn by the investor. For smart contracts that hold a pool of crypto asset reserves, smart contract super users or admin key holders may be able to extract funds from the pool, liquidate assets held in the pool, or take other actions that decrease the value of the crypto assets held by the smart contract in reserves. Even for crypto assets that have adopted a decentralized governance mechanism, such as smart contracts that are governed by the holders of a governance token, such governance tokens can be concentrated in the hands of a small group of core community members, who would be able to make similar changes unilaterally to the smart contract. If any such super user or group of core members unilaterally make adverse changes to a smart contract, the design, functionality, features and value of the smart contract, its related crypto assets may be harmed. In addition, assets held by the smart contract in reserves may be stolen, misused, burnt, locked up or otherwise become unusable and irrecoverable. Super users can also become targets of hackers and malicious attackers. If an attacker is able to access or obtain the super user privileges of a smart contract, or if a smart contract's super users or core community members take actions that adversely affect the smart contract, users who transact with the smart contract may experience decreased functionality of the smart contract or may suffer a partial or total loss of any crypto assets they have used to transact with the smart contract. Furthermore, the underlying smart contracts may be insecure, contain bugs or other vulnerabilities, or otherwise may not work as intended. Any of the foregoing could cause users of the DeFi application to be negatively affected, or could cause the DeFi application to be the subject of negative publicity. Because DeFi applications may be built on the Ethereum Network and represent a significant source of demand for ether, public confidence in the Ethereum Network itself could be negatively affected, such sources of demand could diminish, and the value of ether could decrease. Similar risks apply to any smart contract or dApp, and any crypto asset whose network store smart contracts or run a dApp (including DeFi applications).

**Validators may suffer losses due to staking, which could make the Ethereum Network less attractive**

Validation on the Ethereum Network requires ether to be transferred into smart contracts on the underlying blockchain networks not under the Fund's or anyone else's control. If the Ethereum Network source code or protocol fail to behave as expected, suffer cybersecurity attacks or hacks, experience security issues, or encounter other problems, such assets may be irretrievably lost. In addition, the Ethereum Networks dictate requirements for participation in validation activity, and may impose penalties, or "slashing," if the relevant activities are not performed correctly, such as if the staker acts maliciously on the network, "double signs" any transactions, or experience extended downtimes. If validators' staked ether is slashed by the Ethereum Network, their assets may be confiscated, withdrawn, or burnt by the network, resulting in losses to them. Furthermore, the Ethereum Network requires the payment of base fees and the practice of paying tips is common, and such fees can become significant as the amount and complexity of the transaction grows, depending on the degree of network congestion and the price of ether. Any cybersecurity attacks, security issues, hacks, penalties, slashing events, or other problems could damage validators' willingness to participate in validation, discourage existing and future validators from serving as such, and adversely impact the Ethereum Network's adoption or the price of ether. Any disruption of validation on the Ethereum Network could interfere with network operations and cause the Ethereum Network to be less attractive to users and application developers than competing blockchain networks, which could cause the price of ether to decrease.

**Proof of Stake (PoS) blockchains are a relatively recent innovation, and may not achieve widespread scale or adoption or perform as successfully as traditional proof-of-work blockchains**

Certain crypto assets, such as bitcoin, use a "proof-of-work" consensus algorithm. The genesis block on the Bitcoin blockchain was mined in 2009, and Bitcoin's blockchain has been in operation since then. Many newer blockchains enabling smart contract functionality, including the current Ethereum Network uses PoS or other consensus-based algorithms. While their proponents believe that they may have certain advantages, the consensus mechanisms and governance systems underlying many newer blockchain protocols have not been tested at scale over as long of a period of time or subject to as widespread use or adoption as, for example, bitcoin's proof-of-work consensus mechanism has. This could lead to these blockchains, and their associated crypto assets, having undetected vulnerabilities, structural design flaws, suboptimal incentive structures for network participants (e.g., validators), technical disruptions, or a wide variety of other problems, any of which could cause these blockchains not to function as intended, lead to outright failure to function entirely causing a total outage or disruption of network activity, or to suffer other operational problems or reputational damage, leading to a loss of users or adoption or a loss in value of the associated crypto assets, including the Fund's assets. There can be no assurance that the PoS blockchain or other consensus-based blockchains, on which the Fund's assets rely will achieve widespread scale or adoption or perform successfully; any failure to do so could negatively impact the value of the Fund's assets.

**If the crypto asset award or transaction fees for recording transactions on the Ethereum Network are not sufficiently high to incentivize validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expanding validating power or demand high transaction fees, which could negatively impact the value of ether**

In 2021, the Ethereum Network implemented the EIP 1559 upgrade. EIP 1559 changed the methodology used to calculate transaction fees paid to ether validators in such a manner that reduced the total net issuance of ether fees paid to validators. If the crypto asset awards for validating blocks or the transaction fees for recording transactions on the Ethereum Network are not sufficiently high to incentivize validators, or if certain jurisdictions continue to limit or otherwise regulate validating activities, validators may cease expending validating power to validate blocks and confirmations of transactions on the Ethereum Network could be slowed. For example, the realization of one or more of the following risks could materially adversely affect the value of the Shares:

● A reduction in staked ether on the Ethereum Network could increase the likelihood of a malicious actor obtaining control of the network.

● Validators have historically accepted relatively low transaction confirmation fees on most crypto asset networks. If validators demand higher transaction fees for recording transactions in the Ethereum blockchain or a software upgrade automatically charges fees for all transactions on the Ethereum Network, the cost of using ether may increase and the marketplace may be reluctant to accept ether as a means of payment. Alternatively, validators could collude in an anti-competitive manner to reject low transaction fees on the Ethereum Network and force users to pay higher fees, thus reducing the attractiveness of the Ethereum Network. Higher transaction confirmation fees resulting through collusion or otherwise may adversely affect the attractiveness of the Ethereum Network, the value of ether and the value of the Shares.

● To the extent that any validators cease to record transactions that do not include the payment of a transaction fee in blocks or do not record a transaction because the transaction fee is too low, such transactions will not be recorded on the Ethereum blockchain until a block is validated by a validator who does not require the payment of transaction fees or is willing to accept a lower fee. Any widespread delays or disruptions in the recording of transactions could result in a loss of confidence in the Ethereum Network and could prevent the Fund from completing transactions associated with the day-to-day operations of the Fund, including creations and redemptions of the Shares in exchange for ether with Authorized Participants.

● During the course of the block validation processes, validators exercise the discretion to select which transactions to include within a block and in what order to include these transactions. Beyond the standard block reward and transaction fees, validators have the ability to extract what is known as Maximal Extractable Value (MEV) by strategically choosing, reordering, or excluding certain transactions during block production in return for increased transaction fees or other forms of profit for such validators. In blockchain networks that facilitate DeFi protocols in particular, such as the Ethereum Network, users may attempt to gain an advantage over other users by offering additional fees to validators for effecting the order or inclusions of transactions within a block. Certain software solutions, such as MEV Boost by Flashbots, have been developed which facilitate validators and other parties in the ecosystem in capturing MEV. The presence of MEV may incentivize associated practices such as sandwich attacks or front running that can have negative repercussions on DeFi users. A "sandwich attack" is executed by placing two transactions around a large, detected transaction to capitalize on the expected price impact. For instance, a market participant might identify a sizable transaction within the so-called memory pool (mempool) that will significantly alter an asset's price on a decentralized exchange. The participant could then, for example, orchestrate a transaction bundle: one transaction to acquire the asset prior to the detected transaction, followed by the large transaction itself, and a final transaction to sell the asset after the market price has increased due to the large transaction's execution. Such transaction bundles can be submitted to validators through mechanisms like MEV-Boost, with validators receiving a share of the profits as an incentive to include the specific transaction bundle in the block. In the context of MEV, "front running" is said to occur when a user spots a transaction in the publicly visible mempool of pending but unexecuted transactions awaiting validation, and then pays a high transaction fee to a validator to have their transaction executed on a priority basis in a manner designed to profit from the pending but unexecuted transaction that is still in the mempool. MEV may also compromise the predictability of transaction execution, which may deter usage of the network as a whole. Although based on widely available information given that transactions in the mempool are publicly visible, any potential perception of MEV as unfair manipulation may also discourage users and other stakeholders from engaging with DeFi protocols or the Ethereum Network in general. In addition, regulators or legislators could enact rules which restrict practices associated with MEV, which could diminish the popularity of the Ethereum Network among users and validators. Any of these or other outcomes related to MEV may adversely affect the value of ether and the corresponding value of the Shares.

**Layer 2 solutions on the Ethereum Network were only recently conceived and may not properly function as intended, which could have an adverse impact on the value of ether**

Layer 2 solutions are protocols built on top of an underlying smart contract platform blockchain intended to provide scalability to the underlying blockchain by increasing transaction efficiency. For example, Arbitrum is a smart contract platform protocol built on top of the Ethereum Network; it is intended to provide scalability to Ethereum Network by allowing users to transact on a second blockchain deployed on the Ethereum Network. Under this model, the Ethereum Network functions as the base layer, or "Layer 1" blockchain. Such solutions are intended to improve upon the transaction speed, cost and efficiency of transactions on their respective Layer 1. Layer 2 solutions therefore rely, to various degrees, on the functionality of the underlying Layer 1 blockchain.

The details of how this is done vary significantly between different Layer 2 technologies and implementations. For example, "rollups" perform transaction execution outside the Layer 1 blockchain and then post the data, typically in batches, back to the Layer 1 Ethereum Network where consensus is reached. "Zero knowledge rollups" are generally designed to run the computation needed to validate the transactions off-chain, on the Layer 2 protocol, and submit a proof of validity of a batch of transactions (not the entire transactions themselves). By contrast, "optimistic rollups" assume transactions are valid by default and only run computation, via a fraud proof, in the event of a challenge. Other proposed Layer 2 scaling solutions include, among others, "state channels," which are designed to allow participants to run a large number of transactions on the Layer 2 side channel protocol and only submit two transactions to the main Layer 1 Ethereum Network (the transaction opening the state channel, and the transaction closing the channel), "side chains," in which an entire Layer 2 blockchain network with similar capabilities to the existing Layer 1 Ethereum Network runs in parallel with the existing Layer 1 Ethereum Network and allows smart contracts and DApps to run on the Layer 2 side chain without burdening the main Layer 1 network, and others. To date, the Ethereum Network community has not coalesced overwhelmingly around any particular Layer 2 solution, though this could change. There is no guarantee that any of the mechanisms in place or being explored for increasing the speed and throughput of settlement of Ethereum Network transactions will be effective, or as to the length of time these mechanisms will take to become effective, which could cause the Ethereum Network to not adequately resolve scaling challenges and adversely impact the adoption of ether and the Ethereum Network and the value of the Shares. There is no guarantee that any potential scaling solution, whether a change to the Layer 1 blockchain or the introduction of a Layer 2 solution like rollups, state channels or side chains, will achieve widespread adoption. It is possible that proposed changes to the Layer 1 Ethereum Network could divide the community, potentially even causing a hard fork, or that the decentralized governance of the Ethereum Network causes network participants to fail to coalesce overwhelmingly around any particular solution, causing the Ethereum Network to suffer reduced adoption or causing users or validators to migrate to other blockchain networks. It is also possible that scaling solutions could fail to work as intended or could introduce bugs, coding defects or flaws, security risks, or other problems that could cause them to suffer operational disruptions. For example, in multiple instances, the Arbitrum network experienced outages due to failures in its primary node responsible for submitting transactions to Ethereum. Further, smart contracts deployed on one Layer 2 solution may not be interoperable with smart contracts deployed on other Layer 2 solutions. In particular, the advent of Layer 2 solutions risks fracturing liquidity of DeFi DApps on a smart contract platform's mainchain by splitting such liquidity among multiple, non-interoperable Layer 2 solutions, which could limit their use case or reduce efficiency. As Layer 2 solutions grow in popularity and total value locked, these types of difficulties may lead to transactional congestion or forfeiture of value held on the Ethereum Network, which in turn could have an adverse impact on the value of ether.

**Liquid staking applications pose centralization concerns, and a single liquid staking application has reportedly controlled around or in excess of 33% of the total staked ether on the Ethereum Network**

Validators must deposit 32 ether to activate a unique validator key pair that is used to sign block proposals and attestations on behalf of its stake (i.e., participate in the PoS consensus mechanism). For every 32 ether deposit that is staked, a unique validator key pair is generated. This validator key pair is only used in validation processes (block proposal and attestation, and the staking associated therewith), and is separate from the public-private key pair generated in respect of the blockchain address on the Ethereum Network which is used to hold the ether. An application built on the Ethereum Network, or a single node operator, can manage many validator key pairs. For example, Lido, an application that provides a so-called "liquid staking" solution that permits holders of ether to deposit them with Lido, which stakes the ether while issuing the holder a transferrable token, is reported by some sources to have or have had up to 275,000 validator key pairs (each representing 32 staked ether) divided across over 30 node operators. At times, Lido has reportedly controlled around or in excess of 33% of the total staked ether on the Ethereum Network. This poses centralization concerns. If Lido, or a bad actor with a similar sized stake, were to attempt to interfere with transaction finality or block confirmations, it could negatively affect the use and adoption of the Ethereum Network, the value of ether, and thus the value of the Shares.

**Risks Associated with the Use of Stablecoins**

Stablecoins are 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. Although the prices of stablecoins are intended to be stable, in many cases their prices fluctuate, sometimes significantly. This volatility has in the past impacted the prices of certain crypto assets, and has at times caused certain stablecoins to lose their "peg" to the underlying fiat currency. Stablecoins are a relatively new development, and it is impossible to know all of the risks that they could pose to participants in the crypto asset markets.

The only stablecoin that the Fund will hold is USDC and may only be used to cover expenses, buy crypto assets, and allow for efficient trading. USDC is a reserve-backed stablecoin issued by Circle Internet Financial that is commonly used as a method of payment in crypto asset markets. The issuer of USDC uses the Circle Reserve Fund to hold cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash, which serve as reserves backing USDC stablecoins. While USDC is designed to maintain a stable value at 1 U.S. dollar at all times, on March 10, 2023, the value of USDC fell below $1.00 (and remained below for multiple days) after Circle Internet Financial disclosed that $3.3 billion of the USDC reserves were held at Silicon Valley Bank, which had entered Federal Deposit Insurance Corporation (FDIC) receivership earlier that day. Popular stablecoins are reliant on the U.S. banking system and U.S. treasuries, and the failure of either to function normally could impede the function of stablecoins or lead to outsized redemption requests, and therefore could adversely affect the value of the Shares.

Section 2(22) of the GENIUS Act defines a "payment stablecoin" to mean a digital asset that is, or is designed to be, used as a means of payment or settlement; and the issuer of which (1) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and (2) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value. That definition goes on to clarify that the term "payment stablecoin" does not include any digital asset that is a national currency, a deposit under the Federal Deposit Insurance Act, or a security under any of the Securities Act, the Securities Exchange Act of 1934, as amended ("Exchange Act") or the Investment Company Act.

Given that rulemaking under the GENIUS Act is not yet complete as of the date of this prospectus, and given that the definition of a "payment stablecoin" under the GENIUS Act may be further qualified by such rulemaking, the Fund's continued use of USDC is uncertain. The Fund may only use USDC so long it meets the definitions of "payment stablecoin" of the GENIUS Act and any rules promulgated thereunder. Therefore, if new or different rules promulgated cause USDC to no longer meet the definition, the Fund may no longer be able to use USDC. Shareholders will be notified of any such changes to the conditions under which the Fund may hold a particular stablecoin in a prospectus supplement, the Fund's periodic reports, or current report on Form 8-K.

If the status of the stablecoin changes while being held in the portfolio, the Fund may need to liquidate the holding under sub-optimal conditions. Some stablecoins have been asserted to be securities under the federal securities laws. For example, the District Court for the Southern District of New York denied defendants' motion to dismiss an SEC complaint asserting that the stablecoin UST, a U.S. dollar stablecoin issued by Terra, is a security. Further public concern about the possible security status of stablecoins manifested in November 2023, when the financial technology company PayPal disclosed in a filing that it had received a subpoena from the SEC relating to the PayPal USD stablecoin that requested the production of documents. In September 2024, the SEC announced settled charges against TrueCoin LLC and TrustToken Inc. for their fraudulent and unregistered sales of investment contracts involving TrueUSD, a purported stablecoin. The SEC's complaint alleges that from November 2020 until April 2023, TrueCoin and TrustToken engaged in the unregistered offer and sale of investment contracts in the form of the crypto asset TUSD and profit-making opportunities with respect to TrueUSD on TrueFi. The complaint further alleges that TrueCoin and TrustToken falsely marketed the investment opportunity as safe and trustworthy by claiming that TUSD was fully backed by U.S. dollars or their equivalent, when in fact a substantial portion of the assets purportedly backing TUSD had been invested in a speculative and risky offshore investment fund to earn additional returns for the defendants.

In addition, some have argued that some stablecoins, particularly Tether, are issued without sufficient backing in a way that could cause artificial rather than genuine demand for crypto assets, raising their prices. In February 2021, the New York Attorney General entered into an agreement with Tether's operators, requiring them to cease any further trading activity with New York persons and pay $18.5 million in penalties for false and misleading statements made regarding the assets backing Tether. In October 2021, the CFTC announced a settlement with Tether's operators in which they agreed to pay $42.5 million in fines to settle charges that, among others, Tether's claims that it maintained sufficient U.S. dollar reserves to back every Tether stablecoin in circulation with the "equivalent amount of corresponding fiat currency" held by Tether were untrue.

An allocation to stablecoins in the Fund's portfolio could impact performance in the same way cash and cash equivalents, i.e., may be a cash drag.

**Risks Associated with the Fund's Holdings in Cash and Cash Equivalents**

**Cash creations and redemptions may impact the efficiency of the arbitrage mechanism compared to in-kind creations and redemptions**

The use of cash creations and redemptions, as opposed to in-kind creations and redemptions, could cause delays in trade execution due to potential operational issues arising from implementing a cash creation and redemption model, which involves more operational steps (and therefore execution risk) than an in-kind creation and redemption model. Such delays could cause the execution price associated with such trades to materially deviate from the Benchmark price. Even though Authorized Participants are responsible for the dollar cost of such difference in prices, Authorized Participants could default on their obligations to the Fund, or such potential risks and costs could lead Authorized Participants, who would otherwise be willing to purchase or redeem Creation Units to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying portfolio holdings, to elect to not participate in the Fund's Share creation and redemption processes. This may adversely affect the arbitrage mechanism intended to keep the price of the Shares closely linked to the price of the Fund's portfolio holdings, and as a result, the price of the Shares may fall or otherwise diverge from NAV. If the arbitrage mechanism is not effective, purchases or sales of Shares on the secondary market could occur at a premium or discount to NAV, which could harm Shareholders by causing them buy Shares at a price higher than the value of the underlying portfolio holdings held by the Fund or sell Shares at a price lower than the value of the underlying portfolio holdings held by the Fund, causing Shareholders to suffer losses. For in-kind transactions, the Fund may not be able to successfully implement in-kind creation and redemption transactions, which could put the Fund at a disadvantage compared to other crypto asset ETPs that are able to implement in-kind creations and redemptions.

**The Fund may experience a loss if it is required to sell cash equivalents at a price lower than the price at which they were acquired**

If the Fund is required to sell its cash equivalents at a price lower than the price at which they were acquired, the Fund will experience a loss. This loss may adversely impact the price of the Shares and may decrease the correlation between the price of the Shares and the spot price of the Eligible Assets. The value of cash equivalents held by the Fund generally moves inversely with movements in interest rates. The prices of longer maturity securities are subject to greater market fluctuations as a result of changes in interest rates. While the short-term nature of the Fund's investments in cash equivalents should minimize the interest rate risk to which the Fund is subject, it is possible that the cash equivalents held by the Fund will decline in value.

**Risks Related to Lack of Liquidity**

**Certain of the Fund's investments could become illiquid, which could cause large losses to investors**

The Fund's holdings may be more difficult to liquidate at favorable prices in periods of illiquid markets and losses may be incurred during the period in which positions are being liquidated. If the Fund's ability to obtain exposure to the Eligible Assets in accordance with its investment objective is disrupted for any reason including, because of limited liquidity in crypto asset markets, or a disruption in the crypto asset markets, the Fund may not be able to achieve its investment objective and may experience significant losses. Any disruption in the Fund's ability to obtain exposure to the Eligible Assets may negatively impact the Fund's performance.

A market disruption, such as a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a position. Unexpected market illiquidity may cause major losses to investors at any time or from time to time. In addition, the Fund does not intend at this time to establish a credit facility, which would provide an additional source of liquidity, but instead will rely only on the cash and cash equivalents that it holds to meet its liquidity needs. The anticipated value of the positions in the Eligible Assets that the Sponsor will acquire or enter into for the Fund increases the liquidity risk.

**Buying and selling activity associated with the purchase and redemption of Shares may adversely affect an investment in the Shares**

The Sponsor's purchase of assets, including in connection with creation orders, may cause the price of the Eligible Assets to increase, which will result in higher prices for the Shares. Increases in the Eligible Assets' prices may also occur as a result of purchases by other market participants who attempt to benefit from an increase in the market price of crypto assets. The market price of Eligible Assets may therefore decline immediately after such assets are purchased or Creation Units are created.

Selling activity associated with sales of assets by the Sponsor, including in connection with redemption orders, may decrease the Eligible Assets' prices, which will result in lower prices for the Shares. Decreases in the Eligible Assets' prices may also occur as a result of selling activity by other market participants.

In addition to the effect that purchases and sales of the Eligible Assets by the Sponsor and other market participants may have on the price of the Eligible Assets, other exchange-traded products or large private investment vehicles with similar investment vehicles (if developed) could represent a substantial portion of demand for the Eligible Assets at any given time and the sales and purchases by such investments may impact the price of the Eligible Assets. If the price of the Eligible Assets declines, the trading price of the Shares will generally also decline.

**The inability of Authorized Participants and market makers to hedge their crypto exposure may adversely affect the liquidity of Shares and the value of an investment in the Shares**

Authorized Participants and market makers will generally want to hedge their exposure in connection with creation and redemption orders. To the extent Authorized Participants and market makers are unable to hedge their exposure due to market conditions (e.g., insufficient liquidity in the market, inability to locate an appropriate hedge counterparty, extreme volatility in the price of the Eligible Assets, wide spreads between prices quotes on different crypto platforms, etc.), such conditions may make it difficult to create or redeem Creation Units or cause them to not create or redeem Creation Units. In addition, the hedging mechanisms employed by Authorized Participants and market makers to hedge their exposure to the Eligible Assets may not function as intended, which may make it more difficult for them to enter into such transactions. Such events could negatively impact the market price of Shares and the spread at which Shares trade on the open market. To the extent Authorized Participants wish to use futures to hedge their exposure, note that while growing in recent years, the market for exchange-traded crypto futures contracts has a limited trading history and operational experience and may be less liquid, more volatile and more vulnerable to economic, market and industry changes than more established futures markets. The liquidity of the market will depend on, among other things, the adoption of crypto assets and the commercial and speculative interest in the market.

**Arbitrage transactions intended to keep the price of Shares closely linked to the price of the Eligible Assets may be problematic if the process for creations and redemptions encounter difficulties, which may adversely affect an investment in the Shares**

If the processes of creation and redemption of the Shares encounter any unanticipated difficulties, potential market participants who would otherwise be willing to purchase or redeem Creation Units to take advantage of any arbitrage opportunity arising from discrepancies between the price of the Shares and the price of the underlying assets may not take the risk that, as a result of those difficulties, they may not be able to realize the profit they expect. If this is the case, the liquidity of Shares may decline, and the price of the Shares may fluctuate independently of the price of the Eligible Assets and may fall.

Examples of such unanticipated difficulties in the creation and redemption process might include, but are not limited to, operational failures such as technological malfunctions in the trade execution or settlement systems, delays or inaccuracies in data feeds, or disruptions in the communication channels used to transmit creation and redemption orders. Regulatory changes or legal challenges could also impose unforeseen hurdles, potentially leading to delays or restrictions in the processing of creation and redemption orders. Furthermore, liquidity issues in the crypto asset market itself could impede the ability to acquire or dispose of the Eligible Assets efficiently, thereby affecting the creation and redemption of Creation Units.

**The liquidity of the Shares may be adversely affected by changes in participation by Authorized Participants, market makers, or minimum share levels**

The liquidity and market price of the Shares depend significantly on the continued participation of Authorized Participants, market makers, and other key secondary-market participants. Only Authorized Participants may engage in direct creation or redemption transactions with the Fund, and the Fund has a limited number of such institutions. If one or more Authorized Participants or major market makers withdraw, become unable to process orders, or cease activities, the Fund may experience trading halts, increased bid/ask spreads, or Shares trading at a discount to NAV, potentially leading to limited liquidity or even delisting.

Additionally, there may be instances where an Authorized Participant is unable to proceed with or complete a redemption order, particularly during periods of market disruption, exchange suspensions, or emergencies. In such cases, declining asset values may result in reduced cash distributions or a loss to Authorized Participants, which can further decrease secondary market liquidity. During these periods, fewer buyers may be available and overall trading in Shares may decline.

Furthermore, the Fund may specify a minimum number of Shares that must remain outstanding. If redemptions reduce the number of outstanding Shares to this minimum, additional redemptions cannot occur until new Shares are created. This restriction may make market makers less willing to purchase Shares, potentially limiting the ability to sell Shares in the secondary market. The minimum levels for Shares are subject to change and will be posted daily on the Fund's website. The Sponsor cannot guarantee ongoing participation by Authorized Participants, market makers, or the maintenance of adequate liquidity in the secondary market.

The Fund may experience low trading volume and wide bid/ask spreads. Bid/ask spreads vary over time based on trading volume and market liquidity (including for the underlying Eligible Assets held by the Fund) and are generally lower if Shares have more trading volume and market liquidity and higher if Shares have little trading volume and market liquidity. Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's portfolio holdings, which may cause a variance in the market price of the Shares and their underlying value.

**The postponement, suspension or rejection of purchase or redemption orders could adversely affect a Shareholder redeeming their Shares in the Fund**

The postponement, suspension or rejection of creation or redemption orders may adversely affect an investment in the Shares of the Fund. To the extent orders are suspended or rejected, the arbitrage mechanism resulting from the process through which Authorized Participants create and redeem Shares directly with the Fund may fail to closely link the price of the Shares to the value of the Eligible Assets. If this is the case, the liquidity of the Shares may decline, and the price of the Shares may fluctuate and may fall.

There are no limitations on the Sponsor's discretion to postpone, suspend or reject purchase or redemption orders under the Securities Act or SEC listing orders permitting the listing and trading of the Fund's Shares on the Exchange. In addition, Shareholders of the Fund will not have the protections provided in this regard that are applicable to Funds regulated under the Investment Company Act.

**Loss of a critical banking relationship for, or the failure of a bank used by, the Fund could adversely impact the Fund's ability to create or redeem or could cause losses to the Fund**

To the extent that the Fund faces difficulty establishing or maintaining banking relationships, the loss of the Fund's banking partners, the imposition of operational restrictions by these banking partners and the inability for the Fund to utilize other financial institutions may result in a disruption of creation and redemption activity of the Fund or cause other operational disruptions or adverse effects for the Fund. In the future, it is possible that the Fund could be unable to establish accounts at new banking partners or establish new banking relationships, or that the banks with which the Fund is able to establish relationships may not be as large or well-capitalized or subject to the same degree of prudential supervision as the existing providers.

The Fund may be exposed to losses if a bank where it holds assets experiences financial distress or fails. Recent examples include the 2023 closures of Silvergate Bank, Silicon Valley Bank, Signature Bank, and First Republic Bank. If a bank failure occurs and the Fund's cash balances are not further insured, these losses could directly impact the Fund.

**The lack of active trading markets for the Shares of the Fund may result in loss in Share value**

Although the Shares of the Fund will be listed and traded on the Exchange, there can be no guarantee that an active trading market for the Shares of the Fund will be maintained. If a Shareholder needs to sell Shares at a time when no active market for the Shares exists, the market price for the Shares will likely be lower, if the Shares are sold, than if an active market did exist.

**Regulatory Risks**

**Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Eligible Assets or the Shares**

As a result of the growth in the size of the crypto asset market, the U.S. Congress and a number of U.S. federal and state agencies (including FinCEN, SEC, OCC, CFTC, FINRA, the Consumer Financial Protection Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, state financial institution regulators, and others) have been examining the operations of crypto asset networks, crypto asset users and the crypto asset markets. Many of these state and federal agencies have brought enforcement actions or issued consumer advisories regarding the risks posed by crypto assets to investors. Ongoing and future regulatory actions with respect to crypto assets generally or each of the Eligible Assets in particular may alter, perhaps to a materially adverse extent, the nature of an investment in the Shares or the ability of the Fund to continue to operate. Regulatory developments such as by banning, restricting or imposing onerous conditions or prohibitions on the use of crypto assets, mining activity, digital wallets, the provision of services related to trading and custody of crypto assets, the operation of the Eligible Asset Networks, or the crypto asset markets generally may adversely impact the value of the Eligible Assets and, therefore, of the Fund.

The bankruptcy filings of FTX and its subsidiaries, Three Arrows Capital, Celsius Network, Voyager Digital, Genesis, BlockFi and others, and other developments in the crypto asset markets, have resulted in calls for heightened scrutiny and regulation of the crypto asset industry, with a specific focus on intermediaries such as crypto platforms and custodians. Federal and state legislatures and regulatory agencies may introduce and enact new laws and regulations to regulate crypto asset intermediaries, such as crypto platforms and custodians. The March 2023 collapses of Silicon Valley Bank, Silvergate Bank, and Signature Bank, which in some cases provided services to the crypto assets industry, may amplify and/or accelerate these trends. In January 2023, the federal banking agencies issued a joint statement on crypto-asset risks to banking organizations following events which exposed vulnerabilities in the crypto-asset sector, including the risk of fraud and scams, legal uncertainties, significant volatility, and contagion risk. Although banking organizations are not prohibited from crypto asset related activities, the agencies have expressed significant safety and soundness concerns with business models that are concentrated in crypto asset related activities or have concentrated exposures to the crypto asset sector.

U.S. federal and state regulators, as well as the White House, have issued reports and releases concerning crypto assets and crypto asset markets. Further, in 2023 the House of Representatives formed two new subcommittees: the Digital Assets, Financial Technology and Inclusion Subcommittee and the Commodity Markets, Digital Assets, and Rural Development Subcommittee, each of which were formed in part to analyze issues concerning crypto assets and demonstrate a legislative intent to develop and consider the adoption of federal legislation designed to address the perceived need for regulation of and concerns surrounding the crypto industry. In 2023, Congress continued to consider several stand-alone crypto asset bills, including a formal process to determine when crypto assets will be treated as either securities to be regulated by the SEC or commodities under the purview of the CFTC, what type of federal/state regulatory regime will exist for payment stablecoins and the how the BSA will apply to cryptocurrency providers. On May 21, 2024, the Financial Innovation and Technology for the 21st Century Act (FIT21) advanced through the United States House of Representatives in a vote along bipartisan lines. However, the extent and content of any forthcoming laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future.

● President Biden's March 9, 2022 Executive Order, asserting that technological advances and the rapid growth of the crypto asset markets "necessitate an evaluation and alignment of the United States Government approach to crypto assets," signals an ongoing focus on crypto asset policy and regulation in the United States. On January 23, 2025, an executive order was issued titled "Executive Order on Strengthening American Leadership in Digital Financial Technology" that outlined the administration's commitment to strengthening U.S. leadership in the crypto asset space and established an inter-agency working group for artificial intelligence and crypto that is tasked with proposing a regulatory framework governing the issuance and operation of crypto assets, including stablecoins, in the United States. On July 30, 2025, the President's Working Group on Digital Asset Markets released its report recommending, among other things, that

● Congress enact legislation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Eliminates existing gaps in regulatory oversight by providing the CFTC authority to oversee spot markets
for non-security crypto assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Embraces DeFi technology and recognizes the potential of integrating such technology into mainstream finance.

● The SEC and CFTC use their existing authorities to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Immediately enable the trading of crypto assets at the Federal level by providing clarity to market participants
on issues such as registration, custody, trading, and recordkeeping.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Allow innovative financial products to reach consumers without bureaucratic delays through the use of
tools like safe harbors and regulatory sandboxes.

It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities to the SEC or other regulators, what the nature of such additional authorities might be, how additional legislation and/or regulatory oversight might impact the ability of crypto asset markets to function or how any new regulations or changes to existing regulations might impact the value of crypto assets held by the Fund. The consequences of increased federal regulation of crypto assets and crypto asset activities could have a material adverse effect on the Fund and the Shares.

FinCEN requires any administrator or exchanger of convertible crypto assets to register with FinCEN as a money transmitter and comply with the anti-money laundering regulations applicable to money transmitters. Entities which fail to comply with such regulations are subject to fines, may be required to cease operations, and could have potential criminal liability. For example, in 2015, FinCEN assessed a $700,000 fine against a sponsor of a crypto asset for violating several requirements of the Bank Secrecy Act by acting as an MSB and selling the crypto asset without registering with FinCEN, and by failing to implement and maintain an adequate anti-money laundering program. In 2017, FinCEN assessed a $110 million fine against BTC-e, a now defunct crypto asset exchange, for similar violations. The requirement that exchangers that do business in the U.S. register with FinCEN and comply with anti-money laundering regulations may increase the cost of buying and selling crypto assets and therefore may adversely affect the price of the Eligible Assets and an investment in the Shares.

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has added digital currency addresses to the list of Specially Designated Nationals whose assets are blocked, and with whom U.S. persons are generally prohibited from dealing. Such actions by OFAC, or by similar organizations in other jurisdictions, may introduce uncertainty in the market as to whether crypto assets that have been associated with such addresses in the past can be easily sold. Reduced fungibility in the crypto asset markets may reduce the liquidity of the Eligible Assets and therefore adversely affect their price.

In February 2020, then-U.S. Treasury Secretary Steven Mnuchin stated that crypto assets were a "crucial area" on which the U.S. Department of the Treasury has spent significant time. Secretary Mnuchin announced that the U.S. Department of the Treasury is preparing significant new regulations governing crypto asset activities to address concerns regarding the potential use for facilitating money laundering and other illicit activities. In December 2020, FinCEN, a bureau within the U.S. Department of the Treasury, proposed a rule that would require financial institutions to submit reports, keep records, and verify the identity of customers for certain transactions to or from so-called "unhosted" wallets, also commonly referred to as self-hosted wallets. In January 2021, U.S. Treasury Secretary nominee Janet Yellen stated her belief that regulators should "look closely at how to encourage the use of crypto assets for legitimate activities while curtailing their use for malign and illegal activities."

Under regulations from the New York State Department of Financial Services (NYDFS), businesses involved in crypto asset business activity for third parties in or involving New York, excluding merchants and consumers, must apply for a license, commonly known as a BitLicense, from the NYDFS and must comply with anti-money laundering, cyber security, consumer protection, and financial and reporting requirements, among others. As an alternative to a BitLicense, a firm can apply for a charter to become a limited purpose trust company under New York law qualified to engage in certain crypto asset business activities. Other states have considered or approved crypto asset business activity statutes or rules, passing, for example, regulations or guidance indicating that certain crypto asset business activities constitute money transmission requiring licensure.

The inconsistency in applying money transmitting licensure requirements to certain businesses may make it more difficult for these businesses to provide services, which may affect consumer adoption of crypto assets and its price. In an attempt to address these issues, the Uniform Law Commission passed a model law in July 2017, the Uniform Regulation of Virtual Currency Businesses Act, which has many similarities to the BitLicense and features a multistate reciprocity licensure feature, wherein a business licensed in one state could apply for accelerated licensure procedures in other states. It is still unclear, however, how many states, if any, will adopt some or all of the model legislation.

Law enforcement agencies have often relied on the transparency of blockchains to facilitate investigations. However, certain privacy-enhancing features have been, or are expected to be, introduced to a number of crypto asset networks. If the Eligible Asset Networks were to adopt any of these features, these features may provide law enforcement agencies with less visibility into transaction-level data. Europol, the European Union's law enforcement agency, released a report in October 2017 noting the increased use of privacy-enhancing crypto assets like Zcash and Monero in criminal activity on the internet. Although no regulatory action has been taken to treat privacy enhancing crypto assets differently, this may change in the future.

As crypto assets have grown in both popularity and market size, the U.S. Congress and a number of U.S. federal and state agencies (including the FinCEN, SEC, CFTC, FINRA, the CFPB, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the IRS, and state financial institution regulators) have been examining the crypto networks and the crypto asset users, with particular focus on the extent to which crypto assets can be used to launder the proceeds of illegal activities or criminal or terrorist enterprises and the safety and soundness of exchanges or other service providers that hold tokens for users. The imposition of stricter governmental regulation of the crypto asset market may adversely impact the activities of the Fund, for example, by reducing the liquidity of the Eligible Assets markets.

**Legal status of crypto assets is uncertain in various jurisdictions, which could impact the prices of crypto assets**

The legal status of crypto assets varies substantially across jurisdictions. In many countries, the Eligible Assets legal status is still undefined or changing. Some countries have banned crypto assets or securities or derivatives in respect to them (including for certain categories of investor), banned the local banks from working with crypto assets or restricted the use of crypto assets in other ways. Furthermore, in other countries the status of the Eligible Assets remains undefined and there is uncertainty as to whether some crypto assets are a security, money, a commodity or property. In some countries, such as the United States, different government agencies define crypto assets differently, leading to regulatory conflict and uncertainty. This uncertainty is compounded by the rapid evolution of regulations. Countries may, in the future, explicitly restrict, outlaw or curtail the acquisition, use, trade or redemption of the Eligible Assets. In such a scenario, there may be adverse effects on the value of the Eligible Assets and the Fund's Shares, including the termination of the Fund.

**A determination that the Eligible Assets or any other crypto asset is a "security" may adversely affect the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Fund**

Depending on its characteristics, a crypto asset may be considered a "security" under the federal securities laws. The test for determining whether a particular crypto asset is a "security" is complex and difficult to apply, and the outcome is difficult to predict.

Whether a crypto asset is a security under the federal securities laws depends on whether it is included in the lists of instruments making up the definition of "security" in the Securities Act, the Exchange Act, and the Investment Company Act. Crypto assets as such do not appear in any of these lists, although each list includes the terms "investment contract" and "note," and the SEC has typically analyzed whether a particular crypto asset is a security by reference to whether it meets the tests developed by the federal courts interpreting these terms, known as the Howey and Reves tests, respectively. Adding to the complexity, the SEC staff has indicated that the security status of a particular crypto asset can change over time as the relevant facts evolve and that a crypto asset that is otherwise not a security but is offered and sold as part of an investment contract may form part of a security.

As part of determining whether a crypto asset is a security for purposes of the federal securities laws, the Sponsor considers a number of factors, including the various definitions of "security" under the federal securities laws, as well as SEC guidance and enforcement actions. The Sponsor may also refer to the inclusion of a crypto asset in the Index since the eligibility rules of the FTSE Crypto US Listed Index state that Index Constituents must meet the generic listing standards that require that the asset be a commodity. Through this process the Sponsor believes that it is applying the proper legal standards in determining that the Eligible Assets are not securities. In light of these uncertainties and the fact-based nature of the analysis, the Sponsor acknowledges that an Eligible Asset may in the future be found by the SEC or a federal court to be a security notwithstanding the Sponsor's prior conclusion; and the Sponsor's prior conclusion, even if reasonable under the circumstances and made in good faith, would not preclude legal or regulatory action based on the presence of a security.

Any enforcement action by the SEC or a state securities regulator asserting that any of the Eligible Assets is a security or is being offered and sold as a security, or a court decision, to that effect would be expected to have an immediate material adverse impact on the trading value of such crypto asset, as well as the Shares. The Fund may be required to liquidate or be subject to regulatory action. The value of such crypto asset may significantly decline because the business models behind most crypto assets are incompatible with regulations applying to transactions in securities. If a crypto asset is determined or asserted to be a security, it is likely to become difficult or impossible for the crypto asset to be traded, cleared or custodied in the United States through the same channels used by non-security crypto assets, which in addition to materially and adversely affecting the trading value of the crypto asset is likely to significantly impact its liquidity and market participants' ability to convert the crypto asset into U.S. dollars.

In addition, if crypto assets are determined to be securities, the Fund could be considered an unregistered "investment company" under SEC rules, which could necessitate the Fund's liquidation. In this case, the Fund and the Sponsor may be deemed to have participated in an illegal offering of securities and there is no guarantee that the Sponsor will be able to register the Fund under the Investment Company Act at such time or take such other actions as may be necessary to ensure the Fund's activities comply with applicable law, which could force the Sponsor to liquidate the Fund.

The Sponsor may terminate and liquidate the Fund if the Sponsor determines certain crypto assets critical to the performance Fund are securities under the federal securities laws, whether that determination is initially made by the Sponsor itself, or because the SEC or a federal court subsequently makes that determination. Moreover, whether or not the Sponsor or the Fund were subject to additional regulatory requirements as a result of any SEC or federal court determination that its assets include securities, the Sponsor may nevertheless decide to terminate the Fund, in order, if possible, to liquidate the Fund's assets while a liquid market still exists.

Because the Fund is actively-managed, the Sponsor may determine to liquidate the particular asset(s) that may be subject to a change in classification and continue with other Eligible Assets. If the Sponsor believes there to be good faith grounds to conclude that there are sufficient Eligible Assets to carry out its objective that are not securities, the Sponsor does not intend to dissolve the Fund on the basis that a particular crypto asset could at some future point be determined to be a security.

**A determination that the Eligible Assets is not a commodity under the CEA may adversely affect the value of the Shares, and result in potentially extraordinary, nonrecurring expenses to, or termination of, the Fund**

The SEC's release on generic listing standards for crypto exchange-traded products specifically notes that the generic listing standards apply to a trust that holds "one or more commodities or commodity-based assets", and states that the term "commodity" means any commodity as defined in Section 1a(9) of the CEA that is not an "excluded commodity" under Section 1a(19) of the CEA. Accordingly, the Fund requires that any Eligible Asset be a "commodity."

In determining whether a crypto asset is a commodity and is not an "excluded commodity," the Sponsor will begin by referencing the definitions of commodity and excluded commodity under the CEA, and the definition of a "security" under the federal securities laws, and considers interpretative materials such as rules, caselaw, guidance, and enforcement actions. The Sponsor may also classify a crypto asset to be a commodity if it meets the following criteria:

● it is fungible and

● it is not presently a security under federal securities laws or it is either presently traded in futures contracts that are not subject to the jurisdiction of the SEC, or could be traded in such contracts in the future.

In the event a crypto asset is found to be a commodity under the CEA and to not be an excluded commodity under the CEA, the Fund will then apply the asset eligibility criteria discussed herein to determine whether the crypto asset is an Eligible Asset.

The Sponsor acknowledges that one or more crypto assets may in the future be found by the CFTC or a federal court to not be a commodity or to be an excluded commodity under the CEA notwithstanding the Sponsor's prior classification. Even if the Sponsor's prior classification was reasonable under the circumstances and made in good faith, the Fund and Sponsor may nevertheless be subject to legal or regulatory action. Because the Fund is actively-managed, the Sponsor may determine to liquidate the particular asset(s) that may be subject to a change in classification and continue the Fund with other Eligible Assets. The Sponsor may terminate and liquidate the Fund if the Sponsor determines certain crypto assets critical to the performance Fund do not meet the regulatory requirements.

**The lack of regulation of the crypto asset market causes vulnerabilities to the markets and may impact prices**

The Eligible Assets, the Eligible Asset Networks and the crypto asset trading platforms are relatively new and, in many cases, either unregulated or not in compliance with some or all of the applicable laws and regulations. As a result of this lack of regulation, individuals, or groups may engage in insider trading, fraud or market manipulation with respect to the Eligible Assets. Such manipulation could cause investors in the Eligible Assets to lose money, possibly the entire value of their investments. Over the past several years, a number of crypto platforms have been closed due to fraud, failure or security breaches. The nature of the assets held at crypto platforms make them appealing targets for hackers and a number of crypto platforms have been victims of cybercrimes and other fraudulent activity. These activities have caused significant, in some cases total, losses for crypto asset investors. Investors in crypto assets may have little or no recourse should such theft, fraud or manipulation occur. There is no central registry showing which individuals or entities own crypto assets or the quantity of crypto assets that is owned by any particular person or entity. There are no regulations in place that would prevent a large holder of crypto assets or a group of holders from selling their crypto assets, which could depress the price of such assets, or otherwise attempting to manipulate the price of such crypto assets or their networks. Events that reduce user confidence in the Eligible Assets, the Eligible Asset Networks and the fairness of crypto platforms could have a negative impact on the price of the Eligible Assets and the value of an investment in the Fund.

**Regulatory changes or actions in foreign jurisdictions may affect the value of the Shares or restrict the use of one or more crypto assets, mining activity or the operation of their networks in a manner that adversely affects the value of the Shares**

Various foreign jurisdictions have, and may continue to adopt laws, regulations or directives that affect crypto asset networks (including the Eligible Asset Networks), the crypto asset markets, and their users, particularly crypto platforms and service providers that fall within such jurisdictions' regulatory scope. Foreign laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of one or more crypto assets by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the crypto asset economy in the European Union, China, Japan, Russia and the United States and globally, or otherwise negatively affect the value of the Eligible Assets. The effect of any future regulatory change is impossible to predict, but such change could be substantial and adverse to the Fund and the value of the Shares.

**The Fund's Operating Risks**

**The Fund is new and has no operational history**

Because the Fund is new, it has a more limited operating history, fewer shareholders, and less assets than other investment vehicles that have been in existence for longer periods. It may be more difficult to evaluate the investment program with a limited performance track record. This limited history poses several potential risks to the effective management and operation of the Fund. Crypto assets, such as bitcoin, are known for their high volatility, unique technical, legal and regulatory challenges, and rapidly evolving market dynamics.

Due to the Fund's relatively concentrated shareholder base, large shareholder purchases or redemptions could require the Fund to buy or sell holdings at unfavorable times or maintain greater cash reserves than desired, any of which could have tax implications for the Fund and its Shareholders, make it difficult to invest fully in accordance with the Fund's investment program, and limit the Sponsor's ability to successfully implement the Fund's investment strategies. There is no assurance that the Fund will be able to sufficiently increase its assets or number of shareholders in the future, which could lead to the Fund ultimately being liquidated and ceasing its operations. In such an event, Shareholders may be required to redeem or transfer their investment in the Fund at an inopportune time. The timing and tax consequences of such liquidation may not be favorable to some Shareholders.

Due to the Fund's relatively small asset base, the Fund's portfolio transaction costs and any costs that are not paid by the Sponsor pursuant to the Management Fee, may be relatively higher than those of a Fund with a larger asset base.

**The Sponsor has limited experience with crypto asset ETPs, which may adversely affect the Fund.**

The Sponsor is newly established, has limited operating or performance history, and does not have experience sponsoring ETPs that hold crypto assets. The Sponsor benefits from the experience of certain shared employees who have traded the Firm's proprietary crypto assets since 2023. Also, the Sponsor is supported by the Administrator, which provides management services to more than 30 ETFs operating under the Investment Company Act of 1940 with approximately $23 billion in assets and another $1.5 trillion in assets under management in other vehicles as of February 27, 2026. Crypto asset markets require specialized knowledge of blockchain technology and security, and have evolving regulatory requirements that differ materially from traditional asset markets. The Sponsor's limited experience may not fully equip it to effectively navigate these complexities or risks such as cyber threats, technological failures, or operational errors related to digital asset transactions or custody. This limited experience could result in suboptimal decision-making, increased operational risks, potential legal or regulatory non-compliance, or unsuccessful implementation of the Fund's investment objective. These factors could adversely affect the Fund's operations, leading to potential losses for investors or a decrease in the Fund's overall value.

**The Sponsor or Fund may change the Management Fee, investment objective, Index or investment strategies at any time without Shareholder approval or advance notice**

Consistent with applicable provisions of the Trust Agreement and Delaware law, the Sponsor and Fund have broad authority to make changes to its operations. The Sponsor may, in its sole discretion, determine to amend the Sponsor Agreement, including to increase the Management Fee, and may do so without Shareholder approval. The Sponsor shall determine the contents and manner of delivery of any notice of such changes. If an amendment imposes new fees and charges or increases existing fees or charges, including the Management Fee, advance notice of the change will be provided in a prospectus supplement or current report on Form 8-K. Shareholders that are not registered owners (which most Shareholders will not be) may not receive any other specific notice of a fee increase. Moreover, at the time an amendment becomes effective, by continuing to hold Shares, Shareholders are deemed to agree to the fee change.

The Fund may change its investment objective, the Index, or investment strategies and Shareholders of the Fund will not have any rights with respect to these changes. Changes are subject to applicable regulatory requirements, including, but not limited to, any requirement to amend applicable listing rules of the Exchange. The reasons for and circumstances that may trigger any such changes may vary widely and cannot be predicted. Shareholders may experience losses on their investments in the Fund as a result of such changes.

**The crypto assets that the Fund may invest in can change from time to time as additional Eligible Assets are added**

The Fund's investment strategy permits it to invest in a range of crypto assets that have been designated as Eligible Assets under its investment guidelines. The list of Eligible Assets is not fixed, and may expand or change over time as new crypto assets are evaluated and added. As a result, the Fund's portfolio composition may change materially and potentially rapidly, subjecting investors to risks associated with newer or less-established crypto assets, each of which may have distinct technical, regulatory, security, and market risks that differ from those of the Fund's initial holdings.

The addition of new Eligible Assets may expose the Fund to increased volatility, illiquidity, or operational uncertainties specific to newly included Eligible Assets. Furthermore, investors will not have an opportunity to vote on or approve the inclusion of additional Eligible Assets, and there is no guarantee that any added Eligible Asset will perform as expected or that the Fund's risk profile will remain consistent with past periods. This evolving investment universe may impact the Fund's investment performance and risk characteristics in unpredictable ways.

Prospective investors should consider that the Fund's exposure may shift both in terms of the particular crypto assets held and the associated risks, which may change as additional Eligible Assets are included in the Fund's investment strategy.

**The Fund is not a registered investment company, so Shareholders do not have the protections of the Investment Company Act**

The Fund is not an investment company subject to the Investment Company Act. Accordingly, the Fund's Shareholders do not have the protections expressly provided by that statute, including: provisions preventing Fund insiders from managing the Fund to their benefit and to the detriment of Fund Shareholders; provisions preventing the Fund from issuing securities having inequitable or discriminatory provisions; provisions preventing Fund management by irresponsible persons; provisions preventing the use of unsound or misleading methods of computing Fund earnings and asset value; provisions prohibiting suspension of redemptions (except under limited circumstances); provisions limiting Fund leverage; provisions imposing a fiduciary duty on the managers with respect to receipt of compensation for services; and provisions preventing changes in the Fund's character without the consent of Fund Shareholders.

In addition, the Fund will not hold or trade in commodity interests regulated by the CEA, as administered by the CFTC. Furthermore, the Sponsor believes that the Fund is not a commodity pool for purposes of the CEA, and that neither the Sponsor nor the Trustee is subject to regulation by the CFTC as a commodity pool operator or a commodity trading advisor in connection with the operation of the Fund. Consequently, Shareholders will not have the regulatory protections provided to investors in CEA-regulated instruments or commodity pools.

**There are technical risks inherent in the trading system the Sponsor intends to employ**

The Sponsor's order management system is a broadly used and well-known computer-based system that utilizes external data feeds of market information. The Sponsor can experience business interruptions if its order management system or data feeds are disrupted or corrupted. For further discussion of technical and business continuity risks to the Fund's and the Sponsor's systems, see the discussion under the caption "Event Risk" below.

**Several factors may affect the Fund's ability to achieve its investment objective on a consistent basis**

There can be no assurance that the Fund will achieve its investment objective. Prospective investors should read this entire prospectus and consult with their own advisers before subscribing for Shares. Factors that may affect the Fund's ability to meet its investment objective include: (1) Fund's ability to purchase and sell crypto assets in an efficient manner to effectuate creation and redemption orders; (2) transaction fees associated with the Eligible Asset Networks; (3) the crypto asset market becoming illiquid or disrupted; (4) the need to conform the Fund's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (5) early or unanticipated closings of the markets on which the Eligible Assets trade, resulting in the inability of Fund to execute intended portfolio transactions; and (6) accounting standards.

**There is no assurance of the Sponsor's continued services, and discontinuance may be detrimental to the Fund**

There is no assurance that the Sponsor will be willing or able to continue to service the Fund for any length of time. If the Sponsor discontinues its activities on behalf of the Fund or other investment Fund complex, the Fund may be adversely affected.

**The Sponsor may manage a large number of assets, and this could affect the Fund's ability to trade profitably**

Increases in assets under management may affect trading decisions. The Sponsor does not intend to limit the amount of Fund assets. The more assets the Sponsor manages, the more difficult it may be for it to trade profitably because of the difficulty of trading larger positions without adversely affecting prices and performance and of managing risk associated with larger positions.

**The Sponsor relies heavily on key personnel. The departure of any such key personnel could negatively impact the Fund's operations and adversely impact an investment in the Fund**

The Sponsor relies heavily on key personnel to manage its activities. These key personnel intend to allocate their time managing the Fund in a manner that they deem appropriate. If such key personnel were to leave or be unable to carry out their present responsibilities, it may have an adverse effect on the management of the Sponsor.

Shareholders have no right or power to take part in the management of the Fund. Accordingly, no investor should purchase Shares unless such investor is willing to entrust all aspects of the management of the Fund to the Sponsor.

In addition, certain personnel performing services on behalf of the Sponsor will be shared with the affiliates of the Sponsor, including with respect to execution, Fund operations and legal, regulatory and tax oversight. Such individuals will devote a small percentage of their time to those activities.

Additionally, there can be no assurance that all of the personnel who provide services to the Fund will continue to be associated with the Fund for any length of time. The loss of the services of one or more such individuals could have an adverse impact on the Fund's ability to realize its investment objective.

**The liability of the Sponsor and the Trustee are limited, and the value of the Shares will be adversely affected if the Fund is required to indemnify the Trustee or the Sponsor**

Under the Trust Agreement, the Trustee and the Sponsor are not liable, and have the right to be indemnified, for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustee or Sponsor, as the case may be. That means the Sponsor may require the assets of the Fund to be sold in order to cover losses or liability suffered by the Sponsor or by the Trustee. Any sale of that kind would reduce the NAV of the Fund and the value of its Shares.

**The Fund may incur higher fees and expenses upon renewing existing or entering into new contractual relationships**

The arrangements between clearing brokers and counterparties on the one hand and the Fund on the other generally are terminable by the clearing brokers or counterparty upon notice to the Fund. In addition, the agreements between the Fund and its third-party service providers, such as the Custodians, are generally terminable at specified intervals. Upon termination, the Sponsor may be required to renegotiate or make other arrangements for obtaining similar services if the Fund intends to continue to operate. Comparable services from another party may not be available, or even if available, these services may not be available on the terms as favorable as those of the expired or terminated arrangements.

**The Fund is actively-managed, which may result in performance and cost differences compared to a passively-managed fund**

Unlike passively-managed crypto ETPs that seek to track an index by replicating the index's holdings and weights, the Fund's performance depends on the Sponsor actively selecting Eligible Assets, determining portfolio weights and the timing for these transactions without regard to an index. If the Sponsor's judgments about the attractiveness, value, or market trends affecting particular Eligible Assets prove to be incorrect, the Fund may underperform passively-managed crypto ETPs that track the Index or similar benchmarks. The Sponsor's judgments about the attractiveness, value, or potential appreciation of the Fund's investments may prove to be incorrect. The Fund could underperform other ETPs (whether actively-managed or otherwise) with a similar index as the Index or similar investment program if the Fund's investment selections or overall strategies fail to produce the intended results. Regulatory, tax, or other developments may affect the investment strategies available to the Sponsor, which could adversely affect the ability to implement the Fund's overall investment program and achieve the Fund's investment objective. The Fund uses a reference rate for pricing crypto assets, which is different from the reference rate used by the Index. Therefore, there may be performance differences attributed to the different reference rates, as well as the difference in crypto assets and weights of those crypto assets of the Fund compared to the Index Constituents.

Actively-managed funds are also subject to higher costs than passively-managed funds. The Fund incurs trading costs associated with active and frequent trading of Eligible Assets. These trading costs can result in higher total expenses compared to passively-managed crypto ETPs. These higher costs reduce the Fund's NAV and may cause the Fund to underperform passively-managed crypto ETPs, particularly in market environments where active management does not add sufficient value to offset the additional costs.

Market participants may attempt to "reverse engineer" one or more of the Fund's trading strategies. If successful, this could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its Shareholders. These practices may include front-running (trading ahead of the Fund) or free-riding (mirroring the Fund's strategies).

As an actively-managed Fund, the Fund may engage in frequent trading of its portfolio assets in pursuing its investment objective. Generally, the higher the portfolio turnover rate, the higher the overall transaction costs and the greater the potential impact on the fund's total return. High portfolio turnover results in increased transaction costs to the Fund related to the sale of holdings and reinvestment of the proceeds in other holdings. The Fund's portfolio turnover rate may vary from year to year due to fluctuations in the levels of shareholder purchase and redemption activity, shifts in market conditions or evaluations of assets, and/or changes in the overall investment outlook. Increased portfolio reallocations and frequent portfolio turnover also may increase the possibility of tax consequences in taxable accounts.

**Fund assets may be depleted if investment performance does not exceed Fund fees and expenses**

Over time, the Fund's assets could be depleted if investment performance does not exceed the Management Fee and Fund expenses, see "Business of the Fund – Fees and Expenses." For example, creation with cash may cause the Fund to incur certain costs including brokerage commissions and redemptions of Creation Units with cash may result in the recognition of taxable gains or losses that the Fund. The Fund may be required to indemnify the Sponsor, and the Fund and/or the Sponsor may be required to indemnify the Fund's service providers under certain circumstances. Unless such expenses are specifically attributable the Fund or arise out of the Fund's operations, any such expenses will be allocated by the Sponsor using a pro rata methodology that allocates certain Fund expenses to the Fund. Expenses paid by Sponsor are not subject to any caps or limits.

**Investors may not be able to buy or sell Shares of the Fund through their current brokerages**

Because of volatility and other risks associated with crypto-related investments, brokerage firms may limit or not permit trading in such investments. Because of current or future brokerage policies regarding crypto-linked securities, investors could have difficulty selling Shares through their brokerage and potentially face restrictions when or how they could trade their Shares.

**The Fund may have credit risk, operational risk, and fraud risk buying or selling crypto assets**

The Fund may transact with crypto trading platforms and over-the-counter crypto market makers. The Fund may take on credit risk when it trades crypto assets, and its contractual rights with respect to such transactions may be limited. It is possible that, through computer or human error, or through theft or criminal action, the Fund's assets could be transferred in incorrect amounts or to unauthorized third parties. To the extent that the Fund is unable to seek a corrective transaction with such third party or is incapable of identifying the third party which has received the Fund's crypto assets (through error or theft), the Fund will be unable to recover incorrectly transferred assets, and such losses will negatively impact the Fund. In the event the Fund is unable to recover any incorrectly transferred assets, the Fund will not be liable to the Shareholders for any such losses.

**If a custodial agreement or an Authorized Participant agreement is terminated or a Custodian or an Authorized Participant becomes insolvent or fails to provide services as required, the Sponsor may need to find and appoint a replacement custodian or Authorized Participant, which could pose a challenge to the safekeeping of the Fund's assets, the Fund's ability to create and redeem shares and the Fund's ability to continue to operate may be adversely affected**

The Fund is dependent on the Crypto Custodian to operate. The Crypto Custodian performs essential functions in terms of safekeeping the Fund's crypto assets in the custodial wallets. If a Crypto Custodian fails to perform the functions it performs for the Fund, the Fund may be unable to operate or create or redeem Creation Units, which could force the Fund to liquidate or adversely affect the price of the Shares.

If any Crypto Custodian were to be required or choose, as a result of a regulatory action (including, for example, the litigation initiated by the SEC), to restrict or curtail the services it offers, it could negatively affect the Fund's ability to operate or process creations or redemptions of Creation Units, which could force the Fund to liquidate or adversely affect the price of the Shares.

Any prioritization by the Crypto Custodian away from the Fund could result in inadequate attention, delays, or comparatively unfavorable commercial terms for the Fund. Such actions could harm the Fund's operations, reduce the efficiency of its trading activities, and negatively affect the value of the Shares.

Transferring maintenance responsibilities of the Fund's account at the Crypto Custodian to one or more other custodians will likely be complex and could subject the Fund's assets to the risk of loss during the transfer, which could have a negative impact on the performance of the Shares or result in loss of the Fund's assets. Also, the Sponsor may not be able to find a party willing to serve as the custodian of the Fund's assets or on the same terms as its agreements with the Crypto Custodian or at all. To the extent that the Sponsor is not able to find a suitable party willing to serve as the custodian, the Sponsor may be required to terminate the Fund and liquidate the Fund's crypto assets. In addition, to the extent that the Sponsor finds a suitable party but must enter into a modified custodial agreement that is less favorable for the Fund, the value of the Shares could be adversely affected.

Moreover, the legal rights of customers with respect to crypto assets held on their behalf by a third-party custodian, such as the Crypto Custodian, in insolvency proceedings are currently uncertain. Also, if a Crypto Custodian becomes insolvent, suffers business failure, ceases business operations, defaults on or fails to perform their obligations under their contractual agreements with the Fund, or abruptly discontinues the services they provide to the Fund for any reason, the Fund's operations including its creation and redemption processes would be adversely affected.

Part of the Fund's assets are held in cash and cash equivalents with the Cash Custodian and other financial institutions, if applicable. The insolvency of the Cash Custodian and any financial institution in which the Fund holds cash and cash equivalents could result in a substantial loss of the Fund's cash and cash equivalents.

Similarly, if an Authorized Participant suffers insolvency, business failure or interruption, default, failure to perform, security breach or if an Authorized Participant chooses not to participate in the creation and redemption process of the Fund, and the Fund is unable to engage replacement Authorized Participants on commercially acceptable terms or at all, then the creation and redemption process of the Fund, the arbitrage mechanism used to keep the Shares in line with the NAV and the Fund's operations generally could be negatively affected.

Authorized Participants may prioritize their resources and trading focus away from the Fund, particularly during periods of market stress or heightened volatility, potentially reducing the liquidity and market efficiency of the Fund's Shares. This withdrawal could adversely impact the liquidity of the Shares, potentially leading to increased volatility, wider bid-ask spreads, and a deviation of the Share price from its NAV, especially if the Fund fails to attract enough Authorized Participants willing to maintain a market in the Shares. Such impacts could cause the Sponsor to halt or suspend the creation or redemption of Shares during such times, among other consequences.

**The service providers may not act in the best interest of the Fund and have limited liability**

Service providers to the Fund, including Custodians, do not owe fiduciary duties to the Fund or the Shareholders, are not required to act in their best interest and could resign or be removed by Sponsor. The service providers, including custodians and security vendors, that the Fund employs or may employ in the future are not trustees for, and owe no fiduciary duties to, the Fund or the Shareholders. In addition, service providers employed by the Fund have no duty to continue to act as service providers. However, the Fund and certain of its service providers, including the Custodians, have contractual obligations to each other, including indemnification, provision of services absent gross negligence, and payment for such services.

Current or future service providers, including Custodians and security vendors, can terminate their role as Custodian or security vendor for any reason whatsoever upon the notice period provided under the relevant custody agreement. A service provider may also be terminated.

Additionally, the key service providers may have limited liability. For example, the Crypto Custodian has limited liability, impairing the ability of the Fund to recover losses relating to its crypto assets and any recovery may be limited. In addition, the Crypto Custodian may not be liable for any delay in performance of any of its custodial obligations by reason of any cause beyond its reasonable control, including force majeure events, such as war or terrorism, and may not be liable for any system failure or third-party penetration of its systems. As a result, the recourse of the Fund to the Crypto Custodian may be limited. See "Custody of Fund Assets" section for more details on the limitation of liability of the Crypto Custodian.

Under the Trust Agreement, neither the Trustee nor the Sponsor will be liable for any liability or expense incurred absent gross negligence or willful misconduct on the part of the Trustee or the Sponsor (individually) or breach by the Sponsor of the Trust Agreement. As a result, the recourse of the Fund or the Shareholders to the Trustee or the Sponsor may be limited.

**Third parties may infringe upon or otherwise violate intellectual property rights or assert that the Sponsor has infringed or otherwise violated their intellectual property rights, which may result in significant costs, litigation, and diverted attention of Sponsor's management**

Third parties may assert that the Sponsor has infringed or otherwise violated their intellectual property rights. Third parties may independently develop business methods, trademarks or proprietary software and other technology similar to that of the Sponsor and claim that the Sponsor has violated their intellectual property rights, including their copyrights, trademark rights, trade names, trade secrets and patent rights. As a result, the Sponsor may have to litigate in the future to determine the validity and scope of other parties' proprietary rights or defend itself against claims that it has infringed or otherwise violated other parties' rights. Any litigation of this type, even if the Sponsor is successful and regardless of the merits, may result in significant costs, divert resources from the Fund, or require the Sponsor to change its proprietary software and other technology or enter into royalty or licensing agreements.

**The Fund may experience substantial losses on transactions if the computer or communications system fails**

The Fund's trading activities depend on the integrity and performance of the computer and communications systems supporting them. Extraordinary transaction volume, hardware or software failure, power or telecommunications failure, a natural disaster, cyber-attack or other catastrophe could cause the computer systems to operate at an unacceptably slow speed or even fail. Any significant degradation or failure of the systems that the Sponsor uses to gather and analyze information, enter orders, process data, monitor risk levels and otherwise engage in trading activities may result in substantial losses on transactions, liability to other parties, lost profit opportunities, damages to the Sponsor's and Fund's reputations, increased operational expenses and diversion of technical resources.

**If the computer and communications systems are not upgraded when necessary, the Fund's financial condition could be harmed**

The development of complex computer and communications systems and new technologies may render the existing computer and communications systems supporting the Fund's trading activities obsolete. In addition, these computer and communications systems must be compatible with those of third parties, such as the systems of exchanges, clearing brokers and the executing brokers. As a result, if these third parties upgrade their systems, the Sponsor will need to make corresponding upgrades to effectively continue its trading activities. The Sponsor may have limited financial resources for these upgrades or other technological changes. The Fund's future success may depend on the Sponsor's ability to respond to changing technologies on a timely and cost-effective basis.

**The Fund depends on the reliable performance of the computer and communications systems of third parties, such as brokers, and may experience substantial losses on transactions if they fail**

The Fund depends on the proper and timely function of complex computer and communications systems maintained and operated by crypto asset market makers, exchanges and Custodians, brokers and other data providers that the Sponsor uses to conduct trading activities. Failure or inadequate performance of any of these systems could adversely affect the Sponsor's ability to complete transactions, including its ability to close out positions, and result in lost profit opportunities and significant losses. This could have a material adverse effect on revenues and materially reduce the Fund's available capital. Unavailability of records from brokerage firms may make it difficult or impossible for the Sponsor to accurately determine which transactions have been executed or the details, including price and time, of any transaction executed. This unavailability of information also may make it difficult or impossible for the Sponsor to reconcile its records of transactions with those of another party or to accomplish settlement of executed transactions.

**An investment in the Fund faces numerous risks from its Shares being traded in the secondary market, any of which may lead to the Fund's Shares trading at a premium or discount to NAV**

Although the Fund's Shares are listed for trading on the Exchange, there can be no assurance that an active trading market for such Shares will develop or be maintained. Trading in the Fund's Shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged or that the Shares will trade with any volume, or at all. The NAV of the Fund's Shares will generally fluctuate with changes in the market value of the Fund's portfolio holdings. The market prices of Shares will generally fluctuate in accordance with changes in the Fund's NAV and supply and demand of Shares on the Exchange. It cannot be predicted whether the Fund's Shares will trade below at or above their NAV. Investors who buy the Fund's Shares at a market price that is a premium to NAV face a risk of loss if the market price of their Shares subsequently converges with NAV per Share. Investors buying or selling Fund Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares.

**The Exchange may halt trading in the Shares, which would adversely impact the ability to sell Shares**

Trading in Shares of the Fund may be halted by the Exchange due to market conditions or, in light of the Exchange rules and procedures, for reasons that, in view of the Exchange, make trading in Shares inadvisable. These may include: (1) the extent to which trading is not occurring in the Eligible Assets underlying the Shares; or (2) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. In addition, market conditions that would result in trading halts may also include extraordinary market volatility that trigger rules requiring trading to be halted for a specified period based on a specified market decline. There can be no assurance that the requirements necessary to maintain the listing of the Shares will continue to be met or will remain unchanged. The Fund will be terminated if its Shares are delisted.

**An investment in the Fund may be adversely affected by competition from other investment vehicles focused on crypto assets**

The Fund will compete with direct investments in crypto assets, investment vehicles that include securities backed by or linked to crypto assets, and other investment vehicles that focus on crypto assets. Market and financial conditions, and other conditions beyond the Fund's control, such as the timing of reaching the market and the Fund's fee structure relative to other investment vehicles, may make it more attractive to invest in other vehicles. To the extent that the Fund has relatively higher fees than other such investment vehicles, this could impede growth of the Fund, possibly result in a lower NAV per Share. The competition from other investment vehicles focused on crypto assets could have a detrimental effect on the scale and sustainability of the Fund.

**Anonymity and illicit financing risk of crypto assets could harm the Fund**

Although transaction details of peer-to-peer transactions are recorded on the crypto assets blockchain, a buyer or seller of crypto assets on a peer-to-peer basis directly on the network may never know to whom the public key belongs or the true identity of the party with whom it is transacting. Public key addresses are randomized sequences of alphanumeric characters that, standing alone, do not provide sufficient information to identify users. In addition, certain technologies may obscure the origin or chain of custody of crypto assets. The opaque nature of the market poses asset verification challenges for market participants, regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi schemes, bucket shops and pump and dump schemes.

Certain crypto assets have in the past been used to facilitate illicit activities. If a crypto asset was used to facilitate illicit activities, businesses that facilitate transactions in such crypto assets could be at increased risk of potential criminal or civil liability or lawsuits, or of having banking or other services cut off, and such crypto asset could be removed from crypto platforms. Any of the aforementioned occurrences could adversely affect the price of the relevant crypto asset, the attractiveness of the respective blockchain network and an investment in the Shares. If the Fund, the Sponsor were to transact with a sanctioned entity, the Fund or the Sponsor or its affiliates would be at risk of potential criminal or civil lawsuits or liability.

The Fund takes measures with the objective of reducing illicit financing risks in connection with the Fund's activities. However, illicit financing risks are present in the crypto asset markets. There can be no assurance that the measures employed by the Fund will prove successful in reducing illicit financing risks, and the Fund is subject to the complex illicit financing risks and vulnerabilities present in the crypto asset markets. If such risks arise, the Fund or the Sponsor or its affiliates could face civil or criminal liability, fines, penalties, or other punishments, be subject to investigation, have their assets frozen, lose access to banking services or services provided by other service providers, or suffer disruptions to their operations, any of which could negatively affect the Fund's ability to operate or cause losses in value of the Shares.

The Fund, the Sponsor and its affiliates have adopted and implemented policies and procedures that are designed to comply with applicable anti-money laundering laws and sanctions laws and regulations, including applicable know your customer (KYC) laws and regulations. The Sponsor and its affiliates and the Fund will only interact with known third-party service providers with respect to whom the Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process, such as the Authorized Participants, Crypto Trading Counterparty, and Crypto Custodian. Each service provider must undergo onboarding prior to placing creation or redemption orders with respect to the Fund. As a result, the Sponsor and the Fund have instituted procedures designed to ensure that a situation would not arise where the Fund would engage in transactions with a counterparty whose identity the Sponsor and the Fund did not know.

Furthermore, Authorized Participants, as broker-dealers, and the Crypto Custodian, as an entity licensed to conduct virtual currency business activity, respectively, are "financial institutions" subject to the U.S. Bank Secrecy Act, as amended (BSA), and U.S. economic sanctions laws. The Fund will only accept creation and redemption requests from Authorized Participants who have represented to the Fund that they have implemented compliance programs that are designed to ensure compliance with applicable sanctions and anti-money laundering laws. The Custodians have adopted and implemented anti-money laundering and sanctions compliance programs, which provides additional protections to ensure that the Sponsor and the Fund do not transact with a sanctioned party.

However, there is no guarantee that such procedures will always prove to be effective or that the Fund's service providers will always perform their obligations. If the Authorized Participants or Crypto Trading Counterparties have inadequate policies, procedures and controls for complying with applicable anti-money laundering and applicable sanctions laws or the Fund's procedures or diligence prove to be ineffective, violations of such laws could result, which could result in regulatory liability for the Fund, the Sponsor, or its affiliates under such laws, including governmental fines, penalties, and other punishments, as well as potential liability to or cessation of services by the Fund's service providers. Any of the foregoing could result in losses to the Shareholders or negatively affect the Fund's ability to operate.

**The market for crypto-based ETFs may reach saturation**

The market for crypto-based ETFs like the Fund may reach a point where there is little or no additional investor demand. If this happens, there can be no assurance that the Fund will grow to or maintain a viable size. Due to the Fund's small asset base, certain of the Fund's expenses and its portfolio transaction costs may be higher than those of a Fund with a larger asset base. To the extent that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some Shareholders.

**To the extent that the Fund engages in staking activities, the Fund will be exposed to increased liquidity risk**

Staking typically requires that the Fund lock up the staked Eligible Assets for a specified period. During the staking period and the subsequent unbonding period required to unstake the Eligible Assets, the Fund typically cannot transfer such assets. The unbonding period varies by asset and may exceed historical averages based on network activity. For a detailed discussion of the Fund's staking activities and procedures, see 'Business of the Fund—Staking.'

Due to the time involved in "exiting" the staking process, there is a risk that the Fund could become unable to timely meet excessive redemption requests in amounts that are greater than the portion of the Fund's stakeable Eligible Assets that remain un-staked, leading to temporary delays in settlement and, in extreme scenarios, the temporary unavailability of the Fund's redemption program. Moreover, any staked Eligible Assets which must be un-staked in order to fulfill a redemption (to the extent such redemption cannot be fulfilled utilizing the portion of the Fund's Eligible Assets that have not been staked, or through another mechanism to manage liquidity in connection with redemption orders) will be un-staked only after the redemption request is approved by the Fund, the Sponsor executes an un-stake or withdrawal transaction through the Crypto Custodian, and such transaction is processed by the network on which the Eligible Asset is based. The Staking Provider will not be able to transfer unstaked Eligible Assets or Staking Provider Consideration to another address on the network.

In addition, depending on the anticipated length of the unbonding period, the staked Eligible Assets may be classified as illiquid under the Fund's liquidity risk management program. In addition, if staked Eligible Assets are determined to be offered or sold as a security under the Securities Act, they could be subject to significant constraints in terms of any transfer or disposal of such Eligible Assets. In such event, the Fund may consider one or more Eligible Assets to be an "illiquid security", which it defines as a security that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security.

Rewards for staked Eligible Assets may be accrued even before the staked Eligible Assets are unbonded. Once accrued, such rewards are considered part of the Fund's assets, even if unbonding has not occurred. The Sponsor and the Fund will manage liquidity in accordance with the Fund's liquidity risk policies and procedures and will monitor staking and bonding/unbonding activity closely on a daily basis.

**Risks Related to Shareholder Voting Rights and Liability**

**Shareholders have only very limited voting rights and generally will not have the power to replace the Sponsor. Shareholders will not participate in the management of the Fund and do not control the Sponsor so they will not have influence over basic matters that affect the Fund**

Shareholders will have very limited voting rights with respect to the Fund's affairs. Shareholders may elect a replacement sponsor only if the current Sponsor resigns voluntarily or loses its corporate charter. Shareholders will not be permitted to participate in the management or control of the Fund or the conduct of its business. Shareholders must therefore rely upon the duties and judgment of the Sponsor to manage the Fund's affairs.

**Shareholders will not have the rights enjoyed by investors in certain other types of entities**

As interests in a Delaware statutory trust, the Shares do not involve the rights normally associated with the ownership of shares of a corporation (including, for example, the right to bring Shareholder oppression and derivative actions). In addition, the Shares have limited voting and distribution rights (for example, Shareholders do not have the right to elect directors, as the Fund does not have a board of directors, and generally will not receive regular distributions of the net income and capital gains earned by the Fund). The Fund is also not subject to certain investor protection provisions of the Sarbanes Oxley Act of 2002 and Exchange governance rules.

**CALCULATING NAV**

The NAV of the Fund will be equal to the total assets of the Fund, including but not limited to, all crypto assets, stablecoins, cash, and cash equivalents less total liabilities of the Fund. The NAV per share is calculated by dividing NAV of the Fund by the number of shares currently outstanding. The methodology used to calculate the price of the crypto assets in determining the NAV of the Fund may not be deemed consistent with U.S. GAAP (GAAP).

The Sponsor has the authority to determine the Fund's NAV. Subject to the oversight of the Sponsor, the Sponsor has delegated to the Administrator the responsibility to calculate the NAV of the Fund as well as the daily valuation process, based on pricing sources selected by the Sponsor. The Fund's investment team may provide pricing inputs. No investment team may provide pricing instructions.

In determining the Fund's NAV, the Administrator values each crypto asset and stablecoin held by the Fund based on a reference rate. The Administrator has engaged Lukka, Inc., a third-party vendor, to provide a reference rate for each crypto asset and stablecoin held by the Fund. The Lukka Digital Asset Median Reference Rates (as shown in the table below) shall be the primary reference rate used for valuing the Fund's crypto assets and stablecoin, unless the Administrator determines that one or more reference rates is not available or is unreliable (each a "Reference Rate"). Each Reference Rate aggregates the trade flow of the respective asset on spot exchange platforms, during an observation window between 3:00 p.m. and 4:00 p.m. E.T. into the U.S. dollar price of the respective asset, at 4:00 p.m. E.T.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Lukka Digital Asset Median Reference Rate Full Name** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Cardano - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BTC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Bitcoin - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Polkadot - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Ether - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Litecoin - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Solana Token - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XRP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Ripple - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AVAX | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Avalanche - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DOGE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Dogecoin - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HBAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Hedera Hashgraph - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Bitcoin Cash - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LINK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - ChainLink - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XLM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Stellar Lumens - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHIB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - SHIBA INU - U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SUI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - Sui – U.S. Dollar |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USDC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lukka Digital Asset Median Reference Rate - USD Coin - U.S. Dollar |

---

The Reference Rates are calculated based on the transactions that take place on crypto asset trading platforms approved by the Reference Rate provider (Eligible Transactions). The methodology (or calculation steps) for each Reference Rate is as follows:

● All Eligible Transactions are added to a joint list, recording the trade price and size for each transaction.

● The joint list is partitioned into a number of equally-sized time intervals.

● For each partition separately, the volume-weighted median trade price is calculated from the trade prices and sizes of all Eligible Transactions, i.e., across all relevant trading platforms. A volume-weighted median differs from a standard median in that a weighting factor, in this case trade size, is factored into the calculation.

● Each Reference Rate is then determined by the equally weighted average of the volume-weighted medians of all partitions.

The Administrator believes that the use of the Reference Rates is reflective of a reasonable valuation of the spot price of the Fund's crypto assets and stablecoin and are reasonably designed to be resistant to manipulation. For example, under this methodology, crypto asset transactions conducted at outlier prices, large trades or clusters of trades transacted over a short period of time, and large trades at prices that deviate from the prevailing price are mitigated from having an undue influence on the Reference Rates. 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 from the primary vendor are not available or the Administrator determines that one or more Reference Rates are unreliable, then reference rates from another source may be used. Alternately, the Fund's holdings may be fair valued by the Administrator (referred to herein as a "Fair Value Event"). 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 in a prospectus supplement or the Fund's periodic reports.

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, at the close of the NYSE, normally 4:00 p.m. E.T, each day the NYSE is open for business. However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC. 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 6:45 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 6:45 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 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.

**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 Fund's crypto assets and the weighting of each crypto asset within the Fund's portfolio will be provided on a daily basis on the Fund's website.

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 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 and Authorized Participants**

The Fund expects to create and redeem Shares on a continuous basis only in aggregations of 10,000 Shares (Creation Units). Only Authorized Participants may place orders to purchase or redeem Creation Units in exchange for cash (or crypto assets, if in-kind creations and redemptions are permitted).

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. In the future, the Fund may also permit Authorized Participants to create and redeem Shares via in-kind transactions.

Each Authorized Participant must be a registered broker-dealer, a participant in the DTC, and have entered into an Authorized Participant Agreement. The Authorized Participant Agreement provides the procedures for the creation and redemption of Creation Units and for the delivery of cash (or for the delivery of crypto assets, if the Fund engages in in-kind creations and redemptions) in connection with such creations or redemptions.

As of the date of this prospectus, the Authorized Participants are: Jane Street Group, LLC, Macquarie Capital (USA) Inc., Goldman Sachs & Co. LLC, and Virtu Americas LLC. Additional Authorized Participants may be added at any time, subject to the discretion of the Sponsor.

The offering of the Fund's Shares is a best efforts offering. The Fund continuously offers aggregated shares in Creation Units at their NAV through the Distributor, to Authorized Participants. Shares will be sold at the next-determined NAV per Share. All Authorized Participants pay a fixed transaction fee for each creation or redemption order.

Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Fund, a "distribution," as such term is used in the Securities Act, will be occurring. Authorized Participants, other broker-dealers and other persons are cautioned that some of their activities may result in their being deemed purchasers in a distribution in a manner that would render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act. For example, an Authorized Participant, other broker-dealer firm or its client will be deemed a statutory underwriter if it purchases a Creation Unit from the Fund, breaks the Creation Unit down into the constituent Shares and sells the Shares to its customers; or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for the Shares. In contrast, Authorized Participants may engage in secondary market or other transactions in Shares that would not be deemed "underwriting." For example, an Authorized Participant may act in the capacity of a broker or dealer with respect to Shares that were previously distributed by other Authorized Participants. A determination of whether a particular market purchaser is an underwriter must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that would lead to designation as an underwriter and subject them to the prospectus delivery and liability provisions of the Securities Act.

Dealers who are neither Authorized Participants nor "underwriters" but are nonetheless participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act. The offering of Creation Units is being made in compliance with Rule 2310 of the FINRA Rules. The Authorized Participants do not receive from the Fund or the Sponsor any compensation in connection with the creation or redemption of Creation Units of Shares.

Investors are cautioned that they might not be able to buy or sell Shares of the Fund through their current brokerages. Moreover, even if an investor were able to purchase Shares through their current brokerage, that brokerage might decide to stop trading in crypto-linked securities and the investor would potentially face restrictions on when and or how they could trade their existing crypto assets position.

The Sponsor expects that any broker-dealers selling Shares will be members of FINRA. Investors intending to create or redeem Creation Units through Authorized Participants in transactions not involving a broker-dealer registered in such investor's state of domicile or residence should consult their legal advisor regarding applicable broker-dealer regulatory requirements under the state securities laws prior to such creation or redemption.

**Portfolio Transactions in Connection with Creations and Redemptions**

In addition to actively trading portfolio assets, the Sponsor and the Fund will engage in crypto asset transactions for converting cash, stablecoins, or crypto assets into crypto assets (in association with "creation" or "purchase" orders) and crypto assets into cash (in association with redemption orders). The Fund will conduct its crypto asset transactions by trading directly with third parties, who are not registered broker-dealers, pursuant to written agreements between such counterparties and the Fund (each a "Crypto Trading Counterparty"). See "Crypto Trading Counterparties" section for more information.

Creation orders will take place as follows, where "T" is the date of the order and each day in the sequence must be a Business Day:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Creation Order Date (T)** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement Date (T+1)** |
| 1. Authorized Participant places a creation order.<br>2. The Transfer Agent accepts (or rejects) the creation order.<br>3. The Fund will enter into a transaction with the Crypto Trading Counterparty to purchase the corresponding crypto assets.<br>4. As soon as practicable after 4:00 p.m. ET, the Administrator determines the Creation Unit Cash Total Amount, including any dollar cost difference between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund acquires the crypto assets.<br>| 5. The Authorized Participant delivers the Creation Unit Total Cash Amount to the Fund's cash account that is maintained with the Cash Custodian.<br>6. The Crypto Trading Counterparty delivers the crypto assets related to the purchase transaction into the Fund's Vault Balance (defined below).<br>7. Once the Fund is in simultaneous possession of the Creation Unit cash component and the crypto assets, the Fund delivers the corresponding Shares to the Authorized Participant.<br>8. The Fund transfers the cash related to the purchase transaction from the Fund cash account maintained with the Cash Custodian to the Crypto Trading Counterparty.  |

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Redemption orders will take place as follows, where "T" is the date of the order and each day in the sequence must be a Business Day:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Redemption Order Date (T)** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement Date (T+1)** |
| 1. Authorized Participant places a redemption order.<br>2. The Transfer Agent accepts (or rejects) the redemption order.<br>3. The Fund enters into a transaction with the Crypto Trading Counterparty to sell the corresponding crypto assets.<br>4. As soon as practicable after 4:00 p.m. ET, the Administrator determines the Creation Unit Cash Total Amount, including any dollar cost difference between the crypto assets price utilized in calculating NAV per Share and the price at which the Fund sells the crypto assets.<br>| 5. The Authorized Participant delivers the Shares to be redeemed to the Fund.<br>6. The Crypto Trading Counterparty delivers cash to the Fund's cash account that is maintained with the Cash Custodian related to the sell transaction.<br>7. Once the Fund is in simultaneous possession of the Shares and the respective Creation Unit cash component, the Fund cancels the Shares comprising the number of Creation Unit redeemed by the Authorized Participant.<br>8. The Fund instructs the Crypto Custodian to transfer the corresponding crypto assets agreed on the sell transaction from the Fund's Vault Balance.<br>9. The Fund transfers the Creation Unit cash component from the cash account maintained with the Cash Custodian to the Authorized Participant.  |

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**Creation Procedures**

**Order Submission and Acceptance**

For a purchase order, the Authorized Participant must submit the purchase order by 2:00 p.m. ET, or the close of regular trading on the Exchange, whichever is earlier (the "Order Cutoff Time"). The Sponsor may modify the Order Cutoff Time in its sole discretion. Orders received after the Order Cutoff Time will not be accepted and must be resubmitted on the following Business Day.

The Authorized Participant must submit a purchase order indicating the number of Creation Units it intends to acquire. The Sponsor will acknowledge the purchase order. The date of acknowledgement will determine the "Estimated Cash Amount," which is equivalent in value to the quantity of crypto assets and other portfolio assets ("Basket") but excludes a Variable Fee (defined below) and transaction fees. If the purchase order is in proper form and accepted, an endorsed confirmation, an email, or other electronic communication indicating the acceptance of the purchase order) will be transmitted to the Authorized Participant on the date such purchase order is received. Prior to such acceptance, a purchase order only represents the Authorized Participant's unilateral offer and has no binding effect upon the Fund, Sponsor, Crypto Custodian, or any other party.

**Crypto Asset Transactions**

On the order date, the Fund will enter into a transaction with a Crypto Trading Counterparty to buy crypto assets in exchange for the cash proceeds from such purchase order. Fractional precision greater than that supported by the Fund's Crypto Trading Counterparties and Custodian for a particular crypto asset is disregarded for the purpose of the computation of that crypto asset in the Fund's portfolio.

**Settlement**

For settlement of a purchase order, the Authorized Participant delivers the Total Cash Amount to the Fund's cash account maintained with the Cash Custodian in exchange for Shares. The Crypto Trading Counterparty delivers the required crypto assets to the Fund's segregated account at the Crypto Custodian ("Vault Balance") in exchange for cash. In the event the Fund has not successfully executed and completed settlement of a crypto asset transaction by the settlement date of the purchase order, the Authorized Participant may either (1) cancel the purchase order, or (2) accept a delayed settlement while the Fund continues to attempt completion.

**Fixed and Variable Fees and Calculation of Total Cash Amount** 

The Total Cash Amount is the cash equivalent value of the Basket, plus a Variable Fee (defined below) and a fixed transaction fee. The Total Cash Amount owed by the Authorized Participant is determined after the Fund's NAV is struck and the Fund's crypto asset transactions have been confirmed. Once a purchase order has been accepted, the Authorized Participant must deposit the Total Cash Amount as determined by the Administrator. The fixed transaction fee for a creation is imposed to offset the transfer and other transaction costs associated with the issuance of Creation Units. The fixed transaction fee for a creation is $100.

The Variable Fee is the difference between the price of the assets used in calculating the NAV per Share on the creation (or redemption) order date and the net price (inclusive of transaction costs and fees) at which the Fund acquires (or sells) the assets. To the extent the price amount for buying the assets is higher than the price utilized in calculating the NAV the Authorized Participant is responsible for paying the Variable Fee. In the case the price amount for buying the assets is lower than the price utilized in calculating the NAV, the Authorized Participant shall retain the Variable Fee.

The Fund intends to make available on each Business Day before the open of business, the Basket for that day, which Authorized Participants may use as guidance regarding the Estimated Cash Amount for purchase orders.

The calculation of the Total Cash Amount necessary for the creation 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."

**On-Chain Transaction Costs and Settlement Delays**

Transfers of crypto assets into the Fund's Vault Balance are "on-chain" transactions recorded on the relevant blockchain. For creations, on-chain transaction fees are paid by the Crypto Trading Counterparty and are not borne directly by the Fund or its Shareholders.

Crypto assets transactions 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.

**Redemption Procedures**

**Order Submission and Acceptance**

Authorized Participants, acting on authority of the registered holder of Shares, may surrender Creation Units in exchange for the corresponding Total Cash Amount only by submitting a redemption order by an Order Cutoff Time. Orders received after the Order Cutoff Time on a Business Day will not be accepted and must be resubmitted on the following Business Day.

The Authorized Participant must submit a redemption order indicating the number of Creation Units it intends to be redeemed. 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 in proper form and accepted, an endorsed confirmation, an email, or other electronic communication indicating the acceptance of the redemption will be transmitted to the Authorized Participant on the date such redemption order is received. Prior to the acceptance, a redemption order will only represent the Authorized Participant's unilateral offer and will have no binding effect upon the Fund, Sponsor, Crypto Custodian, or any other party.

**Crypto Asset Transactions**

On the date of the redemption order, the Fund will enter into a transaction with a Crypto Trading Counterparty to sell crypto assets corresponding to 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.

**Settlement**

For settlement of a redemption order, the Authorized Participant delivers Shares to be redeemed to the Fund in exchange for cash. The Crypto Trading Counterparty delivers the required cash to the Fund's cash account maintained at the Cash Custodian in exchange for crypto assets. In the event the Fund has not successfully executed and completed settlement of a crypto asset transaction by the settlement date of the redemption order, the Authorized Participant may either (1) cancel the redemption order, or (2) accept a delayed settlement while the Fund continues to attempt to completion.

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.

**Fixed and Variable Fees and Calculation of Cash Redemption Amount**

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 a Variable Fee and minus a fixed transaction fee. The Cash Redemption Amount is determined after the Fund's NAV is struck and the Fund's crypto asset transactions have been confirmed. Once a redemption order has been accepted, the Authorized Participant must deposit the Shares as determined by the Administrator. The fixed transaction fee for a redemption is imposed to offset the transfer and other transaction costs associated with the redemptions of Creation Units. The fixed transaction fee for a redemption is $100. For redemptions, to the extent the price for selling the crypto assets is lower than the price used in calculating the NAV, the Authorized Participant pays the Variable Fee.

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. The Administrator intends to make available on each Business Day before the open of business, the Basket for that day, which Authorized Participants may use as guidance regarding the Estimated Cash Amount for redemption orders.

**On-Chain Transaction Costs and Settlement Delays**

Transfers of crypto assets out of the Fund's Vault Balance are "on-chain" transactions recorded on the relevant blockchain. On-chain transaction fees for redemptions are paid by the Crypto Trading Counterparty and are not borne directly by the Fund or its Shareholders.

**Suspension and Rejection of Orders**

Creations and redemptions may be suspended for any reason and at any time, including (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) when the Sponsor or Distributor determines that creations or redemptions are not reasonably practicable, including due to issues with the delivery, disposal or evaluation of the crypto assets, service provider disruption, acts of God, civil disturbance, government prohibition, war, terrorism, technical failures, network disruptions, cybersecurity breaches, or similar event. The Sponsor or Distributor shall reject any purchase order or redemption order that is not in proper form, and the Sponsor or Distributor may reject any order for any reason. If the Sponsor or the Distributor suspend redemptions, Shareholders will be notified in a prospectus supplement or a current report on Form 8-K. Suspension of the creation or redemption of Shares could negatively impact the Shares' liquidity and/or cause the Shares to trade at premiums and discounts, and otherwise have a negative impact on the value of the Shares.

**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.

For an in-kind creation order, the Sponsor will acknowledge the purchase order and the date of acknowledgement will determine the specified quantity of crypto assets and cash, as determined by the Fund, that the Authorized Participant needs to deposit. For settlement of an in-kind creation order, the Fund delivers Shares to the Authorized Participant in exchange for the specified crypto assets and cash, as determined by the Fund, received from the Authorized Participant.

For an in-kind redemption order, the Sponsor will acknowledge the redemption order and the date of acknowledgement will determine the specified crypto asset and cash portfolio, as determined by the Fund, that the Authorized Participant expects to receive in exchange for the Shares to be delivered to the Fund. For settlement of an in-kind redemption order, the Fund delivers the crypto asset and cash portfolio, as determined by the Fund, to the Authorized Participant in exchange for Shares received from the Authorized Participant.

Although the SEC provided a regulatory pathway to permit certain in-kind creations and redemptions, it is not clear whether and how market participants will adjust their activities to account for the new orders. 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. If or when the Fund permits in-kind creations and redemptions, Shareholders will be notified in a prospectus supplement, the Fund's periodic reports, or a current report on Form 8-K.

**Crypto Trading Counterparties**

The Sponsor and the Fund are solely responsible for selecting the Crypto Trading Counterparties to execute transactions for the Fund's purchase and sale of crypto assets. The Crypto Trading Counterparties engaged and the material terms of these agreements, which may be updated from time to time, are described in the section, "Key Service Providers – Crypto Trading Counterparties."

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. It is possible that a Crypto Trading Counterparty may on any given day be or become considered an affiliate of the Fund if it acquired Shares in an amount that would cause it to become considered an affiliate of the Fund, as the Shares are publicly traded.

A Crypto Trading Counterparty may be an affiliate of an Authorized Participant. Further, the Crypto Trading Counterparties 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. See "Key Service Providers – Crypto Trading Counterparties."

In designating a Crypto Trading Counterparty, the Sponsor and the Fund evaluate and select service providers based on a defined set of criteria, as established in its internal compliance policies, including: (i) institutional-grade operational and compliance frameworks; (ii) demonstrated financial stability and creditworthiness; (iii) proven track record in handling crypto asset transactions with sufficient liquidity and competitive pricing; and (iv) robust cybersecurity measures and adherence to regulatory standards.

The Sponsor and its affiliates have adopted and implemented policies and procedures that are designed to comply with applicable anti-money laundering laws and sanctions laws and regulations, including applicable KYC laws and regulations. The Sponsor and the Fund will only interact with Crypto Trading Counterparties with respect to whom the Sponsor or its affiliates have engaged in a due diligence process to ensure a thorough KYC process.

**Active Trading**

As an actively-managed product, the Sponsor's portfolio management team determines target allocations for each Eligible Asset based on the Fund's investment strategy and the Sponsor executes trades through Crypto Counterparties. The Fund may, at any time, engage in purchases or sales of Eligible Assets to adjust portfolio weights, including portfolio trades unrelated to primary market transactions. In this scenario, the Fund will use its Crypto Trading Counterparties but such orders will be placed separately from the purchases or sales of assets attributable to Creation and Redemption. Active trades will settle on T+1.

**CUSTODY OF Fund ASSETS**

The Fund's investment strategy consists primarily of direct investments in crypto assets, commonly referred to as "spot" investments. The Fund's crypto assets and stablecoins are held by the Crypto Custodian on behalf of the Fund.

The crypto assets and stablecoins exist and are recorded on cryptographically secured distributed ledgers or any similar technology, which serves as the decentralized transaction ledger for the Eligible Asset Networks. The Fund's assets with the Crypto Custodian are held in segregated accounts on the respective blockchain, commonly referred to as "wallets," and are therefore not commingled with corporate or other customer assets. All transactions are recorded on the blockchain, ensuring the verification of each asset's location in specific digital wallets.

The responsibility for safekeeping the crypto assets and stablecoins owned by the Fund lies with the Crypto Custodian. The Crypto Custodian safeguards the private key materials for the Fund's crypto assets via offline and air-gapped cold storage, hardware security modules, and whitelisting.

● Offline and Air-gapped cold storage: offline and air-gapped cold storage in the context of crypto assets mean keeping the entire reserve of crypto assets offline, which is a widely-used security precaution, especially when dealing with large amounts of crypto assets. Crypto assets held under custodianship with the Crypto Custodian will be kept in high-security, offline, cold storage vaults. This means that the private keys, the cryptographic component that allows a user to access crypto assets, are stored offline within hardware security modules that have never been connected to the internet. Storing the private key offline minimizes the risk of the crypto assets being stolen. The Crypto Custodian will hold all of the Fund's crypto assets and private keys in cold storage on an ongoing basis. In connection with portfolio transactions in crypto assets, the Fund will transfer crypto assets directly to/from its cold vault balance to/from Crypto Trading Counterparties (or Authorized Participants, if the Fund engages in in-kind creations and redemptions).

● Hardware Security Modules: Hardware security modules (HSMs) generate and maintain access to the private keys. Access to private keys in HSMs involves no direct connection to the internet or any human. The Crypto Custodian's HSM cannot use its keys to sign any operation unless the operation has been endorsed with cryptographic signatures from the necessary quorum of users specified by the Sponsor and their necessary authentications. No single employee of the Crypto Custodian has access to private key material, or can affect transaction activity due to the use of cryptography throughout the endorsement process.

● Whitelisting: Transactions are only sent to vetted, known addresses. Any changes to addresses are subject to a rigorous authentication process.

Settlement of trades are into or from the cold wallet architecture, which increases the security of trading and settlement processes. All trading activity will be agreed upon on (T) with settlement activity initiated on T+1 and settling on T+1. In an "inflow" scenario, the Crypto Trading Counterparty will deposit the proceeds of the execution performed on T, into the Fund's cold wallet held at the Crypto Asset Custodian. In an "outflow" scenario, the Fund will initiate a digital asset settlement, biometrically authenticate the settlement, and then transfer the crypto assets to the Crypto Trading Counterparty. The transaction activity at the Crypto Custodian generally occurs in less than an hour, if not immediately.

The Sponsor believes that the Crypto Custodian's policies, procedures, and controls for safekeeping, exclusively possessing, and controlling the Fund's crypto asset holdings are designed to protect against theft, loss, and unauthorized and accidental use of the private keys. Any decisions or actions related to forks, airdrops or similar events will align with the guidelines set forth by the Crypto Custodian; the Crypto Custodian may not support forks, airdrops, or similar events. The Crypto Custodian assumes no liability in respect of an unsupported branch of a forked protocol or its determination whether or not to support a forked protocol. The Fund is committed to maintaining transparency and ensuring that its approach aligns with industry best practices in managing these events. However, unforeseen circumstances may arise, and there is no guarantee that it will be possible to support the protocol under all possible scenarios.

The Fund has access to the Crypto Custodian's transaction records and holdings, at all times, and will receive daily statements that show balances and transaction records of the Fund's crypto assets. In addition, the Crypto Custodian will provide the Fund with a copy of its Service Organizational Control (SOC) 1 and 2 reports or other information necessary to verify that satisfactory internal control systems and procedures are in place. Such reports will include verification of the Fund's crypto assets.

In designating a custodian for the Fund, the Sponsor consider whether the custodian provides protection against theft and loss and ensures that the transactions and trades are secure. A custodian may lose its eligibility as a custodian if it fails to comply with the Fund's requirements, but the Sponsor has no obligation whatsoever to change the custodian for the Fund's holdings. The Sponsor may, in its sole discretion, add or terminate agreements with custodians. See the "Description of Key Service Providers" section for additional information about the custodial agreements.

**ADDITIONAL INFORMATION ABOUT THE FUND**

**The Fund**

The Fund is a Delaware statutory trust, formed on September 15, 2025, pursuant to the Trust Agreement. The Fund continuously issues common shares representing fractional undivided beneficial interest in and ownership of the Trust that may be purchased and sold on the Exchange. The Fund will operate pursuant to the Trust Agreement. CSC Delaware Trust Company, a Delaware trust company, is the Delaware trustee of the Trust. The Trust is managed and controlled by the Sponsor. The Sponsor is limited liability company formed under the laws of Delaware.

The number of outstanding Shares is expected to fluctuate over time, increasing or decreasing as Creation Units are created or redeemed. This process requires either delivering to, or distributing from, the Fund, an amount of cash equal to the value of the assets represented by the NAV of the Creation Units being created or redeemed.

The Fund has no operating history. The Fund and the Sponsor face competition with respect to the creation of competing products, such as exchange-traded products offering exposure to the spot ether market, the spot bitcoin market, the bitcoin futures market, the ether futures market, and other crypto assets and derivatives on crypto assets. There can be no assurance that the Fund will grow to or maintain an economically viable size. There is no guarantee that the Sponsor will maintain a commercial advantage relative to competitors offering similar products. Whether or not the Fund is successful in achieving its intended scale may be impacted by a range of factors, such as the Fund's timing in entering the market and its fee structure relative to those of competitive products.

The Fund has no fixed termination date. The Fund will continue to exist until terminated in accordance with the Trust Agreement. The Fund will dissolve upon the occurrence of certain events specified in the Trust Agreement (See "Key Service Providers – The Trustee"). In addition, the Fund may be dissolved at any time for any reason by the Sponsor in its sole discretion. In the event of liquidation, shareholders will receive cash distributions in U.S. dollars only; no in-kind distributions of Eligible Assets, stablecoins, or other property will be made. Liquidation proceeds will be applied first to pay all Fund liabilities and expenses (including fees owed to service providers, transaction costs, and professional fees), and then distributed to Shareholders pro rata based on their percentage interests in the Fund.

**LEGAL PROCEEDINGS**

Within the past five years of the date of this prospectus, there are no material administrative, civil or criminal actions against the Sponsor or the Fund or any subsidiary of any of them. This includes any actions pending, on appeal, concluded, threatened, or otherwise known to them.

**FORM AND TRANSFER OF SHARES**

**Registered Form**

Shares are issued in registered form in accordance with the Trust Agreement. The Transfer Agent has been appointed registrar and transfer agent for the purpose of transferring shares in certificated form. The Transfer Agent keeps a record of all Shareholders and holders of the Shares in certified form in the registry (Register). The Sponsor recognizes transfers of Shares in certificated form only if done in accordance with the Trust Agreement. The beneficial interests in such Shares are held in book-entry form through participants and/or accountholders in DTC. Beneficial owners of shares held in book-entry form through DTC will not be recognized by the Fund as registered holders of shares, and all rights and communications in respect of shares will be transmitted through DTC and its participants.

**Book Entry**

Individual certificates for shares will not be issued, except under limited circumstances as permitted by the Trust Agreement and determined by the Sponsor. Shares are represented by one or more global certificates, which are deposited by the Administrator with DTC and registered in the name of Cede & Co., as nominee for DTC. The global certificates evidence all of the shares outstanding at any time. Shareholders are limited to (1) participants in DTC such as banks, brokers, dealers and trust companies (DTC Participants), (2) those who maintain, either directly or indirectly, a custodial relationship with a DTC Participant (Indirect Participants), and (3) those who hold interests in the shares through DTC Participants or Indirect Participants, in each case who satisfy the requirements for transfers of shares. DTC Participants acting on behalf of Shareholders holding shares through such participants' accounts in DTC will follow the delivery practice applicable to securities eligible for DTC's Same-Day Funds Settlement System. Shares are credited to DTC Participants' securities accounts following confirmation of receipt of payment.

**DTC**

DTC is a limited purpose trust company organized under the laws of the State of New York and is a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds securities for DTC Participants and facilitates the clearance and settlement of transactions between DTC Participants through electronic book-entry changes in accounts of DTC Participants. Neither the Fund nor the Sponsor (nor its affiliates) are responsible for DTC's records, errors, or actions.

**Transfer of Shares**

The Fund's shares are only transferable through the book-entry system of DTC. Shareholders who are not DTC Participants may transfer their shares through DTC by instructing the DTC Participant holding their shares (or by instructing the Indirect Participant or other entity through which their shares are held) to transfer the shares. Transfers are made in accordance with standard securities industry practice.

Transfers of interests in shares with DTC are made in accordance with the usual rules and operating procedures of DTC and the nature of the transfer. DTC has established procedures to facilitate transfers among the participants and/or accountholders of DTC. Because DTC can only act on behalf of DTC Participants, who in turn act on behalf of Indirect Participants, the ability of a person or entity having an interest in a global certificate to pledge such interest to persons or entities that do not participate in DTC, or otherwise take actions in respect of such interest, may be affected by the lack of a certificate or other definitive document representing such interest.

DTC will take any action permitted to be taken by a Shareholder (including, without limitation, the presentation of a global certificate for exchange) only at the direction of one or more DTC Participants in whose account with DTC interests in global certificates are credited and only in respect of such portion of the aggregate principal amount of the global certificate as to which such DTC Participant or Participants has or have given such direction.

**MANAGEMENT; VOTING BY SHAREHOLDERS**

The Shareholders of the Fund take no part in the management or control, and have no voice in the Fund's operations or business. The Audit Committee of the board of directors of the Sponsor serves as the Audit Committee for the Fund for purposes of Rule 10A-3 under the Exchange Act and, for example, approves the independent auditor of the Fund. See "Key Personnel of the Sponsor" for additional information. Except in limited circumstances, Shareholders will have no voting rights under the Trust Agreement.

Owners of Shares do not generally have any voting rights. The Shares do not represent a traditional investment and are not similar to shares of a corporation operating a business enterprise with management and a board of directors. All Shares are of the same class with equal rights and privileges. By acquiring shares, Shareholders are not acquiring the right to elect directors, to receive dividends, to vote on certain matters regarding the issuer of Shares or to take other actions normally associated with the ownership of shares. The Shares do not entitle their holders to any conversion or pre-emptive rights or any redemption rights. In certain circumstances, Shareholders may vote to appoint a successor Sponsor following the voluntary withdrawal of the Sponsor, or to continue the Fund in certain instances of dissolution of the Trust. Shareholders shall otherwise have no voting rights with respect to the Fund.

The Sponsor will generally have the right to amend the Trust Agreement as it applies to the Fund provided that the Shareholders have the right to vote only if expressly required under Delaware or federal law or rules or regulations of the Exchange, or if submitted to the Shareholders by the Sponsor in its sole discretion.

The Fund does not have any directors, officers, or employees. The creation and operation of the Fund has been arranged by the Sponsor. See "Key Personnel of the Sponsor."

**DESCRIPTION OF KEY SERVICE PROVIDERS**

**The Sponsor**

The Sponsor of the Fund is T. Rowe Price Sponsor LLC, a Delaware limited liability company and a direct subsidiary of T. Rowe Price Group, Inc. (Firm). The Sponsor's principal office is located at 1307 Point Street, Baltimore, Maryland 21231. The Sponsor was formed on September 4, 2025.

**The Sponsor's Role**

The Sponsor is responsible for the formation of the Fund, the registration of the Shares for their public offering in the United States, the listing of the Shares on the Exchange, the implementation of Fund's investment strategy, and overall management of the Fund. The Sponsor has delegated the management of the Fund to the Administrator, including engagement and oversight of the Fund's service providers, preparation and filing of the Fund's periodic reports with the SEC, accounting and calculation of NAV, and any other service necessary for the operations and administration of the Fund.

The Sponsor has agreed to assume all routine operational, administrative, and other ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator, Trustee, Custodians, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration fees, report preparation and mailing expenses, and ordinary legal fees and expenses. The Fund pays certain expenses as described in "Business of the Fund - Fund Fees and Expenses," including brokerage commissions, transaction fees, borrowing and financing costs, taxes or governmental fees, and non-recurring, extraordinary, or unusual 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 Agreement provides that the Sponsor will not be liable for losses to the Fund nor any Shareholder. Further, the Sponsor shall be indemnified, to the extent provided in the Trust Agreement, which provides that the Sponsor, its affiliates, and their directors, officers, and employees (each a "Sponsor Indemnified Party") shall be indemnified by the Fund against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Sponsor and (ii) any such indemnification will be recoverable only from Trust assets. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation of existence of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the United States Code by or against the Sponsor.

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 – Board of Directors** 

 **Board of Directors.** The Fund does not have a board of directors. The Sponsor is overseen by a Board of Directors (Board) and its Audit Committee serves as the Audit Committee of the Fund for purposes of Rule 10A-3 under the Exchange Act. The following persons, in their capacities as directors of the Sponsor, perform certain functions with respect to the Fund that, if the Fund had directors, would typically be performed by them. Each of these directors:

● Robert Winston Smith (born 1961) serves as a director of the Board of the Sponsor and as the Chair of the Audit Committee since April 2026. Mr. Smith currently serves as Chair of the Board of Directors of Mensura Health, Inc, a biotechnology company, since 2024 and a member of the Board of Directors of EpiWatch Inc., a digital health company, since 2024. Mr. Smith serves as Vice Chair of the Darden School Foundation Board of Trustees and, since 2018, a Board member. Additionally, he is a member of the Board of Hills To Climb. From 2022 to 2024, Mr. Smith served as an Adviser to Sands Capital. Mr. Smith is a former Vice President and Portfolio Manager of T. Rowe Price. He earned a B.S. in Finance and Economics from the University of Delaware and an MBA in General Management from the UVA Darden School of Business.

● Meredith Callanan (born 1963) serves as a director of the Board of the Sponsor and as a member of the Audit Committee since April 2026. Ms. Callanan also serves as a director of Aqua Laboratories, Inc., a water treatment supplier, since 2015. She is a co-founder and Advisory Committee member since 2018 of the Maryland Early Childhood Leadership Program at The George & Betsy Sherman Center, University of Maryland-Baltimore County. Ms. Callanan previously served as Chair and Director of the T. Rowe Price Foundation from 2005 to 2019 where she oversaw governance, stewardship of financial assets and grant-making priorities (Director, 2005-2019; Chair, 2015-2018; Past Chair, 2019). She also was Head of Corporate Marketing & Communications at T. Rowe Price Group from 2007 to 2015, where she was responsible for the firm's corporate brand and its global activation. Ms. Callanan earned a BA from Bates College and a Masters in Management at the Kellogg Graduate School of Management, Northwestern University. Additionally, Ms. Callanan was a fellow at the Harvard Advanced Leadership Initiative.

● Robert A. Birch (born 1961) serves as a director of the Board of the Sponsor and as a member of the Audit Committee since April 2026. Mr. Birch previously served as a member of the Board of the National Family Resiliency Center from 2015 to 2016. Mr. Birch served at T. Rowe Price from 2001 to 2015, where he was Head, Institutional Client Services for North America. During his tenure, he chaired the firm's Global Client Service Committee and served on both the Global Investment Services Executive Committee and the North America Executive Committee. From 1997 to 2001, Mr. Birch was a Principal and Senior Investment Consultant with William M. Mercer Investment Consulting. He also chaired the firm's North America Manager Search Committee. Prior to that, Mr. Birch served as Assistant Director of Finance for the Central Pension Fund of the International Union of Operating Engineers from 1987 to 1997. He earned a BS in Business Management from The University of Utah and an MBA in Finance and Investments from The George Washington University.

The following persons are considered interested directors because they also serve as employees of the Administrator or its affiliates.

● David Oestreicher (born 1967) serves as a director of the Board of the Sponsor since April 2026 and the Chief Executive Officer of the Sponsor since inception. As general counsel of the Firm, he oversees the legal, compliance, audit, and risk functions for the Firm globally. He has served as an interested director of the T. Rowe Price registered investment companies since July 2018. He has been with the Firm since 1997. Additionally, Mr. Oestreicher serves as a member of the Board of Governors for the Investment Company Institute (ICI), and previously served as the chair of the ICI's international committee. He serves as chair of the ICI Mutual Insurance Company Board of Governors and as chair of its executive committee. He also served on the board of the Investment Adviser Association and previously served as the chair of its legal and regulatory committee. Prior to joining the Firm, Mr. Oestreicher was special counsel at the SEC. He earned a B.S. in Business Administration from Bucknell University and a J.D. from Villanova University School of Law.

● Alan Dupski (born 1982) serves as a director of the Board of the Sponsor since April 2026 and the Chief Financial Officer and Principal Accounting Officer of the Sponsor since inception. As Head of Fund Administration and Accounting for the Firm, he oversees financial reporting, fund accounting, fund operations, tax, and valuation for the Firm's pooled investment vehicles globally. He has been with the Firm since 2015. Prior to joining the Firm, Mr. Dupski was an assistant chief accountant at the SEC and a senior manager at PricewaterhouseCoopers, LLP. He earned a B.S. in Accounting and Finance from the University of Maryland. He is a certified public accountant.

 **Audit Committee of the Board.** The Audit Committee operates pursuant to a written charter adopted by the Sponsor's Board and the Audit Committee. The Sponsor will provide a copy of the Audit Committee charter, without charge, to any shareholder who requests one.

The members of the Audit Committee are Messrs. Smith and Birch and Ms. Callanan, each of whom is considered independent as described in the "Director Independence" section. The Board has determined that each member of the Audit Committee is financially literate, as defined by the Exchange. The Board has determined that Mr. Smtih qualifies as an "audit committee financial expert" as defined in Item 407(d)(5) of Regulation S-K.

 **Director Independence.** The Board has undertaken a review of the independence of each director. In connection with this review, the Board has considered transactions, relationships and arrangements between each director or any member of his or her immediate family and the Sponsor and its subsidiaries and affiliates, including the Fund. The purpose of this review was to determine whether any such relationships or arrangements were inconsistent with a determination that the director is independent.

In making its independence determinations, the Board applied the independence standards set forth in the applicable rules of the Exchange and Rule 10A-3, including the additional independence requirements for Audit Committee members set forth therein. After reasonable evaluation under such standards, the Board determined that each of member of the Audit Committee qualifies as "independent."

 **Key Personnel of the Sponsor – Officers**

The Fund does not have any 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: David Oestreicher, Chief Executive Officer of the Sponsor, and Alan Dupski, Chief Financial Officer and Principal Accounting Officer of the Sponsor.

 **Key Personnel of the Sponsor – Investment Policy**

The lead portfolio manager listed below has material influence over the Fund's investment policies and program, as described in the Fund's prospectus. The lead portfolio manager works with co-portfolio managers in developing and executing the Fund's investment program. The co-portfolio managers are David Kroger, Stefan Hubrich, Sean McWilliams, and Dante Pearson.

● Blue Macellari (born 1978) serves as the lead portfolio manager for the Fund since inception. As Head of Digital Assets for the Firm, she oversees the Firm's crypto asset strategy and implementation and manages the Firm's proprietary crypto asset investments. She has been with the Firm since 2022. Prior to joining the Firm, Ms. Macellari was a Managing Partner at Dunamis Trading, where she spent four years focused on crypto asset investing. She also has investment experience in emerging markets from Lehman Brothers, Elliott Management, and TD Securities. She earned a B.A. in African Political Economy from Mount Holyoke College and an M.B.A. from Duke University, The Fuqua School of Business. Her favorite dinosaur is the triceratops.

**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. Under the Trust Agreement, in the event the Fund is made a party to a legal proceeding or incurs loss as a result of or in connection with any Shareholder unrelated to Fund affairs, such Shareholder must indemnify the Fund for such expenses and losses. 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 Trust will dissolve upon the occurrence of certain events specified in the Trust Agreement, including (a) delisting of the Shares from the Exchange and are not approved for listing on another national securities exchange within five Business Days of their delisting; (b) failure to appoint a successor trustee within 180 days of the Trustee's resignation or removal; (c) regulatory determinations that the Fund is an investment company, commodity pool, or money transmitter and the Sponsor determines termination is advisable; and (d) circumstances that prevent the Fund from determining the fair value of Eligible Assets for purposes of calculating net asset value and the Sponsor's determination that the Fund's net assets make continued operation unreasonable or imprudent. In addition, the Fund may be dissolved at any time for any reason by the Sponsor in its sole discretion. In the event of dissolution, shareholders will receive cash distributions in U.S. dollars only; no in-kind distributions of Eligible Assets, stablecoins, or other property will be made. Liquidation proceeds will be applied first to pay all Trust liabilities and expenses (including fees owed to service providers, transaction costs, and professional fees), and then distributed to Shareholders pro rata based on their percentage interests in the Trust.

**The Administrator**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Associates, Inc., an affiliate of the Sponsor, serves as the Administrator, pursuant to the Administration Agreement. The Administrator's principal address is 1307 Point Street, Baltimore, MD 21231. The Administrator is responsible for the day-to-day management of the Fund and any of the services necessary for the operations and administration of the Fund. The Administrator may engage service providers to provide certain of the services. Under the Administration Agreement, the Administrator 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's fees are paid by the Sponsor.

The Administrator shall exercise reasonable care, prudence and diligence in carrying out all of its duties and obligations under the Administration Agreement, and shall be liable to the Fund only for direct losses suffered or incurred by the Fund resulting from the failure of the Administrator to exercise its standard of care.

The Administrator shall be responsible for the performance only of such duties as are set forth in the Administration Agreement and, except as otherwise provided in the Administration Agreement, shall have no responsibility for the actions or activities of any other party, including other service providers.

The Administrator shall have no liability in respect of any loss, damage or expense suffered by the Fund insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Fund by entities other than the Administrator prior to the Administrator's appointment as administrator for the Fund. Unless directly caused by or resulting from, the failure of the Administrator to exercise its standard of care, the Administrator shall have no liability for errors of judgment or for any loss or damage resulting from the performance or nonperformance of its duties under the Administration Agreement. Neither the Fund nor the Administrator shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) arising in connection with the Administration Agreement even if advised of the possibility of such damages. The Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under the Administration Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

The Fund indemnifies the Administrator against, and hold Administrator harmless from, any loss, damage, or expense that may be imposed on, incurred by, or asserted against the Administrator as a result of any action or omission taken in accordance with any instruction, except to the extent that such loss, damage, or expense is caused by the negligence, misfeasance or willful misconduct of the Administrator in the manner in which it carries out the instruction. The Fund agrees to indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with any action or omission by the Administrator in the performance of its duties under the Administration Agreement, or as a result of the Administrator acting upon any instructions reasonably believed by it to have been communicated to it or upon reasonable reliance on information or records given or made by the Fund. However, the Fund will not indemnify the Administrator from losses, damages and expenses occasioned by or resulting from the negligence, misfeasance or willful misconduct of the Administrator, its officers, employees or agents as the case may be. Under the Administration Agreement, the Sponsor indemnifies and holds harmless the Fund from any loss, cost, or expense (direct or indirect), incurred by the Fund resulting from any claim, demand, action or suit in connection with any action or omission by the Sponsor to pay the fees required to be made on behalf of the Administrator and/or the Fund, provided that the indemnification does not apply to actions or omissions of the Administrator and/or a Fund, its officers or employees in cases of its or their own bad faith, negligence, or willful misconduct.

The Administration Agreement shall continue in full force and effect until the first to occur of: (i) termination for convenience by the Administrator by an instrument in writing delivered or mailed to the Fund, such termination to take effect not sooner than ninety days after the date of such delivery; (ii) termination for convenience by the Fund by an instrument in writing delivered or mailed to the Administrator, such termination to take effect not sooner than thirty days after the date of such delivery; (iii) termination by the Administrator, by an instrument in writing delivered or mailed to the Fund if the Administrator reasonably determines that servicing the Fund raises regulatory or reputational concerns, with such termination to take effect not sooner than sixty days after the date of such delivery; or (iv) termination by the either party by written notice delivered to the other party, based upon: (a) the terminating party's determination that there is a reasonable basis to conclude that the other party is insolvent or that the financial condition of the other party is deteriorating in any material respect, in which case termination shall take effect upon the other party's receipt of such notice or at such later time as the terminating party shall designate; (b) the other party committing a material breach of the Administration Agreement, and failing to remedy such material breach within ninety days of being given written notice of the material breach, unless the parties agree to extend the period to remedy the breach; or (c) the relevant state or federal authority withdrawing its authorization of either party.

**The Crypto Custodian**

The Crypto Custodian for the Fund's crypto asset and stablecoin holdings is Anchorage Digital Bank N.A., pursuant to the Master Custody Service Agreement between Anchorage Digital Bank N.A. and the Fund dated February 26, 2026 ("Crypto Custodian 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 101 S. Reid Street, Suite 307 #329, Sioux Falls, South Dakota 57103. The Crypto Custodian is unaffiliated with the Sponsor.

The Crypto Custodian is responsible for keeping the passwords, keys or phrases used to effect transfers of the Fund's crypto assets safe, secure and confidential. The Crypto Custodian will help establish accounts and any necessary sub-accounts on the crypto asset networks solely for the Fund. The Crypto Custodian will follow valid instructions to use such passwords, keys or phrases to effect transfers from the Fund's portfolio. The Crypto Custodian is required to record all crypto assets that it receives into the Fund's account as the assets of the Fund, and must separately identify them from the crypto assets of the Crypto Custodian and the Crypto Custodian's other clients. The Crypto Custodian must provide the Fund with access to a technology platform for transaction records and holdings. The Crypto Custodian is required to maintain such books and records in accordance with applicable law and provide such materials to the Fund on request.

Neither party is liable for delays, suspension of operations, failure in performance, or interruption of service, which is directly caused by or results from a cause or condition entirely beyond the reasonable control of that party. Except in the case of Crypto Custodian's: (i) breach of the Crypto Custodian Agreement; (ii) violation of applicable laws, (iii) negligence, (iv) failure to comply with applicable internal policies and procedures in connection with cybersecurity incidents or attacks; (v) failure to take reasonable precautions and act in a manner consistent with industry best practices in connection with the prevention and mitigation of cybersecurity incidents or attacks; or (vi) willful misconduct, Crypto Custodian shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any cybersecurity incident or attack (including DDoS, network intrusion, or critical vulnerability exploitation). The Fund holds the Crypto Custodian harmless from claims or losses related to transactions where they correctly execute instructions.

Under the Crypto Custodian Agreement, except in the case of Mutually Capped Liabilities (defined in the Crypto Custodian Agreement), the Crypto Custodian's liability is limited to either: (a) the aggregate amount of fees paid in the 12-month period prior to the subject event; or (b) the value of the Fund's crypto assets, where such liability directly relates to those crypto assets, including where such crypto assets are lost, stolen or otherwise misappropriated from the Crypto Custodian's custody. With respect to the Mutually Capped Liabilities, each party's liability is limited to the greater of: (a) the aggregate amount of fees paid to the Crypto Custodian in the 12-month period prior to the event giving rise to such liability; or (b) $10,000,000. Mutually Capped Liabilities are (i) claims and losses arising from a party's breach of its confidentiality obligations under the Crypto Custodian Agreement; (ii) a party's indemnity obligations under the Crypto Custodian Agreement (except with respect to the full amount of any Fund crypto assets that are lost, stolen or otherwise misappropriated from custody); and (iii) claims and losses arising from the violation, misappropriation, or infringement by a party of any third party intellectual property rights. Notwithstanding any other limitations described herein, neither party's liability is limited in respect of any claims or losses arising from its gross negligence, fraud or willful misconduct.

Under the Crypto Custodian Agreement, the Crypto Custodian is required to defend and indemnify the Fund against any and all claims and losses arising out of or relating to: (i) the Crypto Custodian's breach of its confidentiality, data protection, and information security obligations; (ii) the Crypto Custodian's violation of any applicable law in connection with the provision of its services to the Fund; (iii) the full amount of any crypto assets in the Fund's account which are lost from the Crypto Custodian's custody; (iv) Crypto Custodian's gross negligence, fraud or willful misconduct; and (v) any third party intellectual property rights claim in respect of the Fund's access to or use of the Crypto Custodian's services.

The Fund is required to defend and indemnify the Crypto Custodian against any and all third party claims and losses arising out of or relating to: (i) the Fund's material breach of the Crypto Custodian Agreement; (ii) the Fund's violation of any applicable law related to the performance of its obligations under the Crypto Custodian Agreement; or (iii) the Fund's gross negligence, fraud or willful misconduct, with exceptions documented in the Crypto Custodian Agreement.

The Crypto Custodian Agreement shall continue for an initial three-year term, following which it shall automatically renew for further terms of one year each. The Fund may terminate the Crypto Custodian Agreement for cause where, subject to the agreed remedy period, Crypto Custodian: (i) suffers a bankruptcy or insolvency event; (ii) fails to withdraw or transfer crypto assets in accordance with the Fund's instructions; or (iii) is otherwise in material breach of its obligations under the Crypto Custodian Agreement. The Fund may also terminate the Crypto Custodian Agreement for convenience at any time on thirty days' written notice. The Crypto Custodian may terminate the agreement for cause where, subject to the agreed remedy period, the Fund (i) suffers a bankruptcy or insolvency event or (ii) is in material breach of its obligations under the Crypto Custodian Agreement.

The Crypto Custodian is required to maintain the confidentiality of the Fund's Confidential Information (as defined in the Crypto Custodian Agreement). Except to the extent disclosure is required to be made by law or to third parties who need to know the information order for the Crypto Custodian to provide the custodial services to the Fund, the Crypto Custodian may not disclose the Fund's confidential information to third parties without the Fund's prior written consent. In designating a custodian as a Crypto Custodian for the Fund, the Sponsor considers whether the custodian carries insurance, provides protection against theft and loss and ensures that the transactions and trades are secure. Although the Crypto Custodian carries insurance provided by a private insurance carrier, the Crypto Custodian's insurance addresses loss due to theft, robbery, burglary, third party computer, and funds transfer fraud. The insurance does not cover any loss in value to the Fund and only covers losses caused by certain events such as fraud or theft and, in such covered events, it is unlikely the insurance would cover the full amount of any losses incurred by the Fund. The insurance maintained by the Crypto Custodian is shared among all of the Crypto Custodian's customers, is not specific to the Fund or to customers holding any crypto assets with the Crypto Custodian and may not be available or sufficient to protect the Fund from all possible losses or sources of losses.

**The Cash Custodian**

The Cash Custodian for the Fund's cash and non-crypto assets is State Street Bank and Trust Company (SSB) pursuant to the Master Custodian Agreement with the Sponsor on behalf of the Trust (Cash Custodian Agreement). The Cash Custodian is a Massachusetts trust company having its principal office and place of business at One Congress Street, Boston, Massachusetts 02114. The Cash Custodian is not affiliated with the Sponsor.

The Cash Custodian is responsible for safekeeping all cash and other non-crypto assets of the Fund delivered to the Cash Custodian. The Cash Custodian has agreed to, among other things, open and maintain a separate deposit account or accounts of the Fund, to determine the amount of crypto and/or cash required for an issuance or redemption of Shares in a creation unit, and to release and deliver non-crypto assets and pay out cash.

Under the Cash Custodian Agreement, the Cash Custodian and its agents shall act in good faith, diligence, without negligence, and with reasonable care and shall be liable to the Fund for all loss, damage and expense suffered or incurred by the Fund resulting from negligence or the failure of the Cash Custodian or its agents to exercise such good faith, diligence, and reasonable care (the "Standard of Care").

Further, under the Cash Custodian Agreement, the Cash Custodian's liability for its services is limited to all loss, damage and expense suffered or incurred by the Fund resulting from negligence or the failure of the Cash Custodian or its agents to exercise the Standard of Care. The Cash Custodian shall not be liable if the Cash Custodian or its agents are prevented, forbidden or delayed from performing, or omits to perform, any obligation thereunder by reason of: (i) any provision of any present or future law or regulation or government or court order; or (ii) any act of God or other similar circumstance beyond the reasonable control of the Cash Custodian unless caused by a breach by the Cash Custodian of its Standard of Care. Unless the Cash Custodian is in breach of its Standard of Care, in no event will the Cash Custodian be liable for, among other items, (a) unsuccessfully executing instructions provided by the Fund if such instructions are not provided within a reasonable period of time; (b) acting or omitting to act in reliance upon records for the Fund maintained by a custodian other than the Cash Custodian; (c) acting or omitting to act in reliance upon the advice of, or information, from legal counsel; and (d) acting or omitting to act in reliance upon an instruction of the Fund. For acts or omissions of the Cash Custodian or its agents not in accordance with the Standard of Care, the Cash Custodian is required to defend, indemnify and hold harmless the Fund against any direct loss, cost, or expense sustained or incurred by the Fund. The Cash Custodian will not be liable for any indirect, consequential, punitive or special damages, regardless of the form of action and whether or not any such damages were foreseeable or contemplated.

The Cash Custodian is obligated to provide cash custodian services under the Cash Custodian Agreement for an initial term ending February 28, 2029, with automatic renewals for successive one-year periods unless ninety days' prior written notice of non-renewal is provided prior to the expiration of the initial term or any renewal term. Either party may terminate the Cash Custodian Agreement in the event of (a) a material breach (with a sixty-day cure period if the material breach can be cured), (b) the appointment of a conservator or receiver, or (c) the commencement of bankruptcy or insolvency proceedings. The Fund may also terminate the Cash Custodian Agreement if the Cash Custodian experiences a change of control.

Under the Cash Custodian Agreement, the Cash Custodian is required to maintain the confidentiality of the Fund's information, unless it receives the Fund's prior written consent, except to the extent disclosure is required by law or to third parties who need to know the information in order for the Cash Custodian to provide the custodial services to the Fund.

 **The Transfer Agent** 

The Fund's Transfer Agent is SSB, pursuant to the Transfer Agency and Service Agreement with the Sponsor on behalf of the Fund (Transfer Agent Agreement). The Transfer Agent is not affiliated with the Sponsor.

The Transfer Agent: (1) facilitates the issuance and redemption of Shares of the Fund; (2) records issuance of shares and maintains a record of outstanding shares; and (3) makes periodic reports to the Fund. The Fund's Transfer Agent also facilitates the settlement of Shares in response to the placement of creation orders and redemption orders from Authorized Participants.

Under the Transfer Agent Agreement, the Transfer Agent is liable, among other items: (i) (1) for the disposition of Shares or monies and (2) for any action taken or omitted or for any loss or injury resulting from its action or its performance or lack of performance of its duties under the Transfer Agent Agreement resulting from negligence or the failure of the Transfer Agent or its agents to exercise the Standard of Care; and (ii) for failing to maintain the confidentiality of the Fund's information, unless, among other items, it receives the Fund's prior written consent, except to the extent disclosure is required to be made by law or to third parties who need to know the information in order for the Transfer Agent to provide the custodial services to the Fund. In no event will the Transfer Agent be liable, and the Fund shall indemnify and hold the Transfer Agent harmless, for (a) action in accordance with, or conclusively relying upon, any instruction, notice, demand, certificate or document from the Fund and the Fund's officers, agents and subcontractors designated by the Fund as authorized persons or an Authorized Participant, assuming the Transfer Agent meets the Standard of Care verifying authenticity; or (b) acting or omitting to act in reliance upon the advice of, or information from, legal counsel. In addition, the Transfer Agent will not be liable for (i) any delay in performance or for the non-performance of any of its obligations under the Transfer Agent Agreement by reason of causes beyond its reasonable control, including acts of God; (ii) any indirect, consequential, punitive or special damages; or (iii) an amount in excess of the total annual compensation earned and fees payable hereunder during the preceding calendar year.

If the Transfer Agent does not meet its Standard of Care in connection with the performance of its obligations under or any actions taken or omitted in accordance with the provisions of the Transfer Agent Agreement, the Transfer Agent, its directors, employees and agents shall be indemnified by the Fund and held harmless against any loss, liability or expense (including, but not limited to, the reasonable fees and expenses of counsel) arising out of or in connection with (i) the performance of its obligations under the Transfer Agent Agreement, (ii) the Fund's, or the Authorized Participants' failure to obtain all consents and approvals required by applicable law for the collection, processing, use and disclosure of Personal Information, (iii) the Fund's breach of any representation, warranty or covenant under the Transfer Agent Agreement; (iv) the Fund's lack of good faith, or gross negligence or willful misconduct; (v) any offer or sale of creation units in violation of applicable law; or (vi) any tax obligation imposed as transfer agent under the Transfer Agent Agreement.

The Transfer Agent is obligated to provide transfer agent services under the Transfer Agent Agreement for an initial term ending February 28, 2029, with automatic renewals for successive one-year periods unless ninety days' prior written notice of non-renewal is provided prior to the expiration of the initial term or any renewal term. Either party may terminate the Transfer Agent Agreement in the event of (a) a material breach (with a sixty-day cure period if the material breach can be cured), (b) the appointment of a conservator or receiver, or (c) the commencement of bankruptcy or insolvency proceedings. The Fund may also terminate the Transfer Agent Agreement if the Transfer Agent experiences a change of control.

Under the Transfer Agent Agreement, the Transfer Agent is required to maintain the confidentiality of the Fund's and Authorized Participant's information unless it receives the Fund's prior written consent, except to the extent disclosure is required by law or is made to third parties who need to know the information in order for the Transfer Agent to provide the transfer agent services to the Fund.

 **Crypto Trading Counterparties** 

The Fund buys and sells crypto assets through Crypto Trading Counterparties, selected by the Sponsor, that are responsible for executing and settling the trades by facilitating trading, providing liquidity, and supporting price discovery of each crypto asset. Crypto 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. 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 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 obligated to settle that trade. The Crypto Asset Trading Counterparties have no obligation to participate in orders for creations and redemptions of Shares.

The Crypto Asset Trading Counterparties are, as of the date of this prospectus: Flow Traders B.V. (Flow Traders) and JSCT, LLC (Jane Street). JSCT, LLC is an affiliate of Jane Street Capital, LLC., which is an Authorized Participant. Additional Crypto Trading Counterparties may be engaged based on the Fund's operational and liquidity needs, and Shareholders will be notified of such additions in a prospectus supplement or the Fund's periodic reports. The Sponsor conducts due diligence on potential Crypto Asset Trading Counterparties, with entities being added or removed from consideration on an ongoing basis. Each Crypto Asset Trading Counterparty must undergo onboarding by the Sponsor prior to entering into crypto asset transactions on behalf of the Fund. The Sponsor will not place orders with any Crypto Asset Trading Counterparty that is an affiliate of the Fund, the Trust or the Sponsor. Each of the Crypto Asset Trading Counterparties are, and any other Crypto Asset Trading Counterparty that the Sponsor, on behalf of the Fund, places orders with in the future, will be subject to U.S. federal and/or state licensing requirements or similar laws in non-U.S. jurisdictions, and maintain practices and policies designed to comply with anti-money laundering (AML) and know your customer (KYC) regulations or similar laws in non-U.S. jurisdictions.

 **Flow Traders.** Transacting in crypto assets with Flow Traders is subject to the Flow Traders terms of business and relevant disclosures published at time of execution of such transaction, as made publicly available by Flow Traders. The Sponsor, on behalf of the Fund, has conducted a review of Flow Traders' terms of business and disclosures, and has deemed it acceptable for the Fund to transact subject to those terms. Neither Flow Traders nor the Fund shall be held liable by the other party for any direct losses, liabilities, expenses, suits, demands, or costs (including reasonable attorney fees), except in instances of fraud, willful misconduct, or gross negligence, regardless of the underlying cause. In no event shall either party be liable to the other party or any third party for indirect, consequential, or special damages.

 **Jane Street.** The Sponsor, on behalf of the Fund, has entered into a Master Purchase and Sale Agreement for Digital Assets (the "Master Agreement") with Jane Street to allow the Fund to enter into spot purchase or sale transactions in crypto assets on a principal to principal basis. Under the Master Agreement, Jane Street, the Fund, and Sponsor each has no liability: (i) with respect to any immaterial breach of the Master Agreement which does not arise from its fraud, willful misconduct, bad faith or gross negligence, (ii) for any act or omission (including insolvency) or delay of any third-party, including any bank, digital wallet provider or digital currency exchange or any of their agents or subcontractors, (iii) for any interruption or delays of service, system failure, or errors in the design or functioning of any electronic system, provided that such system is not maintained by Jane Street, or (iv) for any consequential, indirect, incidental, or any similar damages (even if informed of the possibility or likelihood of such Special Damages). The Fund, Sponsor, and Jane Street, will each indemnify, defend and hold parties covered by this clause harmless together with its officers, directors, members, affiliates, employees, agents and licensors from and against all losses, liabilities, judgments, proceedings, claims, damages and costs (including reasonable attorneys' fees) resulting from any third-party action related to: (i) the indemnifying party's breach of the terms of this Agreement, (ii) the indemnifying party's violation of any applicable law, rule or regulation, or (iii) the indemnified party's reasonable reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by or on behalf of the indemnifying party. The Master Agreement continues in effect until terminated in writing by either party.

**The Distributor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Exchange 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 Fund has engaged the Distributor to provide the following services: acting as the agent of the Fund in connection with the sale of Shares in the various states in which the Distributor is qualified as a broker-dealer, managing creation and redemption orders, and marketing Shares. No sales charges are paid by Shareholders or the Fund, no compensation is paid to the Distributor, and the Distributor does not receive any underwriting discount from the sale of Shares. The Underwriting Agreement also allows the Distributor to enter into agreements with affiliated entities to offer and sell Shares of the Fund, under limited conditions, to certain investors outside the United States.

Pursuant to the terms of the Underwriting Agreement, the Distributor is responsible for working with the Sponsor, Administrator, and Transfer Agent to review and approve, or reject, purchase and redemption orders of Creation Units placed by Authorized Participants. The Distributor has agreed to use its best efforts to obtain orders for Creation Units of Shares from Authorized Participants but is under no obligation to purchase or sell any specific amount of Shares. The Distributor also is responsible for reviewing, approving, and, where necessary, filing the marketing materials prepared by the Fund, or its other service providers, for compliance with applicable SEC and FINRA laws, rules, and regulations, including any advertising laws, rules, and regulations. The Distributor will not engage in any stabilizing transactions, short sales, covering transactions or penalty bids with respect to the Shares.

In accordance with the terms of the Underwriting Agreement, the Distributor is liable and holds the Fund harmless for any losses that the Fund may sustain as the result of any wrongful act by the Distributor or its directors, officers, employees, or representatives, or any untrue statement or alleged untrue statement or omission or alleged omission of material fact contained in a registration statement, shareholder report, or other information covering Shares filed or made public by the Fund, if such statement or omission was made in reliance upon information furnished to the Fund by the Distributor. Similarly, the Fund indemnifies and holds harmless the Distributor and its directors, officers, employees, representatives, and controlling persons against losses arising from (i) any wrongful act by the Fund or its directors, officers, employees, or representatives, (ii) breaches of the Fund's representations or warranties to the Distributor, (iii) claims brought by an Authorized Participant (provided the Distributor has not acted with willful misfeasance, bad faith, or gross negligence), or (iv) any untrue statement, alleged untrue statement, omission, or alleged omission of material fact in a registration statement, shareholder report, or other information if made in reliance upon information furnished to the Distributor by the Fund. Neither party's indemnification obligations extend to losses resulting from the indemnified party's own willful misfeasance, bad faith, or gross negligence. Also, the Distributor or the Fund may both terminate the Underwriting Agreement upon sixty (60) days' written notice to one another, or forthwith if the other party declines to make amendments necessary to comply with regulatory requirements.

**More Information about the Performance Benchmark**

The Index is owned, administered and calculated by FTSE International Limited (the "Index Provider"). The Index Provider is a company incorporated and registered in England, and its principal offices are located at 10 Paternoster Square, London, EC4M 7LS, United Kingdom. The Index Provider is experienced in calculating and administering digital asset indices. The Index Provider is unaffiliated with the Sponsor. Pursuant to an agreement between the Administrator and the Index Provider (Index Agreement), the Fund may use the Index data for an initial twelve month subscription period, after which it shall automatically renew for further terms of one year each. Either party may elect to not renew the subscription by providing at least thirty days' written notice prior to the expiration of the then current term.

**U.S. FEDERAL INCOME TAX CONSEQUENCES**

The following discussion summarizes the material U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of the Fund and the U.S. federal income tax treatment of the Fund. The discussion represents, insofar as it describes conclusions as to U.S. federal income tax law and subject to the limitations and qualifications described below, the opinion of Dechert LLP. The opinion of Dechert LLP, however, is not binding on the United States Internal Revenue Service (IRS) or on the courts and does not preclude the IRS from taking a contrary position. Except where noted otherwise, it deals only with the U.S. federal income tax consequences relating to Shares held as capital assets by U.S. Shareholders (as defined below) who are not subject to special tax treatment. For example, in general it does not address the tax consequences to, such as, but not limited to, dealers in securities or currencies or commodities, traders in securities or dealers or traders in commodities that elect to use a mark to market method of accounting, financial institutions, regulated investment companies (except as discussed below), tax-exempt entities (except as discussed below), insurance companies, persons holding Shares as a part of a position in a "straddle" or as part of a "hedging," "conversion" or other integrated transaction for U.S. federal income tax purposes, persons with "applicable financial statements" within the meaning of section 451(b) of the Internal Revenue Code of 1986, as amended (the "Code"), or holders of Shares whose "functional currency" is not the U.S. dollar. Furthermore, the discussion below is based on the provisions of the Code, and regulations (Treasury Regulations), rulings and judicial decisions thereunder as of the date of this prospectus, and such authorities may be repealed, revoked or modified (possibly with retroactive effect) so as to result in U.S. federal income tax consequences different from those discussed below. Further, the U.S. federal income tax treatment of certain crypto asset transactions continues to evolve, and legislation or future administrative guidance could result in U.S. federal income tax consequences that differ from those discussed below.

No ruling has been or will be requested from the IRS with respect to any matter affecting the Fund or prospective investors, and the IRS may disagree with the tax positions taken by the Fund. If the IRS were to challenge the Fund's tax positions in litigation, they might not be sustained by the courts. No statutory, administrative or judicial authority directly addresses the treatment of the Shares or instruments similar to the Shares for U.S. federal income tax purposes. As a result, the Fund cannot assure investors that the IRS or the courts will agree with the tax consequences described herein. A different treatment from that described below could adversely affect the amount, timing and character of income, gain or loss in respect of an investment in the Shares and could adversely affect the value of the Shares.

As used herein, the term "U.S. Shareholder" means a Shareholder that is, for U.S. federal income tax purposes, (i) a citizen or resident of the United States, (ii) a corporation created or organized in or under the laws of the United States or any political subdivision thereof, (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source or (iv) a trust that (a) is subject to the supervision of a court within the United States and the control of one or more United States persons as described in section 7701(a)(30) of the Code, or (b) has a valid election in effect under applicable Treasury Regulations to be treated as a United States person. A "Non-U.S. Shareholder" is a holder that is not a U.S. Shareholder nor a partnership for U.S. federal income tax purposes. If a partnership or other entity or arrangement treated as a partnership holds our Shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our Shares, the discussion below may not be applicable to you and you should consult your own tax advisor regarding the tax consequences of acquiring, owning and disposing of Shares.

EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF AN INVESTMENT IN SHARES, AS WELL AS ANY APPLICABLE STATE, LOCAL OR FOREIGN TAX CONSEQUENCES, IN LIGHT OF ITS PARTICULAR CIRCUMSTANCES.

**Tax Classification of the Fund**

The Fund is organized and will be operated as a statutory trust in accordance with the provisions of the Trust Agreement and applicable Delaware law. Notwithstanding the Fund's status as a statutory trust, due to the nature of its activities, the Fund will not be classified as a trust for U.S. federal income tax purposes but rather it is more likely than not it will be classified as a partnership for U.S. federal income tax purposes. The trading of Shares on the Exchange will cause the Fund to be classified as a "publicly traded partnership" for U.S. federal income tax purposes. Under section 7704 of the Code, a publicly traded partnership is generally taxable as a corporation. In the case of an entity not registered under the Investment Company Act (such as the Fund) and not meeting certain other conditions, however, an exception to this general rule applies if at least 90% of the entity's gross income is "qualifying income" for each taxable year of its existence (the "qualifying income exception"). For this purpose, qualifying income is defined as including, in pertinent part, interest (other than from a financial business), dividends, and gains from the sale or disposition of capital assets held for the production of interest or dividends.

In the case of a partnership of which a principal activity is the buying and selling of commodities other than as inventory or of futures, forwards and options with respect to commodities, "qualifying income" also includes income and gains from commodities and from such futures, forwards, options, and, provided the partnership is a trader or investor with respect to such assets, swaps and other notional principal contracts with respect to commodities.

There is very limited authority on the U.S. federal income tax treatment of the crypto assets. Based on CFTC determinations that treat bitcoin and ether as commodities under the CEA, the Fund intends to take the position that the crypto assets qualify as commodities for purposes of satisfying the qualifying income exception under section 7704 of the Code. Further, in absence of guidance to the contrary, the Fund intends to take the position that income derived from the staking of crypto assets, if any, constitutes qualifying income for purposes of the qualifying income exception under section 7704 of the Code. Shareholders should be aware that the Fund's position is not binding on the IRS, and no assurance can be given that the IRS will not challenge the Fund's position, or that the IRS or a court will not ultimately reach a contrary conclusion, which would result in the material adverse consequences to Shareholders and the Fund discussed below.

The Fund's taxation as a partnership rather than a corporation will require the Sponsor to conduct the Fund's business activities in such a manner that it satisfies the requirements of the qualifying income exception on a continuing basis. No assurances can be given that the Fund's operations for any given year will produce income that satisfies these requirements.

If the Fund failed to satisfy the qualifying income exception in any year, other than a failure that is determined by the IRS to be inadvertent and that is cured within a reasonable time after discovery (in which case, as a condition of relief, the Fund could be required to pay the government amounts determined by the IRS), the Fund would be taxable as a corporation for U.S. federal income tax purposes and would pay U.S. federal income tax on its income at regular corporate tax rates. In that event, Shareholders would not report their share of the Fund's income or loss on their tax returns. Distributions by the Fund (if any) would be treated as dividend income to Shareholders to the extent of the Fund's current and accumulated earnings and profits, then treated as a tax-free return of capital to the extent of a Shareholder's basis in the Shares (thus reducing the Shareholder´s basis), and thereafter, to the extent such distributions exceed the Shareholder's basis in such Shares, as capital gain for Shareholders who hold their Shares as capital assets. Accordingly, if the Fund were to be taxable as a corporation, it would likely have a material adverse effect on the economic return from an investment in the Fund and on the value of the Shares.

The remainder of this summary assumes that the Fund is classified for U.S. federal income tax purposes as a partnership that it is not taxable as a corporation.

**U.S. Shareholders**

**Tax Consequences of Ownership of Shares**

**Taxation of the Fund's Income** No U.S. federal income tax is paid by the Fund on its income. Instead, the Fund files annual partnership returns, and each U.S. Shareholder is required to report on its U.S. federal income tax return its allocable share of the income, gain, loss, deductions and credits reflected on such partnership returns. Therefore, a U.S. Shareholder who does not invest through a tax-exempt account may be subject to tax on its allocable share of the Fund's capital gain, which can be significant, even if the U.S. Shareholder has not sold any of the Fund Shares. Generally, in rising markets, increased turnover of the Fund's portfolio would result in additional amounts of taxable realized gains being allocated to Shareholders than if the portfolio turnover was not so increased. Conversely, in falling markets, increased turnover of the Fund's portfolio may, depending upon circumstances, result in additional amounts of realized losses being allocated to Shareholders than if the portfolio turnover were not so increased. If the Fund recognizes income, including interest on cash equivalents and net capital gains, Shareholders must report their share of these items regardless of whether the Fund makes a distribution of cash or property during the taxable year. Consequently, a Shareholder may be taxable on income or gain recognized by the Fund but receive no cash distribution with which to pay the resulting tax liability or may receive a distribution that is insufficient to pay such liability. Because the Sponsor currently does not commit to make distributions, it is likely that a U.S. Shareholder that realizes net income or gain with respect to Shares for a taxable year will be required to pay any resulting tax from sources other than Fund distributions. Additionally, individuals with modified adjusted gross income in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% tax on their "net investment income," which generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses). Also included as income subject to the additional 3.8% tax is income from businesses involved in the trading of financial instruments or commodities. Shareholders subject to this provision may be required to pay this 3.8% tax on interest income and capital gains allocated to them by the Fund.

**Monthly Conventions for Allocations of the Fund's Profit and Loss and Capital Account Restatements** Under Code section 704, the determination of a partner's distributive share of any item of income, gain, loss, deduction or credit is governed by the applicable organizational document unless the allocation provided by such document lacks "substantial economic effect." An allocation that lacks substantial economic effect nonetheless will be respected if it is in accordance with the partners' interests in the partnership, determined by considering all facts and circumstances relating to the economic arrangements among the partners. Subject to the possible exception for certain conventions to be used by the Fund as discussed below, it is expected that allocations pursuant to the Trust Agreement should be considered as having substantial economic effect or being in accordance with Shareholders' interests in the Fund.

In situations where a partner's interest in a partnership is redeemed or sold during a taxable year, the Code generally requires that partnership tax items for the year be allocated to the partner using either an interim closing of the books or a daily proration method. The Fund intends to allocate tax items using an interim closing of the book's method under which income, gains, losses and deductions will be determined on a monthly basis, taking into account the Fund's accrued income and deductions and gains and losses (both realized and unrealized) for the month. The tax items for each month during a taxable year will then be allocated among the holders of Shares in proportion to the number of Shares owned by them as of the close of trading on the last trading day of the preceding month (the "monthly allocation convention").

Under the monthly allocation convention, an investor who disposes of a Share during the current month will be treated as disposing of the Share as of the end of the last day of the calendar month. For example, an investor who buys a Share on April 10 of a year and sells it on May 20 of the same year will be allocated all of the tax items attributable to May (because it is deemed to hold the Share through the last day of May) but none of those attributable to April. The tax items attributable to that Share for April will be allocated to the person who held the Share as of the close of trading on the last trading day of March. Under the monthly allocation convention, an investor who purchases and sells a Share during the same month, and therefore does not hold (and is not deemed to hold) the Share at the close of the last trading day of either that month or the previous month, will receive no allocations with respect to that Share for any period. Accordingly, investors may receive no allocations with respect to Shares that they actually held or may receive allocations with respect to Shares attributable to periods that they did not actually hold the Shares.

By investing in Shares, a U.S. Shareholder agrees that, in the absence of new legislation, regulatory or administrative guidance, or judicial rulings to the contrary, it will file its U.S. income tax returns in a manner that is consistent with the monthly allocation convention as described above and with the IRS Schedule K-1 or any successor form provided to Shareholders by the Fund.

For any month in which a Creation Basket is issued or a Redemption Basket is redeemed, the Fund will credit or debit the "book" capital accounts of existing Shareholders with the amount of any unrealized gain or loss, respectively, on Fund assets. For this purpose, the Fund will use a convention whereby unrealized gain or loss will be computed based on the lowest NAV of the Fund's assets during the month in which Shares are issued or redeemed, which may be different than the value of the assets on the date of an issuance or redemption. The capital accounts as adjusted in this manner will be used in making tax allocations intended to account for differences between the tax basis and fair market value of property owned by the Fund at the time new Shares are issued or outstanding Shares are redeemed (so-called "reverse Code section 704(c) allocations"). The intended effect of these adjustments is to equitably allocate among Shareholders any unrealized appreciation or depreciation in the Fund's assets existing at the time of a contribution or redemption for book and tax purposes.

The conventions used by the Fund, as noted above, in making tax allocations may cause a Shareholder to be allocated more or less income or loss for U.S. federal income tax purposes than its proportionate share of the economic income or loss realized by the Fund during the period such Shareholder held the Shares. This mismatch between taxable and economic income or loss in some cases may be temporary, reversing itself in a later year when the Shares are sold, but could be permanent. As one example, a Shareholder could be allocated income accruing after it sold its Shares, resulting in an increase in the basis of the Shares (see "Tax Basis of Shares," below). In connection with the disposition of the Shares, the additional basis might produce a capital loss the deduction of which may be limited (see "Limitations on Deductibility of Losses and Certain Expenses," below).

**Section 754 election** The Fund intends to make the election permitted by section 754 of the Code, which election is irrevocable without the consent of the IRS. The effect of this election is that when a secondary market sale of Shares occurs, the Fund adjusts the purchaser's proportionate share of the tax basis of the Fund's assets to fair market value, as reflected in the price paid for the Shares, as if the purchaser had directly acquired an interest in the Fund's assets. The section 754 election is intended to eliminate disparities between a partner's basis in its partnership interest and its share of the tax basis of the partnership's assets, so that the partner's allocable share of taxable gain or loss on a disposition of an asset will correspond to its share of the appreciation or depreciation in the value of the asset since such partner acquired its interest. Depending on the price paid for Shares and the tax basis of the Fund's assets at the time of the purchase, the effect of the section 754 election on a purchaser of Shares may be favorable or unfavorable. In order to make the appropriate basis adjustments in a cost-effective manner, the Fund will use certain simplifying conventions and assumptions. In particular, the Fund will obtain information regarding secondary market transactions in its Shares and use this information to adjust the Shareholders' indirect basis in the Fund's assets. It is possible the IRS could successfully assert that the conventions and assumptions applied are improper and require different basis adjustments to be made, which could adversely affect some Shareholders.

**Limitations on Deductibility of Losses and Certain Expenses** A number of different provisions of the Code may defer or disallow the deduction of losses or expenses allocated to Shareholders by the Fund, including but not limited to those described below.

A Shareholder's deduction of its allocable share of any loss of the Fund is limited to the lesser of (1) the tax basis in such Shareholder´s Shares or (2) in the case of a Shareholder that is an individual or a closely held corporation, the amount which the Shareholder is considered to have "at risk" with respect to the Fund's activities. In general, the amount at risk initially will be a Shareholder's invested capital. Losses in excess of the amount at risk must be deferred until years in which the Fund generates additional taxable income against which to offset such carryover losses or until additional capital is placed at risk.

Individuals and other non-corporate taxpayers are permitted to deduct capital losses only to the extent of their capital gains for the taxable year plus $3,000 of other income. Unused capital losses can be carried forward and used in future years, subject to these same limitations. Corporate taxpayers generally may deduct capital losses only to the extent of capital gains, subject to special carryback and carryforward rules.

Expenses classified for U.S. federal income tax purposes as "miscellaneous itemized deductions," generally including investment-related expenses (other than interest and certain other specified expenses), are not deductible for non-corporate taxpayers. Although the matter is not free from doubt, we believe management fees the Fund pays to the Sponsor and other expenses of the Fund will constitute non-deductible miscellaneous itemized deductions rather than expenses incurred in connection with a trade or business and will report these expenses consistent with that interpretation.

For taxable years beginning on or before December 31, 2025, the Code imposes additional limitations on the amount of certain itemized deductions allowable to individuals with adjusted gross income in excess of certain amounts by reducing the otherwise allowable portion of such deductions by an amount equal to the lesser of:

● 3% of the individual's adjusted gross income in excess of certain threshold amounts; or

● 80% of the amount of certain itemized deductions otherwise allowable for the taxable year.

For taxable years beginning on or after January 1, 2026, the Code provides that the amount of the itemized deductions otherwise allowable for the taxable year shall be reduced by 2/37 of the lesser of (1) such amount of itemized deductions, or (2) so much of the taxable income of the taxpayer for the taxable year as exceeds the dollar amount at which the 37% rate bracket under Code section 1 begins with respect to the taxpayer. Non-corporate Shareholders generally may deduct "investment interest expense" only to the extent of their "net investment income." Investment interest expense of a Shareholder will generally include any interest expense accrued by the Fund and any interest paid or accrued on direct borrowings by a Shareholder to purchase or carry its Shares, such as interest with respect to a margin account. Net investment income generally includes gross income from property held for investment (including "portfolio income" under the passive loss rules but not, absent an election, long-term capital gains or certain qualifying dividend income) less deductible expenses other than interest directly connected with the production of investment income.

If the Fund incurs indebtedness that is treated as allocable to a trade or business, the Fund's ability to deduct interest on such indebtedness allocable is limited to an amount equal to the sum of (1) the Fund's business interest income during the year and (2) 30% of the Fund's adjusted taxable income for such taxable year. If the Fund is not entitled to fully deduct its business interest in any taxable year, such excess business interest expense will be allocated to each Shareholder as excess business interest and can be carried forward by the Shareholder to successive taxable years to offset any excess taxable income allocated by the Fund to such Shareholder. Any excess business interest expense allocated to a Shareholder will reduce such Shareholder's basis in its Shares in the year of the allocation even if the expense does not give rise to a deduction to the Shareholder in that year. Immediately prior to a Shareholder's disposition of its Shares, the Shareholder's basis will be increased by the amount by which such basis reduction exceeds the excess business interest expense that has been deducted by such Shareholder.

To the extent that the Fund allocates losses or expenses to a Shareholder that must be deferred or are disallowed as a result of these or other limitations in the Code, such Shareholder may be taxed on income in excess of the economic income or distributions (if any) on such Shareholder's Shares. As one example, a Shareholder could be allocated and required to pay tax on such Shareholder's share of interest income accrued by the Fund for a particular taxable year, and in the same year be allocated a share of a capital loss that such Shareholder cannot deduct currently because such Shareholder has insufficient capital gains against which to offset the loss. As another example, a Shareholder could be allocated and required to pay tax on such Shareholder's share of interest income and capital gain for a year but be unable to deduct some or all of such Shareholder's share of management fees and/or margin account interest incurred by such Shareholder with respect to such Shareholder's Shares. Shareholders are urged to consult their own tax advisor regarding the effect of limitations under the Code on their ability to deduct their allocable share of the Fund's losses and expenses.

**Tax Basis of Shares**

A Shareholder's tax basis in its Shares is important in determining (1) the amount of taxable gain or loss it will realize on the sale or other disposition of its Shares, (2) the amount of non-taxable distributions that it may receive from the Fund, and (3) its ability to utilize its distributive share of any losses of the Fund on its U.S. federal income tax return. A Shareholder's initial tax basis of its Shares will equal its cost for the Shares plus its share of the Fund's liabilities (if any) at the time of purchase. In general, a Shareholder's "share" of those liabilities will equal the sum of (i) the entire amount of any otherwise nonrecourse liability of the Fund as to which the Shareholder or certain affiliates of the Shareholder is the creditor (a "partner nonrecourse liability") and (ii) a pro rata share of any nonrecourse liabilities of the Fund that are not partner nonrecourse liabilities as to any Shareholder.

A Shareholder's tax basis in its Shares generally will be (1) increased by (a) its allocable share of the Fund's taxable income and gain and (b) any additional contributions by the Shareholder to the Fund and (2) decreased (but not below zero) by (a) its allocable share of the Fund's tax deductions and losses and (b) any distributions by the Fund to the Shareholder. For this purpose, an increase in a Shareholder's share of the Fund's liabilities will be treated as a contribution of cash by the Shareholder to the Fund and a decrease in that share will be treated as a distribution of cash by the Fund to the Shareholder. Pursuant to certain IRS rulings, a Shareholder will be required to maintain a single, "unified" basis in all Shares that it owns. As a result, when a Shareholder that acquired its Shares at different prices sells less than all of its Shares, such Shareholder will not be entitled to specify particular Shares (e.g., those with a higher basis) as having been sold. Rather, such Shareholder must determine its gain or loss on the sale by using an "equitable apportionment" method to allocate a portion of its unified basis in its Shares to the Shares sold.

**Treatment of Fund Distributions**

If the Fund makes non-liquidating distributions to Shareholders, such distributions generally will not be taxable to the Shareholders for U.S. federal income tax purposes except to the extent that the amount of money distributed exceeds the Shareholder's adjusted basis of its interest in the Fund immediately before the distribution. Any money distributed that is in excess of a Shareholder's tax basis generally will be treated as gain from the sale or exchange of Shares. For purposes of determining the gain recognized on a distribution from a partnership, a marketable security distributed to a partner is generally treated as money. This treatment, however, does not apply to distributions to "eligible partners" of an "investment partnership," as those terms are defined in the Code.

**Tax Consequences of Disposition of Shares**

If a Shareholder sells its Shares, it will recognize gain or loss equal to the difference between the amount realized and its adjusted tax basis for the Shares sold. A Shareholder's amount realized will be the sum of the cash or the fair market value of other property received plus its share of the Fund's liabilities.

Gain or loss recognized by a Shareholder on the sale or exchange of Shares held for more than one year will generally be taxable as long-term capital gain or loss; otherwise, such gain or loss will generally be taxable as short-term capital gain or loss. A special election is available under the Treasury Regulations that allows Shareholders to identify and use the actual holding periods for the Shares sold for purposes of determining whether the gain or loss recognized on a sale of Shares will give rise to long-term or short-term capital gain or loss. It is expected that most Shareholders will be eligible to elect, and generally will elect, to identify and use the actual holding period for Shares sold. If a Shareholder who has differing holding periods for its Shares fails to make the election or is not able to identify the holding periods of the Shares sold, the Shareholder will have a split holding period in the Shares sold. Under such circumstances, a Shareholder will be required to determine its holding period in the Shares sold by first determining the portion of its entire interest in the Fund that would give rise to long-term capital gain or loss if its entire interest were sold and the portion that would give rise to short-term capital gain or loss if the entire interest were sold. The Shareholder would then treat each Share sold as giving rise to long-term capital gain or loss and short-term capital gain or loss in the same proportions as if it had sold its entire interest in the Fund.

Under Section 751 of the Code, a portion of a Shareholder's gain or loss from the sale of Shares (regardless of the holding period for such Shares), will be separately computed and taxed as ordinary income or loss to the extent attributable to "unrealized receivables" or "inventory" owned by the Fund. The term "unrealized receivables" includes, among other things, market discount bonds and short-term debt instruments to the extent such items would give rise to ordinary income if sold by the Fund. Such amounts of ordinary income allocated to a Shareholder may be less than, equal to or more than the amount of such gain or loss that otherwise would have recognized by such Shareholder on such sale of Shares.

If some or all of a Shareholder's Shares are lent by its broker or other agent to a third party — for example, for use by the third party in covering a short sale — the Shareholder may be considered as having made a taxable disposition of the loaned Shares, in which case:

● the Shareholder may recognize taxable gain or loss to the same extent as if it had sold the Shares for cash;

● any of the income, gain, loss, deduction or credit allocable to those Shares during the period of the loan is not reportable by the Shareholder for U.S. federal income tax purposes; and

● any distributions the Shareholder receives with respect to the Shares under the loan agreement will be fully taxable to the Shareholder, most likely as ordinary income for U.S. federal income tax purposes.

Shareholders desiring to avoid these and other possible consequences of a deemed disposition of their Shares should consider modifying any applicable brokerage account agreements to prohibit the lending of their Shares.

**Other U.S. Federal Income Tax Matters**

**Information Reporting** The Fund provides tax information to the Shareholders and to the IRS, as required. Shareholders of the Fund are treated as partners in a partnership for U.S. federal income tax purposes. Accordingly, the Fund will furnish Shareholders each year with tax information on IRS Schedule K-1 (Form 1065), which will be used by the Shareholders in completing their U.S. federal income tax returns. The IRS has ruled that assignees of partnership interests who have not been admitted to a partnership as partners but who have the capacity to exercise substantial dominion and control over the assigned partnership interests will be considered partners for U.S. federal income tax purposes. On the basis of this ruling, except as otherwise provided herein, we will treat as a Shareholder any person whose Shares are held on that person's behalf by a broker or other nominee if that person has the right to direct the nominee in the exercise of all substantive rights attendant to the ownership of the Shares.

Persons who hold an interest in the Fund as a nominee for another person are required to furnish to us the following information: (1) the name, address and taxpayer identification number of the beneficial owner and the nominee; (2) whether the beneficial owner is (a) a person that is not a U.S. person, (b) a foreign government, an international organization or any wholly-owned agency or instrumentality of either of the foregoing, or (c) a tax-exempt entity; (3) the number and a description of Shares acquired or transferred for the beneficial owner; and (4) certain information including the dates of acquisitions and transfers, means of acquisitions and transfers, and acquisition cost for purchases, as well as the amount of net proceeds from sales. Brokers and financial institutions are required to furnish additional information, including whether they are U.S. persons and certain information on Shares they acquire, hold or transfer for their own account. A penalty of $250 per failure (as adjusted for inflation), up to a maximum of $3,000,000 per calendar year (as adjusted for inflation), is imposed by the Code for failure to report such information correctly to the Fund. If the failure to furnish such information correctly is determined to be willful, the per failure penalty increases to $500 (as adjusted for inflation) or, if greater, 10% of the aggregate amount of items required to be reported, and the $3,000,000 maximum does not apply. The nominee is required to supply the beneficial owner of the Shares with the U.S. federal income tax information furnished by the Fund.

**Partnership Audit Procedures** The IRS may audit the U.S. federal income tax returns filed by the Fund. Partnerships are generally treated as separate entities for purposes of U.S. federal tax audits, judicial review of administrative adjustments by the IRS, and tax settlement proceedings. The tax treatment of partnership items of income, gain, loss and deduction is determined at the partnership level in a unified partnership proceeding rather than in separate proceedings with the partners.

Tax deficiencies (including interest and penalties) that arise from an adjustment to partnership items generally are assessed and collected from the partnership (rather than from the partners), and generally are calculated using maximum applicable tax rates (although such partnership level tax may be reduced or eliminated under limited circumstances). A narrow category of partnerships (generally, partnerships having no more than 100 partners that consist exclusively of individuals, C corporations, S corporations and estates) are permitted to elect out of the partnership-level audit rules. As an alternative to partnership-level tax liability, a partnership may elect to furnish adjusted Schedule K-1s to the IRS and to each person who was a partner in the audit year, stating such partner's share of any partnership adjustments, and each such partner would then take the adjustments into account on its tax returns in the year in which it receives its adjusted Schedule K-1 (rather than by amending their tax returns for the audited year). If the Fund were subject to a partnership level tax, the economic return of all Shareholders (including Shareholders that did not own Shares in the Fund during the taxable year to which the audit relates) may be affected.

The Trust Agreement provides that if the Fund becomes subject to any tax as a result of any adjustment to taxable income, gain, loss, deduction or credit for any taxable year of the Fund (pursuant to a tax audit or otherwise), such Shareholder (and each former Shareholder) is obligated to indemnify the Fund and the Sponsor against any such taxes (including any interest and penalties) to the extent such tax (or portion thereof) is properly attributable to such Shareholder (or former Shareholder). In addition, the Sponsor, on behalf of the Fund, will be authorized to take any action permitted under applicable law to avoid the assessment of any such taxes against the Fund (including an election to issue adjusted Schedule K-1s to the Shareholders (and/or former Shareholders) that take such adjustments to taxable income, gain, loss, deduction or credit into account, resulting in each such Shareholder taking those adjustments into account on its tax returns).

**Reportable Transaction Rules** In certain circumstances the Code and Treasury Regulations require that the IRS be notified of transactions through a disclosure statement attached to a taxpayer's U.S. federal income tax return. These disclosure rules may apply to transactions irrespective of whether they are structured to achieve particular tax benefits. They could require disclosure by the Fund or Shareholders if a Shareholder incurs a loss in excess of a specified threshold from a sale or redemption of its Shares and possibly in other circumstances. While these rules generally do not require disclosure of a loss recognized on the disposition of an asset in which the taxpayer has a "qualifying basis" (generally a basis equal to the amount of cash paid by the taxpayer for such asset), they apply to a loss recognized with respect to interests in a pass-through entity, such as the Shares, even if the taxpayer's basis in such interests is equal to the amount of cash it paid. In addition, significant monetary penalties may be imposed in connection with a failure to comply with these reporting requirements. Investors should consult their own tax advisor concerning the application of these reporting requirements to their specific situation.

**Tax-Exempt Organizations** Subject to numerous exceptions, qualified retirement plans and individual retirement accounts, charitable organizations and certain other organizations that otherwise are exempt from U.S. federal income tax (collectively, "exempt organizations") nonetheless are subject to the tax on unrelated business taxable income (UBTI). Generally, UBTI means the gross income derived by an exempt organization from a trade or business that it regularly carries on, the conduct of which is not substantially related to the exercise or performance of its exempt purpose or function, less allowable deductions directly connected with that trade or business. If the Fund were to regularly carry on (directly or indirectly) a trade or business that is unrelated with respect to an exempt organization Shareholder, then in computing its UBTI, the Shareholder must include its share of (1) the Fund's gross income from the unrelated trade or business, whether or not distributed, and (2) the Fund's allowable deductions directly connected with that gross income. An exempt organization that has more than one unrelated trade or business generally must compute its UBTI separately for each such trade or business. UBTI generally does not include dividends, interest, or payments with respect to securities loans and gains from the sale of property (other than property held for sale to customers in the ordinary course of a trade or business). Nonetheless, income on, and gain from the disposition of, "debt-financed property" is UBTI. Debt-financed property generally is income-producing property (including securities), the use of which is not substantially related to the exempt organization's tax-exempt purposes, and with respect to which there is "acquisition indebtedness" at any time during the taxable year (or, if the property was disposed of during the taxable year, the 12-month period ending with the disposition). Acquisition indebtedness includes debt incurred to acquire property, debt incurred before the acquisition of property if the debt would not have been incurred but for the acquisition, and debt incurred subsequent to the acquisition of property if the debt would not have been incurred but for the acquisition and at the time of acquisition the incurrence of debt was foreseeable. The portion of the income from debt-financed property attributable to acquisition indebtedness is equal to the ratio of the average outstanding principal amount of acquisition indebtedness over the average adjusted basis of the property for the year. The Fund currently does not anticipate that it will borrow money to acquire investments; however, the Fund cannot be certain that it will not borrow for such purpose in the future, which could result in an exempt organization Shareholder having UBTI. In addition, an exempt organization Shareholder that incurs acquisition indebtedness to purchase its Shares in the Fund may have UBTI.

Under existing IRS guidance, staking rewards, hard forks, airdrops and similar occurrences with respect to crypto assets are generally treated as taxable events giving rise to ordinary income. In the absence of guidance to the contrary, it is possible that any such income recognized by an exempt organization Shareholder could constitute UBTI. An exempt organization Shareholder should consult its own tax advisor regarding whether such Shareholder may recognize UBTI as a consequence of an investment in the Fund.

The U.S. federal income tax rate applicable to an exempt organization Shareholder on its UBTI generally will be either the corporate or trust tax rate, depending upon the Shareholder's form of organization. The Fund may report to each such Shareholder information as to the portion, if any, of the Shareholder's income and gains from the Fund for any year that will be treated as UBTI; the calculation of that amount is complex, and there can be no assurance that the Fund's calculation of UBTI will be accepted by the IRS. An exempt organization Shareholder will be required to make payments of estimated U.S. federal income tax with respect to its UBTI.

**Regulated Investment Companies** Interests in and income from "qualified publicly traded partnerships" satisfying certain gross income tests are treated as qualifying assets and income, respectively, for purposes of determining eligibility for regulated investment company (RIC) status. A RIC may invest up to 25% of its assets in interests in qualified publicly traded partnerships. The determination of whether a publicly traded partnership such as the Fund is a qualified publicly traded partnership is made on an annual basis. While the tax treatment of the crypto assets is not entirely clear, it is possible that the Fund may be a qualified publicly traded partnership. However, such qualification is not assured, and prospective RIC investors should consult a tax advisor regarding the treatment of an investment in the Fund under current tax rules and in light of their particular circumstances.

**Non-U.S. Shareholders**

Generally, non-U.S. persons who derive U.S. source income or gain from investing or engaging in a U.S. business are taxable on two categories of income. The first category consists of amounts that are fixed or determinable, annual or periodic income, such as interest, dividends and rent that are not connected with the operation of a U.S. trade or business (FDAP). The second category is income that is effectively connected with the conduct of a U.S. trade or business (ECI). FDAP income is generally subject to a 30% withholding tax, which may be reduced for certain categories of income by a treaty between the U.S. and the recipient's country of residence. In contrast, ECI is generally subject to U.S. tax on a net basis at graduated rates upon the filing of a U.S. tax return. Where a non-U.S. person has ECI as a result of an investment in a partnership, the ECI is currently subject to a withholding tax at a rate of 37% for individual Shareholders and a rate of 21% for corporate Shareholders. The tax withholding on ECI, which is the highest tax rate under Code section 1 for non-corporate Non-U.S. Shareholders and Code section 11(b) for corporate Non-U.S. Shareholders, may increase in future tax years if tax rates increase from their current levels.

**Withholding on Allocations and Distributions**

The Code provides that a non-U.S. person who is a partner in a partnership that is engaged in a U.S. trade or business during a taxable year will also be considered to be engaged in a U.S. trade or business during that year. Classifying an activity by a partnership as an investment or an operating business is a factual determination. Under certain safe harbors in the Code, an investment trust whose activities consist of trading in stocks, securities, or commodities for its own account generally will not be considered to be engaged in a U.S. trade or business unless it is a dealer in such stocks, securities, or commodities. This safe harbor applies to investments in commodities only if the commodities are of a kind customarily dealt in on an organized commodity exchange and if the transaction is of a kind customarily consummated at such place. As noted above, there is limited authority on the U.S. federal income tax treatment of the crypto assets. Moreover, currently there is no guidance regarding whether and when engaging in staking might constitute a U.S. trade or business. Accordingly, there can be no assurance that the Fund will not be considered to be engaged in a U.S. trade or business.

In the event that the Fund's activities were considered to constitute a U.S. trade or business, the Fund would be required to withhold at the highest rate specified in Code section 1 (currently 37%) on allocations of its income to non-corporate Non-U.S. Shareholders and the highest rate specified in Code section 11(b) (currently 21%) on allocations of its income to corporate Non-U.S. Shareholders, when such income is distributed. Non-U.S. Shareholders would also be subject to a 10% withholding tax on the consideration payable upon a sale or exchange of such Non-U.S. Shareholder's Shares unless an exception to withholding applies. In the case of a transfer made through a broker, the obligation to withhold will generally be imposed on the transferor's broker. A Non-U.S. Shareholder with ECI will generally be required to file a U.S. federal income tax return, and the return will provide the Non-U.S. Shareholder with the mechanism to seek a refund of any withholding in excess of such Shareholder's actual U.S. federal income tax liability. Any amount withheld by the Fund will be treated as a distribution to the Non-U.S. Shareholder to the extent possible. In some cases, the Fund may not be able to match the economic cost of satisfying its withholding obligations to a particular Non-U.S. Shareholder, which may result in said cost being borne by the Fund, generally, and accordingly, by all Shareholders.

If the Fund is not treated as engaged in a U.S. trade or business, a Non-U.S. Shareholder may nevertheless be treated as having FDAP income, which would be subject to a 30% withholding tax (possibly subject to reduction by treaty), with respect to some or all of its distributions from the Fund or its allocable share of Fund U.S. source income. Amounts withheld on behalf of a Non-U.S. Shareholder will be treated as being distributed to such Shareholder. If the Fund is not able to match the economic cost of satisfying its withholding obligation to a particular Non-U.S. Shareholder, said cost may have to be borne by the Fund and accordingly by all Shareholders.

**Gain from Sale of Shares**

Gain from the sale or exchange of Shares may be taxable to a Non-U.S. Shareholder if the Non-U.S. Shareholder is a nonresident alien individual who is present in the U.S. for 183 days or more during the taxable year. In such case, the nonresident alien individual may be subject to a 30% withholding tax on the amount of such individual's gain. As discussed above, Non-U.S. Shareholders would also be subject to a 10% withholding tax on the consideration payable upon a sale or exchange of such Non-U.S. Shareholder's Shares unless an exception to withholding applies.

**Branch Profits Tax on Corporate Non-U.S. Shareholders**

In addition to the taxes noted above, any Non-U.S. Shareholders that are corporations may also be subject to an additional tax, the branch profits tax, at a rate of 30%. The branch profits tax is imposed on a non-U.S. corporation's dividend equivalent amount, which generally consists of the corporation's after-tax earnings and profits that are effectively connected with the corporation's U.S. trade or business but are not reinvested in a U.S. business. This tax may be reduced or eliminated by an income tax treaty between the United States and the country in which the Non-U.S. Shareholder is a "qualified resident."

**Foreign Account Tax Compliance Act**

Legislation commonly referred to as the Foreign Account Tax Compliance Act or "FATCA," generally imposes a 30% U.S. withholding tax on payments of certain types of income to foreign financial institutions that fail to enter into an agreement with the United States Treasury to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S. persons as substantial owners). The types of income subject to the withholding tax include U.S.-source interest and dividends and the gross proceeds from the sale of any property that could produce U.S.-source interest or dividends. Proposed Treasury Regulations, however, generally eliminate withholding under FATCA on gross proceeds. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and transaction activity within the holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% U.S. withholding tax on payments to foreign entities that are not financial institutions unless the foreign entity certifies that it does not have a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner. Depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through which it holds Shares, a Non-U.S. Shareholder could be subject to this 30% U.S. withholding tax with respect to distributions on its Shares. Under certain circumstances, a Non-U.S. Shareholder may be eligible for a refund or credit of such taxes.

Prospective Non-U.S. Shareholders should consult their own tax advisor regarding these and other tax issues unique to Non-U.S. Shareholders.

**Backup Withholding**

The Fund may be required to withhold U.S. federal income tax (backup withholding) from payments to: (1) any Shareholder who fails to furnish the Fund with his, her or its correct taxpayer identification number or a certificate that the Shareholder is exempt from backup withholding, and (2) any Shareholder with respect to whom the IRS notifies the Fund that the Shareholder is subject to backup withholding. Backup withholding is not an additional tax and may be returned or credited against a taxpayer's regular U.S. federal income tax liability if appropriate information is provided to the IRS. The backup withholding rate is the fourth lowest rate applicable to individuals under Code section 1(c) (currently 24%) and may increase in future tax years.

**Other Tax Considerations**

In addition to U.S. federal income taxes, a Shareholder may be subject to other taxes, such as state, local and foreign income taxes, unincorporated business taxes, business franchise taxes, and estate, gift, inheritance or intangible taxes that may be imposed by the various jurisdictions in which the Fund does business or owns property or where the Shareholder resides. Although an analysis of those various taxes is not presented here, each prospective Shareholder should consider their potential impact on its investment in the Fund. It is each Shareholder's responsibility to file the appropriate U.S. federal, state, local, and foreign tax returns.

**ERISA AND RELATED CONSIDERATIONS**

The Employee Retirement Income Security Act of 1974, as amended and/or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") impose certain requirements on: (i) employee benefit plans and certain other plans and arrangements, including individual retirement accounts and annuities, Keogh plans and certain collective investment funds or insurance company general or separate accounts in which such plans or arrangements are invested, that are subject to Title I of ERISA and/or Section 4975 of the Code (collectively, "Plans"); and (ii) persons who are fiduciaries with respect to the investment of assets treated as "plan assets" within the meaning of U.S. Department of Labor (the "DOL") regulation 29 C.F.R. § 2510.3-101, as modified by Section 3(42) of ERISA (the "Plan Assets Regulation"), of a Plan. Investments by Plans are subject to the fiduciary requirements and the applicability of prohibited transaction restrictions under ERISA and the Code. It is anticipated that the Shares will constitute "publicly-held offered securities" as defined in the Department of Labor Regulations § 2510.3-101(b)(2). Accordingly, Shares purchased by a Plan, and not the Plan's interest in the underlying DOT held in the Fund represented by the Shares, should be treated as assets of the Plan, for purposes of applying the "fiduciary responsibility" and "prohibited transaction" rules of ERISA and the Code.

"Governmental plans" within the meaning of Section 3(32) of ERISA, certain "church plans" within the meaning of Section 3(33) of ERISA and "non-U.S. plans" described in Section 4(b)(4) of ERISA, while not subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code, may be subject to any federal, state, local, non-U.S. or other law or regulation that is substantially similar to the foregoing provisions of ERISA and the Code. Fiduciaries of any such plans are advised to consult with their counsel prior to an investment in the Shares.

In contemplating an investment of a portion of Plan assets in the Shares, the Plan fiduciary responsible for making such investment should carefully consider, taking into account the facts and circumstances of the Plan, the "Risk Factors" discussed above and whether such investment is consistent with its fiduciary responsibilities. The Plan fiduciary should consider, among other issues, whether: (1) the fiduciary has the authority to make the investment under the appropriate governing plan instrument; (2) the investment would constitute a direct or indirect non-exempt prohibited transaction with a "party in interest" or "disqualified person" within the meaning of ERISA and Section 4975 of the Code respectively; (3) the investment is in accordance with the Plan's funding objectives; and (4) such investment is appropriate for the Plan under the general fiduciary standards of investment prudence and diversification, taking into account the overall investment policy of the Plan, the composition of the Plan's investment portfolio and the Plan's need for sufficient liquidity to pay benefits when due. When evaluating the prudence of an investment in the Shares, the Plan fiduciary should consider the DOL's regulation on investment duties, which can be found at 29 C.F.R. § 2550.404a-1.

By investing, each Plan shall be deemed to acknowledge and agree that (a) none of the Sponsor, the Administrator, the Trustee, the Custodians or any of their respective affiliates (the "Transaction Parties") has through this prospectus and related materials provided any investment advice within the meaning of Section 3(21) of ERISA to the Plan in connection with the decision to purchase or acquire such Shares and (b) the information provided in this prospectus and related materials will not make a Transaction Party a fiduciary to the Plan.

**Plan of Distribution and SEED CAPITAL INVESTMENT**

**Buying and Selling Shares**

Most investors buy and sell Shares of the Fund in secondary market transactions through broker-dealers, at market prices. Shares trade on the Exchange under the Fund's ticker symbol. Shares are bought and sold throughout the trading day, like other publicly traded securities. When buying or selling Shares through a broker, most investors incur customary brokerage commissions and charges. Investors are encouraged to review the terms of their brokerage account for details on applicable charges and, any provisions authorizing the broker to borrow shares held on behalf of an investor.

The Seed Capital Investors and certain affiliates of the Fund may purchase and resell shares pursuant to this prospectus. In addition to, and independent of the initial purchase by the Seed Capital Investors, the Fund issues Shares in Creation Units to Authorized Participants on a continuous basis. Only Authorized Participants may place orders to purchase or redeem Creation Units in exchange for cash (or crypto assets, if in-kind creations and redemptions are permitted). Because new Shares can be created and issued on an ongoing basis, at any point during the life of the Fund, a "distribution," as such term is used in the Securities Act, will be occurring. See, "Primary Market Transactions of Shares and Authorized Participants."

The Fund has engaged the Distributor pursuant to the Underwriting Agreement to provide certain services to the Fund in connection with the sale of Shares. See "Description of Key Service Providers – The Distributor."

**Seed Capital Investment**

The Seed Capital Investors and certain affiliates of the Fund and the Sponsor may purchase and resell shares pursuant to this prospectus. The Sponsor and Administrator (each, a "Seed Capital Investor") each purchased Shares as shown in the table below (the "Initial Seed"), at $25.00 per Share on April 1, 2026. Delivery of the Initial Seed Shares was made on the same day. Total proceeds to the Fund from the sale of the Initial Seed Shares was $20,000. As of the date of this prospectus, these 800 Shares represent all of the outstanding Shares.

It is expected that the Seed Capital Investors will purchase additional Seed Shares shortly after the effectiveness of this registration statement that this prospectus forms a part, as shown in the table below (Operational Seed) at $25.00 per Share. The total proceeds to the Fund from the sale of the Operational Seed Shares is expected to be $14,980,000. The Initial Seed Shares and Operational Seed Shares total $15,000,000 in Seed Shares and are expected to be used by the Fund to purchase Eligible Assets at or prior to the listing of Shares on the Exchange. The Sponsor will transact with one or more Crypto Trading Counterparty to acquire the Eligible Assets on behalf of the Fund in exchange for the cash provided by the Seed Capital Investors. Following the Fund's acquisition of the Eligible Assets, the price of the Shares will be determined as described in this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Initial Seed** <br> **Purchased April 1, 2026**  | **Operational Seed** <br> **Expected**  | **Total ($)** | **Total (Seed Shares)** |
| Administrator | $10000 | $14840000 | $14850000 | 594000 |
| Sponsor | $10000 | $140000 | $150000 | 6000 |
| Total | $20000 | $14980000 | $15000000 | 600000 |

---

Following the Fund's initial listing, the Seed Capital Investors may sell some or all of the Seed Shares, which could be at different prices, and the Fund will not receive any of the proceeds.

The Seed Capital Investors will not receive from the Fund, the Sponsor or any of their affiliates any fee or other compensation in connection with the sale of the Seed Shares. The Seed Capital Investors will be acting as a statutory underwriter with respect to the Seed Shares. The Seed Capital Investors will not act as an Authorized Participant with respect to the Seed Shares, and its activities with respect to the Seed Shares will be distinct from those of an Authorized Participant. Unlike most Authorized Participants, the Seed Capital Investors are not in the business of purchasing and selling securities for their own accounts or the accounts of others.

**CONFLICTS OF INTEREST**

There are actual and potential conflicts of interest in the Fund's structure and operation to consider before purchasing Shares. By purchasing the Shares, Shareholders agree and consent to the provisions set forth in the Trust Agreement and consent to such conflicts of interest in the event of any proceeding alleging that such conflicts violated any duty owed by the Sponsor to the Shareholders.

**Potential or Actual Conflicts of Interest**

**The Fund and the Sponsor or its Affiliates may have actual or potential conflicts of interest, which may cause them to favor their own interests to the Fund's detriment.**

The Sponsor and its affiliates have no fiduciary duties to the Fund or its Shareholders, which may permit them to favor their own interests to the detriment of the Fund and its Shareholders. The Fund and the Sponsor and its affiliates may have inherent conflicts to the extent the Sponsor attempts to make changes impacting the Management Fee and this may not always be in the best interest of the Fund's investment performance. The Sponsor's officers, delegates, and employees may not devote their time exclusively to the Fund. These persons may be directors, trustees, officers or employees of other entities, or otherwise work in respect of other clients. They could have a conflict between their responsibilities to the Fund and to those other entities and/or clients.

**The Sponsor and its affiliates and their principals, officers or employees may trade crypto assets, securities and futures and related contracts for their own accounts or managed accounts.**

In addition, the Sponsor and its affiliates (including the Administrator) and their principals, officers or employees may trade crypto assets, securities and futures and related contracts for their own accounts or managed accounts. A conflict of interest may exist if their trades are in the same markets and occur at the same time as the Fund trades using the clearing broker to be used by the Fund. A potential conflict also may occur if the Sponsor and its affiliates and their principals, officers or employees trade their accounts or managed accounts more aggressively or take positions in their accounts that are opposite, or ahead of, the positions taken by the Fund. If the Sponsor or its affiliates acquires knowledge of a potential transaction or arrangement that may be an opportunity for the Fund, it shall have no duty to offer such opportunity to the Fund.

**The Sponsor and its affiliates manage the operations of the Fund, which may cause actual or potential conflicts of interest.**

The Sponsor has sole current authority to manage the investments and operations of the Fund, and this may allow it to act in a way that furthers its own interests and in conflict with the Shareholder's best interests, including the authority of the Sponsor to allocate expenses. Shareholders have very limited voting rights, which will limit the ability to influence matters such as amendment of the Trust Agreement, changes in the Fund's basic investment policies, dissolution of the Trust, or the sale or distribution of the Fund's assets. The Sponsor is responsible for selecting and engaging the Trust's service providers, including service providers engaged in connection with valuation of the Fund's assets. To the extent that the Sponsor has other commercial arrangements with the service providers, the Sponsor may face conflicts of interest with respect to its oversight and supervision of the service providers. Further, to the extent that the Sponsor has investments in crypto assets and/or in Shares, and due to the fact that the Management fee is payable based on the value of the Shares, the Sponsor may face potential conflicts of interest with respect to the valuation of Shares.

**Mitigation of Potential or Actual Conflicts of Interest**

Whenever a conflict of interest exists between the Sponsor or any of its Affiliates, on the one hand, and the Fund, any Shareholder, or any other person, on the other hand, the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor and its Affiliates, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of the Trust Agreement or any other agreement contemplated therein or of any duty or obligation of the Sponsor or its Affiliates at law or in equity or otherwise.

**STATEMENTS, FILINGS AND REPORTS**

After the end of each fiscal year, the Administrator will cause to be prepared an annual report for the Fund containing audited financial statements. The annual report will be in such form and contain such information as will be required by applicable laws, rules and regulations and may contain such additional information which the Administrator determines shall be included. The annual report will be filed with the SEC and the Exchange and will be distributed to such persons and in such manner, as is required by applicable laws, rules and regulations. The Sponsor (or its delegate) is responsible for the registration and qualification of the Shares under the federal securities laws. The Administrator will also prepare, or cause to be prepared, and file any periodic reports or updates required under the Exchange Act. The Administrator will make such elections, file such tax returns, and prepare, disseminate and file such tax reports, as it is advised to by its counsel or accountants or as required from time to time by any applicable statute, rule or regulation.

**BOOKS AND RECORDS**

The Fund keeps its books of record and account at the office of the Sponsor or at the offices of the Administrator, or such office, including of an administrative agent, as it may subsequently designate upon notice. The books and records are open to inspection by any person who establishes to the Fund's satisfaction that such person is a Shareholder upon reasonable advance notice at all reasonable times during usual business hours of the Fund. The Fund keeps a copy of the Trust Agreement on file in the Sponsor's office which will be available for inspection by any Shareholder at all times during its usual business hours upon reasonable advance notice.

**FISCAL YEAR**

The fiscal year of the Fund is the calendar year. The Sponsor has the continuing right to select an alternate fiscal year.

**PROVISIONS OF LAW**

According to applicable law, indemnification of the Sponsor is payable only if the Sponsor determined, in good faith, that the act, omission or conduct that gave rise to the claim for indemnification was in the best interest of the Fund and the act, omission or activity that was the basis for such loss, liability, damage, cost or expense was not the result of negligence or misconduct and such liability or loss was not the result of negligence or misconduct by the Sponsor, and such indemnification or agreement to hold harmless is recoverable only out of the assets of the Fund.

This offering is made pursuant to federal and state securities laws. The SEC and state securities agencies take the position that indemnification of the Sponsor that arises out of an alleged violation of such laws is prohibited unless certain conditions are met. These conditions require that no indemnification of the Sponsor or any underwriter for the Fund may be made in respect of any losses, liabilities or expenses arising 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 April 1, 2026, included in this prospectus have been so included in reliance on the report of PricewaterhouseCoopers LLP, 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 https://www.troweprice.com/financial-intermediary/us/en/investments/etfs/active-crypto-etf.html. 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.

The Fund, Sponsor, and its affiliates (collectively, "T. Rowe") may maintain a presence on social media platforms, including the platform formerly known as Twitter. T. Rowe is not affiliated with any social media platform and has no control over how these platforms or other third parties will use any information shared on such platforms. T. Rowe does not control, endorse, or assume any responsibility for the information displayed on webpages or other links from any social media platform. Similarly, T. Rowe does not control, endorse, or assume any responsibility for any third-party websites. Such information is not authorized, prepared, verified, or updated by T. Rowe and may be inaccurate, incomplete, untimely, or inconsistent with T. Rowe's public disclosures.

**GLOSSARY**

In addition to terms defined herein, in this prospectus, each of the following terms has the meaning set forth below:

**Administration Agreement** The Administration Agreement between the Administrator and the Sponsor.

**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.

**Basket Identity and** quantity of crypto assets and other portfolio assets (including cash) as determined by the Fund.

**Blockchain** A decentralized, distributed, and public digital transaction ledger that is continuously updated and reconciled among certain users and is protected by cryptography.

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

**Cash Custodian** SSB.

**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 Asset** An asset that (1) is generated, issued, and/or transferred using a blockchain or similar distributed ledger technology network, including, but not limited to, assets known as "tokens," "digital assets," "cryptocurrencies," "virtual currencies," and "coins," and (2) relies on cryptographic protocols.

**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.

**Crypto Custodian** Anchorage Digital Bank N.A.

**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 system 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.

**Firm** T. Rowe Price Group, Inc., parent company of the Sponsor, Administrator, and their affiliates.

**Index** FTSE Crypto US Listed Index.

**Index Constituents** The crypto assets that are in the Index.

**Investment Company Act T**he Investment Company Act of 1940, as amended.

**ITV** The intraday indicative trust value per Share.

**JOBS Act** The Jumpstart Our Business Startups Act.

**NAV** Net asset value.

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

**Reference Rate** The primary reference rate that the Administrator uses to value each crypto asset and stablecoin held by the Fund in determining the Fund's NAV.

**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.

**Vault Balance** The Fund's segregated account of crypto assets controlled and secured by the Crypto Custodian.

 **Report of Independent Registered Public Accounting Firm**

To the Sponsor and Shareholders of T. Rowe Price Active Crypto ETF

 ***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of T. Rowe Price Active Crypto ETF (the "Trust") as of April 1, 2026, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Trust as of April 1, 2026 in conformity with accounting principles generally accepted in the United States of America.

 ***Basis for Opinion***

  ****

This financial statement is the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

April 10, 2026

We have served as the auditor of one or more investment companies in the T. Rowe Price group of investment companies since 1973.

**&nbsp;&nbsp;&nbsp;&nbsp;<u>T. ROWE PRICE ACTIVE CRYPTO ETF</u>** 

April 1, 2026

&nbsp;&nbsp; **Statement of Assets and Liabilities** <br>

---

| | |
|:---|:---|
| **Assets** | |
| Cash | $20000 |
| **Total assets** | 20000 |
| **Liabilities** <br> Commitments and Contingencies (Note 1)  |  |
| **NET ASSETS** | $**20000** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Assets Consist of:** <br> Paid-in-capital applicable to 800 shares <br> of $0.0001 par value outstanding; unlimited  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shares authorized | $**20000** |
| **NET ASSET VALUE PER SHARE** | $**25.00** |

---

The accompanying notes are an integral part of this financial statement.

 **NOTES TO FINANCIAL STATEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Active Crypto ETF (the Trust) is organized as a Delaware statutory trust, formed pursuant to the Delaware Statutory Trust Act. The Trust is an actively-managed exchange-traded product that seeks long-term capital growth through investments in crypto assets. The Trust operates pursuant to the Agreement and Declaration of Trust, dated September 15, 2025. The trustee of the Trust is CSC Delaware Trust Company. The Trust's sponsor is T. Rowe Price Sponsor LLC (Sponsor), a Delaware limited liability company and a direct subsidiary of T. Rowe Price Group, Inc. T. Rowe Price Associates, Inc. (Price Associates) is the administrator of the Trust. The Trust issues units of beneficial interest (shares) representing fractional undivided beneficial interests that are expected to trade, subject to notice of issuance, on NYSE Arca, Inc. The Trust had no operations other than matters related to the sale and issuance of 800 shares of the Trust at $25 per share on April 1, 2026.

 **NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES**

 **Basis of Preparation** The Trust qualifies as an investment company solely for accounting purposes and follows the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) *Accounting Standards Codification* Topic 946 (ASC 946). The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended. The accompanying financial statement was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). GAAP requires the use of estimates made by management. Management believes that estimates are appropriate; however, actual results may differ from those estimates.

 **Calculation of Net Asset Value** The net asset value (NAV) of the Trust will be equal to the total assets of the Trust, including, but not limited to, all crypto assets, stablecoins, cash, and cash equivalents less total liabilities of the Trust. The NAV per share is calculated by dividing NAV of the Trust by the number of shares currently outstanding. The Trust will calculate the NAV once each business day, as of the earlier of the close of the New York Stock Exchange (NYSE) or 4:00 p.m. Eastern Time, each day the NYSE is open for business.

 **Cash** Cash includes non-interest bearing, non-restricted cash maintained with one banking institution that does not exceed U.S. federally insured limits.

 **Capital Transactions** The Trust will issue and redeem shares in aggregations of 10,000 shares (Creation Units) on a continuous basis, at NAV per share, with authorized participants who have entered into agreements with the Trust's distributor. Shares are not otherwise individually redeemable securities of the Trust. Creation Units will be issued and redeemed in exchange for cash. Once created, shares generally will trade in the secondary market at market prices that change throughout the day. Shares may trade at prices greater or less than NAV per share.

The Trust had no operations other than the initial seed transaction related to the sale and issuance of 800 shares of the Trust at $25 per share on April 1, 2026.

 **Federal Income Taxes** The Trust is classified as a partnership for U.S. federal income tax purposes. The Trust does not record a provision for U.S. federal, U.S. state, or local income taxes because the shareholders report their share of the Trust's income or loss on their income tax returns. The Trust plans to file an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states and foreign jurisdictions.

Management has reviewed the tax positions as of April 1, 2026 and has determined that no provision for income tax is required.

 **Commitments and Contingencies** In the normal course of business, the Trust may provide indemnification in connection with its officers and directors, and service providers. The Trust's maximum exposure under these arrangements is unknown; however, the risk of material loss is currently considered to be remote.

 **NOTE 2 – RELATED PARTY TRANSACTIONS**

The Sponsor is responsible for management and control of the Trust. In consideration of the Sponsor's services related to the management of the Trust, the Trust pays an annual management fee equal to 0.90% of the Trust's average daily net assets. The fee is computed daily and paid monthly in arrears. The management fee to the Sponsor covers all routine operational, administrative, and other ordinary expenses of the Trust, including but not limited to, fees and expenses of the administrator, trustee, custodians, transfer agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration fees, report preparation and mailing expenses, and ordinary legal fees and expenses, but does not cover brokerage commissions and other transaction costs; interest and borrowing expenses; taxes or governmental fees; and nonrecurring and extraordinary expenses. All costs related to organization and offering of the Trust were borne by the Sponsor. The Sponsor has contractually agreed to waive 0.15% of the Trust's annual management fee until May 31, 2027, for a net annual management fee equal to 0.75% of the Trust's daily average net assets. The annual management fee waiver will automatically terminate on May 31, 2027, and may only be extended at the sole discretion of the Sponsor.

Price Associates provides administrative services to the Trust. Pursuant to the Administration Agreement between Price Associates and the Sponsor on behalf of the Trust, Price Associates assists with overall the operation of the Trust, acts as a liaison among service providers, assists with regulatory compliance, tax and accounting services (including valuing the Trust's crypto assets and calculating the NAV per share of the Trust), and preparation of certain regulatory and financial reports. In addition, Price Associates makes available the office space, equipment, personnel and facilities required to provide such services. No compensation for any administrative services provided is paid to Price Associates by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T. Rowe Price Investment Services, Inc. (Investment Services), a wholly-owned subsidiary of Price Associates and affiliate of the Sponsor, serves as distributor to the Trust. The distributor is registered as a broker-dealer under the 1934 Act and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). Pursuant to an underwriting agreement, no compensation for any distribution services provided is paid to Investment Services by the Trust.

As of April 1, 2026, the Sponsor and Price Associates, each owned 400 shares of the Trust which in aggregate represented 100% of the Trust's net assets.

 **NOTE 3 – SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events through April 10, 2026, the date the financial statement was available for issuance and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statement.

**T. Rowe Price Active Crypto ETF**

------

**PROSPECTUS**

------

**[ ], 2026**

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<sup>(1)</sup>** 

The Trust shall not bear any expenses incurred in connection with the issuance and distribution of the securities being registered. Set forth below are the reasonably estimated fees and expenses (other than underwriting commissions and discounts) in connection with the issuance and distribution of the securities.

---

| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee<sup>(2)</sup> |  |
| Exchange Listing Fee | $17500 |
| Accounting and Auditor fees and expenses | $166800 |
| Legal fees and expenses | $400000 |
| Miscellaneous expenses (including trustee fees and expenses) | $6500 |
| Total | 590800 <sup>(2)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to revision upon completion of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(2) An indeterminate amount of securities are being registered
to be offered or sold and the filing fee will be calculated and paid in accordance with Rule 456(d) and Rule 457(u).

**Item 14. Indemnification of Directors and Officers.**

Section 18-108 of the Delaware Limited Liability Company Act provides that a limited liability company may indemnify and hold harmless any member, manager or other person against any and all claims and demands whatsoever, subject to any standards and restrictions set forth in the limited liability company agreement of the limited liability company.

Section 3.4 of the Trust Agreement provides that the Sponsor shall not be under any liability to the Fund, the Trustee (as defined in the Trust Agreement) or any Shareholder (as defined in the Trust Agreement) for any action taken or for refraining from the taking of any action in good faith pursuant to the Trust Agreement, or for errors in judgment or for depreciation or loss incurred; provided, however, that Section 3.4 of the Trust Agreement shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by any other Person (as defined in the Trust Agreement) for any matters arising hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to any Shareholder or to the Trustee other than as expressly provided for in the Trust Agreement.

Section 2.6 of the Trust Agreement provides that the Trustee (individually and in its capacity as such) and any officer, Affiliate (as defined in the Trust Agreement), director, employee, or agent of the Trustee (each an "Indemnified Person") shall be entitled to indemnification from the Fund, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including the reasonable fees and expenses of counsel and fees and expenses incurred in connection with enforcement of its indemnification rights hereunder, and including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Fund, the execution, delivery or performance of this Trust Agreement or the transactions contemplated hereby; provided, however, that the Fund shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Fund to indemnify the Indemnified Persons as provided herein shall survive the termination of this Trust Agreement and the resignation or removal of the Trustee. If the Fund shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder; provided, however, that the Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person.

**Item 15. Recent Sales of Unregistered Securities.**

None

**Item 16. Exhibits.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit No.** | **Description** |
| &nbsp;&nbsp; [1.1](ex1-1.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Underwriting Agreement |
| &nbsp;&nbsp; [1.2](ex1-2.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Seed Capital Investor Subscription Agreement (Sponsor) |
| &nbsp;&nbsp; [1.3](ex1-3.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Seed Capital Investor Subscription Agreement (Administrator) |
| &nbsp;&nbsp; [3.1](ex3-1.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Trust Agreement |
| &nbsp;&nbsp; [3.2\*](https://www.sec.gov/Archives/edgar/data/2089855/000199937125015832/ex3-2.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Certificate of Trust |
| &nbsp;&nbsp; [5.1](ex5-1.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Opinion of Dechert LLP as to legality |
| &nbsp;&nbsp; [8.1](ex8-1.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Opinion of Dechert LLP as to tax matters |
| &nbsp;&nbsp; [10.1](ex10-1.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Sponsor Agreement |
| &nbsp;&nbsp; [10.2](ex10-2.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Administration Agreement |
| &nbsp;&nbsp; [10.3](ex10-3.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Crypto Custodian Agreement |
| &nbsp;&nbsp; [10.4](ex10-4.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Cash Custodian Agreement |
| &nbsp;&nbsp; [10.5](ex10-5.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Agreement |
| &nbsp;&nbsp; [10.6](ex10-6.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Crypto Trading Counterparty Agreement - JSCT |
| &nbsp;&nbsp; [10.7](ex10-7.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Form of Authorized Participant Agreement |
| &nbsp;&nbsp; [10.8](ex10-8.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver Agreement |
| &nbsp;&nbsp; [23.1](ex23-1.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Consent of Independent Registered Public Accounting Firm |
| &nbsp;&nbsp; 23.2 | &nbsp;&nbsp;&nbsp;&nbsp; Consents of Dechert LLP (included in [Exhibit 5.1](ex5-1.htm) and [8.1](ex8-1.htm)) |
| &nbsp;&nbsp; [24.1](#a_001) | &nbsp;&nbsp;&nbsp;&nbsp; Power of Attorney (included on the signature page) |
| &nbsp;&nbsp; [99.1](ex99-1.htm) | &nbsp;&nbsp;&nbsp;&nbsp; Index Licensing Agreement |
| &nbsp;&nbsp; [107\*](https://www.sec.gov/ix?doc=/Archives/edgar/data/2089855/000199937125015832/ex107.htm) | &nbsp;&nbsp;&nbsp;&nbsp;Filing Fee Table |

---

\* Previously filed

**Item 17. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers, or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

Provided, however, that paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Signatures**

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the State of Delaware, on April 27, 2026:

---

| | |
|:---|:---|
| T. Rowe Price Active Crypto ETF | T. Rowe Price Active Crypto ETF |
| By: T. Rowe Price Sponsor LLC, as Sponsor of the Trust\* | By: T. Rowe Price Sponsor LLC, as Sponsor of the Trust\* |
| By: | /s/ Alan Dupski |
|  | Name: Alan Dupski |
|  | Title: Director, Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |

---

**POWER OF ATTORNEY**

Each individual whose signature appears below hereby constitutes and appoints David Oestreicher, Alan Dupski, and Francine Rosenberger each of them with full power to act with full power of substitution and resubstitution, their true and lawful attorneys-in-fact with full power to execute in their name and behalf in the capacities indicated below this Registration Statement on Form S-1 and any and all amendments thereto, including post-effective amendments to this Registration Statement and to sign any and all additional registration statements relating to the same offering of securities as this Registration Statement that are filed pursuant to Rule 462(b) of the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission and thereby ratify and confirm that such attorneys-in-fact, or any of them, or their substitutes shall lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities\* and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David Oestreicher | Director, Chief Executive Officer\* | April 27, 2026 |
| David Oestreicher | (Principal Executive Officer) |  |
| /s/ Alan Dupski | Director, Chief Financial Officer\* | April 27, 2026 |
| Alan Dupski | (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ Robert A. Birch | Director\* | April 27, 2026 |
| Robert A. Birch |  |  |
| /s/ Meredith Callanan | Director\* | April 27, 2026 |
| Meredith Callanan |  |  |
| /s/ Robert Winston Smith | Director\* | April 27, 2026 |
| Robert Winston Smith |  |  |

---

\*The registrant is a trust and the persons are signing in their capacities as directors and/or officers of T. Rowe Price Sponsor LLC, the Sponsor of the registrant.

## Exhibit 1.1

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 1.1**

**UNDERWRITING AGREEMENT**

**BETWEEN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. ROWE PRICE ACTIVE CRYPTO ETF**

**AND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. ROWE PRICE INVESTMENT SERVICES, INC.**

**THIS UNDERWRITING AGREEMENT**, made as of the 13th day of April, 2026, by and between T. ROWE PRICE ACTIVE CRYPTO ETF a Delaware statutory trust organized and existing under the laws of the State of Delaware (hereinafter called the "**Trust**"), and T. ROWE PRICE INVESTMENT SERVICES, INC., a corporation organized and existing under the laws of the State of Maryland (hereinafter called the "**Distributor**").

**WITNESSETH:**

WHEREAS, the Trust is an actively-managed exchange-traded product which invests in various crypto assets in accordance with the direction of its sponsor T. Rowe Price Sponsor LLC (the "**Sponsor**"); and

WHEREAS, the Trust issues shares representing units of fractional undivided beneficial interests (all such shares being referred to herein as "**Shares**"); and

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, ("**SEA-34**") and is a member of the Financial Industry Regulatory Authority, Inc. ("**FINRA**"); and

WHEREAS, the Trust desires the Distributor to act as the distributor in the public offering of its shares.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Delivery of Trust Documents**. The Trust has furnished Distributor with copies, properly certified or authenticated, of its formation and governing documents. The Trust shall furnish the Distributor from time to time with copies, properly certified or authenticated, of all the amendments of, or supplements to, the foregoing, if any.

The Trust shall furnish Distributor promptly with properly certified or authenticated copies of any registration statements filed by it with the Securities and Exchange Commission ("**SEC**") under the Securities Act of 1933, as amended ("**SA-33**") together with any financial statements and exhibits included therein, and all amendments or supplements thereto hereafter filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Sale of Shares.** Subject to the provisions of this Section and Sections 3 and 5 hereof, and to such minimum purchase requirements as may from time to time be currently indicated in the Trust's most current effective registration statement as it may be supplemented or amended from time to time and filed with the SEC ("**Registration Statement** or **Prospectus**"), the Distributor is authorized to sell, as agent for the Trust, Shares authorized for issuance and registered under SA-33. The Distributor shall have the right to enter into "**Authorized Participant Agreements**" between and among financial institutions that are broker-dealers, or exempt from being required to register as a broker-dealer with the SEC, ("**Authorized Participants**"), the Distributor, the Trust's transfer agent ("**Transfer Agent**"), and any other Trust service provider(s) deemed necessary for inclusion on the Authorized Participant Agreement, for the purchase of Creation Units (as defined below) of Shares in accordance with the Registration Statement. The Distributor agrees to use commercially reasonable efforts to act as agent of the Trust with respect to the continuous distribution of Creation Units of Shares as set forth in the Registration Statement.

The sales price to the public of such Shares shall be the public offering price as defined in Section 4 hereof. Such Shares shall be sold and redeemed by the Trust only in aggregations of Shares ("**Creation Units**") identified in the then current Registration Statement (and any amendment or supplement thereto) relating to the Trust, except, for example, in connection with the Trust's liquidation, Share split or reverse split, the conversion of shares of another entity into Shares of the Trust, and certain reinvestments of distributions paid by the Trust in Shares ("**Distributed Shares**").

The Distributor, and its affiliates such as T. Rowe Price Associates, Inc. (the "**Administrator**"), shall have the right to enter into selected agreements with financial institutions of its choice in order to facilitate the sale and servicing of Shares. Within the United States, the Distributor shall enter into such arrangements only with financial institutions which are members in good standing of FINRA or are institutions exempt from registration under applicable federal securities laws.

The rights granted to the Distributor shall be the exclusive right to sell and distribute Shares of the Trust. The Trust reserves the right to issue Shares in connection with (a) the merger, reorganization, or consolidation of any other corporation, trust, or personal holding company with the Trust; (b) the Trust's acquisition by the purchase or otherwise, of all or substantially all of the assets of a corporation, trust, or personal holding company; (c) transactions between the Trust and its shareholders only; (d) transactions with entities in accordance with any rule, regulation, or order of the SEC. Any right granted to Distributor to accept orders for Shares, or to make sales on behalf of the Trust, will not apply to Shares issued in connection with the merger or consolidation of any other entity with the Trust or its acquisition by purchase or otherwise, of all or substantially all of the assets of any corporation, trust or personal holding company, or substantially all of the outstanding shares or interests of any such entity, and such right shall not apply to Shares that may be offered by the Trust to shareholders by virtue of their being shareholders of a Fund.

The Distributor shall have the right to enter into agreements with one or more entities that control or are controlled by, or are under common control with, the Distributor ("**Foreign Affiliates**") to enable those Foreign Affiliates to sell Shares to investors and financial intermediaries outside the United States (the "**OUS Activities**"), subject to the rules, regulations, and legal requirements applicable to the country in which the investor or financial intermediary is located. Any Foreign Affiliates authorized to engage in OUS Activities with respect to the Shares shall not be considered a third-party beneficiary of this Agreement. Without limiting the generality of the foregoing, the Distributor shall require any such Foreign Affiliate to comply with any limitations on the Distributor set out in this Agreement, except to the extent such limitations relate solely to compliance with U.S. laws, rules, regulations and legal requirements applicable to the conduct of the Distributor with respect to the offer and sale of Shares within the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Shares Covered by this Agreement.** This Agreement relates to the issuance and sale of Shares that are duly authorized, registered, and available for sale by the Trust to Authorized Participants, generally only in aggregations constituting a Creation Unit, if and to the extent that they may be legally sold and if, but only if, the Trust authorizes the Distributor to sell them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Public Offering Price.** All Shares sold by the Distributor pursuant to this Agreement shall be sold at the public offering price. The public offering price for all accepted subscriptions will be the net asset value per share ("**NAV**"), as determined by the Administrator, in the manner provided in the Trust's registration statement then in effect. The Distributor, in consultation with the Sponsor and various other service providers to the Trust, will process orders submitted by Authorized Participants for the sale of Shares at the public offering price exclusive of any commission charged by such broker to his customer. For avoidance of doubt, Shares shall be sold only in Creation Units with the exceptions noted in Section 2. A Creation Unit of the Trust shall be offered for sale at a price equivalent to: (i) NAV, multiplied by the number of Shares per Creation Unit; (ii) portfolio holdings in specified amounts together with a specified cash component, as posted each business day by the Trust (a "**Deposit Basket**"); or (iii) such other specified amounts of cash and portfolio holdings as may be agreed upon by the Trust and an Authorized Participant from time to time; in each case of (i) through (iii) in accordance with all rules and regulations applicable to the Trust, including, without limitation, the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Suspension of Sales.** If and whenever the determination of NAV is suspended and until such suspension is terminated, no further orders for Shares shall be accepted by the Distributor except such unconditional orders placed with the Distributor before it had knowledge of the suspension. In addition, the Trust reserves the right to suspend sales and Distributor's authority to accept orders for Shares if, in the judgment of the Trust or its Sponsor, it is in the best interests of the Trust to do so, such suspension to continue for such period as may be determined by the Trust upon notice to the Distributor; and in that event, no orders to purchase Shares shall be processed or accepted by the Distributor on behalf of the Trust while such suspension remains in effect except for Shares necessary to cover unconditional orders accepted by Distributor before it had knowledge of the suspension, unless otherwise directed by Trust or its Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Solicitation of Orders.** In consideration of the rights granted to the Distributor under this Agreement, Distributor will use its best efforts (but only in states in which Distributor may lawfully do so) to obtain from Authorized Participants unconditional orders for Shares authorized for issuance by the Trust and registered under SA-33, provided that Distributor may in its discretion reject any order to purchase Shares. This does not obligate the Distributor to register or maintain its registration as a broker or dealer under the state securities laws of any jurisdiction if, in the discretion of the Distributor, such registration is not practical or feasible. The Trust shall make available to the Distributor, at the expense of the Sponsor, such number of copies of the Trust's Registration Statement as the Distributor may reasonably request. The Trust shall furnish to the Distributor copies of all information, financial statements, and other papers which the Distributor may reasonably request for use in connection with the distribution of Shares. With respect to all OUS Activities, the Distributor shall require the applicable Foreign Affiliate to comply with all country-specific laws, regulations, and licensing and registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Authorized Representations.** The Trust is not authorized by the Distributor to give, on behalf of the Distributor, any information or to make any representations other than the information and representations contained in a Registration Statement filed with the SEC under SA-33.

Neither Distributor nor any selected dealer nor any other person, including a Foreign Affiliate, if applicable, is authorized by the Trust to give any information or to make any representations in connection with the sale of Shares other than the information and representations contained in a Registration Statement filed, or contained in shareholder reports or other material that may be prepared by the Trust, its Sponsor, or the Administrator. This shall not be construed to prevent the Distributor from preparing and distributing tombstone ads and Sales Literature (as defined below) or other material as it may deem appropriate. No person other than Distributor is authorized to act as distributor for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Registration and Sale of Additional Shares.** The Trust will, from time to time, use its best efforts to register under SA-33, such Shares of the Trust as Distributor may reasonably be expected to sell on behalf of the Trust. The Trust will, in cooperation with the Distributor, take such action as may be necessary from time to time to qualify such Shares (so registered or otherwise qualified for sale under SA-33), in any state mutually agreeable to the Distributor and the Trust, and to maintain such qualification. The Distributor does not agree to sell any specific number of Shares. Shares will be sold to the Distributor, as agent for the Trust, only against orders therefor. The Distributor will not purchase Shares from anyone other than the Trust except that it will purchase Creation Units of Shares from Authorized Participants as agent for the Trust upon the tender of one or more Creation Units for redemption. With respect to all OUS Activities, the Distributor shall require the applicable Foreign Affiliate to comply with all country-specific laws, regulations, and licensing and registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Manner of Offering.** The Distributor agrees to furnish to the Trust, upon request, sufficient copies of any "**Sales Literature**" (such as advertisements, brochures, free writing prospectuses, and shareholder communications) it intends to use in connection with any sales of Shares. The Distributor agrees that, to the extent required by applicable law, rule or regulation, it will: (i) file all Sales Literature with the proper authorities before they are put in use; and (ii) not to use such Sales Literature until so filed and cleared, if required.

The Distributor shall, directly or indirectly through the Transfer Agent, receive and process orders for purchases and redemptions of Creation Units of the Trust from participants in the Depository Trust Corporation ("**DTC**" and such participants, "**DTC Participants**") or participants in the Continuous Net Settlement System of the National Securities Clearing Corporation that have executed an Authorized Participant Agreement with Authorized Participants and the Distributor and the Transfer Agent of the Trust ("**Clearing Process**"). The Distributor shall work with the Transfer Agent to review and accept or reject orders placed by Authorized Participants and transmitted to or by the Distributor by or to the Transfer Agent, in accordance with the Registration Statement.

The Distributor shall provide to, or cause to be provided to, the Trust's listing exchange, copies of Registration Statement to be provided to purchasers in the secondary market. The Distributor will generally make it known in the brokerage community that Prospectuses are available, including by (i) advising the listing exchanges on behalf of its member firms of the same, (ii) making such disclosure in all marketing and advertising materials prepared and/or filed by the Distributor with FINRA, and (iii) as may otherwise be required by the SEC.

The Trust agrees to issue Creation Units of Shares and Distributed Shares, as the case may be, and to request DTC to record on its books the ownership of the Shares constituting such Creation Units in accordance with the book-entry system procedures described in the Prospectus relating to the Trust in such amounts as the Distributor has requested through the Transfer Agent in writing or other means of data transmission, as promptly as practicable after receipt by the Trust of the requisite Deposit Basket holdings and cash component (together with any fees) and acceptance of such order, upon the terms described in the Prospectus. The Trust may reject any order for Creation Units or stop all receipts of such orders at any time upon reasonable notice to the Distributor, in accordance with the provisions of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Fees and Expenses.** The Fund's Sponsor shall pay all fees and expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in connection with the preparation, setting in type and filing of any registration under SA-33, and any amendments or supplements that may be made from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. in connection with the registration and qualification of Shares for sale in the various states in which the Trust shall determine it advisable to qualify such Shares for Sale (including registering the Trust as a broker or dealer or any officer of the Trust or other person as agent or salesman of the Trust in any state);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. of preparing, setting in type, printing and mailing any report or other communication to shareholders of the Trust in their capacity as such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. of preparing, setting in type, printing and mailing Registration Statements annually to existing shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. in connection with the issue and transfer of Shares resulting from the acceptance by Distributor of orders to purchase Shares placed with the Distributor by investors, including the expenses of confirming such purchase orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. of printing and distributing any Registration Statement or reports prepared for its use in connection with the distribution of Shares to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. of preparing, setting in type, printing and mailing any other Sales Literature used by the Distributor in connection with the distribution of the Shares to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. of advertising in connection with the distribution of such Shares to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. incurred in connection with its registration as a broker or dealer or the registration or qualification of its officers, directors, or representatives under federal and state laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. incurred in connection with the sale and offering for sale of Shares which have not been herein specifically allocated to the Trust.

Notwithstanding the above, the Trust shall be responsible for interest, taxes, brokerage commissions and other charges incident to the purchase, sale or lending of portfolio holdings, directors' fees and expenses (including counsel fees and expenses) and such non-recurring or extraordinary expenses that may arise, including the costs of actions, suits or proceedings to which the Trust is a party and the expenses the Trust may incur as a result of its obligation to provide indemnification to the Distributor.

No compensation shall be due or payable by the Trust to the Distributor pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Conformity With Law.** Distributor agrees that in selling Shares it shall duly conform in all respects with the laws of the United States and any state in which such Shares may be offered for sale by Distributor pursuant to this Agreement and to the rules and regulations of FINRA. The Distributor shall require the applicable Foreign Affiliate to agree that all OUS Activities shall duly conform in all respects with the laws of the applicable country in which sales of such Shares are accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Independent Contractor.** Distributor shall be an independent contractor and neither Distributor, nor any of its officers, directors, employees, or representatives is or shall be an employee of the Trust in the performance of Distributor's duties hereunder. Distributor shall be responsible for its own conduct and the employment, control, and conduct of its agents and employees and for injury to such agents (including any Foreign Affiliates, if applicable) or employees or to others through its agents or employees. Distributor assumes full responsibility for its agents and employees under applicable statutes and agrees to pay all employee taxes thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Representations by Trust.** In connection with the creation and redemption of the Creation Units of Shares, the Trust represents and warrants that: (i) the Registration Statement is effective, no stop order of the SEC with respect thereto has been issued, no proceedings for such purpose have been instituted or, to its knowledge, are being contemplated; (ii) the Registration Statement conforms in all material respects to the requirements of all applicable laws, and the rules and regulations of the SEC thereunder and does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (iii) the Shares, when issued and delivered against payment of consideration thereof will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (iv) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of the Shares, except the registration of the Shares under the 1933 Act; and (v) Shares will be approved for listing on a listing exchange at all times this Agreement remains in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Indemnification.** Distributor, on its own behalf and on behalf of any Foreign Affiliate entering into an agreement to perform OUS Activities, agrees to indemnify and hold harmless the Trust, as appropriate, and each of the Trust's officers, employees, representatives and each person, if any, who controls the Trust within the meaning of Section 15 of SA-33 against any and all losses, liabilities, damages, claims, or expenses (including the reasonable costs of investigating or defending any alleged loss, liability, damage, claim, or expense and reasonable legal counsel fees incurred in connection therewith) to which the Trust or the Trust's, officers, employees, representatives, or controlling person may become subject under SA-33, under any other statute, at common law, or otherwise, arising out of the acquisition of any Shares by any person which (i) may be based upon any wrongful act by Distributor or any of Distributor's directors, officers, employees, or representatives, or (ii) may be based upon any untrue statement or alleged untrue statement of a material fact contained in a registration statement, shareholder report, or other information covering Shares filed or made public by the Trust, or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such statement or omission was made in reliance upon information furnished to the Trust by Distributor. In no case (i) is Distributor's indemnity in favor of the Trust, or any person indemnified to be deemed to protect the Trust, or such indemnified person against any liability to which the Trust, or such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of his duties or by reason of his reckless disregard of his obligations and duties under this Agreement or (ii) is Distributor to be liable under its indemnity agreement contained in this Section with respect to any claim made against the Trust, or any person indemnified unless the Trust, as appropriate, or such person, as the case may be, shall have notified Distributor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Trust, or upon such person (or after the Trust or such person shall have received notice of such service on any designated agent). However, failure to notify Distributor of any such claim shall not relieve Distributor from any liability which Distributor may have to the Trust or any person against whom such action is brought otherwise than on account of Distributor's indemnity agreement contained in this Section.

Distributor shall be entitled to participate, at its own expense, in the defense, or, if Distributor so elects, to assume the defense of any suit brought to enforce any such claim, but, if Distributor elects to assume the defense, such defense shall be conducted by legal counsel chosen by Distributor and satisfactory to the Trust to its directors, officers, employees, or representatives, or to any controlling person or persons, defendant or defendants, in the suit. In the event that Distributor elects to assume the defense of any such suit and retain such legal counsel, the Trust, its directors, officers, employees, representatives, or controlling person or persons, defendant or defendants in the suit, shall bear the fees and expenses of any additional legal counsel retained by them. If Distributor does not elect to assume the defense of any such suit, Distributor will reimburse the Trust, such directors, officers, employees, representatives, or controlling person or persons, defendant or defendants in such suit for the reasonable fees and expenses of any legal counsel retained by them. Distributor agrees to promptly notify the Trust of the commencement of any litigation or proceedings against it or any of its directors, officers, employees, or representatives in connection with the issue or sale of any Shares.

The Trust agrees to indemnify and hold harmless Distributor and each of its directors, officers, employees, representatives, and each person, if any, who controls Distributor within the meaning of Section 15 of SA-33 against any and all losses, liabilities, damages, claims, or expenses (including the reasonable costs of investigating or defending any alleged loss, liability, damage, claim, or expense and reasonable legal counsel fees incurred in connection therewith) to which Distributor or such of its directors, officers, employees, representatives, or controlling person may become subject under SA-33, under any other statute, at common law, or otherwise, arising out of the acquisition of any Shares by any person which (i) may be based upon any wrongful act by the Trust or any of the Trust's directors, officers, employees or representatives, (ii) arises from or is caused by Trust's breach of any representation or warranty made by it to the Distributor, (iii) is the result of a claim brought by an authorized participant provided that the Distributor has not acted with willful misfeasance, bad faith, or gross negligence with respect to its duties hereunder or in the authorized participant agreement, or (iv) may be based upon any untrue statement or alleged untrue statement of a material fact contained in a registration statement, shareholder report, or other information covering Shares filed or made public by the Trust or any amendment thereof or supplement thereto, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading if such statement or omission was made in reliance upon information furnished to Distributor by the Trust. In no case (i) is the Trust's indemnity in favor of the Distributor, or any person indemnified to be deemed to protect the Distributor or such indemnified person against any liability to which the Distributor or such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of his duties or by reason of his reckless disregard of his obligations and duties under this Agreement, or (ii) is the Trust to be liable under its indemnity agreement contained in this Section with respect to any claim made against Distributor, or person indemnified unless Distributor, or such person, as the case may be, shall have notified the Trust in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon Distributor or upon such person (or after Distributor or such person shall have received notice of such service on any designated agent). However, failure to notify the Trust of any such claim shall not relieve the Trust from any liability which the Trust may have to Distributor or any person against whom such action is brought otherwise than on account of the Trust's indemnity agreement contained in this Section.

The Trust shall be entitled to participate, at its own expense, in the defense, or, if the Trust so elects, to assume the defense of any suit brought to enforce any such claim, but, if the Trust elects to assume the defense, such defense shall be conducted by legal counsel chosen by the Trust and satisfactory to Distributor, to its directors, officers, employees, or representatives, or to any controlling person or persons, defendant or defendants, in the suit. In the event that the Trust elects to assume the defense of any such suit and retain such legal counsel, Distributor, its directors, officers, employees, representatives, or controlling person or persons, defendant or defendants in the suit, shall bear the fees and expenses of any additional legal counsel retained by them. If the Trust does not elect to assume the defense of any such suit, the Trust will reimburse Distributor, such directors, officers, employees, representatives, or controlling person or persons, defendant or defendants in such suit for the reasonable fees and expenses of any legal counsel retained by them. The Trust agrees to promptly notify Distributor of the commencement of any litigation or proceedings against it or any of its directors, officers, employees, or representatives in connection with the issue or sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Limitation on Liability of Trust.** It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the directors, shareholders, nominees, officers, agents or employees of the Trust, personally, but bind only the trust property of the Trust, as provided in the Declaration of Trust. The execution and delivery of this Agreement have been authorized by the directors and shareholder of the Trust and signed by an authorized officer of the Trust, acting as such, and neither such authorization by such directors and shareholder nor such execution and delivery by such officer shall be deemed to have been made by any of them but shall bind only the trust property of the Trust as provided in its Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Duration and Termination of this Agreement.** This Agreement shall become effective upon its execution (the **"Effective Date"**) until terminated by either party upon sixty (60) days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Amendment of this Agreement.** No provisions of this Agreement may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge, or termination is sought. If the Trust should at any time deem it necessary or advisable in the best interests of the Trust that any amendment of this Agreement be made in order to comply with the recommendations or requirements of the SEC or other governmental authority or to obtain any advantage under state or federal tax laws and notifies Distributor of the form of such amendment, and the reasons therefor, and if Distributor should decline to assent to such amendment, the Trust may terminate this Agreement forthwith. If Distributor should at any time request that a change be made in the Trust's formation documents, or in its methods of doing business, in order to comply with any requirements of federal law or regulations of the SEC, or of a national securities association of which Distributor is or may be a member relating to the sale of Shares, and the Trust does not make such necessary change within a reasonable time, Distributor may terminate this Agreement forthwith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Miscellaneous.** It is understood and expressly stipulated that neither the Trust's shareholders, nor the officers of Trust or its Sponsor shall be personally liable hereunder. The captions in this Agreement are included for convenience of reference only, and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Notice.** Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice: if to the Trust, 1307 Point Street Baltimore, MD 21231, and if to the Distributor, at 1307 Point Street Baltimore, MD 21231.

[SIGNATURE PAGE FOLLOWS]

---

| | |
|:---|:---|
| Attest: | T. ROWE PRICE SPONSOR LLC on behalf of<br>T. ROWE PRICE ACTIVE CRYPTO ETF |
| <br> /s/Cheryl L. Emory<br>Cheryl L. Emory, Assistant Secretary | <br> /s/Francine Rosenberger<br>Francine Rosenberger, Vice President and Secretary |

---

---

| | |
|:---|:---|
| Attest: | T. ROWE PRICE INVESTMENT SERVICES, INC. |
| <br> /s/Kathryn L. Reilly<br>Kathryn L. Reilly, Assistant Secretary | <br> /s/William Presley<br>William Presley, Vice President |

---

## Exhibit 1.2

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 1.2**

**SEED CAPITAL SUBSCRIPTION AGREEMENT**

This **Seed Capital Subscription Agreement** is entered into as of March 31, 2026, between T. Rowe Price Active Crypto ETF, a statutory trust organized and existing under the laws of Delaware (the "**Trust**"), and T. Rowe Price Sponsor LLC, a limited liability company organized and existing under the laws of Delaware (the "**Seed Capital Investor**").

WHEREAS, T. Rowe Price Sponsor LLC has sponsored the formation of the Trust (as "**Sponsor**");

WHEREAS, Sponsor believes that sufficient capital is essential to the success of the Trust business and is willing to provide the capital, subject to the terms and conditions set forth herein, and acquire shares of the Trust, subject to the terms and conditions of its offering documents;

NOW, THEREFORE, in consideration of the mutual agreements, undertakings, and covenants set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, the Parties agree as follows:

Subject to the terms and conditions of this Agreement, the Trust agrees to sell to the Seed Capital Investor, and the Seed Capital Investor agrees to purchase from the Trust, shares of beneficial interest, representing fractional undivided beneficial interests in the net assets of the Trust (the "**Shares**"), at a price per Share and purchase price as set forth in **Schedule A** (such Shares being referred to herein as the "**Seed Shares**").

&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Representations and Warranties as Seed Capital Investor</u> 

The Seed Capital Investor hereby represents and warrants to, and covenants for the benefit of, the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;a. The Seed Capital Investor acknowledges that it will be named as a statutory underwriter with respect to the Seed Shares in the Initial
Registration Statement (as defined in Section II.a).

&nbsp;&nbsp;&nbsp;&nbsp;b. The Seed Capital Investor agrees that any sales of any Shares comprising the Seed Shares will be effected in a manner consistent with
the Plan of Distribution contained in the Trust's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;c. The Seed Capital Investor shall not receive from the Trust or any of their affiliates any fee or other compensation in connection
with the sale of the Seed Shares. The Seed Capital Investor will not act as an Authorized Participant with respect to the Seed Shares,
and its activities with respect to the Seed Shares will be distinct from those of an Authorized Participant. Unlike most Authorized Participants,
the Seed Capital Investor is not in the business of purchasing and selling securities for its own account or the accounts of others. The
Seed Capital Investor will not act as an Authorized Participant to purchase (or redeem) Shares in the future. The Seed Capital Investor
further agrees that it shall deliver the Trust's Prospectus (as defined in Section II.a) with any such sales when required by law.

II. <u>Representations and Warranties as Sponsor</u> 

The Sponsor, in its capacity as Sponsor of the Trust, represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;a. An initial registration statement on Form S-1 (Registration No. 333-291007) (the "**Initial Registration Statement** ")
in respect of the Shares has been filed with the Securities and Exchange Commission (the "**SEC**") and is subject to SEC
review. The various parts of the Initial Registration Statement, including all exhibits thereto and including the information contained
in the form of final prospectus when filed with the Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the
" **Act**") and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement, each as amended
as of the date hereof, are hereinafter collectively called the "Registration Statement"; and such final prospectus, in the
form first filed pursuant to Rule 424(b) under the Act, is hereinafter called the "**Prospectus** ").

&nbsp;&nbsp;&nbsp;&nbsp;b. Upon receipt of the payment by the Seed Capital Investor, each of the Shares comprising the Seed Shares will be duly and validly issued
and fully paid and non-assessable and as of the time of payment of the purchase price by the Seed Capital Investor will conform in all
material respects to the description of the Shares comprising the Seed Shares contained in the Trust's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;c. The Sponsor will prepare the Prospectus and will file such Prospectus pursuant to Rule 424(b) under the Act not later than the SEC's
close of business on the second business day following the day on which the Initial Registration Statement is declared effective or, if
applicable, such earlier time as may be required by Rule 424(b) or Rule 430A(a)(3) under the Act; the Sponsor will use its reasonable
best efforts to list the Shares on a national listing exchange; the Sponsor will file all applicable reports and any information statement
required by the Securities Exchange Act of 1934, as amended, for so long as the delivery of a prospectus is required in connection with
the offering or sale of the Shares; and the Sponsor will maintain an orderly procedure for the transfer and register of the Shares comprising
the Seed Shares.

III. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Entire Agreement</u>. This Agreement embodies the entire agreement and understanding of the Parties and supersedes all prior discussions,
negotiations, agreements and understandings among the Parties with respect to the provision of seed capital by the Seed Capital Investor.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Governing Law</u>. This Agreement is entered into in accordance with and shall be governed by the laws of the State of Delaware;
provided, however, that in the event that any law of the State of Delaware shall require that the laws of another state or jurisdiction
be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the remaining laws of the State of Delaware
shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute arising from or relating to this
Agreement becomes subject to any judicial proceeding, such party waives any right it may otherwise have to (a) seek punitive damages,
or (b) request a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Amendment</u>. This Agreement may be amended, and any provisions hereof may be waived, by a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Assignment</u>. No Party may assign this Agreement or any of its rights hereunder by operation of law or otherwise without the
written consent of the other Party. This Agreement shall be binding upon any successors and permitted assigns of each Party.

&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Severability</u>. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court
of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this
Agreement shall be valid and enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Headings</u>. The headings and subheadings in this Agreement are included for convenience and identification only and are in no
way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Counterparts</u>. This Agreement may be executed in separate electronic counterparts, each of which when executed shall be deemed
to be an original, and all of which, taken together, shall be deemed to constitute one and the same instrument.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

**T. Rowe Price Sponsor LLC, as Seed Capital Investor**

/s/ Francine Rosenberger

------

Name: Francine Rosenberger

Title: Vice President and Secretary

**T. Rowe Price Active Crypto ETF, by T. Rowe Price Sponsor LLC, as Sponsor**

/s/ Alan Dupski

------

Name: Alan Dupski

Title: Chief Financial Officer of Sponsor, Principal Accounting Officer of Trust

**SCHEDULE A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Seed ($)**<br> **Purchase date** <br> **April 1, 2026** | **Initial Seed** <br> **(shares at $25/share)**<br> **Purchase date** <br> **April 1, 2026** | **Operational Seed**<br> **Before public offering**  | **Total ($)** | **Total** <br> **(Seed Shares at $25 per share)** |
| Administrator | $10000 | 400 | $14840000 | $14850000 | 594000 |
| Sponsor | $10000 | 400 | $140000 | $150000 | 6000 |
| Total | $20000 | 800 | $14980000 | $15000000 | 600000 |

---

## Exhibit 1.3

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 1.3**

**SEED CAPITAL SUBSCRIPTION AGREEMENT**

This **Seed Capital Subscription Agreement** is entered into as of March 31, 2026, between T. Rowe Price Active Crypto ETF, a statutory trust organized and existing under the laws of Delaware (the "**Trust**"), and T. Rowe Price Associates, Inc. a corporation organized and existing under the laws of Maryland (the "**Seed Capital Investor**").

WHEREAS, T. Rowe Price Sponsor LLC ("**Sponsor**"), a Delaware limited liability company, has sponsored the formation of the Trust;

WHEREAS, Sponsor believes that sufficient capital is essential to the success of the Trust business and the Seed Capital Investor is willing to provide the capital, subject to the terms and conditions set forth herein, and acquire shares of the Trust, subject to the terms and conditions of its offering documents;

NOW, THEREFORE, in consideration of the mutual agreements, undertakings, and covenants set forth in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party, the Parties agree as follows:

Subject to the terms and conditions of this Agreement, the Trust agrees to sell to the Seed Capital Investor, and the Seed Capital Investor agrees to purchase from the Trust, shares of beneficial interest, representing fractional undivided beneficial interests in the net assets of the Trust (the "**Shares**"), at a price per Share and purchase price as set forth in **Schedule A** (such Shares being referred to herein as the "**Seed Shares**").

&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Seed Capital Investor Representations and Warranties</u> 

The Seed Capital Investor hereby represents and warrants to, and covenants for the benefit of, the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;a. The Seed Capital Investor acknowledges that it will be named as a statutory underwriter with respect to the Seed Shares in the Initial
Registration Statement (as defined in Section II.a).

&nbsp;&nbsp;&nbsp;&nbsp;b. The Seed Capital Investor agrees that any sales of any Shares comprising the Seed Shares will be effected in a manner consistent with
the Plan of Distribution contained in the Trust's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;c. The Seed Capital Investor shall not receive from the Trust, the Sponsor or any of their affiliates any fee or other compensation in
connection with the sale of the Seed Shares. The Seed Capital Investor will not act as an Authorized Participant with respect to the Seed
Shares, and its activities with respect to the Seed Shares will be distinct from those of an Authorized Participant. Unlike most Authorized
Participants, the Seed Capital Investor is not in the business of purchasing and selling securities for its own account or the accounts
of others. The Seed Capital Investor will not act as an Authorized Participant to purchase (or redeem) Shares in the future. The Seed
Capital Investor further agrees that it shall deliver the Trust's Prospectus (as defined in Section II.a) with any such sales when
required by law.

II. <u>Sponsor Representations and Warranties</u> 

The Sponsor, on its own behalf and in its capacity as Sponsor of the Trust, represents and warrants to the Seed Capital Investor that:

&nbsp;&nbsp;&nbsp;&nbsp;a. An initial registration statement on Form S-1 (Registration No. 333-291007) (the "**Initial Registration Statement** ")
in respect of the Shares has been filed with the Securities and Exchange Commission (the "**SEC**") and is subject to SEC
review. The various parts of the Initial Registration Statement, including all exhibits thereto and including the information contained
in the form of final prospectus when filed with the Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the
" **Act**") and deemed by virtue of Rule 430A under the Act to be part of the Initial Registration Statement, each as amended
as of the date hereof, are hereinafter collectively called the "Registration Statement"; and such final prospectus, in the
form first filed pursuant to Rule 424(b) under the Act, is hereinafter called the "**Prospectus** ").

The Sponsor will promptly advise the Seed Capital Investor when (a) any amendment to the registration statement has been filed or becomes effective and to furnish the Seed Capital Investor, upon written request, with copies thereof or (b) of the issuance by the SEC of any stop order or of any order preventing or suspending the use of any prospectus, of the suspension of the qualification of the Shares comprising the Seed Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;b. Upon receipt of the payment by the Seed Capital Investor, each of the Shares comprising the Seed Shares will be duly and validly issued
and fully paid and non-assessable and as of the time of payment of the purchase price by the Seed Capital Investor will conform in all
material respects to the description of the Shares comprising the Seed Shares contained in the Trust's registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;c. The Sponsor will prepare the Prospectus and will file such Prospectus pursuant to Rule 424(b) under the Act not later than the SEC's
close of business on the second business day following the day on which the Initial Registration Statement is declared effective or, if applicable, such earlier time
as may be required by Rule 424(b) or Rule 430A(a)(3) under the Act; the Sponsor will use its reasonable best efforts to list the Shares
on a national listing exchange; the Sponsor will file all applicable reports and any information statement required by the Securities
Exchange Act of 1934, as amended, for so long as the delivery of a prospectus is required in connection with the offering or sale of the
Shares; and the Sponsor will maintain an orderly procedure for the transfer and register of the Shares comprising the Seed Shares.

III. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Entire Agreement</u>. This Agreement embodies the entire agreement and understanding of the Parties and supersedes all prior discussions,
negotiations, agreements and understandings among the Parties with respect to the provision of seed capital by the Seed Capital Investor.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Governing Law</u>. This Agreement is entered into in accordance with and shall be governed by the laws of the State of Delaware;
provided, however, that in the event that any law of the State of Delaware shall require that the laws of another state or jurisdiction
be applied in any proceeding, such Delaware law shall be superseded by this paragraph, and the remaining laws of the State of Delaware
shall nonetheless be applied in such proceeding. Each party agrees that in the event that any dispute arising from or relating to this
Agreement becomes subject to any judicial proceeding, such party waives any right it may otherwise have to (a) seek punitive damages,
or (b) request a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Amendment</u>. This Agreement may be amended, and any provisions hereof may be waived, by a writing signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Assignment</u>. No Party may assign this Agreement or any of its rights hereunder by operation of law or otherwise without the
written consent of the other Party. This Agreement shall be binding upon any successors and permitted assigns of each Party.

&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Severability</u>. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court
of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this
Agreement shall be valid and enforceable to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Headings</u>. The headings and subheadings in this Agreement are included for convenience and identification only and are in no
way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Counterparts</u>. This Agreement may be executed in separate electronic counterparts, each of which when executed shall be deemed
to be an original, and all of which, taken together, shall be deemed to constitute one and the same instrument.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

**T. Rowe Price Associates, Inc., as Seed Capital Investor**

/s/ Francine Rosenberger

------

Name: Francine Rosenberger

Title: Vice President

**T. Rowe Price Active Crypto ETF, by T. Rowe Price Sponsor LLC, as Sponsor**

/s/ Alan Dupski

------

Name: Alan Dupski

Title: Chief Financial Officer of Sponsor, Principal Accounting Officer of Trust

**SCHEDULE A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Initial Seed ($)**<br> **Purchase date** <br> **April 1, 2026** | **Initial Seed** <br> **(shares at $25/share)**<br> **Purchase date** <br> **April 1, 2026** | **Operational Seed**<br> **Before public offering**  | **Total ($)** | **Total** <br> **(Seed Shares at $25 per share)** |
| Administrator | $10000 | 400 | $14840000 | $14850000 | 594000 |
| Sponsor | $10000 | 400 | $140000 | $150000 | 6000 |
| Total | $20000 | 800 | $14980000 | $15000000 | 600000 |

---

## Exhibit 3.1

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 3.1**

**AMENDED AND RESTATED** 

**AGREEMENT AND DECLARATION OF TRUST**

**T. Rowe Price Active Crypto ETF**

Dated as of March 31, 2026

This Amended and Restated Agreement and Declaration of Trust ("Trust Agreement") of T. Rowe Price Active Crypto ETF (the "Trust") is made and entered into as of March 31, 2026, by and between T. Rowe Price Sponsor LLC, a Delaware limited liability company, as sponsor of the Trust (the "Sponsor"), and CSC Delaware Trust Company, a Delaware corporation, as Delaware trustee (the "Trustee").

**RECITALS**

WHEREAS, the Trust was formed on September 15, 2025, pursuant to a trust agreement between the Sponsor and the Trustee (the "Original Trust Agreement");

WHEREAS, the Sponsor and the Trustee wish to enter into this Amended and Restated Trust Agreement.

NOW, THEREFORE, the Sponsor and the Trustee hereby amend and restate the Original Trust Agreement in its entirety and agree to enter in the Amended and Restated Trust Agreement as set forth below.

**Article I**

**TRUST FORMATION**

**Section 1.1 <u>Name</u>.**

The trust continued hereby shall be known as "T. Rowe Price Active Crypto ETF" (the "Trust"). The Sponsor shall conduct the business of the Trust under this name or any other name as the Sponsor may from time to time determine in its sole discretion. Any name change shall become effective on the execution by the Trustee, upon receipt of written direction from the Sponsor, of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b)(1) of the Delaware Act. Any change in name of the Trust shall not require the approval of Shareholders. A change in name of the Trust in accordance with this section shall have the status of an amendment to this Trust Agreement.

**Section 1.2 <u>Declaration of Trust</u>.**

In consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is the intention of the parties hereto that, effective as of the date hereof, this Trust Agreement constitute the governing instrument of the Trust, which shall be binding in accordance with its terms on the parties hereto, and on every Shareholder, by virtue of having become a Shareholder of the Trust. Further, it is the intention of the parties hereto that the Trust continued hereby constitute a statutory trust under the Delaware Act, and that this Trust Agreement constitute the governing instrument of the Trust.

It is not the intention of the Sponsor to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust that has elected to be treated as a partnership for U.S. federal income tax purposes and for purposes of applicable state and local tax laws. The Trust shall be entitled to exercise all of the powers, rights and privileges granted to, or conferred upon, a statutory trust formed under the laws of the State of Delaware, now or hereafter in force.

**Section 1.3 <u>Term</u>**.

The term for which the Trust is to exist shall be perpetual, unless terminated pursuant to the terms of Article X and the Delaware Act or as otherwise provided by law.

**Section 1.4 <u>Definitions</u>**.

"Administrator" means a Person from time to time engaged by the Sponsor to assist in the administration of the Shares.

"Affiliate" means (i) any Person directly or indirectly owning, controlling or holding with power to vote 25% or more of the outstanding voting securities of the Sponsor, (ii) any Person 25% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by the Sponsor, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of the Sponsor, (iv) any employee, officer, director, member, manager or partner of Sponsor, or (v) any employee, officer, director, member, manager or partner of any Person under (i-iv).

"Book-Tax Disparity" means, with respect to any property held by the Trust, as of any date of determination, the difference between the book value of such property (as initially determined under Section 2.5(b)(ii), and as adjusted from time to time in accordance with Section 2.2(d)) as of such date of determination and the adjusted basis thereof for United States federal income tax purposes as of such date of determination.

"Capital Contribution" means , with respect to any Shareholder of the Trust, the amount of money and the fair market value of any property (other than money) contributed to the Trust by such Shareholder.

"Certificate of Trust" means the Certificate of Trust of the Trust, including all amendments thereto, in the form attached hereto as Exhibit A, filed with the Secretary of State of the State of Delaware pursuant to Section 3810 of the Delaware Act.

"Code" means the Internal Revenue Code of 1986, as amended.

"Crypto Custodian" means any Person from time to time engaged to provide custodian, security or related services to the Trust's crypto holdings and cash assets pursuant to authority delegated by the Sponsor.

"Delaware Act" means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time-to-time.

"Indemnified Persons" has the meaning assigned to such term in Section 3.6.

"IRS" means the Internal Revenue Service.

"Liquidating Trustee" has the meaning assigned to such term in Section 10.2.

"Percentage Interests" means a fraction, the numerator of which is the number of any Shareholder's Shares and the denominator of which is the total number of Shares of the Trust outstanding as of the date of determination.

"Person" means any natural person and any partnership, limited liability company, statutory trust, corporation, association, or other legal entity.

"Shareholder" means any Person that owns Shares.

"Shares" means the common units of fractional undivided beneficial interest in the profits, losses, distributions, capital and assets of, and ownership of, the Trust. Shares may be owned by the Sponsor or a Shareholder.

"Sponsor" means T. Rowe Price Sponsor LLC, or any successor thereto by merger or operation of law.

"Sponsor Indemnified Party" means Sponsor and its Affiliates.

"Treasury Regulations" means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

"Trust" means T. Rowe Price Active Crypto ETF, a Delaware statutory trust formed pursuant to a Certificate of Trust and the Initial Declaration of Trust, the business and affairs of which are governed by this Trust Agreement.

"Trust Agreement" means this Amended and Restated Trust Agreement, as it may at any time or from time-to-time be amended, restated, supplemented or amended and restated.

"Trust Property" means the property of the Trust, including, the cash or assets (including digital assets) owned or held by or for the account of the Trust.

"Trustee" means CSC Delaware Trust Company, its successors and assigns, or any substitute therefor as provided herein, acting not in its individual capacity but solely as Delaware trustee of the Trust.

"U.S. Dollar" means United States dollars.

**Section 1.5 <u>Assets and Liabilities of the Trust</u>**.

(a) Legal title to all of the Trust Property shall be vested in the Trust as a separate legal entity; provided, however, that if applicable law in any jurisdiction requires legal title to any portion of the Trust Property to be vested otherwise, the Sponsor may cause legal title to such portion of the Trust Property to be held by or in the name of the Sponsor or any other Person (other than a Shareholder or the Trustee) as nominee.

(b) The Trust Property shall irrevocably belong to the Trust for all purposes, subject only to the rights of creditors of the Trust and shall be so recorded upon the books of account of the Trust.

(c) The Trust Property shall be charged with the liabilities of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders.

**Section 1.6 <u>Offices</u>**.

The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee. The principal office of the Trust shall be at 1307 Point Street, Baltimore, Maryland 21231.

The Trustee's principal offices are located at 251 Little Falls Drive, Wilmington, DE 19808 and its telephone number is (866) 403-5272.

**Article II**

**SHARES; CAPITAL CONTRIBUTIONS**

**Section 2.1 <u>General</u>**.

The beneficial interests in the Trust shall at all times be divided into an unlimited number of Shares. All Shares issued hereunder shall be fully paid and non-assessable. The ownership of the Trust Property and the right to conduct the business of the Trust are vested exclusively in the Sponsor.

**Section 2.2 <u>Capital Accounts</u>**.

(a) The Sponsor or Administrator shall establish on the books and records of the Trust for each Shareholder a separate account (a "Capital Account"), which shall be determined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Shareholder's Capital Account shall be increased by such Shareholder's Capital Contributions to the Trust and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 2.2(b) and allocated to such Shareholder pursuant to Section 2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Shareholder's Capital Account shall be decreased by the amount of cash distributed to such Shareholder pursuant to any provision of this Trust Agreement and by any expenses, deductions or losses computed in accordance with Section 2.2(b) and allocated to such Shareholder pursuant to Section 2.3.

(b) For purposes of computing the amount of any item of income, gain, deduction, expense or loss to be reflected in a Shareholder's Capital Account, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for federal income tax purposes pursuant to Section 703(a) of the Code; provided, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Items described in Section 705(a)(2)(B) of the Code shall be treated as items of deduction. All fees and other expenses incurred by the Trust to promote the sale of (or to sell) a Share that can neither be deducted nor amortized under Section 709 of the Code shall, for purposes of Capital Account maintenance, be treated as items described in Section 705(a)(2)(B) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as otherwise provided in Treasury Regulations section 1.704- 1(b)(2)(iv)(m), the computation of all items of income, gain, loss and deduction shall be made without regard to any election under Section 754 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In computing income, gain, deduction, expense or loss for Capital Account purposes, the amount of such item shall be determined taking into account the book value of the Trust's property, as adjusted pursuant to Section 2.2(d).

(c) In the event any Shareholder's Shares are transferred in accordance with the terms of this Trust Agreement, the transferee shall succeed to the Capital Account of such Shareholder to the extent such Capital Account relates to the transferred Shares.

(d) Consistent with the provisions of Treasury Regulations section 1.704-l(b)(2)(iv)(f), upon an issuance or redemption of Shares, in connection with the dissolution, liquidation or termination of the Trust, or otherwise as appropriate pursuant to generally accepted industry accounting practices, the Capital Accounts of all Shareholders of the Trust may, immediately prior to such issuance, redemption, dissolution, liquidation, termination, or otherwise, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect any unrealized gain or unrealized loss attributable to Trust property, as if such unrealized gain or unrealized loss had been recognized upon an actual sale of such property, immediately prior to such issuance, redemption, dissolution, liquidation, termination, or otherwise, and had been allocated to the Shareholders at such time pursuant to Section 2.3. Pursuant to Treasury Regulations section 1.704-l(b)(2)(iv)(g), appropriate adjustments shall be made to the book value of the Trust's property with unrealized gain or unrealized loss. Proper adjustment shall be made to the amount of any Capital Account adjustment under this Section 2.2(d) to take into account any prior Capital Account adjustment under this Section 2.2.

The foregoing provisions and the other provisions of this Trust Agreement relating to the maintenance of Capital Accounts are intended to comply with section 1.704-1(b) of the Treasury regulations and shall be interpreted and applied in a manner consistent with such regulations. In the event the Sponsor shall determine that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto are computed in order to comply with such regulations, it may make such modification. The Sponsor also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the aggregate Capital Accounts of the Shareholders and the amount of capital reflected on the Trust's balance sheet, as computed for book purposes, in accordance with Treasury Regulations section 1.704-l(b)(2)(iv)(*q*) and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Trust Agreement not to comply with Treasury Regulations section 1.704-1(b).

**Section 2.3 <u>Allocations for Capital Account Purposes</u>**.

(a) For purposes of maintaining Capital Accounts and in determining the rights of the Shareholders among themselves, except as otherwise provided in this Section 2.3, each item of income, gain, loss, expense and deduction (computed in accordance with Section 2.2(b)) shall be allocated to the Shareholders in accordance with their respective Percentage Interests.

(b) Pursuant to Treasury Regulations section 1.704-1(b)(2)(iv)(g), items of depreciation, depletion, amortization and gain or loss attributable to property, the book value of which has been adjusted as provided by Section 2.2(d) ("Adjusted Property"), that has a Book-Tax Disparity shall be allocated among the Shareholders in accordance with Treasury Regulations section 1.704-1(b)(2)(iv)(g)(3).

**Section 2.4 <u>Allocations of Profits and Losses for Tax Purposes</u>**.

(a) For U.S. federal income tax purposes, except as otherwise provided in this Section 2.4, each item of income, gain, loss, deduction and credit of the Trust shall be allocated among the Shareholders in accordance with their respective Percentage Interests.

(b) In an attempt to eliminate Book-Tax Disparities attributable to Adjusted Property, items of income, gain, or loss shall be allocated for U.S. federal income tax purposes among the Shareholders under the principles of the remedial method of Treasury Regulations section 1.704- 3(d).

(c) If any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Shareholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 2.3(c).

**Section 2.5 <u>Tax Conventions</u>**.

(a) For purposes of Sections 2.2, 2.3, and 2.4, the Sponsor or Administrator shall cause the Trust to adopt such conventions as may be necessary, appropriate or advisable in the Sponsor's reasonable discretion in order to comply with applicable law, including Section 706 of the Code and the Treasury Regulations or rulings promulgated thereunder. The Sponsor may revise, alter or otherwise modify such conventions in accordance with the standard established in the previous sentence.

(b) Unless the Sponsor determines that another convention is necessary or appropriate in the Sponsor's reasonable discretion in order to comply with applicable law, the Trust shall use the monthly convention described in this Section 2.5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All issuances, redemptions and transfers of Shares or beneficial interests therein shall be deemed to take place at a price (the "single monthly price") equal to the value of such Share or beneficial interest therein at the end of the business day during the month in which the issuance, redemption or transfer takes place on which the value of a Share is lowest. Accordingly, in determining unrealized gain or unrealized loss and in making the adjustments provided for by Section 2.2(d), the fair market value of all Trust property immediately prior to the issuance, redemption or transfer of Shares shall be deemed to be equal to the lowest value of such property during the month in which such Shares are issued or redeemed. In the event that the Trust makes an election under Section 754 of the Code, adjustments to be made under Sections 734(b) and 743(b) of the Code will be made using the same monthly convention, including by reference to the single monthly price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All property contributed to the Trust shall be deemed to have a value equal to the value of such property on the date of such contribution. All purchases and sales of property, however, shall be treated as taking place at a price equal to the purchase or sale price of the property, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In general, each item of the Trust's income, gain, expense, loss, deduction and credit shall, for U.S. federal income tax purposes, be determined for each calendar month during a taxable period based on an interim closing of the books and shall be allocated solely among the Shareholders recognized as shareholders of the Trust as of the close of business on the last trading day of the preceding calendar month. For this purpose, any transfer of a Share during a calendar month shall be treated as being effective immediately prior to the close of business on the last trading day of a calendar month. Notwithstanding the foregoing, unless the Sponsor determines that another method is necessary or appropriate in the Sponsor's reasonable discretion, gain or loss on a sale or other disposition of all or a substantial portion of the assets of the Trust (or, in the Sponsor's sole discretion, other sales or dispositions of assets if appropriate to more accurately allocate such gain and loss to Shareholders in a manner that corresponds to their economic gain and loss) shall be allocated to the Shareholders of the Trust who own Shares as of the close of the day in which such gain or loss is recognized for federal income tax purposes.

(c) The allocations pursuant to Section 2.5(b) are intended to comply with Treasury Regulations section 1.706-4 and to take into account a Shareholder's or Shareholders' varying interests during the taxable year of any issuance, redemption or transfer of Shares or beneficial interests therein. Any person who is the transferee of Shares shall be deemed to consent to the methods of determination and allocation set forth in Sections 2.4 and 2.5 as a condition of receiving such Shares.

**Section 2.6 <u>No Interest on Capital Account</u>**.

No Shareholder shall be entitled to interest on its capital account.

**Section 2.7 <u>Distributions</u>**.

(a) The Sponsor may, in its absolute discretion, cause the Trust to make distributions to the Shareholders from the Trust Property at any time.

(b) All distributions on Shares shall be made pro rata to the Shareholders in proportion to their respective Percentage Interests at the date and time of record established for such distribution.

(c) Distributions may be made in-kind or in cash, as determined in the sole discretion of the Sponsor.

**Article III**

**TRUSTEE**

**Section 3.1 <u>Term; Resignation</u>**.

(a) CSC Delaware Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust, and shall serve for the duration of the Trust or until the earlier of (i) the effective date of the Trustee's resignation, or (ii) the effective date of the removal of the Trustee by the Sponsor.

(b) The Trustee may resign at any time by giving sixty (60) days' written notice to the Sponsor; provided, however, that said resignation of the Trustee shall not be effective until such time as a successor Trustee has accepted appointment as Trustee of the Trust and prior notice provided to the listing exchange (as applicable). The Trustee may be removed at any time by the Sponsor upon sixty (60) days' written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor trustee has accepted such appointment and prior notice provided to the listing exchange (as applicable).

**Section 3.2 <u>Duties</u>**.

CSC Delaware Trust Company has been appointed as the Trustee of the Trust solely for the purposes of satisfying the requirements of Section 3807(a) of the Delaware Act that the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto that the Trustee shall have none of the duties or liabilities of the Sponsor and shall have no obligation to supervise or monitor the Sponsor or otherwise manage the Trust. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in the State of Delaware, and (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware which the Delaware Trustee is required to execute under Section 3811 of the Delaware Act; provided, however, that the Trustee shall not be required to take any such action if it shall have determined, or shall have been advised by counsel, that such performance is likely to involve the Trustee in personal liability or is contrary to the terms of this Trust Agreement or of any document contemplated hereby to which the Trust or the Trustee is a party or is otherwise contrary to law.

**Section 3.3 <u>Trustee Representation and Warranties</u>**.

The Trustee represents and warrants, at all times during its term, that it:

(a) is a trust company or banking institution, subject to supervision or examination by federal or state authorities;

(b) has substantial capital and surplus, having a combined capital, surplus and undivided profits of at least $50,000,000; and

(c) has the experience and facilities for handling corporate trust business.

In case at any time the Trustee shall cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Article, the Trustee shall resign promptly in the manner and with the effect specified in this Article.

**Section 3.4 <u>Compensation and Expenses of the Trustee</u>**.

(a) The Trustee (or any successor Trustee) shall be entitled to receive compensation from the Sponsor (or an Affiliate) or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time in writing by the Trustee and the Sponsor or the Trust.

(b) The Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section, provided that no such fees shall be payable to the extent that they are incurred as a result of the Trustee's gross negligence, bad faith or willful misconduct.

(c) Notwithstanding any other provision herein, all payments to the Trustee, including fees, expenses, and any amounts paid in connection with indemnification of the Trustee in accordance with the terms of this Trust Agreement will be payable only in U.S. Dollars.

**Section 3.5 <u>Liability of Trustee</u>**.

The Trustee shall not be liable for the acts or omissions of the Sponsor or any other Person, nor shall the Trustee be liable for supervising or monitoring the performance and the duties and obligations of the Sponsor or the Trust or any other Person under this Trust Agreement. The Trustee accepts the Trust hereby continued and agrees to perform its duties hereunder with respect to the same but only upon the terms of this Trust Agreement. The Trustee shall not be liable under any circumstances, except or its own willful misconduct, bad faith or gross negligence. In particular, but not by way of limitation:

(a) the Trustee shall not be liable for any error of judgment made in good faith by an officer or employee of the Trustee;

(b) no provision in this Trust Agreement shall require the Trustee to expend or risk its personal funds or otherwise incur any financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

(c) under no circumstances shall the Trustee be liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust;

(d) the Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Trust Agreement or for the due execution hereof by the Sponsor;

(e) under no circumstances shall the Trustee be personally liable for any representation, warranty, covenant, agreement, or indebtedness of the Trust;

(f) the Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by it to be signed by the proper party or parties, provided that the Trustees' actions or omissions do not involve willful misconduct, bad faith or gross negligence. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to such fact or matter, and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

(g) in the exercise or administration of the Trust hereunder, the Trustee (a) may act directly or through agents or attorneys pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith ; and (b) may consult with counsel, accountants and other skilled persons to be selected by it in good faith and employed by it, and it shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons;

(h) except as expressly provided in this Section, in accepting and performing the Trust hereby continued, the Trustee acts solely as Trustee hereunder and not in its individual capacity;

(i) the Trustee shall not be liable for punitive, exemplary, consequential, special or other similar damages however styled, including lost profits, for a breach of this Trust Agreement. The Trustee shall not be liable under any circumstances, except or its own willful misconduct, bad faith or gross negligence;

(j) the Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder;

(k) the Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other statement in the Trust's offering documents or in any other document issued or delivered in connection with the sale or transfer of the Shares;

(l) Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of, or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable by the Trustee under the laws of any jurisdiction or any political subdivision thereof other than the State of Delaware or (iii) subject the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to the consummation of the actions of the Trustee contemplated by this Trust Agreement;

(m) In the event that the Trustee is unsure of the course of action to be taken by it hereunder, the Trustee may request instructions from the Sponsor and to the extent the Trustee follows such instructions in good faith it shall not be liable to any person. In the event that no instructions are provided within the time requested by the Trustee, it shall have no duty or liability for its failure to take any action or for any action it takes in good faith; and the Trustee shall have no duty or obligation to manage, control, use, sell, dispose of or otherwise deal with the Trust Property, to prepare or file any document or report (including any securities or tax filings or reports, any financing or continuation statement, qualification to do business, licensing, commission filing or other filing for the Trust), or to otherwise perfect or maintain the perfection of any security interest or lien, or otherwise to take or refrain from taking any action under or in connection with this Trust Agreement except as expressly required by the terms of this Trust Agreement, and the right of the Trustee to perform any discretionary act enumerated in this Trust Agreement or in any related document shall not be construed as a duty, and no implied duties (including fiduciary duties) or obligations shall be read into this Trust Agreement or any related agreement against the Trustee. Any fiduciary duties that would otherwise be imposed on the Trustee under the Delaware Act, at law or in equity are hereby eliminated, to the fullest extent permitted by law, and replaced entirely by the terms of this Trust Agreement.

**Section 3.6 <u>Indemnification</u>**.

The Trustee (individually and in its capacity as such) and any officer, affiliate, director, employee, or agent of the Trustee (each an "Indemnified Person") shall be entitled to indemnification from the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes, damages, reasonable expenses, and liabilities (including the reasonable fees and expenses of counsel and fees and expenses incurred in connection with enforcement of its indemnification rights hereunder, and including liabilities under state or federal securities laws) of any kind and nature whatsoever (collectively, "Expenses"), to the extent that such Expenses arise out of or are imposed upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution, delivery or performance of this Trust Agreement or the transactions contemplated hereby; provided, however, that the Trust shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of such Indemnified Person. The obligations of the Trust to indemnify the Indemnified Persons as provided herein shall survive the termination of this Trust Agreement and the resignation or removal of the Trustee. If the Trust shall have insufficient assets or improperly refuses to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Sponsor shall, as secondary obligor, compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder; provided, however, that the Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence of an Indemnified Person.

**Section 3.7 <u>Successor Trustee</u>**.

Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of Section 3807 of the Delaware Act. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee and the Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor shall become fully vested with the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations herein. Any successor Trustee shall file any necessary amendments to the Certificate of Trust with the Secretary of State.

**Article IV** 

**SPONSOR**

**Section 4.1 <u>Management of the Trust</u>**.

(a) The duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the Sponsor may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Act. The Sponsor shall not be liable for the actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection of such Affiliate.

(b) Any determination as to what is in the interests of the Trust made by the Sponsor (or its delegate) in good faith shall be conclusive and binding on all Shareholders and all other persons or entities having an interest in the Trust. In construing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor. The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid power.

(c) Whenever (i) a conflict of interest exists between the Sponsor or its Affiliates, on the one hand, and the Trust or Shareholders, on the other hand, or (ii) the Sponsor must act in a manner that is, or provides terms that are, fair and reasonable to the Trust or Shareholders, the Sponsor shall resolve such conflict of interest with consideration of the relative interest, benefits, and burdens of each party (including its own), any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise.

**Section 4.2 <u>Authority of the Sponsor</u>**.

(a) In addition to, and not in limitation of, any rights and powers conferred by law or other provisions of this Trust Agreement, and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Act, the Sponsor shall have, and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes of the Trust, which powers and rights shall include, without limitation, the following:(i) to negotiate, execute, deliver and perform on behalf of the Trust one or more (a) purchase agreements, escrow agreements, subscription agreements and other similar or related agreements providing for or relating to the sale and issuance of beneficial interests and/or any other interests in the Trust, and (b) assignments, asset transfer agreements, leases, and other similar or related agreements providing for or relating to the acquisition and/or disposition of assets by the Trust; (ii) to take any and all actions to enable the Trust to hold assets, including without limitation, to invest and reinvest finds contributed to the Trust from time to time; (iii) to prepare, execute and file any required tax returns; (iv) to cause the Trust to issue beneficial interests and/or other interests in the Trust in exchange for such consideration to be contributed to the Trust as the Sponsor deems appropriate, which interests may or may not be evidenced by certificates as determined by the Sponsor; (v) to prepare, execute and deliver on behalf of the Trust any and all documents, papers and instruments as it deems desirable in connection with any of the foregoing; and (vi) to delegate or assign any of its obligations, liabilities, entitlements, or authorities under this Trust Agreement to an Affiliate.

(b) In addition, and without limiting the foregoing, the Sponsor will have full power and authority, in its sole discretion, without seeking the approval of the Trustee or the Shareholders (i) to establish and designate and to change in any manner and to fix such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor may from time to time determine, (ii) to divide the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Sponsor will determine, (c) to issue Shares without limitation as to number (including fractional Shares), to such persons and for such amount of consideration, subject to any restriction set forth in the Trust Agreement, if any, at such time or times and on such terms as the Sponsor may deem appropriate, (iii) to divide or combine the Shares into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares in the assets held, and (iv) to take such other action with respect to the Shares as the Sponsor may deem desirable.

(c) The Sponsor may make such rules as it considers appropriate for the issuance of share certificates (if any), transfer of Shares and similar matters.

**Section 4.3 <u>Obligations of the Sponsor</u>**.

Any fiduciary duties that would otherwise be imposed on the Sponsor under the Delaware Act, at law or in equity are hereby eliminated, to the fullest extent permitted by law, and replaced entirely by the terms of this Trust Agreement.

The Sponsor shall:

(a) Execute, file, record and/or publish all certificates, statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions;

(b) Retain independent public accountants to audit the accounts of the Trust;

(c) Employ attorneys to represent the Trust;

(d) Select the Trust's Trustee, Administrator, transfer agent, custodians, distributor or marketing agent(s), insurers, and any other service provider(s) and cause the Trust to enter into contracts with such service provider(s);

(e) Oversee the operation of the service providers of the Trust in connection with their dealings with the Trust;

(f) Use commercially reasonable efforts to maintain the status of the Trust as a partnership for U.S. federal income tax purposes, including making such elections, filing such tax returns, and preparing, disseminating and filing such tax reports, as it is advised by its counsel or accountants are from time to time required by any statute, rule or regulation of the United States, any State or political subdivision thereof, or other jurisdiction having taxing authority in respect of the Trust or its administration. The expense of accountants employed to prepare such tax returns and tax reports will be an expense of the Trust;

(g) Delegate to an Affiliate any duty, obligation, or service required, as it determines; and

(h) Take such actions to carry out the purposes of the Trust for the benefit of the Shareholders, as it determines in good faith is necessary.

**Section 4.4 <u>Liability of Sponsor and Indemnification</u>**.

(a) The Sponsor shall not be under any liability to the Trust, the Trustee or any Shareholder for any action taken or for refraining from the taking of any action in good faith pursuant to this Trust Agreement, or for errors in judgment or for depreciation or loss incurred; provided, however, that this provision shall not protect the Sponsor against any liability to which it would otherwise be subject by reason of its own gross negligence, bad faith, or willful misconduct. The Sponsor may rely in good faith on any paper, order, notice, list, affidavit, receipt, evaluation, opinion, endorsement, assignment, draft or any other document of any kind prima facie properly executed and submitted to it by any other Person for any matters arising hereunder. The Sponsor shall in no event be deemed to have assumed or incurred any liability, duty, or obligation to the Trust, any Shareholder, or to the Trustee other than as expressly provided for herein.

(b) The Trust indemnifies Sponsor and its Affiliates (each a "**Sponsor Indemnified Party**") against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by it in connection with its activities for the Trust, provided that (i) the Sponsor Indemnified Party was acting on behalf of, or performing services for, the Trust and has determined, in good faith, that such course of conduct was in the best interests of the Trust and such liability or loss was not the result of fraud, gross negligence, bad faith, willful misconduct, or a material breach of this Trust Agreement on the part of the Sponsor and (ii) any such indemnification will be recoverable only from Trust Property. All rights to indemnification permitted herein and payment of associated expenses shall not be affected by the dissolution or other cessation of existence of the Sponsor, or the withdrawal, adjudication of bankruptcy or insolvency of the Sponsor, or the filing of a voluntary or involuntary petition in bankruptcy under Title 11 of the United States Code by or against the Sponsor.

(c) In the event the Trust is made a party to any claim, dispute, demand or litigation or otherwise incurs any loss, liability, damage, cost or expense as a result of or in connection with any Shareholder's (or assignee's) or beneficial owner's (or assignee's) obligations or liabilities unrelated to Trust affairs, such Shareholder or beneficial owner (or assignees cumulatively) shall indemnify, defend, hold harmless, and reimburse the Trust for all such loss, liability, damage, cost and expense incurred, including attorneys' and accountants' fees.

**Section 4.5 <u>Management Fee.</u>**

(a) The Sponsor shall be entitled to compensation for its services and the Trust shall pay to the Sponsor a fee (the "**Management Fee**") as set forth in the Sponsor Agreement. The Trustee shall have no liability or responsibility for amounts paid to the Sponsor pursuant to this Section or any other agreement.

**Article V** 

**SHAREHOLDERS**

(b) The Shareholders shall not participate in the management or control of the Trust nor shall they enter into any transaction on behalf of the Trust or have the power to sign for or bind the Trust, said power being vested solely and exclusively in the Sponsor.

(c) Shareholders shall have no voting rights hereunder except as the Sponsor may consider desirable and so authorize in its sole discretion, except as required under applicable law or under the rules or regulations of the listing exchange.

**Article VI** 

**TAX TREATMENT**

**Section 6.1 <u>Tax Treatment.</u>**

(a) The Trust shall be treated for U.S. federal income tax purposes, and for all applicable state and local tax purposes, as a partnership and the Shares shall qualify under applicable tax law as interests in a partnership which holds the Trust Property. Each party agrees to use reasonable efforts to notify the other parties promptly upon a receipt of any notice from any taxing authority having jurisdiction over such holders of Shares with respect to the treatment of the Shares as anything other than interests in a partnership.

(b) The Sponsor, and each Shareholder by virtue of its purchase of Shares of the Trust, (i) express their intent that the Shares of the Trust qualify under applicable tax law as interests in a partnership, and (ii) agree to file or cause to file U.S. federal, state and local income, franchise and other tax returns in a manner that is consistent with the treatment of the Trust as a partnership in which each of the Shareholders thereof is a partner. The Sponsor and the Shareholders will make or refrain or cause to make or refrain from making any tax elections to the extent necessary to obtain treatment consistent with the foregoing. The Sponsor shall not be liable to any Person for the failure of the Trust to qualify as a partnership under the Code or any comparable provision of the laws of any State or other jurisdiction where such treatment is sought.

(c) The Sponsor shall obtain a separate federal taxpayer identification number for the Trust prior to the commencement of the Trust's operations. The Sponsor, at the Trust's expense, shall prepare or cause to be prepared all federal, state, and local tax returns of the Trust for each year for which such returns are required to be filed and shall timely file or cause to be timely filed such returns and timely pay or cause to be timely paid, out of the Trust Property, any taxes, assessments or other governmental charges owing with respect to the Trust. The Trustee and the Administrator shall promptly notify the Sponsor if it becomes aware that any tax, assessment or other governmental charge is due or claimed to be due with respect to the Trust. The Sponsor shall deliver or cause to be delivered to each Shareholder of the Trust and the broker or nominee through which a Shareholder owns the Shares an IRS Schedule K-1 and such other information, if any, with respect to the Trust as may be necessary for the preparation of the federal income tax or information returns of such Shareholder, including a statement showing the Shareholder's share of the Trust's items of income, gain, loss, expense, deduction and credit for the Fiscal Year for federal income tax purposes, as soon as practicable after the last day of the Fiscal Year but not later than March 15 of the following year or as otherwise required by applicable laws and regulations.

(d) The Sponsor may, in its sole discretion, cause the Trust to make, or refrain from making, any tax elections that the Sponsor reasonably deems necessary or advisable, including, but not limited to, an election pursuant to Section 754 of the Code.

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Shareholder of a Share of the Trust, by its acceptance or acquisition of a beneficial interest therein, agrees to furnish the Sponsor with such representations, forms, documents or other information as may be necessary to enable the Trust to comply with its U.S. federal income tax reporting obligations in respect of such Share, including an IRS Form W-9 (or the substantial equivalent thereof) in the case of a Shareholder that is a United States person within the meaning of the Code or an IRS Form W-8BEN or other applicable form in the case of a Shareholder that is not a United States person. The Trust shall file any required forms with applicable jurisdictions and, unless an exemption from withholding and backup withholding tax is properly established by a Shareholder, shall remit amounts withheld with respect to the Shareholder to the applicable tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that the Sponsor reasonably believes that the Trust is required to withhold and pay over any amounts (including taxes, interest, penalties, assessments or additions to tax) to any tax authority with respect to distributions, allocations or adjustments to any Shareholder, the Trust may withhold such amounts and treat the amounts withheld as distributions of cash to the Shareholder in the amount of the withholding and reduce the amount of cash or other property otherwise distributable to such Shareholder. If an amount required to be withheld was not withheld, the Trust may reduce subsequent distributions to such Shareholder by the amount of such required withholding. In the event of any claimed over-withholding, Shareholders shall be limited to an action against the applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding any other provision of this Trust Agreement, the Sponsor is authorized to take any action that may be required to cause the Trust to comply with any withholding requirements established under the Code or any other federal, state, local or foreign law including pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Trust is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation, distribution or adjustment of income to any Shareholder (including by reason of section 1446 of the Code), the Sponsor may treat the amount withheld as a distribution of cash to such Shareholder for purposes of this Trust Agreement in the amount of such withholding. Any increase or decrease in withholding tax incurred by the Trust resulting from the identity, nationality, residence or status of a Shareholder shall be allocable to and reduce the distributions of such Shareholder.

(f) By its acceptance of a beneficial interest in a Share, a Shareholder waives all confidentiality rights, including all confidentiality rights provided by Section 3406(f) of the Code and Treasury Regulations section 31.3406(f)-1, with respect to any representations, forms, documents or information, and any information contained in such representations, forms or documents, that the Shareholder provides, or has previously provided, to any broker or nominee through which it owns its Shares, to the extent such representations, forms, documents or information may be necessary to enable the Trust to comply with its withholding tax and backup withholding tax and information reporting obligations or to satisfy any other legal requirements with respect to the Shares. Furthermore, the parties hereto, and a Shareholder by its acceptance or acquisition of a beneficial interest in a Share, acknowledge and agree that any broker or nominee through which a Shareholder holds its Shares shall be a third-party beneficiary to this Trust Agreement for the purposes set forth in this Section 6.1.

(g) The Sponsor (or its designee) is specifically authorized to act as the "Partnership Representative" for the Trust (at the Trust's expense) and in any similar capacity under state, local or foreign law, including to designate a "designated individual" in accordance with the Code, the Treasury Regulations, or other official tax guidance. In its capacity as the Partnership Representative, the Partnership Representative (or its designee) shall exercise any and all authority of the "partnership representative" under the Code, including, without limitation, the authority to (i) make any available elections, including an election under section 6226 of the Code to pass any tax adjustment through to the persons who were Shareholders of the Trust in the year to which the adjustment relates, (ii) represent or otherwise act on behalf of the Trust in any examination of the Trust's affairs by any taxing authority and any resulting administrative and judicial proceedings, including handling all audits and other administrative proceedings conducted by the IRS with respect to the Trust, extending the statute of limitations with respect to the Trust's partnership tax returns, entering into a settlement with the IRS with respect to the Trust's partnership items on behalf of those Shareholders having less than a 1% interest in the Trust and filing a petition or complaint with an appropriate U.S. federal court for review of a final partnership administrative adjustment, and (iii) bind the Trust and its Shareholders with respect to any applicable tax matters. The Partnership Representative may expend funds for professional services and costs associated therewith, which shall be borne by, or reimbursed by, the Trust. To the extent that the Trust incurs any liability for tax under section 6225 of the Code as the result of any "imputed underpayment," (A) the amount of such tax liability, including any interest or penalties related thereto, shall be allocated by the Sponsor among the Shareholders in an equitable manner as determined by the Sponsor in its sole discretion and (B) the amount of such tax liability allocated to a Shareholder in accordance with (A) shall be treated as a withholding of tax subject to Section 6.1(e) of this Trust Agreement. Each Shareholder agrees to cooperate with the Partnership Representative and to do or refrain from doing any and all things reasonably requested by the Partnership Representative in his capacity as the Partnership Representative. This obligation shall continue after such Shareholder transfers, redeems or liquidates any or all of its Shares in the Trust. Each Shareholder (or former Shareholder) agrees to indemnify the Trust for any taxes (and related interest, penalties, or other charges or expenses) payable by the Trust and attributable to such Shareholder's (or former Shareholder's) interest in the Trust, as reasonably determined by the Sponsor. No Shareholder shall have any claim against the Trust, the Trustee, the Sponsor, or the Partnership Representative for any form of damages or liability as a result of actions taken or remedies pursued by or on behalf of the Trust in connection with a tax audit of the Trust. The foregoing obligations shall survive the withdrawal of any Shareholder and the dissolution and liquidation of the Trust, or both.

(h) By its acceptance of a beneficial interest in a Share of the Trust, a Shareholder agrees to the designation of the Sponsor (or its designee) as the Partnership Representative of the Trust. Each Shareholder agrees to take any further action as may be required by regulation or otherwise to effectuate such designation. The Partnership Representative of the Trust shall be authorized to exercise all rights and responsibilities conferred upon the Partnership Representative under the Code and the applicable Treasury Regulations with respect to the Trust.

(i) The Sponsor shall maintain all books, records and supporting documents that are necessary to comply with any and all aspects of its duties under this Trust Agreement.

**Article VII**

**BOOKS OF ACCOUNT AND REPORTS**

**Section 7.1 <u>Books of Account.</u>**

Proper books of account for the Trust shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion, and there shall be entered therein all transactions, matters and things relating to the Trust as are required by applicable law and regulations and as are usually entered into books of account kept by trusts. The books of account shall be kept at the principal office of the Trust and no Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as conferred by the Sponsor.

**Section 7.2 <u>Periodic Reports.</u>**

The Sponsor shall prepare and distribute or publish, as required, such reports (periodic or otherwise) as required by applicable rules and regulations.

**Section 7.3 <u>Tax Information.</u>**

Appropriate tax information (adequate to enable each Shareholder to complete and file its U.S. federal tax return) shall be delivered by the Sponsor on behalf of the Trust to each Shareholder as described in Section 6.1(c). All such information shall be prepared, and all of the Trust's tax returns shall be filed, in a manner consistent with the treatment of the Trust as a partnership for tax purposes. The Trust shall comply with all U.S. federal withholding requirements respecting distributions to, or receipts of amounts on behalf of, Shareholders that the Sponsor reasonably believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding.

**Article VIII** 

**FISCAL YEAR**

The fiscal year of the Trust for financial accounting purposes (the "Fiscal Year") is the calendar year. The Sponsor may select an alternate fiscal year if it deems it to be in the interest of the Trust.

**Article IX**

**AMENDMENT OF TRUST AGREEMENT; MEETINGS**

**Section 9.1 <u>Amendments to the Trust Agreement.</u>**

(a) Except as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may amend or otherwise supplement this Trust Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated trust agreement. Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by Sponsor in its sole discretion.

(b) Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Act, to reflect such change. At the expense and written direction of the Sponsor, the Trustee shall execute and file any amendment to the Certificate of Trust if so directed by the Sponsor.

(c) To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified orally but only by a written instrument adopted in accordance with this Section.

(d) No amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee in writing. No amendment shall be made to this Trust Agreement without the consent of the Trustee if the Trustee reasonably believes that such amendment adversely affects any of its rights, duties or liabilities.

**Section 9.2 <u>Meetings of the Trust.</u>**

Meetings of the Shareholders may be called by the Sponsor in its sole discretion. The Sponsor shall provide written notice to all Shareholders thereof of the meeting and the purpose of the meeting, which shall be held on a date not less than thirty (30) nor more than sixty (60) days after the date of mailing of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken at the meeting. Shareholders may vote in person or by proxy at any such meeting.

**Section 9.3 <u>Action Without a Meeting</u>**<u>.</u>

Any action required or permitted to be taken by Shareholders by vote may be taken without a meeting by written consent setting forth the actions so taken. Such written consents shall be treated for all purposes as votes at a meeting. If the vote or consent of any Shareholder to any action of the Trust or any Shareholder is solicited by the Sponsor, the solicitation shall be effected by notice to each Shareholder given by mail or email to the address set forth in the books and records of the Trust. The vote or consent of each Shareholder so solicited shall be deemed conclusively to have been cast or granted as requested in the notice of solicitation, whether or not the notice of solicitation is actually received by that Shareholder, unless the Shareholder expresses written objection to the vote or consent by notice in the manner provided for in the notice of solicitation . The Sponsor shall be entitled to act in reliance on any vote or consent that is deemed cast or granted pursuant to this Section 9.3 and shall be fully indemnified by the Trust in so doing. Any action taken or omitted in reliance on any such deemed vote or consent of one or more Shareholders shall not be void or voidable by reason, except as expressly provided for in the notice of solicitation.

**Article X** 

**TERMINATION**

**Section 10.1 <u>Events Requiring Dissolution of the Trust.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall dissolve at any time upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares are delisted from the Trust's listing exchange and are not approved for listing on another national securities exchange within five business days of their delisting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 180 days have elapsed since the Trustee notified the Sponsor of the Trustee's election to resign or since the Sponsor removed the Trustee, and a successor trustee has not been appointed and accepted its appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the U.S. Securities and Exchange Commission (SEC) determines that the Trust is an investment company under the Investment Company Act of 1940 (the "1940 Act"), and the Sponsor has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Commodity Futures Trading Commission (CFTC) determines that the Trust is a commodity pool under the Commodity Exchange Act (CEA), and the Sponsor has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Trust is determined to be a "money service business" under the regulations promulgated by the Financial Crimes Enforcement Network (FinCEN) under the authority of the US Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder or is determined to be a "money transmitter" (or equivalent designation) under the laws of any state in which the Trust operates and is required to seek licensing or otherwise comply with state licensing requirements, and the Sponsor has made the determination that termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a United States regulator requires the Trust to shut down or forces the Trust to liquidate its holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any ongoing event exists that either prevents the Trust from making or makes impractical the Trust's reasonable efforts to make a fair determination of the price of the Trust's assets for purposes of determining the net asset value (NAV) of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Sponsor determines that the aggregate net assets of the Trust in relation to the operating expenses of the Trust make it unreasonable or imprudent to continue the business of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Trust fails to qualify for treatment, or ceases to be treated, as a "partnership" under the Code or any comparable provision of the laws of any State or other jurisdiction where that treatment is sought, and the Sponsor determines that, because of that tax treatment or change in tax treatment, termination of the Trust is advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) 60 days have elapsed since the Depository Trust Company or another depository has ceased to act as depository with respect to the Shares, and the Sponsor has not identified another depository that is willing to act in such capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the Shareholders elect to terminate the Trust after the Sponsor is conclusively deemed to have resigned effective immediately as a result of the Sponsor being adjudged bankrupt or insolvent, or a receiver of the Sponsor or of its property being appointed, or a trustee or liquidator or any public officer taking charge or control of the Sponsor or of its property or affairs for the purpose of rehabilitation, conservation or liquidation and a successor sponsor has not been appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the Sponsor elects to terminate the Trust after the Trustee, Administrator or the Crypto Custodian (or any successor trustee, administrator or custodian) resigns or otherwise ceases to be the trustee, administrator or custodian of the Trust, as applicable, and no replacement trustee, administrator and/or custodian acceptable to the Sponsor is engaged.

In respect of termination events that rely on Sponsor determinations to terminate the Trust, the Sponsor may consider, without limitation, the profitability to the Sponsor and other service providers of the operation of the Trust, any obstacles or costs relating to the operation or regulatory compliance of the Trust relating to the determination's triggering event, and the ability to market the Trust to investors. To the extent that the Sponsor determines to continue operation of the Trust following a determination's triggering event, the Trust will be required to alter its operations to comply with the triggering event. For instance, in a determination that the Trust is an investment company, the Trust and Sponsor would have to comply with the regulations and disclosure and reporting requirements applicable to investment companies and investment advisers. In each such case and in the case of the Sponsor's determination as to whether a potential successor trustee or custodian is acceptable to it, the Sponsor will not be liable to anyone for its determination of whether to continue or to terminate the Trust.

(b) The Sponsor may determine, in its sole discretion, that it is desirable or advisable for any reason to discontinue the affairs of the Trust and so dissolve the Trust.

(c) The death, legal disability, bankruptcy, insolvency, dissolution, or withdrawal of any Shareholder shall not result in the termination of the Trust, and such Shareholder, his estate, custodian or personal representative shall have no right to a redemption of such Shareholder's Shares. Each Shareholder (and any assignee thereof) expressly agrees that in the event of his death, he waives on behalf of himself and his estate, and he directs the legal representative of his estate and any person interested therein to waive, the furnishing of any inventory, accounting or appraisal of the Trust Property and any right to an audit or examination of the books of the Trust, except for such rights as are set forth in Article VII hereof relating to the books of account and reports of the Trust.

**Section 10.2 <u>Distributions on Dissolution.</u>**

Upon the dissolution of the Trust, the Sponsor (or in the event there is no Sponsor, such person (the "Liquidating Trustee") as the majority in interest of the Shareholders may propose and approve and who agrees to serve hereunder) shall take full charge of the Trust Property. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Act, the affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for distributions to Shareholders, and (b) to the Shareholders pro rata in accordance with their respective Percentage Interests.

**Section 10.3 <u>Termination; Certificate of Cancellation.</u>**

Following the dissolution and windup of the Trust, including distribution of the assets of the Trust, the Trust shall terminate and the Sponsor or the Liquidating Trustee, as the case may be, shall instruct in writing the Trustee to execute and cause such certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Act at the expense of the Sponsor or the Liquidating Trustee, as the case may be. Notwithstanding anything to the contrary contained in this Trust Agreement, the existence of the Trust as a separate legal entity shall continue until the filing of such certificate of cancellation. Upon the termination of the Trust, the Sponsor will be discharged from all obligations under the Trust Agreement except for its certain obligations that survive termination of the Trust Agreement.

**Section 10.4 <u>Notice.</u>**

The Sponsor will notify Shareholders at least 30 days before the date for termination of the Trust Agreement.

**Article XI** 

**MISCELLANEOUS**

(a) This Trust Agreement may be executed in one or more counterparts. This Trust Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware (without regard to conflict of laws principles) and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws; provided, however, that there shall not be applicable to the Liquidating Trust, the Liquidating Trustee or this Liquidating Trust Agreement, any provisions of the laws (statutory or common) of the State of Delaware, other than the Delaware Act, pertaining to trusts that relate to or regulate, in a manner inconsistent with the terms hereof (i) the filing with any court or governmental body or agency of trustee accounts or schedule of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents, or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents, or employees of a trust, (v) the allocation of receipts and expenditures to income and principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees.This Trust Agreement may be executed in one or more counterparts (including those by electronic means), all of which shall constitute one and the same instrument binding on all of the parties hereto, notwithstanding that all parties are not signatory to the original or the same counterpart. This Trust Agreement, to the extent signed and delivered by means of electronic transmission, shall be treated in all manner and respects as an original agreement and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.This Trust Agreement represents the entire agreement between the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings between the parties, whether written or oral.

(b) All notices or communications under this Trust Agreement (other than notices of pledge or encumbrance of Shares, and reports and notices by the Sponsor to the Shareholders) shall be in writing and shall be effective upon personal delivery, or if sent by mail, postage prepaid, or if sent electronically, by facsimile or by overnight courier, and addressed, in each such case, to the address set forth in the books and records of the Trust or such other address as may be specified in writing, of the party to whom such notice is to be given, upon the deposit of such notice in the United States mail, upon transmission and electronic confirmation thereof or upon deposit with a representative of an overnight courier, as the case may be. Notices of pledge or encumbrance of Shares shall be effective upon timely receipt by the Sponsor in writing.

(c) The Corporate Transparency Act (31 U.S.C. § 5336) and its implementing regulations (collectively, the "CTA"), may require the Trust to file reports with the U.S. Financial Crimes Enforcement Network. It shall be Sponsor's duty, and not the Trustee's duty, to prepare such filings, cause the Trust to make such filings, and to cause the Trust to comply with its obligations under the CTA, if any.

(d) This Trust Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. The terms and provisions of this Trust Agreement shall be binding upon and inure to the benefit of the heirs, custodians, executors, estates, administrators, personal representatives, successors and permitted assigns of the respective Shareholders. For purposes of determining the rights of any Shareholder or assignee hereunder, the Trust and the Sponsor may rely upon the Trust records as to who are Shareholders and permitted assignees, and all Shareholders and assignees agree that the Trust and the Sponsor, in determining such rights, shall rely on such records and that Shareholders and their assignees shall be bound by such determination.

All notices that are required to be provided to the Trustee shall be sent to:

CSC Delaware Trust Company

Attention: Corporate Trust Administration

251 Little Falls Drive

Wilmington, DE 19808

All notices required to be provided to the Trust or the Sponsor, at

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Active Crypto ETF

c/o T. Rowe Price Sponsor LLC, as Sponsor

1307 Point Street

Baltimore, MD 21231

[*signature page follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to be duly executed as of the day and year first above written.

CSC DELAWARE TRUST COMPANY, as Trustee

---

| | |
|:---|:---|
| By: | /s/ James Grier |
|  | Name: James Grier |
|  | Title: Vice President |
| T. ROWE PRICE SPONSOR LLC, as Sponsor | T. ROWE PRICE SPONSOR LLC, as Sponsor |
| By: | /s/ Francine Rosenberger |
|  | Name: Francine Rosenberger |
|  | Title: Vice President |

---

## Exhibit 5.1

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 5.1**

April 27, 2026

T. Rowe Price Sponsor LLC

as sponsor to T. Rowe Price Active Crypto ETF

1307 Point Street

Baltimore, Maryland 21231

Re: T. Rowe Price Active Crypto ETF<br> Registration Statement on Form S-1

Dear Ladies and Gentlemen:

We have acted as counsel for T. Rowe Price Sponsor LLC (the "<u>Compan</u>y"), a Delaware limited liability company, the sponsor of T. Rowe Price Active Crypto ETF, a Delaware statutory trust (the "<u>Trust</u>"), in connection with the Trust's filing on April 27, 2026 of its Registration Statement on Form S-1 (the "<u>Registration Statement</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), relating to the issuance and sale by the Trust of an indeterminate number of shares of the Trust (the "<u>Shares</u>").

This opinion is limited to the laws of the State of Delaware governing statutory trusts, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Delaware.

In connection with the opinions set forth herein, we have examined the following documents: the Amended and Restated Trust Agreement between the Company and CSC Delaware Trust Company, as the trustee of the Trust, dated as of March 31, 2026 (the "<u>Trust A</u>g<u>reement</u>"), and such other Trust records, certificates, documents and statutes that we have deemed relevant in order to render the opinions expressed herein.

In rendering this opinion we have assumed, without independent verification, (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided have been duly adopted by the member(s) of the Company; (iv) that the facts contained in the instruments and certificates or statements of public officials, officers and representatives of the Trust on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above. Where documents are referred to in resolutions approved by the member(s) of the Company, or in the Registration Statement, we have assumed such documents are the same as in the most recent form provided to us, whether as an exhibit to the Registration Statement or otherwise.

Based upon the foregoing, we are of the opinion that the Shares have been duly authorized for issuance and, when issued and delivered against payment therefor in accordance with the terms, conditions, requirements and procedures described in the Registration Statement, will be validly issued and, subject to the qualifications set forth in the Trust Agreement, fully paid and non-assessable beneficial interests in the Trust.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Securities and Exchange Commission, and to the reference to us and discussion of this opinion in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act or the rules and regulations thereunder.

Very truly yours,

<u>/s/ Dechert LLP</u>

## Exhibit 8.1

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 8.1**

April 27, 2026

T. Rowe Price Associates, Inc.

1307 Point Street

Baltimore, MD 21231

Dear Ladies and Gentlemen:

We are acting as U.S. tax counsel to T. Rowe Price Active Crypto ETF (the "<u>Trust</u>"), a Delaware statutory trust, formed on September 15, 2025, pursuant to the Delaware Statutory Trust Act, in connection with the preparation of a Registration Statement on Form S-1 (the "<u>Registration Statement</u>") filed with the Securities and Exchange Commission (the "<u>SEC</u>") on or about the date hereof.

In rendering this opinion, we have examined the Registration Statement and such other documents and materials as we have deemed necessary or appropriate to review for purposes of our opinion and have made such investigations of law as we have deemed appropriate as a basis for the opinion expressed below. In addition, in rendering this opinion, we have relied upon and have assumed, with your permission, the accuracy of the statements contained in the Registration Statement, and that the Trust will operate in the manner discussed in its organizational documents and the prospectus included in the Registration Statement (the "<u>Prospectus</u>"). Capitalized terms used but not defined herein have the meaning ascribed to them in the Prospectus.

Our opinion is based on the U.S. Internal Revenue Code of 1986, as amended, the U.S. Treasury Regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as of the date hereof and all of which are subject to change, possibly on a retroactive basis. In rendering this opinion, we are expressing our views only as to United States federal income tax law.

Based on and subject to the foregoing, the discussion relating to tax matters under the heading "U.S. Federal Income Tax Consequences" in the Prospectus (subject to the qualifications contained therein) expresses our opinion as to the material aspects of the United States federal income tax treatment to a Shareholder, as of the date hereof, of the acquisition, ownership and disposition of a Share pursuant to the Prospectus.

Our opinion relies on, and is subject to, the facts, representations and assumptions set forth or referenced herein. Any inaccuracy or subsequent change in such facts, representations or assumptions could adversely affect our opinion.

We hereby consent to the filing with the SEC of this letter as an exhibit to the Registration Statement and the reference to this letter and to us under the heading "U.S. Federal Income Tax Consequences" in the Prospectus. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933.

Very truly yours,

/s/ Dechert LLP

------

## Exhibit 10.1

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.1**

**SPONSOR AGREEMENT**

**THIS SPONSOR AGREEMENT** (the "Agreement"), dated as of September 16, 2025, is made by and between T. Rowe Price Sponsor LLC, a Delaware limited liability company (the "Sponsor"), and T. Rowe Price Active Crypto ETF, a statutory trust organized under the laws of Delaware (the "Trust").

&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>The Trust</u>** . The Trust is sponsored by the Sponsor. The Trust
is not an investment company under the Investment Company Act of 1940 (the "1940 Act") and it is not required to register
thereunder. The Trust is not a commodity pool (or is subject to an exemption) for purposes of the Commodity Exchange Act of 1936, as amended,
and the Sponsor is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading
advisor. The Sponsor is not registered as an investment adviser under the Investment Advisers Act of 1940 and is not required to register
thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Appointment</u>** . Pursuant to the terms of the Trust's Amended
and Restated Agreement and Declaration of Trust (the "Trust Agreement"), the Sponsor was appointed to serve as sponsor for
the Trust, with full powers and rights to effectuate and carry out the purposes, activities and objectives of the Trust. The Sponsor has
accepted such appointment and hereby agrees to render such services to the Trust on the terms and conditions set forth in the Trust Agreement
and in this Agreement. The Sponsor shall have power to cause legal title to any Trust property to be held by or in the name of the Sponsor,
or to have any contract entered into in the name of the Sponsor, on such terms as the Sponsor may determine, with the same effect as if
such property were held in the name of the Trust or such contract were entered into in the name of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Duties</u>** . The Sponsor will perform such duties for the Trust
as set forth in the Trust Agreement in accordance with Sponsor's best judgment and as outlined in the Trust's then-current
prospectus included as part of a registration statement filed with the U.S. Securities and Exchange Commission ("SEC").

&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Execution of Trust Documents</u>** . Pursuant to the terms of the
Trust Agreement, the Sponsor is authorized to execute documents for and on behalf of the Trust. For the avoidance of doubt, when a specified
officer of the Trust is required to execute, or executes, a document, including but not limited to filings required to be made with regulatory
authorities such as the SEC, the following officers of the Sponsor (or persons performing similar functions, including in the event of
a vacancy in one or more of the specified Sponsor's officer positions) shall be authorized to execute the document in the capacities
indicated below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Specified Trust Officer** | &nbsp;&nbsp; **Sponsor Officer Authorized to Execute Trust Document in the Capacity of the Specified Trust Officer** |
| &nbsp;&nbsp; Principal Executive Officer / Chief Executive Officer /<br> President | &nbsp;&nbsp;Chief Executive Officer |
| &nbsp;&nbsp; Principal Financial Officer /<br> Chief Financial Officer | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;Principal Accounting Officer / Comptroller / Treasurer | &nbsp;&nbsp;Treasurer |
| &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Any Vice President |
| &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Any Secretary or Assistant Secretary |

---

&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Reporting; Record Keeping</u>.** The Sponsor will be available
at reasonable times to discuss the activities of the Trust with the trustee of the Trust or its designee. Any written reports supplied
by Sponsor to the Trust discussing the activities of the Trust are intended solely for the benefit of the Trust, and the Trust agrees
that it will not disseminate such reports to any other party (other than the Trust's service providers) without the prior consent
of Sponsor, except as may be required by applicable law.

Sponsor shall make or cause to be made, and shall maintain or cause to be maintained, all records as required to be made or maintained by it in its capacity as sponsor of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Other Accounts</u>.** The Trust understands and acknowledges
that Sponsor may act as sponsor for various persons other than the Trust. The Trust acknowledges that Sponsor may give advice and take
action concerning other persons that may be the same as, similar to or different from the advice given, or the timing and nature of action
taken, concerning the Trust. The Trust also acknowledges that Sponsor may serve as a manager to other investment funds that invest in
cryptocurrency with the same investment objective as the Trust, and the Sponsor or its affiliates may serve as a manager to other investment
funds that invest in digital assets. Except to the extent necessary to perform Sponsor's obligations under this Agreement, nothing
herein shall be deemed to limit or restrict the right of Sponsor, or any affiliate of Sponsor or any employee of Sponsor to engage in
any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar
nature, or to render services of any kind to any other corporation, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Compensation (Management Fee)</u>** . The Trust shall pay to the
Sponsor a management fee as compensation for the Sponsor's services rendered to the Trust, computed daily and paid at least monthly
in arrears, at an annual rate of 0.90% of the average daily net assets of the Trust. The Sponsor's compensation is paid in consideration
of Sponsor's (i) services under this Agreement and the Trust Agreement; and (ii) the payment by the Sponsor of the Trust expenses
described in paragraph 8 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Ordinary Fees and Expenses</u>** . The Sponsor shall pay all routine
operational, administrative, and other ordinary expenses of the Fund, including but not limited to, fees and expenses of the Administrator,
Trustee, Custodians, Transfer Agent, licensors, accounting and audit fees and expenses, tax preparation expenses, ongoing SEC registration
fees, report preparation and mailing expenses, and ordinary legal fees and expenses.

The Sponsor shall not be required to pay and the Fund must pay all of its (1) brokerage commissions, including but not limited to applicable exchange fees and give-up fees, fees and commissions related to any crypto transaction fees for on-chain transfers of assets, and other transaction related fees and expenses charged in connection with trading activities. The Fund also pays all of its (2) borrowing and financing costs and expenses. The Fund pays all of its (3) taxes or governmental fees payable by or in respect to the Fund to federal, state, or other governmental agencies, domestic or foreign, including stamp or other transfer taxes. The Fund also pays all of its (4) non-recurring, extraordinary, or unusual fees and expenses, if any. Non-recurring, extraordinary, or unusual fees and expenses are unexpected or unusual in nature, such as legal claims and liabilities and litigation costs or indemnification or other unanticipated expenses. The Fund may be required to indemnify the Sponsor, and the Fund and/or the Sponsor may be required to indemnify the Fund's service providers under certain unusual or extraordinary circumstances. Non-recurring, unusual, or extraordinary expenses of the Fund will be determined by the Sponsor or Administrator. The Sponsor may determine in its sole discretion to assume any non-recurring, unusual, or extraordinary expenses of the Fund, if applicable.

Notwithstanding any other provision to the contrary, the Trust's organizational and initial offering costs shall be borne by the Sponsor and, as such, are the sole responsibility of the Sponsor. The Sponsor hereby agrees not to seek reimbursement from or otherwise require the Trust, or any other party to assume any liability, duty or obligation in connection with any such organizational and initial offering costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Liability and Indemnification</u>** . The Sponsor will not be
liable for losses to the Trust, and Sponsor shall be indemnified, to the extent provided in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.  **<u>Tax Filings</u>** . Except as described in any applicable filings
with the SEC, the Sponsor will not be responsible for making any tax credit or similar claim or any legal filing on the Trust's
behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.  **<u>Governing Law/Disputes</u>** . This Agreement is entered into
in accordance with and shall be governed by the laws of the State of Delaware; provided, however, that in the event that any law of the
State of Delaware shall require that the laws of another state or jurisdiction be applied in any proceeding, such Delaware law shall be
superseded by this paragraph, and the remaining laws of the State of Delaware shall nonetheless be applied in such proceeding. Each
party agrees that in the event that any dispute arising from or relating to this Agreement becomes subject to any judicial proceeding,
such party waives any right it may otherwise have to (a) seek punitive damages, or (b) request a jury trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.  **<u>Termination</u>** . This 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 hereunder. Any obligation or liability of either party resulting from actions or inactions
occurring prior to termination shall not be affected by termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.  **<u>Assignment</u>** . This Agreement may be assigned by either party upon prior notice to the other
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.  **<u>Notices</u>** . All notices and other communications under this
Agreement shall be in writing and shall be addressed to the parties at their respective addresses. The Sponsor shall comply with, and
be entitled to act on, any instructions reasonably believed to be from an authorized representative of the Trust. Sponsor and its employees
and agents shall be fully protected from all liability in acting upon such instructions, without being required to determine the authenticity
of the authorization or authority of the persons providing such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.  **<u>Severability</u>** . In the event any provision of this Agreement
is adjudicated to be void, illegal, invalid or unenforceable, the remaining terms and provisions of this Agreement shall not be affected
thereby, and each of such remaining terms and provisions shall be valid and enforceable to the fullest extent permitted by law, unless
a party demonstrates by a preponderance of the evidence that the invalidated provision was an essential economic term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.  **<u>Integration; Amendment</u>** . This Agreement together with any
other written agreements between the parties entered into concurrently with this Agreement contain the entire agreement between the parties
with respect to the transactions contemplated hereby and supersede all previous oral or written negotiations, commitments and understandings
related thereto. This Agreement may not be amended or modified in any respect, nor may any provision be waived, without the written agreement
of both parties. No waiver by one party of any obligation of the other hereunder shall be considered a waiver of any other obligation
of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.  **<u>Further Assurances</u>** . Each party hereto shall execute and
deliver such other documents or agreements as may be necessary or desirable for the implementation of this Agreement and the consummation
of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.  **<u>Headings</u>** . The headings of paragraphs herein are included
solely for convenience and shall have no effect on the meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.  **<u>Counterparts</u>.** This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to be one and the same
instrument.

*[Signature Page Follows]*

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the day and year first above written.

&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Sponsor LLC, as Sponsor**

<u>/s/ Francine Rosenberger</u> 

Name: Francine Rosenberger

Title: Vice President and Secretary

&nbsp;&nbsp;&nbsp;&nbsp;**T. Rowe Price Active Crypto ETF, by T. Rowe Price Sponsor LLC, as Sponsor**

<u>/s/ Alan Dupski</u> 

Name: Alan Dupski

Title: Chief Financial Officer

## Exhibit 10.2

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.2**

**ADMINISTRATION AGREEMENT**

This ADMINISTRATION AGREEMENT ("Agreement"), made as of March 26, 2026, by and among T Rowe Price Sponsor, LLC, as sponsor ("Sponsor") on behalf of each entity listed on Appendix A hereto (each such entity being herein referred to as a "Fund" and collectively as the "Funds"), T. Rowe Price Associates, Inc., a Maryland corporation (the "Administrator"), and the Sponsor on its own behalf solely with respect to Sections 3 and 4 hereof.

WHEREAS, each Fund desires the Administrator to furnish certain administrative services to the Fund and the Administrator is willing to furnish such services, on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of Administrator** 

Each Fund hereby appoints the Administrator to act as administrator to it for the purposes of providing certain administrative services for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees to render the services stated herein. In the event that any additional entity wishes to retain the Administrator to act as administrator under this Agreement, such entity shall notify the Administrator in writing. Upon written acceptance by the Administrator, such entity(ies) shall become subject to the provisions of this Agreement to the same extent as the existing Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Delivery of Documents** 

Each Fund will promptly deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Fund's governing documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Copies of signature authority documents authorizing certain individuals on behalf of a Fund to designate
the individuals ("Authorized Persons") authorized to (a) give instructions to the Administrator pursuant to this Agreement
and (b) sign checks and pay expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion,
deem necessary or appropriate in the proper performance of its duties, subject to the consent of the relevant Fund which shall not be
unreasonably withheld, provided however, that if a Fund's refusal to provide such certificates, documents or opinions renders the
Administrator, in its reasonable opinion, unable to perform its duties, the Administrator shall not be liable for its failure to perform
such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fund Accounting and Fund Administration Services** 

The Administrator shall monitor the financial, accounting, and administrative functions of each Fund; maintain liaison with the various agents employed for the benefit of each Fund (including a Fund's transfer agent, fund accountant, custodian, independent accountants, and legal counsel); assist in the coordination of their activities on behalf of each Fund; and furnish advice and recommendations with respect to such other aspects of the business and affairs of each Fund as it shall determine to be desirable; maintaining each Fund's compliance program with respect to applicable rules and regulations; and generally monitor compliance with investment policies and restrictions as set forth in filings made by each Fund under the federal securities laws. For the avoidance of doubt, the Administrator shall not be obligated to perform the services for a Fund required to be provided by such various agents employed for the benefit such Fund.

The Administrator also shall provide the services listed on Appendix B, attached hereto, subject to the authorization and direction of each Fund and, in each case where appropriate, the review and comment by each Fund's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Fund and the Administrator.

The Administrator shall perform such other services for the Fund(s) that are mutually agreed to by the parties from time to time, for which the Sponsor will pay such fees, including the Administrator's reasonable out-of-pocket expenses, as may be mutually agreed upon. The provision of such services shall be subject to the terms and conditions of this Agreement. The Sponsor shall indemnify and hold each Fund harmless from any loss, cost, or expense (direct or indirect), incurred by a Fund resulting from any claim, demand, action or suit in connection with any action or omission by the Sponsor to pay the fees required to be made on behalf of the Administrator and/or any Fund, provided that this indemnification shall not apply to actions or omissions of the Administrator and/or a Fund, its officers or employees in cases of its or their own bad faith, negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Fees; Expenses; Expense Reimbursement** 

The Administrator shall receive from the Sponsor such compensation for the Administrator's services provided pursuant to this Agreement as may be agreed to from time to time in a written fee schedule (the "Fee Schedule") approved by the parties.

The Administrator is authorized to and may employ, associate or contract with such person or persons as the Administrator may deem desirable to assist it in performing its duties under this Agreement, and the Administrator may delegate its duties hereunder to any affiliate, affiliated joint venture or wholly-owned direct or indirect subsidiary of its parent company; provided, however, that the compensation of any such person or persons shall be paid by the Administrator and that the Administrator shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ensure that, with respect to any delegated activity, the delegate shall adopt and implement the policies
and procedures of the Administrator with respect to such delegated activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. regularly review such delegation in keeping with the level of risk and the nature of the delegated activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. procure that any such delegation shall not hinder either any Fund or any relevant regulatory authority
from accessing relevant information or data at any given time, or from conducting audits or inspections with respect to the delegated
functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. be as fully responsible to the Administrator for the acts and omissions of any such person or persons
as it is for its own acts and omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Instructions and Advice** 

Each Fund authorizes Administrator to accept, rely upon and/or act upon any instructions received by it from an Authorized Person without inquiry. Each Fund is solely responsible for the accuracy and completeness of instructions, their proper delivery to Administrator, for updating such instructions as may be necessary to ensure continued accuracy and completeness, and for monitoring their status. Each Fund will indemnify the Administrator against, and hold Administrator harmless from, any loss, damage, or expense that may be imposed on, incurred by, or asserted against the Administrator as a result of any action or omission taken in accordance with any instruction, except to the extent that such loss, damage, or expense is caused by the negligence, misfeasance or willful misconduct of the Administrator in the manner in which it carries out the instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of Care, Limitation of Liability and Indemnification** 

The Administrator shall exercise reasonable care, prudence and diligence (the "Standard of Care") in carrying out all of its duties and obligations under this Agreement and shall be liable to each Fund only for direct losses suffered or incurred by such Fund resulting from the failure of the Administrator to exercise the Standard of Care. The Administrator shall be entitled to receive and act upon advice of counsel on all matters. The Administrator shall be without liability for any action reasonably taken or omitted in good faith pursuant to the advice of (i) counsel for the applicable Fund or Funds; or (ii) at the expense of the Administrator, counsel to the Administrator; provided however, with respect to the performance of any action or omission of any action upon such advice, the Administrator shall be required to conform to the Standard of Care. For the avoidance of doubt, it is hereby specifically understood and agreed that nothing in this Section shall be construed as imposing upon the Administrator any obligation to seek such advice of counsel or to act in accordance with such advice when received.

The Administrator shall be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 3, shall have no responsibility for the actions or activities of any other party, including other service providers.

The Administrator shall have no liability in respect of any loss, damage or expense suffered by a Fund insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Funds by entities other than the Administrator prior to the Administrator's appointment as administrator for the Funds. Unless directly caused by or resulting from, and then only to the extent of, the failure of the Administrator to exercise the Standard of Care, the Administrator shall have no liability for errors of judgment or for any loss or damage resulting from the performance or nonperformance of its duties hereunder.

In providing the Services, Administrator is performing an administrative function for each Fund and is acting solely as agent for the Fund and not as a fiduciary for a Fund, the investment adviser, any shareholder or any other third party with respect to the Services, even if Administrator or an Administrator affiliate separately acts in a fiduciary capacity with respect to a Fund. Each Fund is responsible for determining that the Services are appropriate for the Fund's use.

Neither a Fund nor the Administrator shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) arising in connection with this Agreement even if advised of the possibility of such damages.

The Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

Subject to the limitations set forth in this Agreement, each Fund agrees to indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with any action or omission by the Administrator in the performance of its duties hereunder, or as a result of the Administrator acting upon any instructions reasonably believed by it to have been communicated by an Authorized Person or upon reasonable reliance on information or records given or made by the Fund, provided that this indemnification shall not apply to losses, damages and expenses occasioned by or resulting from the negligence, misfeasance or willful misconduct of the Administrator, its officers, employees or agents as the case may be.

The provisions of this Section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **ERISA** 

Each Fund has informed, in writing, the Administrator whether the assets of any Fund constitute the assets of any Benefit Plan, within the meaning of the Employment Retirement Security Act of 1974 ("ERISA"), and will promptly notify Administrator in writing if it reasonably expects that the assets of any Fund will constitute the assets of any Benefit Plan, within the meaning of ERISA.

Notwithstanding any other provisions contained in this Agreement, each Fund acknowledges that (i) the Services do not constitute investment advice to the Funds or the investment adviser or their respective affiliates; (ii) Administrator and any of its employees, do not exercise any discretion or control with respect to the management or disposition of the assets of the Funds; and (iii) Administrator will not, in any circumstances, be required to undertake any action that could possibly characterize Administrator as a fiduciary, as defined in Section 3(21) of ERISA, of any Fund, Funds, or any Plan whose assets are invested in the Funds (an "ERISA Fiduciary"). Accordingly, each Fund acknowledges and agrees that Administrator is not an ERISA Fiduciary nor will become an ERISA Fiduciary as a result of performing the Services.

Notwithstanding anything herein that may be to the contrary, each Fund agrees to indemnify and hold harmless Administrator from and against any and all loss, damage, or expense which may be imposed on Administrator as a result of any act or omission by Administrator, but only to the extent that such loss, damage, or expense is attributable to the assets of any Fund being deemed to constitute the assets of any Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The parties hereto agree that each shall keep confidential and protect from unauthorized disclosure or
misuse the other party's Confidential Information with the same degree of care as it would employ with respect to its own information
of like importance which it does not desire to have published or disseminated, but in no event less than a reasonable degree of care.
For purposes of this Agreement, "Confidential Information" shall mean any confidential or proprietary information, whether
disclosed orally, visually or in writing, by way of any media, of a party to this Agreement or any Fund; any customer of a party to this
Agreement or any Fund; or any third party which has disclosed such information to a party on a confidential basis, including but not limited
to, a party's, the Funds', their respective customers' or such third party's business or financial affairs, trade
secrets, intellectual property, technology, research and development, pricing, product plans, marketing plans or the terms or existence
of this Agreement. For the avoidance of doubt, all portfolio holdings and trading information of the Fund shall constitute Confidential
Information of the Fund. The Administrator shall not use any Confidential Information of the Fund for any investment or trading purpose
and shall maintain policies, procedures and other measures, including a code of ethics or similar policy, consistent with industry best
practices, to ensure compliance with all applicable securities laws by it and any other entity or individual with access to portfolio
holdings or trading information. All Confidential Information provided by a party hereto shall be used by the other party hereto solely
for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement,
shall not be disclosed to any third party. Neither party will use or disclose Confidential Information for purposes other than the activities
contemplated by this Agreement or except as required by Sections 8.b.3 or 8.b.4 below. Notwithstanding the foregoing, each party acknowledges
that the other party may provide access to and use of Confidential Information relating to the other party to the disclosing party's
affiliates (which term for purposes of this Section includes each of its parent company, branches and affiliates ("Affiliates")),
employees, contractors, agents, professional advisors, auditors, or persons (collectively, the Representatives") to fulfill its
obligations under this Agreement who need to know such information in connection with the performance of such functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The foregoing shall not be applicable to any information (1) that is publicly available when provided
or thereafter becomes publicly available, other than through a breach of this Agreement, (2) that is independently derived by a party
hereto without the use of any information provided by the other party hereto in connection with this Agreement, (3) that is disclosed
to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar
process (provided that, unless prohibited by law or regulation, promptly on receipt of any order compelling such disclosure, the disclosing
party shall notify the non-disclosing party in writing of such requirement to disclose so that the non-disclosing party will have the
opportunity to obtain a protective order at the disclosing party's expense), or by operation of law or regulation, or (4) where
the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be
unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Administrator acknowledges that each Fund is subject to certain laws and regulations regarding the
privacy and protection of consumer and/or personal information, and that any receipt or use of any personally identifiable information
or data concerning or relating to a Fund's employees, customers or prospective customers, including (a) an individual's name
(first initial and last name or first name and last name), address or telephone number plus (i) Social Security number, (ii) driver's
license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal
identification number or password that would permit access to a person's account, or (b) any combination of any of the foregoing
that would allow a person to log onto or access an individual's account that the Administrator obtains, directly or indirectly,
from a Fund or that the Administrator collects or derives from interactions with a Fund or their employees, customers or prospective customers
in connection this Agreement. ("Personal Information") by a Fund or its personnel may also be subject to compliance with such
laws and regulations. Personal Information does not include information that is lawfully obtained from publicly available information,
or from federal, state or local government records lawfully made available to the general public. The Administrator has implemented and
will maintain a comprehensive, written information security program that has appropriate security measures to safeguard Personal Information
if the Administrator receives, stores, maintains, processes or otherwise has access to Personal Information. The Administrator's
information security program is consistent with all applicable laws, rules and regulations. The Administrator agrees, and will cause its
Representatives to agree, that Personal Information shall be treated as Confidential Information hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The parties agree that disclosure of Confidential Information (including Personal Information) by the
Administrator will cause irreparable damage to the Funds and, therefore, in addition to all other remedies available at law or in equity,
a Fund shall have the right to seek equitable and injunctive relief, and to recover the amount of damages (including reasonable attorneys'
fees and expenses) incurred in connection with such unauthorized use. The Administrator shall cause any Representative to which it has
disclosed Confidential Information pursuant to this Agreement to comply at all times with confidentiality and data-protection obligations
under this Agreement as if it were a party to this Agreement and the Administrator shall be liable under this Agreement to each Fund for
any use or disclosure in violation of this Section by its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The undertakings and obligations contained in this Section shall survive the termination or expiration
of this Agreement. The Administrator shall, upon termination or expiration of this Agreement, or at any time on demand by a Fund, promptly
destroy or return to the Fund all Confidential Information together with any copies or reproductions thereof and destroy all related data
in its computer and other electronic files. Notwithstanding the foregoing, the Administrator may retain one (1) copy of the Confidential
Information for the sole purpose of dealing with any claims made with regard to this Agreement, or to comply with its document retention
policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Ownership of Records; Compliance with Governmental Rules and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Administrator agrees that all records which it maintains for each Fund shall at all times remain the
property of such Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination
of the Agreement or otherwise on written request except as otherwise provided in Section 8. The Administrator further agrees that, notwithstanding
that the Funds are not subject to the 1940 Act, all records that it maintains for each Fund will be preserved for the periods prescribed
by Rule 31a-1 under the 1940 Act such regulatory requirements unless any such records are earlier surrendered as provided above. Records
may be surrendered in either written or machine-readable form in useable format mutually agreed to by a Fund and the Administrator, at
the option of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each Fund hereby acknowledges that Administrator is obliged to comply with AML/Sanctions Requirements
and that Administrator shall not be liable for any action it or any Administrator Affiliate reasonably takes to comply with any AML/Sanctions
Requirements, including identifying and reporting suspicious transactions, rejecting transactions, and blocking or freezing funds, financial
assets, or other assets. Each Fund shall cooperate with Administrator's performance of its due diligence and other obligations concerning
AML/Sanctions Requirements. In addition, each Fund agrees that Administrator may defer acting upon an Instruction pending completion of
any review under its policies and procedures for compliance with AML/Sanctions Requirements, and that Administrator shall not be responsible
for any losses, damages, or expenses resulting from or relating to such deferral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Services to Other Clients** 

The services of the Administrator are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Administrator from time to time, have no authority to act or represent a Fund in any way or otherwise be deemed an agent of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall continue in full force and effect until the first to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) termination for convenience by the Administrator by an instrument in writing delivered or mailed to a
Fund, such termination to take effect not sooner than ninety (90) days after the date of such delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) termination for convenience by a Fund by an instrument in writing delivered or mailed to the Administrator,
such termination to take effect not sooner than thirty (30) days after the date of such delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) termination by the Administrator, by an instrument in writing delivered or mailed to a Fund if the Administrator
reasonably determines that servicing the Fund or the Funds raises regulatory or reputational concerns, with such termination to take effect
not sooner than sixty (60) days after the date of such delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) termination by the either party by written notice delivered to the other party, based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terminating party's determination that there is a reasonable basis to conclude that the other
party is insolvent or that the financial condition of the other party is deteriorating in any material respect, in which case termination
shall take effect upon the other party's receipt of such notice or at such later time as the terminating party shall designate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other party committing a material breach of this Agreement, and failing to remedy such material breach
within ninety (90) days of being given written notice of the material breach, unless the parties agree to extend the period to remedy
the breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the relevant state or federal authority withdrawing its authorization of the either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Termination of this Agreement with respect to any one particular Fund shall in no way affect the rights
and duties under this Agreement with respect to any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Should the Agreement be terminated by either party for any reason and if requested by a Fund, the Administrator
agrees to continue performing the services contemplated in this Agreement pursuant to the terms and conditions of this Agreement at the
rates set forth in the then current fee schedule and for a reasonable period of time to be agreed upon by the parties in good faith, in
order to provide for the orderly transition of services to the Fund or to an alternative service provider designated by the Fund so that,
to the extent feasible, the services are maintained without interruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Redistribution of Data from Third Parties** 

The reports and other output from the Services provided by Administrator to each Fund under this Agreement may contain data licensed from third party information providers. Such data is the intellectual property of those information providers and is subject to restrictions on use contained in the license agreement between the information provider and Administrator, which Administrator cannot unilaterally change. Administrator will notify the relevant Fund of any such restrictions that may affect the Fund's use of the that data to the extent provided herein, and shall use reasonable efforts to notify the Fund if the information provider adds additional restrictions on the use of such data. Each Fund acknowledges that its continued use of such data as provided herein shall constitute the Fund's acceptance of the revised usage restrictions, provided, however, that any redistribution of such data or information derived therefrom may require a separate license from the relevant information providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Amendments** 

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto. Appendix A may be amended from time to time to add or remove funds from this Agreement by the execution by the parties hereto of a revised Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Assignment** 

Neither party may assign this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Third Party Beneficiaries** 

Except as specifically provided herein, nothing under this Agreement shall be construed to give any rights or benefits under this Agreement to anyone other than the Administrator and each Fund, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Administrator and each Fund.

Should the Funds exercise their rights under this Agreement, notice is hereby given to Administrator that this Agreement is not executed on behalf of the officers or trustees of any Fund as individuals, and the obligations of this Agreement are not binding upon any of the trustees, officers, shareholders or partners of any Fund individually, but are binding only upon the assets and property of each Fund's respective portfolios. The Administrator hereby agrees that no shareholder, trustee, officer or partner of any Fund may be held personally liable or responsible for any obligations of any Fund arising out of this agreement. A copy of the trust agreement or other organizational document of each Fund is on file with the secretary of the state of the Fund's formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Successors** 

This Agreement shall be binding on and shall inure to the benefit of each Fund and the Administrator and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Business Continuity** 

The Administrator (1) has in place a business continuity/disaster recovery plan ("BCP") and facilities which, in the event of a disaster affecting the Administrator, will be sufficient to enable the Administrator to resume and continue to perform its obligations under this Agreement without undue delay or disruption; and (2) shall test its BCP regularly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Entire Agreement** 

This Agreement, including its associated schedules and attachments, if any, contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Waiver** 

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. Any waiver must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Severability** 

If any provision of this Agreement is invalid or unenforceable, the balance of the Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance it shall nevertheless remain applicable to all other persons and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Governing Law; Waiver of Jury Trial** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of Delaware, without regard to principles of conflicts of law. The parties hereby irrevocably waive any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Reproduction of Documents** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Counterparts** 

This Agreement may be executed by the parties hereto on any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Captions** 

The captions in this Agreement are included for convenience of reference only and in no way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed by their duly authorized signatories as of the day and year first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. ROWE PRICE ASSOCIATES, INC.**

**as Administrator** 

By: <u>/s/ Francine Rosenberger</u> 

Name: Francine Rosenberger

Title: Vice President

**EACH ENTITY LISTED ON EXHIBIT A HERETO**

**by T. ROWE PRICE SPONSOR LLC in its capacity as Sponsor**

By: <u>/s/ Alan Dupski</u> 

Name: Alan Dupski

Title: Chief Financial Officer of Sponsor, Principal Accounting Officer of Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**T. ROWE PRICE SPONSOR LLC ON ITS OWN BEHALF SOLELY WITH RESPECT TO SECTIONS 3 AND 4 HEREOF**

By: <u>/s/ Alan Dupski</u> 

Name: Alan Dupski

Title: Chief Financial Officer of Sponsor, Principal Accounting Officer of Trust

**ADMINISTRATION AGREEMENT**

**APPENDIX A**

**Listing of Fund(s)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Active Crypto ETF

Dated as of March 26, 2026

**ADMINISTRATION AGREEMENT** 

**APPENDIX B**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Transaction Processing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Receive accepted/confirmed order activity, including but not limited to in-kind purchase orders effected
by transfers of digital assets and other assets as determined by those entities that that have entered into an Authorized Participant
Agreement with the distributor of the Fund ("Authorized Participants"), for the creation of units and promptly deliver or
receive applicable payments and appropriate documentation to the Fund's custodian(s) ("Custodian(s)").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide trade settlement support, including failed trade resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Asset Servicing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In conjunction with the Custodian(s), receive information and keep records regarding all corporate actions
that occur on assets within the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Cash & Position Reconciliation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reconcile cash activity, cash balances and positions reflected in the accounting system to Custodian(s),
as applicable, daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Research and resolve cash and position breaks resulting from non-receipt or mismatched activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Cash Processing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Instruct payment of the Fund's operating expenses and other miscellaneous Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Fund's Sponsor with current day spendable cash and review cash projections for reasonability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Calculate net asset value ("NAV") of the Fund daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain and preserve all accounts, books, financial records, and other financial documents as are required
of the Fund including maintenance of the general ledger, recording and verification of any activity within the Fund such as expenses,
income, or gain/loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Accounting relating to the Fund and transactions of the Fund for investments including valuation of investments
held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Establish and maintain static security master information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Prepare and furnish Fund performance information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **ETF Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Administrator shall be responsible for preparing and providing fund data, including but not limited to,
daily holdings, basket components, NAV and other data elements deemed reasonably necessary to third parties, including but not limited
to the National Securities Clearing Corporation and Authorized Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Financial Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare financial statements in appropriate form and in sufficient detail to support an independent audit
of the financial statements of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Assist the auditor in their review of the quarterly and audit of annual financial statements of the Fund,
including the annual audit of internal controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Regulatory Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide necessary standard reporting to support regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Work with the Fund's tax advisors to prepare required tax filings, tax documents to investors, or
data to satisfy Fund requirements.

## Exhibit 10.3

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.3**

![Shape Description automatically generated with medium confidence](ex103001.jpg)

**ORDER FORM**

---

| | |
|:---|:---|
| **Anchorage Contact** | **Client Contact** |
| Name: AJ Macey | Name: Kristen Risner |
| Email: aj.macey@anchorlabs.com | Email: kristen.risner@troweprice.com |

---

This MASTER CUSTODY SERVICE AGREEMENT ("**Agreement**") is made and entered into as of the Effective Date provided herein, by and between Anchorage Digital Bank N.A. ("**Anchorage"**), and each Client as provided herein (each a "**Client**") (Anchorage and Client, each a "**Party**" and collectively, the "**Parties**"). Each Client, acting through T. Rowe Price Sponsor LLC (the "**Agent**"), severally and not jointly enters into this Agreement with Anchorage. This Agreement shall constitute separate agreements, each between a single Client and Anchorage, as if such Client had executed a separate Agreement naming only itself as the Client, and no Client shall have any liability for the obligations of any other Client. Any reference to "Agreement" shall be construed to refer to the respective Agreement between a Client and Anchorage.

The Agreement consists of the terms in this Order Form and the immediately following Standard Terms and Conditions (including any Schedules, Addenda and Exhibits thereto) which together shall form the Agreement.

---

| | |
|:---|:---|
| **1.** **Effective Date:** | February 26, 2026 |
| **2.** **Initial Term:** | Three (3) year |
| **3.** **Renewal Term:** | One (1) year |
| **4.** **Client(s).** Each "Client" listed herein is subject to the Agreement as if this Agreement were between such individual Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients' Assets Under Custody. For the avoidance of doubt, notwithstanding anything herein to the contrary, each Client shall only be responsible for Fees and liabilities attributable to its assets held in its own Account pursuant to such Client's Agreement with Anchorage, and under no circumstances will any Client be responsible for the Fees or liabilities of any other Client or person | **4.** **Client(s).** Each "Client" listed herein is subject to the Agreement as if this Agreement were between such individual Client and Anchorage, except specifically the Fees will be calculated on an aggregated basis, including the sum of all Clients' Assets Under Custody. For the avoidance of doubt, notwithstanding anything herein to the contrary, each Client shall only be responsible for Fees and liabilities attributable to its assets held in its own Account pursuant to such Client's Agreement with Anchorage, and under no circumstances will any Client be responsible for the Fees or liabilities of any other Client or person |
|  | T. Rowe Price Active Crypto ETF, a Delaware Statutory Trust |

---

**5.** **Fees.** 

[Redacted]

.

**6.** **Address for Notices:** 

---

| | |
|:---|:---|
| **To Client(s):** | **Invoice Email:** <u>mybuyinvoice@troweprice.com</u><br> **Notice Email:** <u>Vendor.Contracts@troweprice.com</u> AND <u>DAS.coverage@troweprice.com</u><br>T. Rowe Price Sponsor LLC<br> 1307 Point Street<br> Baltimore, Maryland 21231<br> Attention: Simone Sherman, Kristen Risner<br>With a copy to where relating to notice of breach, termination, claims for indemnification, and other legal or adverse matters:<br>T. Rowe Price Associates, Inc.<br> 1307 Point Street<br> Baltimore, Maryland 21231<br> Attention: General Counsel<br>|

---

---

| | |
|:---|:---|
| **To Anchorage:** | <u>legal@anchorage.com</u> AND<br> <u>custodyexecutive@anchorage.com</u><br> Anchorage Digital Bank N.A.<br> 101 S. Reid Street, Suite 307 #329<br> Sioux Falls, South Dakota 57103 |

---

IN CONSIDERATION AND WITNESS WHEREOF, Anchorage and Client, by their duly authorized representatives, hereby execute this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **ANCHORAGE DIGITAL BANK N.A.** | **ON BEHALF OF EACH CLIENT SET FORTH HERETO** |
| By: <u>/s/ Jake Childs</u> | By: <u>/s/ Francine Rosenberger</u> |
| Name: Jake Childs | Name: Francine Rosenberger |
| Title: Head of Asset Management | Title: Vice President & Secretary |
|  | Company: **T. Rowe Price Sponsor LLC** |

---

**AFFILIATED BUSINESS DISCLOSURE**

**AND CONFLICT OF INTEREST WAIVER**

Anchorage Digital Bank N.A. ("**Anchorage Digital Bank**") is affiliated with Anchor Labs, Inc., Anchorage Hold LLC, Anchorage Digital Singapore Pte. Ltd., and other affiliates (each an "**Anchorage Affiliate**"), through common ownership and management. In particular, Anchor Labs, Inc. provides certain administrative, technology, marketing, and other support services for custodial accounts on behalf of Anchorage Digital Bank. Because Anchorage Digital Bank and Anchorage Affiliates are under common ownership and management, the owners of Anchor Labs, Inc. will receive an indirect benefit from any fees you pay to Anchorage Digital Bank. In addition, Anchorage Digital Bank and Anchorage Affiliates may each provide services to its own clients that are also participating in any additional optional services supported by both Anchorage Digital Bank and Anchorage Affiliates. Anchorage Digital Bank and Anchorage Affiliates may refer clients to each other, and cooperate with each other, for the performance of these shared services. If Anchorage Digital Bank offers additional optional services to clients to participate in a network of services offered by Anchorage Affiliates, and you choose to participate in such services, you hereby acknowledge and consent to the sharing of Client Data (as defined in this Agreement) between Anchorage Digital Bank and Anchorage Affiliates solely in order to provide such services to you. Any sharing of Client Data shall be subject to the Data Processing Addendum (as defined in this Agreement) agreed between the applicable parties, and all applicable Laws. Your use of services of Anchorage Digital Bank may result in benefits from such referral to the other companies by virtue of the companies' common ownership and management. For the avoidance of doubt, all relationships between Anchorage Digital Bank and Anchorage Affiliates, and all provision of Services to each Client, are in compliance with all applicable laws and regulations and industry best practices, including, without limitation, those concerning conflicts of interest, and this Agreement.

<u>ACKNOWLEDGEMENT</u>

I, duly authorized and on behalf of each Client as set forth in the Order Form, have read this disclosure form, and I acknowledge and understand that Anchorage Digital Bank and Anchorage Affiliates are under common ownership and control. I further acknowledge and understand that by retaining Anchorage Digital Bank, I am providing an indirect financial benefit to the owners of Anchorage Affiliates. Understanding the common ownership and control of the companies, I agree to utilize the services of Anchorage Digital Bank of my own free will. I also understand and agree that Anchorage Digital Bank may share Client Data with any Anchorage Affiliate solely for the purpose of facilitating additional optional services to participate in a network of services offered by Anchorage Digital Bank, and Anchorage Affiliates, that Client has agreed to receive. I acknowledge and understand that any referrals for services among Anchorage Digital Bank and Anchorage Affiliates may result in the owners of the referring company receiving an indirect financial benefit from the services provided.

 

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| |
|:---|
| **ON BEHALF OF EACH CLIENT SET FORTH HERETO** |
| By: <u>/s/ Francine Rosenberger</u> |
| Name: Francine Rosenberger |
| Title: Vice President & Secretary |
| Company: T. Rowe Price Sponsor LLC |

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**ANCHORAGE DIGITAL BANK**

**STANDARD TERMS AND CONDITIONS**

*Capitalized terms not defined in the Order Form, body of these Terms and Conditions, or supporting Schedules are defined in Schedule A (Definitions).*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Anchorage Appointment and Provision of the Services.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Appointment</u>. Client appoints Anchorage to provide the Services, including acting as custodian of
Client Digital Assets pursuant to this Agreement, and Anchorage hereby accepts such appointment. Anchorage is a qualified custodian as
defined under Investment Advisers Act of 1940 ()"**Advisers Act**") .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Provision of the Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to (i) Client's successful completion of the account acceptance process as provided in Section
2.1, and (ii) the terms of this Agreement, during the Term, Anchorage will provide the Services to Client .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anchorage will reasonably determine the requirements for any Direction, including Authenticated Instructions,
and whether such requirements have been satisfied as to any Direction, at all times subject to this Agreement. Anchorage shall not act
on a direction or instruction which is not an Authenticated Instruction. Subject to the terms of, and provided Anchorage complies with
its obligations under, this Agreement, Anchorage is entitled to rely upon a Direction in all respects. Client and Anchorage agree and
acknowledge that: (i) Anchorage's acceptance of Directions related to Client's deposit and withdrawal of assets is based on
the parameters of Authenticated Instructions and in accordance with Anchorage's Services requirements under this Agreement; (ii)
Anchorage has no duty to inquire into or investigate the legality, validity, or accuracy of any information, data, or instructions related
to a Direction that it reasonably believes is genuine following authentication, subject to, and provided Anchorage complies with its obligations
under, this Agreement; and (iii) Anchorage shall act in a commercially reasonable manner, and in conformance with the following: (1) Directions
shall continue in full force and effect until executed, cancelled or superseded; (2) if any Directions are ambiguous or if in in Anchorage's
reasonable opinion any Directions are likely to be inaccurate, Anchorage shall notify Client and shall refuse to execute such Directions
until any such ambiguity has been clarified by Client to Anchorage's satisfaction; and (3) Anchorage may refuse to execute Directions
if in Anchorage's reasonable opinion such Directions are outside the scope of its obligations under this Agreement or are contrary to
any applicable Laws and Anchorage will promptly notify Client of such refusal. Notwithstanding any limitations and exclusions set out
in Section 10, Anchorage is responsible for losses resulting from its errors in executing a Direction from the Client (e.g., if Client
provides the correct destination address for executing a withdrawal transaction, but Anchorage erroneously sends Client's Digital
Assets to another destination address).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Services are available only in connection with those Digital Assets and
protocols that Anchorage, in its sole discretion, supports which shall include: (i) subject to Anchorage notifying Client in accordance
with the requirements of this Section 1.2(c) that it will cease to support such Digital Assets, the Supported Digital Assets; and (ii)
such other Digital Assets as Anchorage may notify to Client in writing from time to time. The type and scope of Services
that Anchorage supports for each Digital Asset, and applicable Fees for such Services, may differ provided that, in respect of the Supported
Digital Assets, the Fees payable by Client and the type and scope of Services to be provided by Anchorage shall be as agreed between the
Parties pursuant to the applicable Order Form and this Agreement. Under no circumstances should Client attempt to use the Services to
store, send, request, or receive Digital Assets and protocols that Anchorage does not support. Anchorage assumes no responsibility in
connection with any attempt to use any Account or Vault with Digital Assets that Anchorage does not support, and any such unsupported
Digital Assets deposited to or received in any Account or Vault are subject to forfeiture and loss. The Digital Assets that Anchorage
supports may change from time to time, based on Anchorage's sole and absolute discretion. Anchorage will notify Client in advance if it
ceases to support a particular Digital Asset for which Anchorage has previously provided Services to Client. In
the case of a Supported Digital Asset, Anchorage shall provide Client with one hundred and eighty (180) days' written notice before
ceasing to support custody services for a Supported Digital Asset, unless Anchorage is required to cease such support by applicable Law,
in which case written notice shall be provided promptly upon Anchorage determining it will not be able to support custody services for
a Supported Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anchorage shall only follow the Directions from Client. Anchorage is released and held harmless by Client
for Claims or Losses caused by following the Directions from the Client, subject to the terms of, and provided Anchorage complies with
its obligations under, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) From time to time, Anchorage may, in its sole discretion, offer Client additional optional services involving
settlement services ()"**Optional Settlement Services** "). Client may elect to accept Optional Settlement Services by signing
a separate agreement involving such Optional Settlement Services. For the avoidance of doubt, by entering this Agreement, the Client has
not elected to accept Optional Settlement Services from Anchorage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Anchorage is solely responsible for any gas or network fees necessary for the transfer of Digital Assets
pursuant to Client Directions. Anchorage shall be liable for paying any gas or network fees on behalf of Client and shall be liable for
any canceled Directions due to insufficient gas or network fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Storage of Digital Assets</u>. Anchorage will receive Digital Assets for storage in Client's Account
by generating Private Keys and their Public Key pairs, with Anchorage retaining custody of such Private Keys. Upon receipt, Anchorage
will custody the Digital Assets in Client's name in an Account established for the benefit of the Client and no other person. The
Private Keys controlling the Digital Assets belonging to Client shall be securely held by Anchorage in offline cold storage at all times
within hardware security modules that have never been connected to the internet and which are located at geographically distributed locations
which are physically and logically secure. Anchorage shall be deemed to have received a Digital Asset into custody after the Digital Asset's
receipt into a blockchain wallet address associated with the Client's Account has been confirmed on the relevant Blockchain, except
for Digital Assets deemed to be spam or gas by Anchorage and the Client, in which case such Digital Assets designated as spam or gas will
be considered Digital Assets of Anchorage. Digital Assets in Client's Account shall: (i) be segregated at a unique blockchain address
or addresses on the relevant Blockchain (e.g., in the case of bitcoin, the Blockchain associated with the Bitcoin network) from the assets
held by Anchorage as principal and the assets of other customers of Anchorage and any other person, (ii) not be
treated as general assets of Anchorage, and Anchorage shall have no right, title or interest in such Digital Assets, (iii) Anchorage serves
as a fiduciary and custodian on Client's behalf, and the Digital Assets in Client's Account are considered fiduciary assets
that remain Client's property at all times. Digital Assets shall be held in Client's Account in accordance with the terms
of this Agreement and shall not be commingled with other customers', Anchorage's, or any other person's Digital Assets. Client's Account(s)
and all Digital Assets in the Client's Account shall be held by Anchorage at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Accounting for and ownership of Client Digital Assets and fiat currency</u>. At all times, Client owns
Digital Assets and fiat currency (if applicable) held by Anchorage on behalf of Client under this Agreement. Client Digital Assets and
fiat currency of the Client are custodial assets that shall be kept separate from the assets of Anchorage and Anchorage's other
clients and shall not be reflected on Anchorage's balance sheet as assets of Anchorage. Anchorage will record on its books and records
all Digital Assets and fiat currency (if applicable) received by it for the Account and will segregate Client Digital Assets from those
of any other person or entity at a unique blockchain address or addresses at which only Digital Assets belonging to Client shall be held
at all times. Anchorage shall verify on a daily basis that the previous day's transactions in respect of Client Digital Assets as
recorded by Anchorage are consistent with the records of the Blockchain. Anchorage will, at all times during the Term, provide Client
with access to: (i) the Technology Platform for transaction records and holdings and will provide Client daily statements that show balances
and transaction records of Client Digital Assets; and (ii) the Anchorage API which will provide Client with a live data feed that show
balances and transaction records of Client Digital Assets. Upon commercially reasonable notice to Anchorage and at no charge to Client,
Anchorage will provide Client copies of the books and records pertaining to the Client that are in the possession or under the control
of Anchorage. The books and records maintained by Anchorage will, to the extent applicable, be prepared and maintained in all material
respects as required by applicable Laws, and shall separately identify Client's Digital Assets at all times such that in an insolvency
of Anchorage, the receiver or other administrator appointed in respect of Anchorage would be able to identify and trace Client's Digital
Assets separately from the assets of Anchorage's own assets and those of all other persons. Upon request from Client in writing and at
no charge to Client (or its authorized independent public accountant), Anchorage shall reasonably cooperate with Client's authorized
independent public accountant, and provide Client's authorized independent public accountant confirmation of and access to information
sufficient to confirm: (i) the existence of Client's Digital Assets and fiat currency as of such date as such accountant may specify,
including the reconciliation of such Digital Assets against the Blockchain, and (ii) Client's Digital Assets are held in a separate
Account under Client's name, and (iii) such other information as Client's authorized independent public accountant may reasonably
request in connection with any audit or examination of Client, Client's Account(s) or Client's Digital Assets, including Anchorage's
most recent SOC 1 Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Authority to Assign or Pledge</u>. Client's Digital Assets and fiat currency shall not be subject
to any right, charge, security interest, lien or claim of any kind in favor of Anchorage or any of its Affiliates or of any creditor of
any of them, and Anchorage shall not have the independent right or authority to assign, hypothecate or re-hypothecate, pledge, encumber
or otherwise dispose of any Client Digital Assets or fiat currency of Client. The Digital Assets in the Account and the fiat currency
in the Deposit Account, as defined in Section 2.7, are not general assets of Anchorage or of any of its Affiliates and are not available
to satisfy claims of any creditors of Anchorage or of any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Application of UCC</u>. The Parties agree the relationship between Anchorage and Client is governed
by Article 8 of the New York Uniform Commercial Code, as adopted and implemented under New York law ()"**Article 8** ").
For purposes of this Agreement: Client Digital Assets credited to the Account and fiat currency in the Deposit Account (as defined in
Section 2.7), shall be treated as a "financial asset" under Article 8. Anchorage is a "securities intermediary"
with respect to all financial assets held in such securities accounts, the Account is maintained as a "securities account"
pursuant to Article 8 in the ordinary course of business Client is an "entitlement holder" under Article 8. This Agreement
sets forth how Anchorage will satisfy its Article 8 duties. Treating Client assets in the Account as financial assets under Article 8
does not determine the characterization or treatment of the cash and Digital Assets of Client under any other law or rule. New York will
be the securities intermediary's jurisdiction with respect to Anchorage for purposes of Article 8, and New York law will govern
all issues addressed in Article 2(1) of the Hague Securities Convention. Anchorage will credit the Client with any payments or distributions
on any Client Digital Assets it holds in Client's Account. Anchorage will comply with Client's Directions with respect to
Client Digital Assets in Client's Account, subject to the terms of this Agreement. Anchorage is obligated by Article 8 to maintain
sufficient Digital Assets to satisfy all entitlements of customers of Anchorage, respectively, to the same Digital Assets. Anchorage shall
not grant any person or entity a lien, security interest, encumbrance, mortgage, pledge, or adverse claim or interest of any kind in the
Digital Assets in the Client's Account. Digital Assets in Client's Account are custodial assets. Under Article 8, the Digital Assets
in the Client's Account are not general assets of Anchorage, and are not available to satisfy claims of creditors of Anchorage or
any of its Affiliates. Anchorage will comply at all times with the duties of a securities intermediary under Article 8, including but
not limited to those set forth at UCC sections 8-504(a), 8-505(a), 8-506(a), 8-507 and 8-508 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Rights of Use; Limits on Use</u>. Subject to the terms of this Agreement, Anchorage hereby grants to
Client a non-sublicensable (except to Affiliates of Client or to any Authorized Person, Agent, and any Third Party in accordance with
this Section 1.7), non-exclusive, royalty-free, worldwide and irrevocable (except pursuant to the express termination provisions set out
in this Agreement) right during the Term to access the Technology Platform. Client may sublicense its rights to access and use the Technology
Platform to any of its Affiliates, Authorized Persons, Agent, and Third Parties authorized by Client in accordance with Section 2.3(b).
Client will not, and will not permit its Affiliates, Authorized Persons, Agents or applicable Third Parties to: (i) directly or indirectly
copy, disseminate, display, distribute, publish, sell, or otherwise disclose any part of the Technology Platform, or create any works
or other materials based on or derived from any part of the Technology Platform in a manner not contemplated under this Agreement or otherwise
directed by Anchorage or its Affiliates or Agents during the Term; (ii) reverse engineer, decompile, or disassemble the software used
in the Technology Platform; (iii) sell, rent, lease, or license Client's right to use the Technology Platform except as may be set
out under this Agreement; or (iv) use the Technology Platform or Services in any other way not expressly authorized by this Agreement.
Client will be responsible for all acts and omissions of Authorized Persons in connection with or relating to this Agreement; provided
that the foregoing will not in any way limit or reduce Anchorage's duties and obligations to Client under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. <u>Support and Maintenance</u>. Subject to applicable Law, as part of the Services and at no additional
cost to Client, Anchorage will (i) make available the Technology Platform, and (ii) provide other Support Services, in each case as described
in this Agreement, including in Addendum 1 and in accordance with the Service Level Agreement attached as Exhibit A to Addendum 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. <u>Business Continuity Policy</u>. Anchorage shall maintain at all times during the Term a business continuity
and disaster recovery program that is part of the normal operating procedures applicable to Anchorage's performance of Services
as set forth in Exhibit D to Addendum 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. <u>Forks, Airdrops</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Should a Fork occur: (i) Anchorage retains the right, in its sole discretion, to determine whether or
not to support (or cease supporting) either Forked Network; (ii) in connection with determining whether to support a Forked Network, Anchorage
may suspend certain operations, in whole or in part (subject to, with respect to Supported Digital Assets only, providing not less than
ninety (90) days' notice to Client prior to such suspension), for only the amount of time that is reasonably necessary for Anchorage
to take the necessary steps, as determined in its sole discretion, to perform obligations hereunder with respect to supporting the Forked
Network; (iii) Client hereby agrees that Anchorage shall determine, in its sole discretion, whether to support such Forked Network and
that Client shall have no right or claim against Anchorage related to value represented by any change in the value of any Digital Asset
(on a Forked Network), including with respect to any period of time during which Anchorage exercises its rights described herein with
respect to Forks and Forked Networks; and (iv) Anchorage will use all commercially reasonable efforts to select as soon as reasonably
possible and in its sole discretion, at least one (1) of the Forked Networks to support and will identify such selection in a written
notice to Client. Further:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to a Forked Network that Anchorage chooses not to support Anchorage shall, in consultation
with Client and with respect to Supported Digital Assets only, but in its sole final discretion, elect to (x) abandon or otherwise not
pursue obtaining the Digital Assets from that Forked Network, or (y) if Client provides written consent to take delivery of such Digital
Assets from the Forked Network, deliver the Digital Assets from that Forked Network to Client (or such Third Party nominated by Client
in writing) within a time period as determined by Anchorage in its sole discretion, together with any credentials, keys, or other information
sufficient for Client (or its nominated Third Party) to gain control over such Digital Assets (subject to the withholding and retention
by Anchorage of an amount reasonably necessary to fairly compensate Anchorage (on a pro rata basis) for the efforts expended to obtain
and deliver such Digital Assets to Client or its nominated Third Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to Forked Networks that Anchorage chooses to support, Client may be responsible for the reasonable
additional fees incurred by Anchorage attributable to Anchorage's support of such Fork and prorated in respect of Client's
Digital Assets (to be negotiated and agreed between the Parties in writing prior to such Fork taking effect), and Client acknowledges
and agrees that Anchorage assumes no responsibility with respect to any Forked Network and related Digital Assets that it chooses not
to support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client acknowledges that Digital Asset values can fluctuate substantially which may result in a
 total loss of the value of Digital Assets. The supply of Digital Assets available as a result of a Forked Network and
 Anchorage's ability to deliver Digital Assets resulting from a Forked Network may depend on circumstances or Third Party
 providers that are outside of Anchorage's control. Anchorage does not own or control any of the protocols that are used in
 connection with Digital Assets and their related Digital Asset networks, including those
resulting from a Forked Network. Accordingly, Anchorage disclaims all liability relating to a Forked Network and any change in the value
of any Digital Assets (whether on a Forked Network or otherwise) due to the operation of Digital Asset networks which affect all holders
of Digital Assets on such networks as a class, and makes no guarantees regarding the security, functionality, or availability of such
protocols or Digital Asset networks, provided Anchorage shall act in accordance with this Agreement. In the event that a Digital Asset
network, entity or person (a "**Sender**") attempts to or does contribute (sometimes called "airdropping" or
"bootstrapping") its Digital Assets (collectively, "**Airdropped Digital Assets**") to holders of Digital Assets
on an existing Digital Asset network and Client notifies Anchorage in writing that Client agrees in writing that it is willing to take
possession of the Airdropped Digital Assets associated with Client's Digital Assets, Anchorage shall carry out one of the following
actions in its sole final discretion: (i) subject to a reasonable airdrop fee to support the Airdropped Digital Asset for custody in accordance
with this Agreement and, if appropriate, reconcile Account(s); (ii) abandon or otherwise not pursue obtaining the Airdropped Digital Assets;
or (iii) within a reasonable time period as determined by Anchorage, deliver the Airdropped Digital Assets
from that Digital Asset network to Client (or such Third Party nominated by Client in writing), together with any credentials, keys, or
other information sufficient for Client (or its nominated Third Party) to gain control over such Airdropped Digital Assets (subject to
the withholding and retention by Anchorage of any amount reasonably necessary, as determined in Anchorage's sole discretion, to
fairly compensate Anchorage for the efforts expended to obtain and deliver such Airdropped Digital Assets to Client or its nominated Third
Party). If Anchorage supports, obtains or delivers Airdropped Digital Assets, such actions will not create any relationship between the
Sender and Anchorage, grant any interest or rights to the Sender (including, without limitation, any Third Party beneficiary rights),
or subject Anchorage to any obligations as it relates to the Sender. Under no circumstances will Anchorage include any Airdropped Digital
Assets in Client's custody holdings without Client's express written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that an announcement of a Fork in a Supported Digital Asset is to occur pursuant to Section
1.10(a), upon a written notice by either Party, the Parties agree to enter into a good faith discussion about which Fork can be supported
by Anchorage and Anchorage will support at least one branch of such Fork, unless expressly prohibited by Law or Anchorage's US prudential
regulator. Notwithstanding anything to the contrary herein, Anchorage agrees to provide advance written notice to the Client announcing
which Forked Network Anchorage intends to support for the Supported Digital Asset, promptly upon becoming aware of such a potential suspension,
and to use commercially reasonable efforts to give Client a reasonable opportunity to withdraw Client's Digital Assets following such
announcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. <u>Generally</u>. Client agrees that Anchorage will perform only such duties as are expressly set forth
herein, including complying with applicable Law. Anchorage has the authority to do all acts that Anchorage reasonably determines are necessary,
proper, or convenient for it to perform its obligations under this Agreement, provided it shall at all times comply with and be subject
to this Agreement and shall have no obligation to perform acts which it reasonably believes do not comply with applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Client Responsibilities and Acknowledgements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Account Acceptance; Authorized Person Designations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Services will be provided only after Client's successful completion of the account acceptance process,
including but not limited to the onboarding process in Section 2.3(a), as determined in Anchorage's sole discretion. Anchorage may
terminate this Agreement upon fourteen (14) days' prior written notice to the Client due to Client's failure to complete the
onboarding process with Anchorage; provided that this right will no longer apply after the date of execution of this Agreement by both
Parties. To complete the acceptance process, Client shall provide Anchorage with information and documents, which include but are not
limited to, information necessary for Anchorage's compliance with the Bank Secrecy Act ()"**BSA** "), and all Laws
and regulations relating to anti-money laundering ()"**AML** "), Know-Your-Customer ()"**KYC** "), counter-terrorist
financing, sanctions screening requirements, or any other legal obligations, in each case, as determined by Anchorage in its reasonable
discretion as being required by applicable Law. Upon acceptance of Client by Anchorage, Client shall nominate and manage Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to be approved as an Authorized Person, nominated persons must agree to data collection permissions
and related policies provided in the Technology Platform (including the Anchorage Digital Mobile Application), including privacy policies
and other terms, which may be amended from time to time. A copy of the then-current versions of such privacy policies and other terms
will be provided at the written request of Client. Client is solely responsible for the actions or inactions of all Authorized Persons
in connection with the Technology Platform at all times, though Anchorage shall comply with its obligations under this Agreement, including
the standard of care specified in Section 10.6 hereof. With respect to Client's primary custody Account, Client will initially nominate
three (3) or more individuals as Authorized Persons prior to initiation of Client on-boarding by Anchorage, and a minimum of two (2) of
three (3) Authorized Persons must approve an Authenticated Instruction. Anchorage reserves the right in its reasonable sole discretion
to change the minimum number of Authorized Persons to be designated or which are required to approve a Direction; provided that Anchorage
provides Client with sixty (60) days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subsequent to the approval and on-boarding of initial Authorized Persons, Client may nominate additional
Authorized Persons or revoke an Authorized Person's status, each through a Direction to be approved by a Quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Acceptable Devices</u>. Unless expressly agreed upon otherwise, Client shall maintain a separate Acceptable
Device for each Authorized Person. The Acceptable Device must have Internet accessibility and meet other technical specifications prescribed
by Anchorage in Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Authorized Persons; Anchorage API</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each person nominated by Client as an Authorized Person must be confirmed by Anchorage as an Authorized
Person. Authorized Persons may be required to successfully complete the onboarding process and training, which may include: (i) installing
the Anchorage Digital Mobile Application onto the person's Acceptable Device; and (ii) training on the Services regarding the creation
of Directions or joining a Quorum. Upon completion of Anchorage's onboarding process and any training, to Anchorage's satisfaction
in its sole discretion, the nominated person will be designated by Anchorage as one of Client's Authorized Persons and their device
designated by Anchorage as an Acceptable Device, such that they may create Directions or join a Quorum. Upon such designation, Anchorage
may rely on the validity of such appointment until such time as Anchorage receives Directions from Client revoking such appointment or
designating a new Authorized Representative. Anchorage will disable the access of an Authorized Representative as soon as reasonably practicable
upon request from Client and in no event greater than one day following the receipt of such request and the execution of any documents
reasonably required by Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the Services, Anchorage shall provide Client with access to the Anchorage API during the Term,
through which Client may permit any Third Party, as well as Anchorage and its Affiliates, to access the Account(s) or Technology Platform.
Anchorage shall follow any Directions submitted via the Anchorage API, including Directions for withdrawals and external transfers of
Client's Digital Assets, as though such Directions were submitted from and by Client and without additional authentication, unless
otherwise specified in this Agreement. Authorized Persons may generate API Keys and assign roles and access levels (e.g. read-only, admin)
to a Third Party, including without limitation, a Third Party application, subject to their compliance with the Anchorage API's
Documentation, and applicable Law. Client and all Authorized Persons shall use industry best practices to safeguard any generated Anchorage
API Keys. Client shall be responsible for all Third Party access to the Account(s) and Directions submitted via the Anchorage API, and
Anchorage shall not be liable for following any Directions submitted via the Anchorage API Key provided to Client unless Anchorage's
negligence or willful misconduct caused unauthorized access to or possession of such key.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>On-Chain Services</u>. From time to time, Anchorage may, in its sole discretion, offer Client additional
optional services involving on-chain transactions (other than deposits and withdrawals included in Anchorage's basic custody service),
which may include staking, voting, vesting, signaling, and other activities requiring interaction with the applicable blockchain ()"**On-Chain Services** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Offer and Acceptance of On-Chain Services. Anchorage may offer On-Chain Services by sending the offer in writing to Client. Any offer for On-Chain Services will include the following terms, which shall be reviewed and approved by Client in a separate agreement (any option to elect such services in the Anchorage Digital Mobile Application shall not be valid) to Authorized Persons of Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) a basic description of the On-Chain Service;

ii) a disclosure of the material risks of the On-Chain Service;

iii) a description of any associated fees;

iv) any other key terms of the On-Chain Service, as applicable (for example, Anchorage will disclose if Digital Assets must be locked for a minimum period and would not be immediately accessible to Client); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) an option to expressly agree to the On-Chain Service.

A Client may accept an On-Chain Service in a signed writing, which for avoidance of doubt, Client has not agreed to enter into by entering into this Agreement and shall enter into separately in the event Client elects to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cancellation of On-Chain Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Any Authorized Person may cancel an On-Chain Service at any time; provided, however, that in cases where
Digital Assets are locked up for a certain period pursuant to the blockchain protocol, Anchorage will release locked Digital Assets when
and as permitted by the applicable blockchain protocol. If Client desires to cancel an On-Chain service, Client may do so by providing
written notice to Anchorage. Cancellation of an On-Chain
Service via the Anchorage Digital Mobile Application shall be void and of no legal effect. Client must provide
written notice to Anchorage for any actions by Client via the Anchorage Digital Mobile Application that could reasonably be interpreted
as a cancellation, termination, pause, or material modification of an On-Chain Service, so that Anchorage can confirm Client's instructions
and implement any valid cancellation in accordance with this Agreement.

ii) Anchorage may only discontinue an On-Chain Service upon providing Client with at least one hundred and eighty (180) days' written notice prior to such discontinuation unless one or more of the following circumstances apply: (1) Anchorage is required by applicable Law to discontinue such On-Chain Service; or (2) there is a change in the applicable underlying blockchain protocol which means Anchorage is no longer able to provide such On-Chain Service, in which case Anchorage will use best efforts to provide as much prior written notice to Client as reasonably possible upon becoming aware of such circumstance(s), and provided however Anchorage shall not be liable for any loss of rewards, slashing, penalty, or additional fees that may be incurred by the Client on the blockchain protocol.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Legal Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision in this Agreement, Client agrees at all times to: (i) fully satisfy
Anchorage's information requests and other requirements, including but not limited to those relating to Authorized Persons or Digital
Assets; (ii) fully comply with all applicable Laws to the extent relevant and material to its performance hereunder, including the BSA
and all other Laws and regulations related to AML, KYC, counter-terrorist financing, sanctions screening requirements, or other legal
obligations; (iii) notify Anchorage if Client becomes a target of any BSA or Digital Asset related action, investigation or prosecution;
(iv) notify Anchorage of any changes in jurisdiction or material ownership; and (v) provide Anchorage full cooperation in connection with
any inquiry or investigation made or conducted by the U.S. Office of the Comptroller of the Currency ()"**OCC** "). Client
agrees to immediately notify Anchorage if it becomes aware of any suspicious activity or pattern of activity, or any activity which upon
investigation may be a suspicious activity or pattern of activity under applicable Laws, involving Client's Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision in this Agreement, Anchorage agrees at all times to: (i) fully satisfy
Client's information requests and other requirements, including but not limited to those relating to Authorized Persons or Digital Assets,
or any such request from Client's accountants or auditors; (ii) fully comply with all applicable Laws, including the BSA and all other
Laws and regulations related to AML, KYC, counter-terrorist financing, sanctions screening requirements, the requirements of the OCC or
other legal obligations; (iii) notify Client if Anchorage becomes a target of any BSA or Digital Asset related action, investigation or
prosecution; (iv) notify Client of any changes in jurisdiction or material ownership; and (v) provide Client full cooperation in connection
with any inquiry or investigation made or conducted by any federal or state regulator. Anchorage agrees to immediately notify Client if
it becomes aware of any suspicious activity or pattern of activity, or any activity which upon investigation may be a suspicious activity
or pattern of activity under applicable Laws, involving Client's Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Acknowledgements</u>. Client acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Client is an "entitlement holder" in a "Financial Asset," as defined by, and for
purposes of, the UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anchorage does not provide investment advice or exercise investment discretion. Client is capable of evaluating
transaction and investment risks independently, both in general and with regard to all transactions and investment strategies. Client
is solely responsible for, and Anchorage has no involvement in, determining whether any Digital Asset transaction (whether an investment
or otherwise), investment strategy, or related transaction is appropriate for Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anchorage has no control over the Blockchains and markets in which Digital Assets are purchased and traded,
and such may be subject to technology flaws, manipulations, hacks, double spending, "51%" attacks, other attacks, and operational
limitations, provided, Anchorage shall comply with its obligations under this Agreement and applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anchorage does not control and makes no guarantee as to the functionality of any Blockchain's decentralized
governance, which could, among other things, lead to delays, conflicts of interest, or operational decisions that may impact Client or
its Digital Assets, provided, Anchorage shall comply with its obligations under this Agreement and applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Advancements in cryptography (such as enabled by quantum computing) could render current cryptography
algorithms utilized by a Blockchain supporting a specific Digital Asset inoperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The price and liquidity of Digital Assets has been subject to large fluctuations in the past and may be
subject to large fluctuations in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Deposits into Client's Accounts may not be considered "deposits," as that term may be
used under the applicable Laws, rules, or regulations in Client's jurisdiction, provided, Anchorage shall comply with its obligations
under this Agreement and applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Digital Assets in Client's Accounts are not subject to deposit insurance protection of the Federal
Deposit Insurance Corporation ()"**FDIC"**) and may not be subject to the protection afforded customers under the Securities
Investor Protection Act of 1970, as amended, provided, Anchorage shall comply with its obligations under this Agreement and applicable
Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Digital Assets are not legal tender and are not backed by any government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Legislative and regulatory changes or actions at the state, federal, or international level may adversely
affect the use, transfer, exchange, and value of Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Transactions in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental
transactions may not be recoverable, provided, Anchorage shall comply with its obligations under this Agreement and applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Some Digital Asset transactions shall be deemed to be made when recorded on a public ledger, which is
not necessarily the date or time that transaction was initiated, provided, Anchorage shall comply with
its obligations under this Agreement and applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The value of Digital Assets may be derived from the continued willingness of market participants to exchange
fiat currency or Digital Assets for Digital Assets, which may result in the potential for permanent and total loss of value of a particular
Digital Asset should the market for that Digital Asset disappear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) There is no assurance that a person who accepts a Digital Assets as payment today will continue to do
so in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Due to the volatility and unpredictability of the price of Digital Assets relative to fiat currency trading
and owning Digital Assets may result in significant loss over a short period of time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The nature of Digital Assets may lead to an increased risk of fraud or cyber-attack, provided, Anchorage
shall comply with its obligations under this Agreement and applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Any bond, insurance or trust account maintained by Anchorage for the benefit of its customers may not
be sufficient to cover all losses incurred by Client, provided, Anchorage shall comply with its obligations under this Agreement and applicable
Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Fees and any other payments or compensation otherwise agreed to by Anchorage and Client represent
reasonable compensation for Anchorage's Services and expenses .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Fiat Currency Instructions and Acknowledgements; Undirected Cash Disclosures</u>. Anchorage may, in
its sole discretion, offer Fiat Services to Client. If Anchorage offers Fiat Services, and Client accepts Fiat Services and Anchorage
will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Deposit all cash deposited by Client with Anchorage, for which the Client has not already provided transfer
instructions, into deposit accounts at FDIC-insured, regulated depository institutions selected by Anchorage (each, a "**Fiat Institution** "),
which accounts will be held for the benefit of (FBO) Anchorage clients ()"**Deposit Accounts** "). Deposit Accounts will
be non-interest-bearing and may be segregated by client or pooled into omnibus accounts. Anchorage will title the Deposit Accounts it
maintains with U.S. depository institutions and maintain records of Client's interest in a manner that enables Anchorage to secure
receipt of Federal Deposit Insurance Corporation ()"**FDIC**") deposit insurance, where applicable and up to the deposit
insurance limits applicable under FDIC regulations and guidance, on cash deposited by Client for the Client's benefit on a pass-
through basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Enter into such sub-accounting agreements as may be required by the Fiat Institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Initiate wire transfer requests from time to time for the withdrawal of Client funds from the Deposit
Accounts, which requests are to be honored by the Fiat Institution for withdrawal of Client's funds from such Deposit Accounts for
distributions, investments, fees and other disbursements directed or agreed to by an Authorized Person. All applicable wire transfer fees
shall be paid by the Client ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the sub-account held for the benefit of Client, Anchorage will keep records to facilitate pass-through
FDIC coverage of up to the maximum coverage level of $250,000 per Client at a single Fiat Institution. Anchorage makes no guarantee that
pass-through FDIC coverage will be available, and Client acknowledges and accepts the risk that pass-through FDIC coverage may not be
available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Ownership and Intellectual Property Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Services and Documentation</u>. As between the Parties and subject to Sections 3.2 (Outputs of Services)
and 3.3 (Client Data), Anchorage owns all right, title and interest in and to the Services, the Documentation, and all Intellectual Property
Rights in the Services and the Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Outputs of Services</u>. Anchorage hereby grants Client a perpetual, royalty-free, non-transferable
(except as provided in Section 12.10), non-sublicensable, (except to Affiliates of Client, Authorized Persons, Agent, and any Third Parties
authorized by Client in accordance with Section 1.7), worldwide license to use, import, distribute, copy, reproduce, display, transmit,
perform, excerpt, reformat, adapt, or otherwise modify and create derivative works of all output materials and results from use of the
Services and Documentation by Client, its Affiliates, Agent, or Authorized Persons, including any reports, graphics, data, specification,
programs and all other materials or computer output ()"**Outputs** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Client Data</u>. As between the Parties, Client owns all right, title and interest in and to Client
Data, including all Intellectual Property Rights in Client Data. Client hereby grants Anchorage, and any of its Affiliates approved by
Client in writing to provide Services, a perpetual, royalty-free, non-transferable (except as provided in this Section 3.3 or Section
12.10), non-sublicensable, worldwide license to disclose and use Client Data solely to: (i) operate, manage, and improve the Services
provided to Client, its Affiliates, Authorized Persons or applicable Third Parties pursuant to this Agreement; (ii) monitor, process and
support Directions or as necessary to effect, administer, or enforce a transaction or directive that Client otherwise requests or authorizes,
including to facilitate use of Services provided by Anchorage Affiliates; and (iii) comply with Laws applicable to the provision of the
Services to Client including financial reporting and retention of related data. For clarity, Anchorage may not use Client Data for any
other purpose without the express written consent of Client. Notwithstanding the foregoing, Anchorage may only disclose and use Client
Data for any purpose provided it is in a de-identified and anonymized form and in aggregation with data from Anchorage's other clients.
For purposes of this Agreement, Client Data is "de-identified" or "anonymized" only if: (a) all other information
or identifiers that directly or indirectly identify (or which may reasonably be used to re-identify) the source and subject of such data
with Client (or with Client's Affiliates, Authorized Persons, Agents or their respective personnel or clients) have been removed;
and (b) it does not enable a Third Party to discern, disaggregate, de- anonymize, decompile, recreate, or reverse engineer either any
aspect or element of the Client Data or any particular trading strategy of Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Feedback</u>. From time to time, Client may submit or provide suggestions, requests for features, recommendations,
or ideas to Anchorage ()"**Feedback** "). For clarity, Client is not required to submit any Feedback under this Agreement
and Client retains all right, title, and interest in and to Feedback, including all Intellectual Property Rights in Feedback. To the extent
Client provides Feedback to Anchorage during the Term, Client hereby grants Anchorage a non-exclusive, worldwide, royalty-free, irrevocable,
non-sub-licensable, perpetual license to use the Feedback,
without consideration or compensation to Client or Authorized Persons, Affiliates, agents, partners, or personnel (except to Affiliates
of Anchorage approved by Client in writing to provide Services). Client makes no representations or warranties whatsoever with respect
to any Feedback, which is provided on an "as-is" basis, and Client disclaims any and all liability for the use thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Reservation of Rights</u>. Except for the rights and licenses granted under this Agreement, each Party
agrees that, subject to applicable Law: (a) nothing in this Agreement will be construed as granting any rights of a Party to the other
Party, by license or otherwise, in or to any Client Data, Confidential Information or Intellectual Property Rights of such Party or its
Affiliates: and (b) all rights in and to the Intellectual Property Rights of such Party that are not expressly granted herein are reserved
by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Term and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Term</u>. This Agreement is effective as of the Effective Date and will continue in full force and
effect for the Initial Term period in the Order Form, and will be automatically renewed on the same terms for each successive Renewal
Term specified in the Order Form (the Initial Term and each Renewal Term collectively referred to herein as the "**Term** ").
The Client may elect not to renew the Agreement by providing written notice of cancellation and non-renewal no less than thirty (30) days'
prior to the expiration of the current Term or unless sooner terminated as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Termination by Anchorage for Cause</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Cause</u>: Upon the occurrence and during the continuance of an event that constitutes Cause (as defined
below) (unless, with respect to a non-continuing event that constitutes Cause, Anchorage has already commenced exercising its rights under
this Section or has otherwise notified Client that it will promptly do so, in each case while such event is continuing) and after giving
effect to any notice requirement and cure period that may apply, Anchorage may, in its reasonable discretion, take any of the following
actions: (i) terminate, in whole or in part, the Agreement, and/or (ii) suspend, restrict or terminate the Client's Services, except
for the Transition Services during the Transition Period. "**Cause**" shall mean: (A) Client materially breaches any provision
of this Agreement and such breach remains uncured for a period of thirty (30) calendar days after notice of such breach is provided by
Anchorage to Client; or (B) a Bankruptcy Event occurs and is continuing with respect to Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Notice Period</u>: Unless providing such notice would cause Anchorage to: (i) violate applicable
Law or the legally binding order of a governmental body or other regulatory or supervisory authority; or (ii) compromise an investigation
of a governmental body or other regulatory or supervisory authority, Anchorage shall not terminate this Agreement or suspend, restrict,
terminate or modify the Services, and shall continue to provide the Services for the duration of the Term (or in the case of the Transition
Services, the Transition Period), including, the custody of Client's Digital Assets on Client's behalf, the processing of
withdrawals, deposits, and the other Services, and access to the Technology Platform, in each case unless: (A) such suspension, restriction,
termination or modification is permitted pursuant to this Section 4.2; and (B) Anchorage provides not less than 180 days' prior
written notice to Client (or such lesser amount as expressly permitted pursuant to this Section 4.2) describing in reasonable detail the
suspension, restriction, termination or modification that Anchorage will implement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Technology Platform Incident:</u> Anchorage may temporarily suspend, modify or restrict Client's
access to the Technology Platform to the extent and for the duration Anchorage reasonably determines, in good faith and based on a written
record, is necessary to maintain the security or integrity of the Technology Platform or Client's Digital Assets. The requirement
to provide 180 days' prior written notice pursuant to Section 4.2(b)(B) shall not apply to any suspension, modification or restriction
of the Technology Platform pursuant to this Section 4.2(c)where: (i) immediate action is reasonably required to address the threat to
the security or integrity of the Technology Platform or the Client's Digital Assets; or (ii) providing such notice would otherwise
compromise the security or integrity of the Technology Platform or the Client's Digital Assets, in which case: (A) Anchorage shall
instead provide Client with as much prior written notice as reasonably practicable (which for the avoidance of doubt may be concurrent
with or immediately following the implementation of the suspension, modification or restriction); and (B) such notice shall include reasonable
details regarding the scope and expected duration of the suspension, modification or restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Law</u>: If after the Effective Date, there occurs: (i) any change in or the adoption of
any applicable Law; or (ii) a governmental body or other regulatory or supervisory authority issues an order which is legally binding
on either Party, which in the reasonable opinion of counsel to Anchorage, acting in good faith and based on a written record, will prohibit
Anchorage from providing the Services to Client as contemplated by this Agreement (a "**Change in Law** "), the Parties
will, in good faith and acting in a commercially reasonable manner intended to produce a commercially reasonable result, agree on modifications
to the Agreement or Services that would enable compliance with such Change in Law and Anchorage shall continue to provide the Services
as contemplated herein unless prohibited from doing so by the Change in Law. If the Parties cannot agree on modifications within thirty
(30) days following notice from Anchorage or if the Change in Law requires that Anchorage immediately ceases providing any Services, Anchorage
may, only following notice in writing to Client, suspend, restrict or terminate the Services solely to the extent necessary to account
for the Change in Law, provided that Anchorage agrees that any suspension, restriction, termination or modification arising from a Change
in Law shall be narrowly tailored to enable compliance with such Change in Law and, to the extent not prohibited by the Change in Law,
Anchorage will continue to provide, at a minimum, the Transition Services following any Change in Law. Anchorage represents, warrants
and covenants that it will promptly notify Client of any proposed or announced change in applicable Law that may result in a Change in
Law hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of rights</u>: Upon receipt of written notice from Client of any event that constitutes Cause,
if Anchorage fails to exercise any of its rights and remedies above, except those listed in Section 4.2(d), for a period of sixty (60)
days following the receipt of such notice requesting a waiver, then Anchorage shall have waived its right to terminate the Agreement or
exercise any other rights or remedies by reason of such event and such event shall be deemed to have been cured regardless of whether
it continues after such waiver; provided however that this provision: (i) does not limit Anchorage's right to take any actions with
respect to an event that constitutes Anchorage Cause as the result of the separate occurrence of such event or the occurrence of any other
such event; and (ii) shall not apply to any Bankruptcy Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Termination by Client for an Anchorage Termination Event</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Anchorage Termination Event</u>: Regardless of any other provision of this Agreement, upon the occurrence
and continuance of an Anchorage Termination Event (unless, with respect to a non-continuing event that constitutes an Anchorage Termination
Event, Client has already commenced exercising its rights under this Section or has otherwise notified Anchorage that it will promptly
do so, in each case while such event is continuing) and after giving effect to any notice requirement and cure period that may apply,
Client may, in its reasonable discretion, take any of the following actions: (i) terminate, in whole or in part, the Agreement and (at
its discretion) accelerate any or all of Anchorage's obligations hereunder (provided that acceleration of any payment or performance
obligations will not apply to any obligations that would violate Law, regulatory directives, or security requirements); (ii) require Anchorage
to immediately (1) cease taking new deposits or processing new withdrawals; and/or (2) cancel outstanding withdrawals or deposits (including
those that have been submitted or are in the process of being fulfilled); (iii) make a written demand on Anchorage for the return of all
Client assets, including Client Digital Assets and fiat currency (subject to applicable Law, sanctions, and any security or operational
constraints necessary to ensure a secure transfer); (iv) seek Specific Performance with respect to any obligations hereunder; (v) with
respect to a Bankruptcy Event, or an Anchorage Termination Event, exercise its right of set-off hereunder; and (vi) determine its claim
against Anchorage using the Benchmark Valuation and seek payment thereof. In addition, Client's payment obligations under the Agreement
shall be suspended upon the occurrence and during the continuance of an Anchorage Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Prior notice</u>: If an Anchorage Termination Event occurs and Client elects to exercise its remedies
hereunder against Anchorage, Client will notify Anchorage in writing prior to exercising such remedies, unless a court order, the legally
binding order of a governmental body or other regulatory or supervisory authority or other legal or regulatory process prohibits Client
from providing Anchorage with such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No waiver</u>: Notwithstanding anything herein to the contrary, all rights granted hereby shall be
without prejudice to any right to which Client is at any time is otherwise entitled (whether by operation of law, contract or otherwise)
and, other than as specifically provided herein, no delay or omission by Client in exercising any right or remedy hereunder shall operate
as a waiver of the future exercise of that right or remedy or of any other rights or remedies hereunder. In the event Client exercises
its remedies hereunder, Anchorage shall, upon demand, pay to Client all documented and reasonable costs and expenses incurred by Client
in connection with the enforcement of its rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Termination for Convenience</u>. Client may terminate this Agreement in whole or in part for any reason
by providing at least thirty (30) days' prior written notice to Anchorage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>Transition Services:</u> Notwithstanding any termination of the Agreement for Cause or convenience,
during any Transition Period, Anchorage shall continue to provide the Transition Services and render such assistance as the Client or
its affiliates may reasonably request to enable the continuation and orderly assumption of the Transition Services to be effected by the
Client, an affiliate of the Client or any alternative service provider and shall continue to provide the Transition Services pursuant
to the Agreement, except to the extent any Transition Service is prohibited under applicable Law (including but not limited to applicable
sanctions programs) or by a facially valid subpoena, court order, or binding order of a government authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>Effect of Termination Notice</u>. Upon termination of this Agreement, Client will pay Anchorage all
Fees, as provided in the Order Form, and documented expenses permitted by this Agreement, if any, in each case for those Services rendered
to Client through the effective date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Other Obligations and Rights on Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Digital Assets</u>. A Digital Asset will be deemed to have been returned to Client when: receipt of
the Digital Asset at Client's designated destination address has been confirmed on the relevant Blockchain

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Confidential Information and Client Data</u>. At the Disclosing Party's written request, the
Receiving Party will return or destroy any or all of the Disclosing Party's Confidential Information. In addition, upon Client's
written request, Anchorage will promptly return or destroy all Client Data. Notwithstanding the foregoing, the Receiving Party may retain
a copy of Confidential Information and Client Data to the extent: (i) required for audit, legal, accounting, or compliance purposes or
pursuant to the Receiving Party's internal document retention policy; (ii) included within unstructured backup files or that technically
cannot be deleted; (iii) licensed pursuant to Section 3.3; (iv) required by applicable Laws; or (v) as otherwise permitted by this Agreement,
provided that Section 8 shall continue to apply to all such retained information, notwithstanding termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Fees and Taxes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Fees</u>. Client will pay Anchorage the Fees for the Services as set forth in the Order Form or as
otherwise agreed in a signed writing between the Parties. Upon termination, Client shall be responsible for payment of any Fees accrued
until the Client transfers all of Client's assets out of Client's Account, or until the assets are abandoned and forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Invoices; Payment Terms</u>. Anchorage will submit invoices for the Services as set forth in the Order
Form. Except as otherwise set forth in the Order Form, Client agrees to pay all undisputed invoices net thirty (30) days following receipt
of the invoice by the Client. If Client reasonably disputes any portion of an invoice, Client agrees, within the foregoing 30-day period,
to: (i) pay the undisputed amounts; and (ii) provide a detailed explanation with all supporting documentation of the basis for its dispute.
The first invoice will be sent after the end of the calendar month including the Fees Commencement Date, unless otherwise agreed in writing
by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Taxes.</u> The Fees do not include all taxes, assessments, duties, and other governmental and similar
charges ()"**Taxes**") that may be assessed on Client or Client's assets by governmental authorities, which are Client's
sole obligation to remit unless otherwise mandated by Law. Client shall be liable for all Taxes relating to any Digital Assets held on
behalf of Client or any transaction related thereto. Client shall remit to Anchorage for the amount of any Tax that Anchorage is required
under applicable Laws (whether by assessment or otherwise) to pay on behalf of, or in respect of activity in the Account of, Client. In
the event that Anchorage is required under applicable Law to pay any Tax on behalf of Client, Anchorage shall promptly notify Client of
the amount required and Client shall promptly transfer to Anchorage the amount necessary to pay the Tax. Anchorage agrees that the Client
may withhold or deduct Taxes as may be required by applicable Law. Anchorage agrees that the Client may withhold or deduct Taxes from
any payment of Fees to Anchorage as may be required by applicable Law and as documented by Client to Anchorage, and any such amounts so
withheld or deducted shall be treated as having been paid to Anchorage. For
the avoidance of doubt, Anchorage shall be liable for any and all Taxes on any and all income or gross receipts it receives from Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Reserve</u>. With Client's prior written agreement, Anchorage may establish a reserve account to ensure
Client pays Fees ()"**Reserve Account**") if Client: (i) breaches this Agreement; (ii) is subject to a material regulatory
action or proceeding that Anchorage reasonably determines makes it prudent for it to engage counsel or incur expenses to manage the Account;
or (iii) is likely to become the subject of bankruptcy or insolvency proceedings, each as reasonably determined by Anchorage. If Anchorage
creates a Reserve Account, Anchorage will provide prior written notice to the Client of the reasons therefore and the required Reserve
Account balance. Anchorage may use Reserve Account funds to pay Client obligations to Anchorage, and if such funds are used, Anchorage
will account to Client for such funds used in Client's monthly statements. In no case shall any amounts held in the Reserve Account
constitute "demand deposits" or be withdrawable by check or similar means for payment to Third Parties or others, within the
meaning of 12 U.S.C. 1841(c)(2)(D)(iv)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Representations and Warranties; Disclaimers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Mutual Representations and Warranties</u>. Each Party represents, warrants, and covenants that: (i)
it is a validly organized entity under the laws of the jurisdiction of its incorporation; (ii) it has all rights, power, and authority
necessary to enter into this Agreement and perform its obligations hereunder; (iii) its performance of this Agreement, and the other Party's
exercise of its rights under this Agreement, will not conflict with or result in a breach or violation of any of the terms or provisions
or constitute a default under any agreement by which it is bound or any applicable Laws; (iv) that it is committed to conducting business
without the appearance of impropriety and will not seek to influence any person in relation to its business by giving, offering, or promising
bribes or other illegal payments or advantages. This commitment extends to each Party's dealing and transactions in all countries
in which it operates (including extraterritorial remit) and all directors, employees, agents, consultants, and business partners. Each
Party has controls in place to prevent bribery and corruption including at a minimum, controls required to comply with the UK Bribery
Act 2010, the US Foreign Corrupt Practices Act (FCPA) 1977, and USA Patriot Act; (v) it will comply with all applicable Laws in performing
its obligations under this Agreement; and (vi) it is not directly or indirectly owned or controlled by any person or entity: (a) included
on the Specially Designated Nationals and Blocked Persons or the Consolidated Sanctions List maintained by the Office of Foreign Assets
Controls ()"**OFAC**") or similar list maintained by any government entity from time to time; or (b) located, organized,
or resident in a country or territory that is the target of sanctions imposed by OFAC or any government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Anchorage Representations and Warranties</u>. Anchorage represents, warrants and covenants to Client
as of the Effective Date and each calendar day during the Term that: (i) the Services will conform to this Agreement; (ii) it is the owner
of or is duly authorized to provide all Services; (iii) it has all rights necessary to grant all the rights and licenses that it purports
to grant and perform all of its obligations under this Agreement; (iv) it has all licenses, registrations, authorizations and approvals
required by any governmental agency, regulatory authority or other Party necessary for it to operate its business and engage in the business
relating to its provision of the Services; (v) it is a qualified custodian as defined under the Advisers Act and is chartered by the OCC
to custody Client's digital assets in trust on Client's behalf; (vi) it is not aware of any claim that the Services, and the
use thereof by any Authorized Person in accordance with this Agreement, infringe upon or otherwise violate any statutory, common law or
other rights of any Third Party in or to any Intellectual
Property Rights therein; (vii) as of the Effective Date, there is no pending, threatened, or anticipated claim, suit, or proceeding affecting
or that could affect Anchorage's ability to perform and fulfill its obligations under this Agreement; (viii) the Technology Platform
will perform in accordance with the Documentation and technical specifications; (ix) it will test the Technology Platform using industry
standard virus detection tools to prevent (with commercially reasonable efforts) the inclusion of Disabling Device, or any malicious or
harmful code prior to use by Client; (x) the Services will be performed by Anchorage in a professional and workmanlike manner in accordance
with generally accepted industry standards and in accordance with the Documentation; (xi) all information and materials provided by Anchorage
to Client for the purpose of Client conducting a security assessment of Anchorage were (and will be during the term of this Agreement)
materially correct and accurate; and (xii) it has no right, interest, or title in the Client's Digital Assets.

In addition, Anchorage represents, warrants and covenants as of the Effective Date and each calendar day during the Term that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Anchorage has adopted, implemented, and shall maintain and follow a reasonable risk-based sanctions compliance
program ()"**Sanctions Program**") that complies with all applicable economic sanctions laws and regulations imposed by
the United States (including as administered and/or enforced by the Office of Foreign Assets Control), the United Kingdom, the European
Union, the United Nations and other applicable jurisdictions (collectively "**Sanctions Laws**") and that Sanctions Program
prevents Digital Assets, deposits, withdrawals, transfers or transactions from being directly or indirectly derived from or associated
with persons, entities or jurisdictions that are the target or subject of sanctions in violation of any Sanctions Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Anchorage has also adopted, implemented and shall maintain and follow an anti-money laundering program
(" **AML Program**") that complies with: (i) all applicable laws and regulations relating to anti-money laundering, including
the Bank Secrecy Act, as amended by the USA PATRIOT Act and the Anti-Money Laundering Act of 2020 (collectively "**AML Laws** ");
and (ii) industry best practice. As part of its AML Program, Anchorage performs both initial and ongoing due diligence on each of its
customers, as well as ongoing transaction monitoring that is designed to identify and report suspicious activity conducted through customer
accounts, as required by law. The above AML controls are applied to all transactions and asset transfers conducted by Anchorage, and to
all customer accounts opened at Anchorage, including any opened by authorized participants of the Client or trading counterparties of
the Client (collectively known as "**Counterparty Accounts**") for the purpose of facilitating Supported Digital Assets
deposits to, and withdrawals from, the Client's Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All fund movements, whether from a public blockchain address outside Anchorage or from an account within
Anchorage, into Client's Account or a Counterparty's Account at Anchorage will be sanctions screened, including with blockchain
analytics software, to ensure that in kind transactions in respect of Supported Digital Assets did not originate from persons, entities
or jurisdictions that are the target or subject of sanctions, or associated with such persons, entities or jurisdictions, or otherwise
in violation of any Sanctions Laws, prior to any onward transfer to the Client's Account(s) at Anchorage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Anchorage complies with all applicable Laws, including U.S. securities laws and regulations, as well as
AML Laws, Sanctions Laws, banking laws, and any other laws and regulations to which it is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It possesses and will maintain, all licenses, registrations, authorizations and approvals required by
any applicable government agency or regulatory authority for it to operate its business and provide the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is and shall remain in good standing with all relevant government agencies, departments, regulatory
and supervisory bodies to the extent relevant and material to its performance hereunder, and it will, to the extent permitted under applicable
Law and by such relevant government agency, department, regulatory and supervisory body, promptly notify Client if it ceases to be in
good standing with any regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It shall promptly provide information as the Client may reasonably request in writing from time to time
in connection with its provision of the Services, to the extent reasonably necessary for the Client to comply with any applicable Laws,
rules, and regulations (including money laundering statutes, regulations and conventions of the United States or other jurisdictions),
or the guidance or direction of, or request from, any regulatory authority or financial institution, in each case related to its performance
hereunder and to the extent that providing such information is not prohibited by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It has all rights necessary to provide Client with access to the Technology Platform and any other tech/data
provided by Anchorage (the "**Anchorage Tech**") as contemplated herein; and the intended use by Client of the Anchorage
Tech as described in and in accordance with this Agreement shall not infringe, violate or misappropriate the Intellectual Property Rights
of any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Anchorage and each Anchorage Affiliate has policies and procedures in place that are designed to mitigate
conflicts of interest. Anchorage and each Anchorage Affiliate will maintain appropriate and effective arrangements to eliminate or manage
conflicts of interest, including segregation of duties, information barriers and training. Anchorage will notify Client, on behalf of
itself and each Anchorage Affiliate, in accordance with the notice provisions hereof of changes to its or such Affiliate's business
that are material to its or its Affiliate's ability to manage its conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Anchorage shall only permit the transfer of Digital Assets to Client's Account from, or withdraw assets
from Client's Account to, a public wallet address on the Blockchain that Anchorage has onboarded through its AML Program and performed
sanctions screening on, including with blockchain analytics software (such address, a "whitelisted address");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Anchorage shall comply with all applicable anti-slavery and human trafficking Laws, statutes, codes and
regulations from time to time in force, including with respect to recruitment practices, the possession of identity documents, forced
labor, child labor, the non- payment of wages, workplace conditions and other indicators of slavery and human trafficking. Anchorage warrants
and represents that, having made reasonable enquiries and to the best of its knowledge and belief: (i) it has not been convicted of any
offense involving slavery and human trafficking or been the subject of any investigation, inquiry or enforcement proceedings regarding
any offence or alleged offence of or in connection with slavery and human trafficking; and (ii) has not been or is not the subject of
any investigation, inquiry or enforcement proceedings by any governmental, administrative or regulatory
body regarding any offense or alleged offense of or in connection with slavery and human trafficking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In connection with the performance of its obligations under this Agreement, Anchorage has complied with,
and will comply with during the Term of this Agreement, all U.S. anti-corruption Laws, including without limitation, the U.S. Foreign
Corrupt Practices, the U.S. Patriot Act, and the U.K. Bribery Act 2010, as well as the relevant sections of Client's ethics, anti-bribery
and corruption policies, including its code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Client Representations and Warranties</u>. The Client represents, warrants and covenants as of the
Effective Date and as of each Direction from Client provided hereunder that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Client has policies and procedures in place reasonably designed to maintain compliance with all applicable
Laws to the extent relevant and material to its performance hereunder, including U.S. securities laws and regulations, as well as AML
Laws, to the extent relevant and material to its performance hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Client is and shall remain in good standing with all relevant government agencies, departments, regulatory,
and supervisory bodies to the extent relevant and material to its performance hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Client shall promptly provide information as Anchorage may reasonably request in writing from time to
time regarding: Client's use of the Services to the extent reasonably necessary for Anchorage to comply with any applicable Laws,
rules, and regulations (including money laundering statutes, regulations and conventions of the United States), or the guidance or direction
of, or request from, any regulatory authority or financial institution, in each case related to its performance hereunder, provided that
such information may be redacted to remove Confidential Information not relevant to the requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Client's use of the Services shall be for commercial, business purposes only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Client is, and will at all times remain, the owner or beneficial owner of all Digital Assets handled under
this Agreement, subject only to liens and encumbrances granted to Anchorage pursuant to this Agreement, if any, or otherwise created as
part of the Client's business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Digital Assets or fiat currency deposited into any Account are not to Client's knowledge proceeds
of a crime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. The Agent represents to Anchorage, that the Client: (a) has duly authorized Agent to execute and deliver
the Agreement on behalf of such Client; and (b) has the power to so authorize Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. Notwithstanding anything to the contrary contained in this Agreement or any annex, schedule, addendum,
confirmation or other document issued or delivered in connection with any transaction hereunder, Anchorage acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Agent is acting in connection with any transaction hereunder solely in its capacity as agent and trustee
to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither Agent nor any of its Affiliates, subsidiaries or successors, in each case, to the extent that
such Affiliates, subsidiaries or successors are not a Client under this Agreement, shall have any obligation of any kind or nature whatsoever,
by guaranty, enforcement or otherwise, with respect to the performance of any Client's obligations, agreements, representations
or warranties under the Agreement or any transaction hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other than with respect to the payment of Fees, Agent and its Affiliates shall have no responsibility
or liability to pay any costs, expenses, damages or claims arising under or in connection with or in any way relating to this Agreement
or any transaction hereunder entered into on behalf of a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No recourse of any kind or nature whatsoever shall be had against the Agent or any Affiliate, subsidiary
or successor to Agent, or against any incorporator, shareholder, officer, director, member, manager, employee or agent of any Agent (each,
an "**Agent Party**") with respect to any of the covenants, agreements, representations or warranties contained in this
Agreement or any annex, or schedule hereto, or any addendum, or any other document issued or delivered in connection with any transaction
entered into under this Agreement, in each case unless otherwise provided in the relevant document or if any Agent Party is or becomes
a Client under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than with respect to the Fees, under no circumstances shall the Agent or any Agent Party be in any
way individually or personally liable under this Agreement and Anchorage shall look solely to the assets and property of the Client that
are under management by Agent for performance of the Agreement or payment of any claim under the Agreement with respect to such Client;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Agent acknowledges and agrees that the payment of Fees is the obligation of Agent as principal and Agent
shall be liable to Anchorage for the failure to pay such fees when due under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Anchorage Disclaimers</u>. **Except to the extent set forth in Sections 6.1 and 6.2, and otherwise in this Agreement, THE SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE," WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED. EXCEPT AS PROVIDED HEREIN, ANCHORAGE EXPLICITLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF THE COURSE OF DEALING OR USAGE OF TRADE.** The Parties further acknowledge
and agree that Anchorage has no obligation to inquire into, and shall not be liable for any damages or other liabilities or harm to any
person or entity relating to: (i) the authority of any Authorized Person to act on behalf of the Client with respect to a Digital Asset;
(ii) the accuracy or completeness of any Client Data or information provided by Client or any Authorized Person with respect to a Digital
Asset or Direction; or (iii) the collectability, insurability, or suitability of any Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Prohibition Against Nested Transactions</u>. Deposits or withdrawals of assets to or from Client's
Account shall be for Client's own benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Security Requirements; Personal Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Security Requirements; Personal Information</u>. Client and Anchorage hereby agree that the Data Processing
Addendum provided as Appendix 2 of Exhibit C to Addendum 1 below shall apply and is hereby incorporated into this Agreement. Anchorage
will comply with and cause its Representatives to comply with the terms and conditions set forth in Exhibit C, including the Data Processing
Addendum .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Breach Notifications</u>. Anchorage agrees to notify Client of: any Security Incident involving Client
Data or Client Digital Assets without undue delay and in any event within twenty-four (24) hours of becoming aware of the Security Incident.
Anchorage will also (i) provide Client with a summary regarding the Security Incident, if it impacts the Client

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Security Requirements.</u> Anchorage shall, at its sole cost and expense, develop, implement and maintain
effective information security controls, practices, policies and procedures that include administrative, technical, organizational and
physical safeguards compliant with applicable Laws and consistent then-current industry standards to: (a) ensure the security of Client
Digital Assets and the security confidentiality of all Client Data; (b) protect against anticipated threats or hazards to the security
or integrity of Client Digital Assets or Client Data; (c) protect against accidental or unlawful destruction, loss, or alteration of Client
Digital Assets or Client Data and against unauthorized access or use of Client Digital Assets and Client Data; and (d) ensure the proper
disposal of Client Data. Further, Anchorage shall comply with any security, privacy and other requirements set forth in Exhibit C (Data
Privacy and Security Requirements) to Addendum 1 below which is hereby incorporated into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Confidentiality.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Use and Disclosure</u>. Client and Anchorage each agree that in the course of performance of this Agreement,
it may be necessary for one Party (the "**Disclosing Party**") to disclose or permit access to Confidential Information
to the other Party (the "**Receiving Party**") and its Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Confidential Treatment</u>. Confidential Information disclosed to a Receiving Party will be held in
confidence by the Receiving Party. The Receiving Party: (a) will not disclose Confidential Information to any third party except as expressly
permitted under this Agreement or expressly authorized by the Disclosing Party in writing; and (b) will use the same degree of care to
protect the Disclosing Party's Confidential Information as it uses to protect its own information of like nature, but in no circumstances
less than reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Permitted Disclosures</u>. Notwithstanding anything to the contrary in this Section 8, Confidential
Information may be disclosed by a Receiving Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to its and its Affiliates' Representatives, service providers (including Vendors) and professional
advisors, in each case who: (i) need to know the Confidential Information for the purpose of assisting in the performance of this Agreement
and who are informed of, and agree to be bound by obligations of confidentiality no less restrictive than those set forth herein; and
(ii) will protect such Confidential Information from unauthorized use and disclosure. Each Party shall use any Confidential Information
that it receives solely for purposes of (1) exercising its rights and performing its duties under the Agreement and (2) complying with
any applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent required by a court of competent jurisdiction or governmental authority, regulatory body
or otherwise required by applicable Law or the rules of any exchange; provided, however, the Receiving Party shall first make best efforts
notify the Disclosing Party (to the extent legally permissible) and shall afford the Disclosing Party a reasonable opportunity to seek
confidential treatment if it wishes to do so and will consider in good faith reasonable and timely requests for redaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Retention of Confidential Information</u>. All documents and other tangible objects containing or representing
Confidential Information and all copies or extracts thereof or notes derived therefrom that are in the possession or control of the Receiving
Party shall be and remain the property of the Disclosing Party and shall be promptly returned to the Disclosing Party or destroyed, each
upon the Disclosing Party's request; provided, however, notwithstanding the foregoing, the Receiving Party may retain one (1) copy
of Confidential Information to the extent: (i) required for audit, legal, accounting, or compliance purposes or pursuant to the Receiving
Party's internal document retention policy; (ii) included within unstructured backup files or that technically cannot be deleted;
(iii) licensed pursuant to Section 3.3; (iv) required by applicable Laws; or (v) as otherwise permitted by this Agreement, provided that
this Section 8 shall continue to apply to all such retained information (including notwithstanding any termination of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. Other than as provided in this Section, a Party may not publicly identify Client as a customer or licensee
of Anchorage without the other Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. Notwithstanding anything herein to the contrary, either Party may disclose the existence of this Agreement
to its investors and prospective investors. Additionally, notwithstanding anything herein to the contrary, Anchorage permits Client to
reference Anchorage (including a description of Anchorage and/or business, as obtained from publicly available information on Anchorage's
website or other public materials) as a service provider hereunder along with the existence and terms of this Agreement as may be required
under applicable Law, in its public disclosures contained in public filings. In addition, Client may file the Agreement as an exhibit
in public filings with the Securities and Exchange Commission, as may be required under applicable Law, provided that such information
may be redacted to remove pricing and other proprietary information in the Agreement as permitted under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7. <u>Holdings Data</u>. Anchorage has policies in place to prevent Anchorage and its Personnel from using
any Holdings Data of Client to make any trading decisions, or to place any trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8. <u>Exception for Protection of Confidential Information</u>. The Parties each agree that the protection
of Confidential Information is necessary and reasonable in order to protect the Disclosing Party and its business. The Parties each expressly
agree that monetary damages would be inadequate to compensate the Disclosing Party for any breach of its Confidential Information. Accordingly,
notwithstanding the provisions of Section 11, each Party agrees and acknowledges that any such violation or threatened violation would
cause irreparable injury to the Disclosing Party and that, in addition to any other remedies that may be available, in law, in equity,
under this Agreement, or otherwise, the Disclosing Party shall be entitled to obtain injunctive relief against the threatened breach or
continued breach by the Receiving Party, without the necessity of proving actual damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Indemnification Obligation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Client shall defend and indemnify and hold harmless Anchorage, its Affiliates, and their respective officers,
directors, agents, employees and representatives from and against any and all Third Party Claims and Losses arising out of or relating
to Client's material breach of this Agreement, Client's violation of any applicable Law related to the performance of its
obligations under this Agreement, or Client's gross negligence, fraud or willful misconduct, in each case unless caused primarily
by Anchorage's breach, negligence, willful misconduct, fraud, or failure to abide by the relevant standard of care as set forth in Section
10.6. This obligation will survive any termination of this Agreement as it relates to the Claims and Losses arising during the term of
the Agreement or as it relates to activity during such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Anchorage shall defend and indemnify and hold harmless Client, its Affiliates, and their respective officers,
directors, agents, employees and representatives from and against any and all Claims and Losses to the extent arising out of or relating
to: (i) any breach of Anchorage's confidentiality, data protection and/or information security obligations, (ii) Anchorage's violation
of any applicable Law in connection with the provision of the Services; (iii) the full amount of any Client Digital Assets lost, stolen
or otherwise misappropriated from Anchorage's custody (provided that, in addition to third party Claims and Losses this clause (iii)
will also include Claims and Losses that are direct damages to Client); (iv) Anchorage's gross negligence, fraud or willful misconduct;
or (v) that Client's access or use of the Services, in accordance with the terms and conditions of this Agreement violates, misappropriates,
or infringes upon any third party Intellectual Property Right, in each case as it relates to the Claims and Losses arising during the
Term or as it relates to activity during the Term (including, for the avoidance of doubt, any Transition Period). This obligation will
survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Indemnification Procedure</u>: The foregoing indemnification obligations
shall be subject to the following conditions: (i) the indemnified Party shall provide the indemnifying Party with prompt written notice
of the Claim (though failure to do so shall only reduce the indemnifying Party's indemnification obligation to the extent the indemnifying
Party was prejudiced by such failure); (ii) the indemnifying Party shall control the Claim defense as determined in its reasonable discretion;
(iii) the indemnified Party shall reasonably cooperate with the indemnifying Party in the Claim defense (at the indemnifying Party's
reasonable expense); and (iv) the indemnifying Party shall obtain the prior written consent of the indemnified Party prior to an entry
of judgment or any settlement (which entry of judgment or settlement must include an unconditional release of the indemnified Party from
all liability with respect to the Claim). The indemnifying Party shall provide reports on the Claim status to the indemnified Party upon
request. The indemnified Party may participate in the defense with counsel of its choosing at its expense. Notwithstanding anything to
the contrary in this Section 9, neither Party shall represent the other Party before any administrative or regulatory body without the
other Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>CONSE</u> Q <u>UENTIAL DAMAGES</u>. SUBJECT TO SECTION 10.2, NEITHER PARTY SHALL BE LIABLE FOR ANY INCIDENTAL,
INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR SIMILAR LOSSES ()"**CONSEQUENTIAL DAMAGES** "), EVEN IF THE OTHER PARTY HAD
BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>ANCHORAGE LIABILITY CAP</u>. OTHER THAN WITH RESPECT TO CLAIMS AND LOSSES: (I) ARISING FROM THE FRAUD,
GROSS NEGLIGENCE OR WILFUL MISCONDUCT OF ANCHORAGE, IN RESPECT OF WHICH (A) ANCHORAGE MAY BE LIABLE FOR CONSEQUENTIAL DAMAGES; AND (B)
THE LIABILITY CAPS CONTAINED IN THIS AGREEMENT SHALL NOT APPLY; OR (II) THAT ARE MUTUALLY CAPPED LIABILITIES (DEFINED BELOW) AND THEREFORE
SUBJECT TO THE LIABILITY CAP SET OUT IN SECTION 10.3, AND NOTWITHSTANDING ANY OTHER PROVISION HEREIN, IN CIRCUMSTANCES WHERE THE LIABILITY
HAS: (1) A DIRECT NEXUS TO CLIENT'S DIGITAL ASSETS, IN NO EVENT WILL ANCHORAGE'S LIABILITY HEREUNDER EXCEED THE VALUE OF THE AFFECTED
DIGITAL ASSETS GIVING RISE TO SUCH LIABILITY; OR (2) NO DIRECT NEXUS TO CLIENT'S DIGITAL ASSETS, IN NO EVENT WILL ANCHORAGE'S LIABILITY
HEREUNDER EXCEED THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT TO ANCHORAGE IN THE 12-MONTH PERIOD PRIOR TO THE EVENT GIVING RISE TO SUCH
LIABILITY. FOR THE AVOIDANCE OF DOUBT, ANCHORAGE'S LIABILITY FOR REMEDIATION COSTS (AS DEFINED IN SECTION 1.5 OF EXHIBIT C) IN RESPECT
OF SECURITY INCIDENT SHALL BE SUBJECT TO THE PROVISIONS OF SECTION 8.3 OF EXHIBIT C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>MUTUALLY CAPPED LIABILITIES</u>. OTHER THAN WITH RESPECT TO LIABILITIES ARISING FROM A PARTY'S
GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD, AND SUBJECT TO SECTION 10.2 ABOVE, IN NO EVENT WILL ANY PARTY'S LIABILITY FOR A MUTUALLY
CAPPED LIABILITY EXCEED THE GREATER OF: (A) TEN MILLION US DOLLARS (US$10,000,000); AND (B) THE AGGREGATE AMOUNT OF FEES PAID BY CLIENT
TO ANCHORAGE IN THE 12-MONTH PERIOD PRIOR TO THE EVENT GIVING RISE TO SUCH LIABILITY. "**MUTUALLY CAPPED LIABILITIES** "
MEANS: (I) CLAIMS AND LOSSES ARISING FROM A PARTY'S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS IN SECTION 8, (II) A PARTY'S
INDEMNITY OBLIGATIONS SET FORTH IN SECTION 9 HEREOF (EXCEPT WITH RESPECT TO 9.1b)(iii), WHICH SHALL NOT CONSTITUTE A MUTUALLY CAPPED LIABILITY),
AND (III) CLAIMS AND LOSSES ARISING FROM THE VIOLATION, MISAPPROPRIATION, OR INFRINGEMENT BY A PARTY OF ANY THIRD PARTY INTELLECTUAL PROPERTY
RIGHTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>VALUATION OF LIABILITY RELATED TO DIGITAL ASSETS</u>. WITH RESPECT TO CLAIMS AND LOSSES RELATED TO
A DEPOSIT, WITHDRAWAL, TRANSFER OR FAILURE TO MAINTAIN CUSTODY OF DIGITAL ASSETS IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT, THE VALUE
OF SUCH DIGITAL ASSETS SHALL BE DETERMINED BY REFERENCE TO THE BENCHMARK VALUATION (DEFINED BELOW) ON THE DATE: (I) THE FAILURE TO MAINTAIN
CUSTODY OCCURS; OR (II) THE DELIVERY OF SUCH DIGITAL ASSETS IN CONNECTION WITH SUCH DEPOSIT, WITHDRAWAL OR TRANSFER IS DUE IN ACCORDANCE
WITH THE TERMS OF THIS AGREEMENT, INCLUDING WITHOUT LIMITATION, FOR THE AVOIDANCE OF DOUBT, ADDENDUM 1 ()"**VALUATION DATE** ").
" **BENCHMARK VALUATION**" MEANS THE VALUATION DETERMINED USING THE LUKKA DIGITAL ASSET MEDIAN REFERENCE RATE FOR THE APPLICABLE
SUPPORTED DIGITAL ASSET(S) (AS IDENTIFIED IN SCHEDULE C), PUBLISHED BY LUKKA INC OR ITS AFFILIATES AT 16:00 EASTERN STANDARD/DAYLIGHT
TIME (4PM EST/EDT) ON THE VALUATION DATE. IN RESPECT OF ANY SUPPORTED DIGITAL ASSETS FOR WHICH THE APPLICABLE LUKKA DIGITAL ASSET MEDIAN
REFERENCE RATE IS NOT AVAILABLE ON THE RELEVANT VALUATION DATE, THE PARTIES SHALL USE THE PREVAILING LUKKA PRIME RATE AT 16:00 EASTERN
STANDARD/DAYLIGHT TIME (4PM EST/EDT) ON THE VALUATION DATE FOR THE PURPOSES OF CONDUCTING THE BENCHMARK VALUATION OF SUCH SUPPORTED DIGITAL
ASSET(S).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>SPECIFIC PERFORMANCE.</u> TO THE EXTENT ANCHORAGE IS LIABLE FOR ANY CLAIMS OR LOSSES CLIENT INCURS
IN CONNECTION WITH THE SERVICES OR WITH RESPECT TO DIGITAL ASSETS CREDITED TO, OR THAT SHOULD BE CREDITED TO, THE CLIENT'S ACCOUNT, CLIENT
AND ANCHORAGE AGREE THAT IRREPARABLE DAMAGE WOULD OCCUR IN THE EVENT ANY PROVISION OF THIS AGREEMENT WAS NOT PERFORMED IN ACCORDANCE WITH
THE TERMS HEREOF AND THAT CLIENT SHALL BE ENTITLED TO SPECIFIC PERFORMANCE OF THE TERMS HEREOF BY ANCHORAGE, IN ADDITION TO ANY OTHER
REMEDY AT LAW, IN EQUITY OR UNDER THIS AGREEMENT. "**SPECIFIC PERFORMANCE**" MEANS THE OBLIGATION FOR ANCHORAGE, IMMEDIATELY
UPON NOTICE, TO: (I) WITH RESPECT TO ANY ERROR OR FAILURE OF PERFORMANCE OR DELIVERY WITH RESPECT TO A DIRECTION TO DEPOSIT, WITHDRAW
OR TRANSFER DIGITAL ASSETS, TO DELIVER THE CORRECT QUANTITY OR VALUE OF DIGITAL ASSETS (AT CLIENT'S ELECTION) AS IF THERE HAD BEEN
NO SUCH ERROR OR FAILURE OF PERFORMANCE OR DELIVERY; AND (II) WITH RESPECT TO ANY FAILURE OF ITS OBLIGATION TO MAINTAIN DIGITAL ASSETS
IN THE ACCOUNT, TO DELIVER SUCH DIGITAL ASSETS IN THE QUANTITY OR VALUE (AT CLIENT'S ELECTION), RESPECTIVELY, AFFECTED BY SUCH FAILURE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>STANDARD OF CARE</u>. AT MINIMUM, ANCHORAGE SHALL PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT IN ACCORDANCE
WITH THE STANDARD OF A PRUDENT, PROFESSIONAL, COMPETENT, AND REGULATED PROVIDER OF CUSTODY SERVICES IN THE FINANCIAL INDUSTRY, UNLESS
A HIGHER STANDARD IS SPECIFIED BY THIS AGREEMENT OR APPLICABLE LAW OR REGULATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. <u>SEPARATE LIMITATION OF LIABILITY</u>. FOR THE AVOIDANCE OF DOUBT, THE
LIMITATIONS OF LIABILITY IN THIS SECTION 10 ARE SEPARATE LIMITATIONS OF LIABILITY BETWEEN ANCHORAGE AND EACH CLIENT AND SHALL NOT INCLUDE
ANY AMOUNT PAID BY CLIENTS IN THE AGGREGATE.

**11.** **Dispute Resolution; Binding Arbitration.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. <u>Arbitration</u>. Any Claim arising out of or relating to this Agreement, or the breach, termination,
enforcement, interpretation or validity thereof, including any determination of the scope or applicability of the agreement to arbitrate
as set forth in this Section, shall be finally determined and settled by binding arbitration in the state of New York, before one neutral
arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures, and the award
of the arbitrator (the "**Award**") shall be accompanied by a reasoned opinion. Judgment on the Award may be entered in
any court having jurisdiction. This Agreement shall not preclude the Parties from seeking provisional relief, including injunctive relief,
in any court of competent jurisdiction. Seeking any such provisional relief shall not be deemed to be a waiver of such party's right
to compel arbitration. The Parties expressly waive their right to a jury trial to the extent permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. <u>Arbitration</u>. In any arbitration arising out of or related to this Agreement, the arbitrator shall
award to the prevailing party, if any, as determined by the arbitrator, some or all of its costs and fees, in the arbitrator's sole
discretion. "Costs and fees" mean all reasonable pre-award expenses of the arbitration, including the arbitrator's fees,
administrative fees, out-of-pocket expenses such as copying and telephone, court costs, witness fees, and reasonable attorneys'
fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. <u>Interstate Commerce</u>. The Parties acknowledge that this Agreement evidences a transaction involving
interstate commerce. Notwithstanding the provision herein with respect to applicable substantive law, any arbitration conducted pursuant
to the terms of this Agreement shall be governed by the Federal Arbitration Act (9 U.S.C. §§ 1-16).

**12.** **General Provisions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Independent Contractor</u>. It is understood by the Parties that Anchorage is an independent contractor,
and that this Agreement does not create or constitute a partnership, joint venture or employment relationship between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>No Third Party Beneficiaries</u>. This Agreement is not intended to and shall not be construed to give
any Third Party any interest or rights (including, without limitation, any Third Party beneficiary rights) with respect to or in connection
with any agreement or provision contained herein or contemplated hereby, except as otherwise expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <u>No additional terms.</u> With the exception of any privacy policy made available in connection with
the Technology Platform, no shrink-wrap, click-acceptance or other terms and conditions ()"**Additional Terms**") presented
or otherwise provided with any Services (including the Technology Platform) will be binding on Client, even if use of such Services requires
an affirmative "acceptance" of Additional Terms before Client can access them. Any Additional Terms are deemed rejected by
Client in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. <u>Force Majeure</u>. Neither Party will be liable to the other Party for the failure to perform or delay
in the performance of its obligations under this Agreement to the extent such failure or delay is directly caused by or directly results
from a cause or condition entirely beyond the reasonable control of the Party affected by it , including: any act of God; embargo; natural
disaster; act of civil or military authorities; act of terrorists; cybersecurity incident or attack (including DDoS, network intrusion,
or critical vulnerability exploitation) not caused by or otherwise arising from the affected Party's (or its Personnel's):
(i) breach of this Agreement; (ii) violation of applicable Laws, (iii) negligence; (iv) willful misconduct; (v) failure to comply with
applicable internal policies and procedures in connection with cybersecurity incidents or attacks; or (vi) failure to take reasonable
precautions and act in a manner consistent with industry best practices in connection with the prevention and mitigation of cybersecurity
incidents or attacks; government prohibitions or changes in Law, regulation, regulatory guidance, sanctions programs, or licensing/registration
status that make performance illegal; civil disturbance; war; strike or other labor dispute; fire; severe weather; interruption in telecommunications,
Internet services, or network provider services; outbreaks of infectious disease or any other public health crises, including quarantine
or other required employee restrictions; or any other catastrophe or material event which is entirely beyond the reasonable control of
the Party affected by it. For the avoidance of doubt, a cybersecurity attack, hack or other intrusion committed by or on behalf of Anchorage
Personnel is not a circumstance that is entirely beyond Anchorage's reasonable control (a "**Force Majeure Event** "). The
affected Party will not be held liable by the other Party for such non-performance or delay as long as the fact of the occurrence of such
Force Majeure Event is duly proven or is reasonably provable and the affected Party uses commercially reasonable efforts to mitigate the
impact of such Force Majeure Event and resume performance as soon as reasonably practicable. In addition, Anchorage will not be liable
to Client for any costs or expenses incurred by Client as a result of any Force Majeure Event. Notwithstanding the foregoing, if the delay
in performance exceeds thirty (30) days, the Party awaiting performance will be permitted to terminate this Agreement upon five (5) days'
prior written notice to the other Party, with no further obligation to the Party claiming excusable delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. <u>Notices</u>. All notices required or permitted under this Agreement will be in writing and delivered
by courier, mail, electronic mail, or within the Anchorage Digital Mobile Application (except for service of legal process which shall
be by registered or certified mail, postage prepaid, return receipt requested or overnight courier). A Party's email addresses,
or physical address may be changed from time to time by either Party by providing written notice to the other in the manner set forth
above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. <u>Execution in Counterparts and by Electronic Means</u>. This Agreement may be executed in counterparts
and by electronic means and the Parties agree that such electronic means and delivery will have the same force and effect as delivery
of an original document with original signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. <u>Entire Agreement; Amendment</u>. This Agreement includes all addendums, exhibits, schedules and attachments
referenced herein, all of which are incorporated herein by this reference. This Agreement is the final, complete, and entire agreement
of the Parties. There are no other promises or conditions in any other agreement, oral or written. This Agreement supersedes and replaces,
as applicable, any prior promises, agreements, representations, undertakings, or implications whether made orally or in writing between
the Parties related to the subject matter of this Agreement, including but not limited to, any prior Master Custody Services Agreements
entered into between the Parties which shall be deemed terminated upon the execution of this Agreement. The Agreement may only be modified
or amended in writing and signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8. <u>Remedies Cumulative</u>. Each Party will have all of the rights and remedies provided by Law in addition
to the rights and remedies set forth in this Agreement and in any other agreement or writing between the Parties. All of a Party's
rights and remedies are cumulative and may be exercised from time to time, and the pursuit of one right or remedy will not constitute
an exclusive election or otherwise preclude or limit its pursuit of any other or additional right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9. <u>Severability</u>. If any provision of this Agreement will be held to be invalid or unenforceable for
any reason, the remaining provisions will continue to be valid and enforceable. If a court finds that any provision of this Agreement
is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provisions will be deemed
to be written, construed and enforced as so limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10. <u>Assignment</u>. No Party may assign any of its rights under this Agreement or delegate its performance
under this Agreement without the prior written consent of the other Party except that either Party may assign its rights and delegate
its performance under this Agreement to: (i) any entity that acquires all or substantially all of its assets; (ii) any Affiliate that
controls, is controlled by, or is under common control with, the assigning Party; and (iii) any successor in a merger, acquisition, or
reorganization, including any judicial reorganization provided that any entity providing services pursuant to assignment under each of
(i), (ii) and (iii) above possesses the necessary licenses to perform such services in compliance with applicable Law and any entity providing
custody services pursuant to this Agreement shall be a qualified custodian as defined under the Advisers Act. Any purported assignment
in violation of this Section 12.10 will be null and void, ab initio, and of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11. <u>Use of Affiliates</u>. Anchorage is, and will at all times be, responsible for the acts and omissions
of its Affiliates, including Anchor Labs, Inc. as if they were the acts and omissions of Anchorage. Without limiting the generality of
the foregoing, Anchorage hereby discloses that it is a subsidiary of Anchor Labs, Inc., which provides certain technology and administrative
services to Anchorage in support of Anchorage's provision of Services hereunder, pursuant to an Intercompany Services Agreement
between Anchorage and Anchor Labs, Inc. and all provisions under this Agreement that are applicable to Anchorage will apply equally to
its Affiliates, including Anchor Labs, Inc. For the avoidance of doubt, this section does not apply to Anchorage's use of a Vendor,
Fiat Institution, or other service provider. Notwithstanding the foregoing in no circumstances shall custodial services be provided by
any entity other than Anchorage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12. <u>Insurance.</u> Anchorage shall obtain, carry and maintain in effect during the Term, at its sole expense,
insurance coverage in such types and amounts that are compliant with the requirements of Exhibit E (Insurance Requirements) of Addendum
1 below which is hereby incorporated into this Agreement. Nothing in the Agreement, including any indemnification, shall be construed
to relieve any insurer of its obligation to pay claims consistent with the provisions of a valid insurance policy. Coverage by insurance
required under this Agreement will not operate as a limitation of liability nor will limitations of liability in this Agreement apply
to the extent of coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13. <u>Governing Law</u>. This Agreement will be governed by and construed exclusively in accordance with
the laws of the State of New York, without regard to its conflicts of laws provisions or rules. Subject to Section 11, the Parties hereby
agree to submit to the exclusive jurisdiction of any appropriate court located in New York, New York, as a forum for litigation. Each
of the Parties hereto hereby waives: (i) all right to trial by jury in any lawsuit, action, proceeding or counterclaim arising out of
this Agreement (ii) any objection to the laying of venue in such courts; and (iii) the defenses of forum non conveniens, lack of personal
jurisdiction and/or improper venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14. <u>Survival</u>. Any expiration or termination of this Agreement will not affect any accrued claims, rights
or liabilities of Parties, and all provisions which must survive to fulfill their intended purposes, or by their nature are intended to
survive such expiration or termination will survive, including Sections 2 - 12, and the Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15. <u>Set-off.</u> Client may set off against any obligation of Anchorage to Client any sum owing by Client
to Anchorage, whether or not such sum is immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16. <u>Service Level Agreement</u>. Without prejudice to any other provision of this Agreement, the Anchorage
Entities will use, at minimum, commercially reasonable efforts to perform its obligations under this Agreement (including, for the avoidance
of doubt, any schedule, addendum, confirmation or other document issued or delivered in connection with any transaction hereunder) in
accordance with the Service Level Agreement attached as Exhibit A to Addendum 1 below which is hereby incorporated into this Agreement,
or to such higher standard as specified in this Agreement or by applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17. <u>Personnel</u>. Anchorage shall ensure that it has sufficient Personnel to perform its obligations under
this Agreement and that such Personnel: (i) are adequately trained and skilled at a level appropriate to perform such obligations; and
(ii) will act in accordance with and comply with Anchorage's obligations under this Agreement, including but not limited to Section
8 (Confidentiality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18. <u>Background Screening</u>. Anchorage shall conduct a background screening on its Personnel prior to
assigning such Personnel to provide Services to Customer. Such background screening shall, at a minimum, include: (i) a criminal record
search going back not less than seven (7) years in the state and federal courts in every state (and every county of every state) in which
such Anchorage Personnel has resided; (ii) an Individualized Assessment with respect to matters as set forth in Exhibit B (Background
Screening Requirements) to Addendum 1 of this Agreement which is hereby incorporated into this Agreement, discovered in the course of
such background check; and (iii) any other assessment necessary for Anchorage to reasonably determine that such Anchorage Personnel does
not present any risk to the property, reputation, business or IT systems of Client and/or its customers and does not present any risk
of harm to other persons, including persons on Client premises, all in compliance with all applicable Laws ()"**Background Screening** ").
Anchorage shall not allow any individual whose Background Screening presents, in Anchorage's reasonable assessment, any risk to
the property, reputation, business or Holdings Data of Client to provide Services to Customer hereunder or to otherwise access Client
Data. Notwithstanding the undertaking of any Background Screening hereunder, Anchorage shall be responsible for the actions and performance
of its Personnel and for any breach of the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19. <u>Digital Asset Deposits and Withdrawals.</u> Anchorage will promptly, which in no event shall be longer
than 6 hours of receipt, process Supported Digital Asset deposit transactions into and withdrawal transactions from Client's Account according
to the Authenticated Instruction received from Client or Client's Authorized Representatives, including, for the avoidance of doubt,
Agent, and, except as otherwise explicitly set forth herein, Anchorage is not required to verify the accuracy of the Authenticated Instruction
prior to processing. Client must verify the accuracy of all deposit and withdrawal information prior to submitting Directions to Anchorage
regarding a Digital Asset deposit or withdrawal transaction. Except for its obligations under, and subject to, this Agreement, Anchorage
shall have no liability, obligation, or responsibility for Client Digital Asset transfers conducted in reliance on Authenticated Instructions
received from Client or Client's Authorized Representatives pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20. <u>No Waiver of Contractual Right</u>. The failure of either Party to enforce any provision of this Agreement
will not be construed as a waiver or limitation of that Party's right to subsequently enforce and compel strict compliance with
every provision of this Agreement. A waiver or consent given on one occasion is effective only in that instance and will not be construed
as a bar to or waiver of any other right on any other occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21. <u>Non-exclusivity</u>. Anchorage acknowledges that it is not the exclusive service provider to Client
of services the same as or similar to the Services and that Client is entitled to source the same or similar services from third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.22. <u>Conflicts</u>. In the event and to the extent of any conflict or inconsistency between the clauses
of this Agreement and the exhibits, schedules and/or any annexures to the schedules, or between any of those clauses, schedules, exhibits
or annexures and an Order Form then the conflict or inconsistency shall be resolved in accordance with the following descending order
of precedence (from high priority to low priority): (A) first, any amendments to this Agreement agreed in writing between authorized representatives
of the parties after the Effective Date; (B) second, this Agreement; (C) third, any other exhibits or schedules to this Agreement; and
(D) fourth, the other provisions of the applicable Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.23. <u>Equal Opportunity Employer</u>. Anchorage affirms that it provides equal employment opportunities for
all individuals without regard to race, color, religion, national origin, gender, age, disability, sexual orientation or other characteristics
protected by Law. Anchorage shall not recruit, hire, train, assign, compensate, discipline, promote, transfer or discharge any individuals
who may be assigned to provide the Services in violation of this equal employment opportunity policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24. <u>Subcontracting</u>. Anchorage shall not subcontract its material obligation to provide any of the Services
to a Vendor without the prior written consent of Client. Where Client provides its written consent to such subcontracting, Anchorage will
remain fully responsible and liable for the acts and omissions of the Vendor as if such acts or omissions were those of Anchorage. For
avoidance of doubt, this section does not prohibit use of Vendors within the definition of (i) to (iii) of "Personnel" or
Third Party validators, and the use of any Third Party services for On-Chain Services shall not constitute subcontracting. The Vendors
approved by Client as at the Effective Date are set out at Appendix 3 to Exhibit C (Data Privacy and Security Requirements) to Addendum
1. **SCHEDULE A**

**DEFINITIONS**

"**Account**" means an account established in the name of, or for the benefit of a Client, in which the ownership of Digital Assets is recorded and to which Digital Assets are credited. Each Account is recorded separately on Anchorage's books and records and has one or more unique wallet addresses on the relevant Blockchain (e.g., in the case of bitcoin, the Blockchain associated with the Bitcoin network). An organization may have one or more Accounts, and an Account may have one or more Vaults. The Authorized Persons and Quorum requirements for each Account may differ from those of other Accounts.

"**Acceptable Device**" means a hardware device with software configuration set forth in Schedule B that (i) Client has authorized to access the Services; and (ii) has been designated by Anchorage as such, in each case, in accordance with Section 2.3(a).

"**ADA**" means the native Digital Asset of the Cardano network used for value transfer, transaction fees, staking, and governance on the Cardano blockchain.

"**Affiliate**" means an entity controlling, controlled by or under common control with a Party, , where "**control**" is defined as ownership of more than fifty percent (50%) of outstanding shares or securities or an equivalent ownership interest.

"**Anchorage API"** means the application programming interfaces made available by Anchorage as part of the Services to facilitate access (via API Key) to the Account(s) and/or Technology Platform, including (1) the Anchorage v1 API, which provides read-only functionality for viewing Client's Account and transaction details; and (2) the Anchorage v2 API, which provides (subject to permissioning by Client's Authorized Persons) functionality which enables the submission of Directions.

"**Anchorage Digital Mobile Application**" means the proprietary Anchorage iOS mobile application installed on an Authorized Person's Acceptable Device through which Directions may be submitted.

"**Anchorage Web Application**" means the proprietary Anchorage website application which provides users with read-only access to details of Client's Account, including account balances, transaction history and monthly statements.

"**Anchorage Termination Event**" means the occurrence and continuance of: (i) a Bankruptcy Event with respect to Anchorage; or (ii) the failure of Anchorage to withdraw or transfer Client's Supported Digital Assets in accordance with Client's Directions within the time periods set forth in this Agreement and such failure is not cured within two (2) Business Days following Client providing written notice to Anchorage ("**Anchorage Return Cure**"); provided, however, that if such failure is due to a technology or security issue where, in the commercially reasonable opinion of Anchorage, returning the relevant Digital Assets would result in material risk to Client or Anchorage or may result in the relevant Digital Assets being lost or otherwise not successfully returned and Anchorage promptly notifies Client promptly upon Client's notice of such failure: (A) Client may request that Anchorage still withdraw or transfer the Digital Assets, but Anchorage will have no liability with respect to any such withdrawal or transfer (unless Anchorage acts with negligence unrelated to such technology or security issue) and any failure to withdraw or transfer shall not result in an Anchorage Termination Event if Client does not receive the withdrawn or transferred Digital Assets or the proceeds of any such sale due to such technology or security issue; or (B) if Client does not elect to have Anchorage still make the withdrawal or transfer, an Anchorage Termination Event shall not occur while the relevant security or technology event is occurring and continuing; (iii) Anchorage materially breaches any provision of the Agreement and, where such breach is capable of cure, it remains uncured for a period of 10 calendar days after notice of the breach is provided by Client to Anchorage.

"**Annual Basis Points**" refers to the annual rate for custody fees. Monthly Custody Fees are charged at the rate of one-twelfth of the listed annual rate.

"**API Key**" means a unique alphanumeric credential issued by Anchorage to Client in accordance with this Agreement that is used to authenticate and identify a calling program or user when accessing the Anchorage API.

"**AUC**" or "**Assets Under Custody**" means the average daily balance of Client Digital Assets in Anchorage's custody each month as determined by reference to the Benchmark Valuation for each Digital Asset, calculated after the conclusion of each month, where the average daily balance is determined by adding each daily balance and dividing the sum of the daily balances by the number of days in such month (or in the case of the first month, by the number of days in such month following the Fees Commencement Date).

"**Authenticated Instruction**" means a Direction (i) regarding specific Digital Assets; (ii) to add or remove Authorized Persons; (iii) to generate or remove, or change permissions for, Anchorage API Keys; or (iv) which is otherwise provided for by the Services; by (a) an Authorized Person that has received Quorum approval (where such Quorum approval is required) or (b) an authorized application using an Anchorage API Key generated by an Authorized Person. All Authenticated Instructions shall be received and authenticated by Anchorage in accordance with reasonable security procedures, or they shall not constitute Authenticated Instructions. Anchorage's authentication processes and procedures will be determined by Anchorage in its sole discretion, subject to this Agreement, and in accordance with applicable Law and industry best practices of comparable custodians that are chartered banks and trust companies, from time to time, and will include various measures, including without limitation a requirement for biometric authentication for each Authorized Person via an Acceptable Device, and which may include but are not limited to fingerprint, facial recognition, or voiceprint. Where the purpose of an Authenticated Instruction relates to Digital Assets, such an Authenticated Instruction is an entitlement order for purposes of Article 8 of the UCC.

"**Authorized Person**" means a person nominated by Client, and thereafter approved by Anchorage pursuant to Section 2.1.

"**AVAX**" means the native Digital Asset of the Avalanche network used for value transfer, transaction fees (gas), staking, and governance within the Avalanche ecosystem (including the Primary Network and supported subnets).

"**Bankruptcy Event**" means the party is: (i) dissolved (other than pursuant to a consolidation, amalgamation or merger); (ii) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (iii) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (iv) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition: (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (v) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (vi) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (vii) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (viii) causes or is subject to any event with respect to it which, under the applicable Laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (i) to (vii) (inclusive); or (ix) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

"**Basis Point**" means 1/100<sup>th</sup> of 1%.

"**Benchmark Valuation**" shall have the meaning give to it in Section 10.4.

"**Bitcoin**" is a type of Digital Asset that is the native asset of the Bitcoin network, which is peer-to-peer network of nodes which implement the Bitcoin protocol.

"**Bitcoin Cash**" is a type of Digital Asset that is created and transmitted through the operations of the peer-to-peer Bitcoin Cash Network.

"**Blockchain**" means software operating a distributed ledger which is maintained by a network of computers, and that records all transactions in a Digital Asset in theoretically unchangeable data packages known as blocks, each of which are timestamped to reference the previous block so that the blocks are linked in a chain that evidences the entire history of transactions in the Digital Asset.

"**Business Day**" means any day except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close.

"**Claim**" means any action, suit, litigation, demand, charge, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving, any court or other governmental, regulatory or administrative body or any arbitrator or arbitration panel.

"**Client Data**" means any or all of the following, and all copies thereof, regardless of the form or media: (i) Personal Information of Client or an Authorized Person; and (ii) any Confidential Information provided or submitted by or on behalf of Client or an Authorized Person as part of the Services; and (iii) Holdings Data. Client Data includes any modifications to, or derivative works of, the foregoing entered into any Anchorage database as part of the Services, as well as any output generated by the Services (including the Technology Platform) relating to Client, including in respect of Client's Account(s), Vault(s) and Digital Assets.

"**Confidential Information**" means information and technical data, which is not generally known to the public, whether disclosed directly or indirectly, in writing, orally, or visually, that the Receiving Party knows or should know is confidential or proprietary. Examples of Confidential Information include, but are not limited to, a Party's products, software, websites, apps, marketing plans and materials, business strategies, business methods, models, financial reports or projections, product plans and specifications, designs, processes, manuals, ideas, concepts, drawings, pricing, the Fees, operational plans, know-how, employee information, shareholder information, vendor information, customer information, and ownership or investor information, and Private Keys to access Client's Digital Assets. Client Data and Client's wallet addresses and deposit and withdrawal details are Confidential Information of the Client. The existing and terms of this Agreement (to the extent not available to the public), the API Keys, and any arbitration pursuant to this Agreement shall be confidential to both Parties. Confidential Information shall not include any (x) information that is or becomes generally publicly available through no fault of the Receiving Party; (y) information that the Receiving Party obtains from a third party (other than in connection with this Agreement) that, to the Receiving Party's best knowledge, is not bound by an obligation of confidentiality prohibiting such disclosure; or (z) information that is independently developed or acquired by the Receiving Party without the use of Confidential Information provided by the Disclosing Party.

"**Digital Asset**" means a digital representation of value that may function as a medium of exchange or medium for investment, including the Supported Digital Assets, and which is evidenced on, and can be electronically received and stored using distributed ledger technology. For the avoidance of doubt, Digital Assets held by Anchorage for the Client are "Financial Assets" for purposes of the UCC and are not assets of Anchorage.

"**Direction**" means an instruction of the Client made through the Anchorage Digital Mobile Application by Authorized Persons via an Acceptable Device, or via the Anchorage API, relating to the storage or transfer of Digital Assets. All Directions shall be Authenticated Instructions or they shall not constitute valid Directions.

"**Disabling Device**" means any device, method, token, code, program, sub-program, programming instruction or set of instructions constructed with the intention to destroy, damage, disable, interfere with, interrupt, allow the circumvention or security of, or otherwise affect the Software, computer programs, data files or operations in any manner without the authorization, knowledge or approval of any actual or intended user, operator, administrator, publisher, licensor or licensee, or any worms or so called 'Trojan Horses', malware, or logic bombs, or any back door, trap door or other access means or portal which would enable an entity or device to access any Software, programs, data, systems or communications devices, without the knowledge or authorization of the owner, operator or user of the programs, data, systems or communications devices, or any other code designated to be a virus or other form of malicious code.

"**Documentation**" means all Client manuals, training and marketing materials, guides, product descriptions, product specifications, technical manuals, supporting materials, and other information relating to the Services and provided by Anchorage to Client.

"**Dogecoin**" means the decentralized, open-source Digital Asset which operates on the Dogecoin blockchain utilizing a proof-of-work consensus mechanism.

"**DOT**" means the native Digital Asset of the Polkadot network used for value transfer, transaction fees, staking, and governance on the Polkadot blockchain.

"**Ether**" means a type of Digital Asset called Ether that is the native asset of the Ethereum Mainnet.

"**Ethereum**" can refer, depending on the context, to either the Ethereum Mainnet itself or to the native asset of such network.

"**Ethereum Mainnet**" means Ethereum's main network and Blockchain also known as the Ethereum layer 1 (L1).

"**Fee**" has the meaning provided in the Order Form.

"**Fiat Services**" means services related to the custody, management, and Directions related to fiat currencies owned by Client and held for Client's benefit by Anchorage, including (i) holding Client's fiat currency in an omnibus banking account held for the benefit of Anchorage's clients, and (ii) transferring Client's fiat currency as directed by Client or other Client designee.

"**Force Majeure Event**" has the meaning specified in the body of this Agreement.

"**Fork**" means (i) that the source code of a Digital Asset network as a whole has been changed in a way that makes it incompatible with the unchanged version of the Digital Asset network, (ii) a material population of miners, validators and/or node operators of the Digital Asset network accept the changes while the remainder do not, and (iii) that the two resulting Digital Asset networks have not been merged together in a timely manner, resulting in divergent blockchains for each. A Fork would create two separate Digital Asset networks (each, a "**Forked Network**"), and may result in Anchorage holding an identical amount of Digital Assets associated with each Forked Network.

"**HBAR**" means the native digital asset of the Hedera network (also known as Hedera Hashgraph), used for value transfer, network fees, and staking on that network,.

"**Holdings Data**" means any financial information of Client and its Affiliates and their respective customers or employees relating to account data, investment and trading data, portfolio names, portfolio holdings, portfolio transactions, holding amounts, positions, valuations, history, proprietary ratings, and other related data.

"**including**" (irrespective of whether capitalized or not) means including, without limitation.

"**Intellectual Property Right(s)**" means, with respect to any thing, material or work (hereinafter, a "**Work**"): any and all (i) worldwide copyrights, trademarks, trade secrets and any other intellectual property and proprietary rights and legal protections in and to such Work including but not limited to all rights under treaties and conventions and applications related to any of the foregoing; (ii) all patents, patent applications, registrations and rights to make applications and registrations for the foregoing; (iii) all goodwill associated with the foregoing; (iv) all renewals, extensions, reversions or restorations of all such rights; (v) all works based upon, derived from, or incorporating the Work; (vi) all income, royalties, damages, claims, and payments now or hereafter due or payable with respect thereto; (vii) all causes of action, either in law or in equity for past, present or future infringement based on the Work; (viii) rights corresponding to each of the foregoing throughout the world; and (ix) all the rights embraced or embodied therein, including but not limited to, the right to duplicate, reproduce, copy, distribute, publicly perform, display, license, adapt, prepare derivative works from the Work, together with all physical or tangible embodiments of the Work.

"**Laws**" means all applicable federal, state and local laws, statutes, ordinances, regulations, rules, executive orders, circulars, opinions, agency guidance, interpretive letters and other official releases, request, or recommendation, in each case of or by any government, or any authority, department or agency thereof.

"**LINK**" means: the native Digital Asset of the Chainlink Network, a decentralized "oracle" platform that is an application built on the Ethereum Network..

"**Litecoin**" or "**LTC**" means the native Digital Asset of the Litecoin network, a decentralized, open-source blockchain that uses proof-of-work consensus.

"**Losses**" means, whether arising in contract, tort or otherwise, any liabilities, damages, diminution in value, payments, obligations, losses, interest, costs and expenses, security or other remediation costs, (including any regulatory investigation or third party subpoena costs, reasonable attorneys' fees, court costs, expert witness fees, and other expenses relating to investigating or defending any Claim); fines, taxes, fees, restitution, or penalties imposed by any governmental, regulatory or administrative body, interest on and additions to tax with respect to, or resulting from, Taxes imposed on Client's assets, cash, other property, or any income or gains derived therefrom; and judgments (at law or in equity) or awards of any nature.

"**Lumen**" the native Digital Asset of the Stellar Network which was designed to facilitate cross-currency transactions .

**"Monthly Custody Fee"** means (Annual Basis Points x AUC)/12 as calculated using the fee table in the Order Form.

**"Monthly Minimum Fee"** refers to the fees as agreed by Parties in the Order Form.

"**One-Time Onboarding Fee**" refers to the fees for establishing Client as an Anchorage customer, including KYC/AML processes; one in-person training session; Authorized Person onboarding; and remote training for up to ten (10) individuals. Credit, if any, may be applied to Client Fees only above the Monthly Minimum Fee, and will be applied fully each month until the credit has been fully expended within the Initial Term. Any remaining credit after the Initial Term shall be forfeited.

"**Personal Information**" means any information relating to an identified or identifiable individual, such as name, postal address, email address, telephone number, date of birth, Social Security number (or its equivalent), driver's license number, account number, personal identification number, health or medical information, fingerprint, voice print, or any other unique logical or biometric identifier specific to an individual, regardless of the media in which it is contained, that is: (i) disclosed to Anchorage, its Affiliates or Anchorage Representatives by Client or an Authorized Person in anticipation of, in connection with or incidental to the Services; (ii) processed at any time by Anchorage, an Anchorage Affiliate or Anchorage Representatives in connection with or incidental to the performance of its obligations under this Agreement; or (iii) derived by Anchorage, an Anchorage Affiliate or Anchorage Representatives from the information described in (i) and (ii) above.

"**Personnel**" means (i) employees of Anchorage, (ii) individuals who are agents, including independent contractors of Anchorage; (iii) Affiliates of Anchorage and their respective employees and agents, including individuals who are independent contractors of that Affiliate; and (iv) where relevant, Vendors and their respective employees and agents, including individuals who are independent contractors of a Vendor, in each case of (i), (ii), and (iii) above, who provide on behalf of Anchorage any Services or otherwise perform under this Agreement.

"**Private Key**" means an alphanumeric string known only to the holder of a Digital Asset, which must be used to transact the Digital Asset represented by the corresponding Public Key on the applicable Blockchain.

"**Public Key**" means an alphanumeric string on a Blockchain that indicates ownership/possession of a specific amount of a Digital Asset by a specific network participant. The Public Key is visible to all participants in the Blockchain's network.

"**Quorum**" means the minimum number of Authorized Persons required to approve a Direction which requires a quorum. Unless otherwise specified in an applicable control agreement or instructions provided in connection therewith, (i) Client may designate the total number and the minimum number of Authorized Persons required to approve an Authenticated Instruction or other Direction so long as Client designates at least three (3) Authorized Persons, with at least two (2) required to approve any Direction.

"**Representative**" means any employees, officers, directors, representatives, contractors, and agents of a Party.

"**Security Incident**" means: (a) any reasonably suspected or actual unauthorized access to or acquisition, loss, destruction, alteration, disclosure of, or theft of Client Data (including hard copy records) or Client Digital Assets; or (b) violation or compromise of the IT Systems of Client or Anchorage (including the introduction of a Disabling Device), in each case of (a) or (b) caused by or arising from Anchorage's or its Personnel's acts or omissions, including a breach or compromise of Anchorage's Security Program.

"**Services**" means the services related to the custody and settlement of Digital Assets provided by Anchorage to Client under this Agreement (including any attachments, schedules, exhibits, or addendums), including the Technology Platform and Support Services. "Services" also includes Fiat Services or On-Chain Services if Anchorage has offered such services to Client, and Client has accepted such services. For the avoidance of doubt, "Services" expressly excludes the provision of legal, tax, brokerage, or investment advice or recommendations.

"**Shiba Inu**" means the Ethereum-based Digital Asset, which is supported by the Shibarium, a Layer-2 blockchain.

"**SOC 1 Report**" shall have the meaning given to it in Section 9.2 of Exhibit C (Data Privacy and Security Requirements) to Addendum 1.

"**SOL**" means the native Digital Asset of the Solana network, used for value transfer, transaction fees, and staking on the Solana blockchain.

"**Specific Performance**" shall have the meaning given to it Section 10.5.

**"Support Services"** means services supporting the use of the Services, including access to Anchorage Representatives for support related to Account(s), training, etc.

"**Supported Digital Assets**" means the Digital Assets listed in Schedule C, and such additional Digital Assets as may be agreed between the parties in writing from time to time.

"**Technology Platform**" means the technology platform and application provided by Anchorage and made available to Client to access the Services and Account(s), including the Anchorage API, the Anchorage Digital Mobile Application, and the Anchorage Web Application, and any changes, improvements, extensions thereto or other versions thereof in order to: (i) store Client's Digital Assets and provide related services; (ii) handle Digital Assets according to Authenticated Instructions; and (iii) determine the eligibility of Digital Assets for storage and continued storage. The Technology Platform includes but is not limited to (i) algorithms, computer programs, concepts, ideas, inventions, machines, mask works, procedures, processes, rates, security codes, and works of authorship in all cases whether or not patentable or copyrightable, that are owned or in-licensed by Anchorage or that otherwise are or have been created, developed, owned, incorporated or generated, in whole or in part, by or on behalf of Anchorage for or into or in connection with features, functions, tools or services to be provided pursuant to this Agreement, (ii) all data and other information that are or can be collected, compiled, or derived by or on behalf of Anchorage from any usage by Client or any other person of any work, invention, or other subject matter referred to in the foregoing, and (iii) any work, invention, or other subject matter that constitutes or relates to a suggestion, enhancement, modification, improvement, upgrade, or update regarding, or that is otherwise based on or derived from or related to, any work, invention, or other subject matter referred to in this the foregoing.

"**Third Party**" means a person(s) or any legal entity that is not a Party, a Representative of a Party, or an Affiliate of a Party.

"**Transition Period**" means a 180-day period (or such extended period as agreed in writing by Anchorage and Client) commencing on the date Client is notified of any termination of the Agreement pursuant to Section 4.2.

"**Transition Services**" means the Services consisting of (i) the custody of Client's Digital Assets on Client's behalf, the processing of deposits and withdrawals and the other Services, and (ii) access to the Technology Platform.

"**UCC**" means the New York Uniform Commercial Code.

"**USDC**" means the reserve-backed stablecoin issued by Circle Internet Financial which is designed to maintain a stable value at 1 U.S. dollar at all times.

"**Vault**" means a subdivision of an Account. Each Vault is held separately on Anchorage's books and records and may have one or more unique wallet addresses on the relevant Blockchain. The Authorized Persons and Quorum requirements for each Vault may differ from those of other Vaults.

"**Vendor**" means any Third Party retained by Anchorage or its Affiliates to provide technical or professional services used by Anchorage or its Affiliates to provide the Services to Client.

"**XRP**" means the native Digital Asset of the XRP Ledger (XRPL) used for value transfer and network fees on the XRP Ledger.

**SCHEDULE B**

**TECHNICAL AND EQUIPMENT SPECIFICATIONS**

**1.** **Acceptable Device.** 

As to each nominated Authorized Person, a unique iPhone or iPad with TouchID or FaceID is required for the Services and must meet the minimum iPhone or iPad model as required by Anchorage and notified to Client in writing not less than 30 days' prior to such requirements taking effect.

*Note: Anchorage also reserves the right, upon notice to Client, to exclude new iPhone versions for a brief period as Anchorage deems necessary in its sole discretion (such as to ensure that the new software and/or device is operable with the Anchorage application and systems, is secure, and free from material bugs).* 

**2.** **Software Specifications.** 

As to each Acceptable Device of each nominated Authorized Person, the operating system must meet the minimum iOS version as required by Anchorage and notified to Client in writing not less than 30 days' prior to such requirements taking effect.

**3.** **Changes to Schedule B.** 

Upon amendment of any Acceptable Device and Software Specification requirements, as provided hereunder, Client will update and/or replace the Acceptable Device(s) as may be necessary, at its sole expense. Client understands and agrees that ongoing access to the Services will depend on compliance with Anchorage Acceptable Device and Software Specification requirements.

**4.** **Additional Acceptable Devices and Software Specifications** 

Client may choose to rely on the Technical and Equipment Specifications set out at the following link where such specifications permit Client to use versions of software or types or versions of devices that are not expressly permitted by this Schedule B: <u>https://anchorage-digital.docsend.com/view/8e8x9kiq26m37xbv</u>

**SCHEDULE C**

**SUPPORTED DIGITAL ASSETS AND REFERENCE RATES**

---

| | |
|:---|:---|
| **<u>Supported Digital Asset</u>** | **<u>Reference Rate Name</u>** |
| **Avalanche (AVAX)** | Lukka Digital Asset Median Reference Rate - Avalanche - U.S. Dollar |
| **Bitcoin (BTC)** | Lukka Digital Asset Median Reference Rate - Bitcoin - U.S. Dollar |
| **Bitcoin Cash (BCH)** | Lukka Digital Asset Median Reference Rate - Bitcoin Cash - U.S. Dollar |
| **Cardano (ADA)** | Lukka Digital Asset Median Reference Rate - Cardano - U.S. Dollar |
| **Chainlink (LINK)** | Lukka Digital Asset Median Reference Rate - ChainLink - U.S. Dollar |
| **Dogecoin (DOGE)** | Lukka Digital Asset Median Reference Rate - Dogecoin - U.S. Dollar |
| **Ether (ETH)** | Lukka Digital Asset Median Reference Rate - Ether - U.S. Dollar |
| **LINK Litecoin (LTC)** | Lukka Digital Asset Median Reference Rate - Litecoin - U.S. Dollar |
| **Hedera (HBAR)** | Lukka Digital Asset Median Reference Rate - Hedera Hashgraph - U.S. Dollar |
| **Polkadot (DOT)** | Lukka Digital Asset Median Reference Rate - Polkadot - U.S. Dollar |
| **Shiba Inu (SHIB)** | Lukka Digital Asset Median Reference Rate - SHIBA INU - U.S. Dollar |
| **Solana (SOL)** | Lukka Digital Asset Median Reference Rate - Solana Token - U.S. Dollar |
| **Stella Lumen (XLM)** | Lukka Digital Asset Median Reference Rate - Stellar Lumens - U.S. Dollar |
| **XRP (XRP)** | Lukka Digital Asset Median Reference Rate - Ripple - U.S. Dollar |
| **USDC (USDC)** | Lukka Digital Asset Median Reference Rate - USD Coin - U.S. Dollar |

---

**<u>ADDENDUM NO. 1 TO ANCHORAGE DIGITAL BANK STANDARD TERMS AND CONDITIONS</u>**

**EXHIBIT A : SERVICE LEVEL AGREEMENT**

[Redacted]

**EXHIBIT B: BACKGROUND SCREENING REQUIREMENTS**

[Redacted]

**EXHIBIT C: DATA PRIVACY AND SECURITY REQUIREMENTS**

[Redacted]

**EXHIBIT D: BUSINESS CONTINUITY REQUIREMENTS**

[Redacted]

**EXHIBIT E: INSURANCE REQUIREMENTS**

[Redacted]

## Exhibit 10.4

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.4**

**MASTER CUSTODIAN AGREEMENT**

This Agreement is made as of March 26, 2026 (this "***Agreement***"), between each T. Rowe Price entity identified on Appendix A and each T. Rowe Price entity which becomes a party to this Agreement in accordance with the terms hereof (in each case, a "***Trust***"), and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the "***Custodian***").

*W**ITNESSETH:***

**WHEREAS**, each Trust desires for the Custodian to provide certain custodial services relating to securities and other assets of the Trust;

**WHEREAS**, the Custodian is willing to provide the services upon the terms contained in this Agreement; and

**WHEREAS**, each Trust is an exchange-traded product and will issue and redeem its shares (the "***Shares***") only in aggregations of Shares known as "***Creation Units***," generally in exchange for a specified cash payment, as more fully described in the currently effective prospectus and most recently filed registration statement (collectively, the "***Prospectus***").

SECTION 1. <u>DEFINITIONS</u>. In addition to terms defined elsewhere in this Agreement, (a) terms defined in the UCC have the same meanings herein as therein and (b) the following other terms have the following meanings for purposes of this Agreement:

"***Authorized Participants***" means those entities that have entered into an Authorized Participant Agreement with the Trust, the Sponsor and the Trust's transfer agent.

"***Client Publications***" means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment managers.

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country. The factors include but are not limited to risks arising from the country's political environment, economic and financial infrastructure; prevailing or developing custody, tax and settlement practices; nationalization, expropriation or other government actions; currency restrictions, devaluations or fluctuations; market conditions affecting the orderly execution of securities transactions or the value of assets; the regulation of the banking and securities industries, including changes in market rules; and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Deposit Account Agreement***" means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian and available on the Custodian's internet customer portal, "<u>my.statestreet.com</u>".

"***Digital Assets***" means an asset that is issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, so-called "virtual currencies," "coins" and "tokens".

"***Domestic securities***" means securities held within the United States.

"***Exchange***" means the NYSE Arca, Inc. or such other exchange as is specified by a Trust to the Custodian in writing.

"***Foreign Assets***" means a Trust's Foreign securities or other investments (including foreign currencies) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"***Foreign securities***" means securities held primarily outside of the United States.

"***Held outside of the United States***" means not held within the United States.

"***Held within the United States***" means (a) in relation to a security or other financial asset, the security or other financial asset (i) is a certificated security registered in the name of the Custodian or its sub-custodian, agent or nominee or is endorsed to the Custodian or its sub-custodian, agent or nominee or in blank and the security certificate is located within the United States, (ii) is an uncertificated security or other financial asset registered in the name of the Custodian or its sub-custodian, agent or nominee at an office located in the United States, or (iii) has given rise to a security entitlement of which the Custodian or its sub-custodian, agent or nominee is the entitlement holder against a U.S. Securities System or another securities intermediary for which the securities intermediary's jurisdiction is within the United States, and (b) in relation to cash, the cash is maintained in a deposit account denominated in U.S. dollars with the banking department of the Custodian or with another bank or trust company's office located in the United States.

"***On book currency***" means (a) U.S. dollars or (b) a foreign currency that, when credited to a deposit account of a customer maintained in the banking department of the Custodian or a foreign sub-custodian, the Custodian maintains on its books as an amount owing as a liability by the Custodian to the customer.

"***Proper Instructions***" means instructions in accordance with Section 9 received by the Custodian from a Trust, the Sponsor, or an individual or organization duly authorized by the Trust or the Sponsor. The term includes standing instructions.

"***SEC***" means the U.S. Securities and Exchange Commission.

"***UCC***" means the Uniform Commercial Code of the Commonwealth of Massachusetts as in effect from time to time.

"***Underlying Portfolios***" means a group of investment companies as defined in Section 12(d)(1)(F) of the 1940 Act.

"***Underlying Shares***" means shares or other securities, issued by a U.S. issuer, of Underlying Portfolios and other registered "investment companies" (as defined in Section 3(a)(1) of the 1940 Act), whether or not in the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act).

"***Underlying Transfer Agent***" means State Street Bank and Trust Company or such other organization which may from time to time be appointed by the Trust to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions.

"***U.S. Securities System***" means a securities depository or book-entry system authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

SECTION 2. <u>EMPLOYMENT OF CUSTODIAN</u>.

SECTION 2.1 <u>GENERAL</u>. Each Trust hereby employs the Custodian as a custodian of (a) securities and cash of each of the Trust and (b) other assets of each of the Trust that the Custodian agrees to treat as financial assets. Each Trust agrees to deliver to the Custodian (i) all securities and cash of the Trust, (ii) all other assets of each Trust that the Trust desires the Custodian, and the Custodian is willing, to treat as a financial asset, and (iii) all cash and other proceeds of the securities and financial assets held in custody under this Agreement. The holding of confirmation statements or similar legal documents that identify Underlying Shares or other financial assets as being recorded in the Custodian's name on behalf of the Trust will be custody for purposes of this Section 2.1. This Agreement does not require the Custodian to accept an asset that is not a security for custody hereunder or to treat any asset that is not a security as a financial asset if such acceptance or treatment would violate applicable law or applicable written policies or procedures of the Custodian. Furthermore, except as otherwise agreed in writing with the applicable Trust, the Custodian will only accept custody of securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing sub-custodian and may decline to accept custody of certain securities or asset types that it determines present an unacceptable risk profile or that it or its sub-custodians are not operationally equipped or permitted to hold under any law or regulation.

Without limiting the foregoing, the Custodian further reserves the right, in its sole discretion, to decline to accept custody of, and provide services with respect to, any Digital Asset. For the avoidance of doubt, the parties agree that the Custodian is not providing any custody services pursuant to this Agreement with respect to any Digital Assets.

SECTION 2.2 <u>SUB-CUSTODIANS</u>. Upon receipt of Proper Instructions, the Custodian shall on behalf of a Trust appoint one or more banks, trust companies or other entities located in the United States and designated in the Proper Instructions to act as a sub-custodian for the purposes of effecting such transactions as may be designated by the Trust in the Proper Instructions. The Custodian may place and maintain each Trust's foreign securities with foreign banking institution sub-custodians employed by the Custodian or foreign securities depositories, all in accordance with the applicable provisions of Sections 5.

Section 2.3 <u>Relationship</u>. With respect to securities and other financial assets, the Custodian is a securities intermediary and the Trust is the entitlement holder. With respect to cash maintained in a deposit account and denominated in an "on book" currency, the Custodian is a bank and the Trust is the bank's customer. If cash is maintained in a deposit account with a bank other than the Custodian and the cash is denominated in an "on book" currency, the Custodian is that bank's customer. The Custodian agrees to treat the claim to the cash as a financial asset for the benefit of the Trust**.** The Custodian does not otherwise agree to treat cash as a financial asset. The duties of the Custodian as securities intermediary and bank set forth in the UCC are varied by the terms of this Agreement to the extent that the duties may be varied by agreement under the UCC.

SECTION 3. <u>ACTIVITIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY HELD IN THE UNITED STATES</u>.

SECTION 3.1 <u>HOLDING SECURITIES</u>. The Custodian may deposit and maintain securities or other financial assets of a Trust in a U.S. Securities System. Upon receipt of Proper Instructions on behalf of a Trust, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Trust and into which account or accounts may be transferred cash or securities and other financial assets, including securities and financial assets maintained in a U.S. Securities System. The Custodian shall hold and physically segregate for the account of each Trust all securities and other financial assets held by the Custodian in the United States, including all domestic securities of the Trust, other than (a) securities or other financial assets maintained in a U.S. Securities System and (b) Underlying Shares maintained pursuant to Section 3.6 in an account of an Underlying Transfer Agent. The Custodian may at any time or times in its discretion appoint any other bank or trust company, as the Custodian's agent to carry out such of the provisions of this Section as the Custodian may from time to time direct. The appointment of any agent shall not relieve the Custodian of any of its duties hereunder and the Custodian shall remain liable for the acts or omissions of such agents as if the Custodian had committed such acts or omissions itself. The Custodian may at any time or times in its discretion remove the bank or trust company as the Custodian's agent.

SECTION 3.2 <u>REGISTRATION OF SECURITIES</u>. Domestic securities or other financial assets held by the Custodian and that are not bearer securities shall be registered in the name of the applicable Trust or in the name of any nominee of a Trust or of any nominee of the Custodian, or in the name or nominee name of any agent or any sub-custodian permitted hereby. All securities accepted by the Custodian on behalf of the Trust under the terms of this Agreement shall be in "street name" or other good delivery form. However, if a Trust directs the Custodian to maintain securities or other financial assets in "street name," the Custodian shall utilize commercially reasonable efforts only to timely collect income due the Trust on the securities and other financial assets and to promptly and timely notify the Trust of relevant issuer actions including, without limitation, corporate actions, pendency of calls, maturities, tender or exchange offers.

SECTION 3.3 <u>BANK ACCOUNTS</u>. The Custodian shall open and maintain upon the terms of the Deposit Account Agreement a separate deposit account or accounts in the United States in the name of each Trust, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement. The Custodian shall credit to the deposit account or accounts, subject to the provisions hereof, all cash received by the Custodian from or for the account of the Trust. Each such account shall constitute a "deposit account" of which such Trust is the "customer," as such terms are defined in the UCC. Funds held by the Custodian for a Trust may be deposited by the Custodian to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable. The funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

Section 3.3A <u>SPECIALIZED ETF SERVICES</u>. Subject to and in accordance with the directions of the Sponsor, the Custodian shall determine for each Trust after the end of each trading day on the Exchange, in accordance with the respective Trust's policies and in accordance with the procedures set forth in the Prospectus, the amount of Digital Assets and/or cash required for the issuance or redemption, as the case may be, of Shares in Creation Unit aggregations of such Trust on such date. The Custodian shall provide or cause to be provided this information to the Sponsor, the Trust's distributor and other persons as instructed according to the policies established by the Trust and/or instructions from an officer of the Trust and/or Sponsor and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation and/or The Depository Trust Company, as applicable, prior to the opening of trading on the Exchange to the extent required.

Section 3.4 <u>COLLECTION OF INCOME</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall collect on a timely basis all income and other payments with respect to the securities and other financial assets and to which a Trust shall be entitled either by law or pursuant to custom in the securities business. The Custodian shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, the securities are held by the Custodian or its agent, and shall credit such income, as collected, to such Trust's custodian account. The Custodian shall present for payment all income items requiring presentation as and when they become due and shall collect interest when due on securities and other financial assets held hereunder. The Custodian shall credit income to the Trust as such income is received or in accordance with the Custodian's then current payable date income schedule. Any credit to the Trust in advance of receipt may be reversed when the Custodian determines that payment will not occur in due course, and the Trust may be charged at the Custodian's applicable rate for time credited.

SECTION 3.5 <u>DELIVERY OUT</u>. The Custodian shall release and deliver out domestic securities and other financial assets of a Trust held in a U.S. Securities System, or in an account at the Underlying Transfer Agent, only upon receipt of, and in accordance with, Proper Instructions on behalf of the applicable Trust, specifying the domestic securities or financial assets held in the United States to be delivered out and the person or persons to whom delivery is to be made. The Custodian shall pay out cash of a Trust upon receipt of, and in accordance with, Proper Instructions on behalf of the applicable Trust, specifying the amount of the payment and the person or persons to whom the payment is to be made.

SECTION 3.6 <u>DEPOSIT OF Trust ASSETS WITH THE UNDERLYING TRANSFER AGENT</u>. Underlying Shares of a Trust shall be deposited and held in an account or accounts maintained with an Underlying Transfer Agent. The Custodian's only responsibilities with respect to the Underlying Shares shall be limited to the following:

1) Upon receipt of a confirmation or statement from an Underlying Transfer Agent that the Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Trust, the Custodian shall identify by book-entry that the Underlying Shares are being held by it as custodian for the benefit of the Trust.

2) Upon receipt of Proper Instructions to purchase Underlying Shares for the account of a Trust, the Custodian shall pay out cash of the Trust as so directed to purchase the Underlying Shares and record the payment from the account of the Trust on the Custodian's books and records.

3) Upon receipt of Proper Instructions for the sale or redemption of Underlying Shares for the account of a Trust, the Custodian shall transfer the Underlying Shares as so directed to sell or redeem the Underlying Shares, record the transfer from the account of the Trust on the Custodian's books and records and, upon the Custodian's receipt of the proceeds of the sale or redemption, record the receipt of the proceeds for the account of such Trust on the Custodian's books and records.

SECTION 3.7 <u>PROXIES</u>. The Custodian shall cause to be promptly executed by the registered holder of domestic securities or other financial assets held in the United States of a Trust, if the securities or other financial assets are registered otherwise than in the name of the Trust or a nominee of the Trust, all proxies, without indication of the manner in which the proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to the securities or other financial assets.

SECTION 3.8 <u>COMMUNICATIONS</u>. Subject to the domestic securities or other financial assets held in the United States being registered as provided in Section 3.2, the Custodian shall transmit promptly to the applicable Trust for each Trust all written information received by the Custodian from issuers of the securities and other financial assets being held for the Trust. The Custodian shall transmit promptly to the applicable Trust all written information received by the Custodian from issuers of the securities and other financial assets whose tender or exchange is sought and from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the applicable Trust all written information received by the Custodian regarding any class action or other collective litigation relating to the Trust's securities or other financial assets issued in the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian for the account of the Trust, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Trust beyond such forwarding of written information received by the Custodian except as may otherwise be mutually agreed to in writing between the Custodian and a Trust.

SECTION 4. <u>RESERVED</u>.

SECTION 5. <u>ACTIVITIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY HELD OUTSIDE THE UNITED STATES</u>.

SECTION 5.1. <u>APPOINTMENT OF FOREIGN SUB-CUSTODIANS</u>. Each Trust hereby authorizes and instructs the Custodian to employ as sub-custodians for the Trust's securities and other assets maintained outside the United States in the countries listed in the Custodian's Client Publications ("***foreign countries***") the foreign banking institutions designated in the Custodian's Client Publications ("***foreign sub-custodians***").

SECTION 5.2. <u>FOREIGN SECURITIES SYSTEMS</u>. Except as may otherwise be agreed upon in writing by the Custodian and a Trust, securities of the Trust shall be maintained in a clearing agency which acts as a securities depository or in a book-entry system for the central handling of securities located outside the United States (each, as listed in the Custodian's Client Publications , a "***Foreign Securities System***").

SECTION 5.3. <u>HOLDING SECURITIES.</u> Foreign securities and other financial assets held outside of the United States shall be maintained in a Foreign Securities System in a foreign country through arrangements implemented by the Custodian or a foreign sub-custodian, as applicable, in the foreign country. The Custodian shall identify on its books as belonging to the Trust the foreign securities and other financial assets held by each foreign sub-custodian or Foreign Securities System and shall provide such information. The Custodian may hold foreign securities and other financial assets for all of its customers, including the Trusts, with any foreign sub-custodian in an account that is identified as the Custodian's account for the benefit of its customers; provided however, that (a) the records of the Custodian with respect to foreign securities or other financial assets of a Trust maintained in the account shall identify those securities and other financial assets as belonging to the Trust and (b) to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities and other financial assets so held by the foreign sub-custodian be held separately from any assets of the foreign sub-custodian or of other customers of the foreign sub-custodian.

SECTION 5.4. <u>REGISTRATION OF FOREIGN SECURITIES</u>. Foreign securities and other financial assets held outside of the United States maintained in the custody of a foreign sub-custodian and that are not bearer securities shall be registered in the name of the applicable Trust or in the name of the Custodian or in the name of any foreign sub-custodian or in the name of any nominee of any of the foregoing. The Trust on behalf of the Trust agrees to hold any such nominee harmless from any liability as a holder of record of the foreign securities or other financial assets. The Custodian or a foreign sub-custodian reserves the right not to accept securities or other financial assets on behalf of a Trust under the terms of this Agreement unless the form of the securities or other financial assets and the manner in which they are delivered are in accordance with local market practice.

SECTION 5.5. <u>INDEMNIFICATION BY Foreign Sub-custodians</u>. Each contract pursuant to which the Custodian employs a foreign sub-custodian shall, to the extent possible, require the foreign sub-custodian to indemnify and hold harmless the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the foreign sub-custodian's performance of its obligations. At a Trust's election, a Trust shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a foreign sub-custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Trust has not been made whole for the loss, damage, cost, expense, liability or claim. In no event shall the Custodian be obligated to bring suit in its own name or to allow suit to be brought in its name, with respect to a foreign sub-custodian.

SECTION 5.6 <u>BANK ACCOUNTS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1 <u>GENERAL</u>. The Custodian shall identify on its books as for the account of the applicable Trust the amount of cash (including cash denominated in foreign currencies) deposited with the Custodian. The Custodian shall maintain cash deposits in on book currencies on its balance sheet. The Custodian shall be liable for such balances. If the Custodian is unable to maintain, or market practice does not facilitate the maintenance for the Trust of a cash balance in a currency as an on book currency, a deposit account shall be opened and maintained by the Custodian outside the United States on behalf of the Trust with a foreign sub-custodian. The Custodian shall not maintain the cash deposit on its balance sheet. The foreign sub-custodian will be liable for such balance directly to the Trust. All deposit accounts referred to in this Section shall be subject only to draft or order by the Custodian or, if applicable, the foreign sub-custodian acting pursuant to the terms of this Agreement. Cash maintained in a deposit account and denominated in an "on book" currency will be maintained under and subject to the laws of the Commonwealth of Massachusetts. The Custodian will not have any deposit liability for deposits in any currency that is not an "on book" currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2 <u>NON-U.S. BRANCH AND NON-U.S. DOLLAR DEPOSITS</u>. In accordance with the laws of the Commonwealth of Massachusetts, the Custodian shall not be required to repay any deposit made at a non-U.S. branch of the Custodian or any deposit made with the Custodian and denominated in a non-U.S. dollar currency, if repayment of the deposit or the use of assets denominated in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to (a) an act of war, insurrection or civil strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a de facto or a de jure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or (c) the closure of a non-U.S. branch in order to prevent, in the reasonable judgment of the Custodian, harm to the employees or property of the Custodian.

SECTION 5.7. <u>COLLECTION OF INCOME</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which a Trust shall be entitled and shall credit such income, as collected, to the applicable Trust. If extraordinary measures are required to collect the income or payment, the Trust and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.

SECTION 5.8. <u>TRANSACTIONS IN FOREIGN CUSTODY ACCOUNT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.1 <u>DELIVERY OUT</u>. The Custodian or a foreign sub-custodian shall release and deliver foreign securities or other financial assets held outside of the United States owned by a Trust and held by the Custodian or such foreign sub-custodian, or in a Foreign Securities System account, only upon receipt of, and in accordance with, Proper Instructions, specifying the foreign securities to be delivered and the person or persons to whom delivery is to be made. The Custodian shall pay out, or direct the respective foreign sub-custodian or the respective Foreign Securities System to pay out, cash of a Trust only upon receipt of, and in accordance with, Proper Instructions specifying the amount of the payment and the person or persons to payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.2 <u>MARKET CONDITIONS</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Trusts and delivery of Foreign Assets maintained for the account of the Trusts may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for the Foreign Assets from such purchaser or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.3 <u>SETTLEMENT PRACTICES</u>. The Custodian shall provide to each Trust, or Sponsor the information with respect to custody and settlement practices in countries in which the Custodian employs a foreign sub-custodian described in the Client Publications at the time or times set forth therein. The Custodian may revise the Client Publications from time to time.

SECTION 5.9 <u>SHAREHOLDER OR BONDHOLDER RIGHTS</u>. The Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder and bondholder rights including delivery to the Trust of any proxies, proxy soliciting materials and all applicable notices, with respect to foreign securities and other financial assets held outside the United States, subject always to the laws, regulations and practical constraints that may exist in the country where the securities or other financial assets are issued. The Custodian may utilize Broadridge Financial Solutions, Inc. or another proxy service firm of recognized standing as its delegate to provide proxy services for the exercise of shareholder and bondholder rights. Local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of a Trust to exercise shareholder and bondholder rights.

SECTION 5.10. <u>COMMUNICATIONS</u>. The Custodian shall transmit promptly to the applicable Trust written information with respect to materials received by the Custodian through foreign sub-custodians from issuers of the foreign securities and other financial assets being held outside the United States for the account of a Trust. The Custodian shall transmit promptly to the applicable Trust written information with respect to materials so received by the Custodian from issuers of foreign securities whose tender or exchange is sought or from the party or its agent making the tender or exchange offer. The Custodian shall also transmit promptly to the Trust all written information received by the Custodian through foreign sub-custodians from issuers of the foreign securities or other financial assets issued outside of the United States and being held for the account of the Trust regarding any class action or other collective litigation relating to the Trust's foreign securities or other financial assets issued outside the United States and then held, or previously held, during the relevant class-action period during the term of this Agreement by the Custodian via an foreign sub-custodian for the account of the Trust, including, but not limited to, opt-out notices and proof-of-claim forms. The Custodian does not support class-action participation by a Trust beyond such forwarding of written information received by the Custodian, except as may otherwise be mutually agreed to in writing between the Custodian and a Trust.

SECTION 6. <u>FOREIGN EXCHANGE</u>.

SECTION 6.1. <u>GENERALLY</u>. Upon receipt of Proper Instructions, which for purposes of this section may also include security trade advices, the Custodian shall facilitate the processing and settlement of foreign exchange transactions. Such foreign exchange transactions do not constitute part of the services provided by the Custodian under this Agreement.

SECTION 6.2. <u>TRUST ELECTIONS</u>. Each Trust (or its Sponsor acting on its behalf) may elect to enter into and execute foreign exchange transactions with third parties that are not affiliated with the Custodian, with State Street Global Markets, which is the foreign exchange division of State Street Bank and Trust Company and its affiliated companies ("***SSGM***"), or with a sub-custodian. Where the Trust or its Sponsor gives Proper Instructions for the execution of a foreign exchange transaction using an indirect foreign exchange service described in the Client Publications, the Trust (or its Sponsor) instructs the Custodian, on behalf of the Trust, to direct the execution of such foreign exchange transaction to SSGM or, when the relevant currency is not traded by SSGM, to the applicable sub-custodian. The Custodian shall not have any agency (except as contemplated in preceding sentence), trust or fiduciary obligation to any Trust, its Sponsor or any other person in connection with the execution of any foreign exchange transaction. The Custodian shall have no responsibility under this Agreement for the selection of the counterparty to, or the method of execution of, any foreign exchange transaction entered into by any Trust (or its Sponsor acting on its behalf) or the reasonableness of the execution rate on any such transaction.

SECTION 6.3. <u>TRUST ACKNOWLEDGEMENT</u>. Each Trust acknowledges that in connection with all foreign exchange transactions entered into by the Trust (or its Sponsor acting on its behalf) with SSGM or any sub-custodian, SSGM and each such sub-custodian:

(i) shall be acting in a principal capacity and not as broker, agent or fiduciary
to any Trust or its Sponsor;

(ii) shall seek to profit from such foreign exchange transactions, and are entitled
to retain and not disclose any such profit to any Trust or its Sponsor; and

(iii) shall enter into such foreign exchange transactions pursuant to the terms
and conditions, including pricing or pricing methodology, (a) agreed with the applicable Trust or its Sponsor from time to time or
(b) in the case of an indirect foreign exchange service, (i) as established by SSGM and set forth in the Client Publications with
respect to the particular foreign exchange execution services selected by the applicable Trust or the Sponsor or (ii) as established
by the sub-custodian from time to time.

SECTION 6.4. <u>TRANSACTIONS BY STATE STREET</u>. The Custodian or its affiliates, including SSGM, may trade based upon information that is not available to the applicable Trust (or its Sponsor acting on its behalf), and may enter into transactions for its own account or the account of clients in the same or opposite direction to the transactions entered into with the Trust (or its Sponsor), and shall have no obligation, under this Agreement, to share such information with or consider the interests of their respective counterparties, including, where applicable, the Trust or the Sponsor.

SECTION 6A. <u>CONTRACTUAL SETTLEMENT SERVICES (PURCHASE/SALES).</u>

SECTION 6A.1 <u>GENERAL</u>. The Custodian shall, in accordance with the terms set out in this Section 6A, debit or credit the appropriate deposit account of the applicable Trust on a contractual settlement basis in connection with the purchase of securities or other financial assets for the Trust or the receipt of the proceeds of the sale or redemption of securities or other financial assets.

SECTION 6A.2 <u>PROVISION OF SERVICES</u>. The services described in Section 6A.1 (the "**Contractual Settlement Services**") shall be provided as such Trust may from time to time request for the securities and other financial assets and in such markets as the Custodian may advise from time to time. The Custodian may terminate or suspend any part of the provision of the Contractual Settlement Services at its sole discretion immediately upon notice to the applicable Trust on behalf of each Trust, including, without limitation, in the event of force majeure events affecting settlement, any disorder in markets, or other changed external business circumstances affecting the markets or the Trust.

SECTION 6A.3 <u>Purchase Consideration</u>. The consideration payable in connection with a purchase transaction shall be debited from the appropriate deposit account of the Trust as of the time and date that funds would ordinarily be required to settle the transaction in the applicable market. The Custodian shall promptly recredit the amount at the time that the Trust notifies the Custodian by Proper Instruction that the transaction has been canceled.

SECTION 6A.4 <u>SALES AND REDEMPTIONS</u>. A provisional credit of an amount equal to the net sale price for a sale or redemption of securities or other financial assets shall be made to the account of the Trust as if the amount had been received as of the close of business on the date on which good funds would ordinarily be immediately available in the applicable market. The provisional credit will be made conditional upon the Custodian having received Proper Instructions with respect to, or reasonable notice of, the transaction, as applicable; and the Custodian or its agent having possession of the securities of other financial assets (excluding financial assets subject to any third party lending arrangement entered into by a Trust) associated with the transaction in good deliverable form and not being aware of any facts which would lead the Custodian or its agent to believe that the transaction will not settle in the time period ordinarily applicable to such transactions in the applicable market.

SECTION 6A.5. <u>REVERSALS OF PROVISIONAL CREDITS OR DEBITS</u>. The Custodian shall have the right to reverse any provisional credit or debit given in connection with the Contractual Settlement Services at any time when the Custodian believes, in its reasonable judgment, that such transaction will not settle in accordance with its terms or amounts due pursuant thereto, will not be collectable or where the Custodian has not been provided Proper Instructions with respect thereto, as applicable. The Trust shall be responsible for any costs or liabilities resulting from such reversal except in circumstances where the reversal is caused by the Custodian's failure to act in accordance with the Standard of Care. Upon such reversal, a sum equal to the credited or debited amount shall become immediately payable by the Trust to the Custodian and may be debited from any deposit or other account held for the benefit of the Trust.

SECTION 7. <u>TAX SERVICES</u>.

SECTION 7.1 <u>TRUST</u> <u>INFORMATION</u>. Each Trust will provide documentary evidence of its tax domicile, organizational specifics and other documentation and information as may be reasonably required by the Custodian from time to time for tax purposes, including, without limitation, information relating to any special ruling or treatment to which the Trust may be entitled that is not applicable to the general nationality and category of person to which the Trust belongs under general laws and treaty obligations and documentation and information required in relation to countries where the Trust engages or proposes to engage in investment activity or where Trust assets are or will be held.

The provision of such documentation and information shall be deemed to be a Proper Instruction, upon which the Custodian shall be entitled to rely and act. In giving such documentation and information, the Trust represents and warrants, to the best of its knowledge, that it is true and correct in all material respects and that it will provide the Custodian with all necessary corrections or updates within a commercially reasonable time of becoming aware of any changes or inaccuracies in the documentation or information supplied.

SECTION 7.2 <u>TAX RESPONSIBILITY</u>. The Trust shall be liable for all taxes (including Taxes, as defined below) relating to its investment activity, including with respect to any cash or securities held by the Custodian on behalf of the Trust or any transactions related thereto. Subject to compliance by the Trust with its obligations under Section 7.1, the Custodian shall withhold (or cause to be withheld) the amount of any Tax which is required to be withheld under applicable law in connection with the collection on behalf of the Trust pursuant to this Agreement of any dividend, interest income or other distribution with respect to any security and the proceeds or income from the sale or other transfer of any security held by the Custodian. If any Taxes become payable with respect to any prior payment made to the Trust by the Custodian or otherwise, the Custodian shall notify the Trust promptly and thereafter may apply any credit balance in the Trust's deposit account to the extent necessary to satisfy such Tax obligation. The Custodian shall reasonably facilitate each Trust's fulfillment of tax obligations, such as executing ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to securities of each Trust held by it and in connection with transfers of securities. The Trust shall remain liable for any tax deficiency. The Custodian is not liable for any tax obligations relating to the Trust, other than those Tax services as set out specifically in this Section 7. The Trust agrees that the Custodian is not, and shall not be deemed to be, providing tax advice or tax counsel. The capitalized terms "Tax" or "Taxes" means any withholding or capital gains tax, stamp duty, levy, impost, charge, assessment, deduction or related liability, including any addition to tax, penalty or interest imposed on or in respect of (i) cash or securities, (ii) the transactions effected under this Agreement, or (iii) the Trust.

SECTION 7.3 <u>TAX RELIEF</u>. The Custodian will provide tax relief services in relation to designated markets as may be specified from time to time in the Client Publications. Subject to the preceding sentence and compliance by the Trust with its obligations under Section 7.1, the Custodian will file claims for exemptions, reductions of withholding tax, and refunds of any tax paid or tax credits which apply in each applicable market (domestic or foreign) in respect of income payments on securities for the benefit of the Trust. The Custodian shall provide information on reduction at source and tax reclaim processing in its Tax Entitlement Service Overview made available to the Trust on the Custodian's customer portal, "my.statestreet.com." The Custodian shall maintain tax entitlement accruals for possible tax benefits available in markets of investment and monitor tax entitlements and tax reclaim accruals based on existing situations in markets of investment with respect to the Trust's entitlements. The Custodian shall facilitate communications to the Trust's local tax consultants and foreign sub-custodians with respect to reporting, payment and filing requirements regarding capital gains processing. Unless otherwise informed by the Trust, the Custodian shall be entitled to apply categorical treatment of the Trust according to its nationality, particulars of its organization and other relevant details supplied by the Trust.

SECTION 8. <u>PAYMENTS FOR SALES OR REDEMPTIONS OF TRUST INTERESTS</u>.

Section 8.1 <u>PAYMENT FOR SHARES ISSUED</u>. If a Trust shall sell any Shares, the Trust shall deliver instructions, or cause the Trust's transfer agent to provide instructions, to the Custodian, specifying the amount of cash, if any, to be received by the Custodian in connection with the sale of such Shares and specifically allocated to the Trust's account. The Custodian will provide timely notification to the Trust and its transfer agent of any receipt of the cash payments by the Custodian.

Section 8.2 <u>PAYMENT FOR SHARES REDEEMED</u>. Whenever the Trust desires Custodian to make a payment, if any, out of cash held by Custodian hereunder in connection with a redemption of any Shares, the Trust shall deliver instructions, or cause the Trust's transfer agent to provide instructions, to the Custodian, specifying the total amount of cash, if any, to be paid, for the redemption of such Shares, and the Custodian shall make such payment out of the cash held in the Trust's Account in accordance with such instructions.

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| SECTION 9. | <u>PROPER INSTRUCTIONS</u>. |

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SECTION 9. 1 <u>FORM AND SECURITY PROCEDURES</u>. Proper Instructions may be in writing signed by the authorized individual or individuals or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed to from time to time by the Custodian and the individual or organization giving the instruction, provided that the Trust has followed any security procedures agreed to from time to time by the applicable Trust and the Custodian. The Custodian may agree to accept oral instructions in accordance with agreed security procedures, and in such case oral instructions will be considered Proper Instructions. The applicable Trust shall cause all oral instructions to be confirmed in writing, provided that the Trust's failure to do so shall not impact the Custodian's authority to rely on such oral instructions. The Custodian shall only accept instructions from the person or persons on the current list of authorized persons as provided or agreed to by the applicable Trust in writing and as may be amended from time to time.

SECTION 9.2 <u>RELIANCE ON OFFICER'S CERTIFICATE</u>. Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Trust shall deliver to the Custodian an officer's certificate setting forth the names, titles, signatures and scope of authority of all individuals authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Trust. The certificate may be accepted and conclusively relied upon by the Custodian and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary and the Custodian has had a reasonable time to act thereon.

SECTION 9.3 <u>UNTIMELY PROPER INSTRUCTIONS</u>. If the Custodian is not provided with reasonable time to execute a Proper Instruction (including any Proper Instruction not to execute, or any other modification to, a prior Proper Instruction), the Custodian will use good faith efforts to execute the Proper Instruction but will not be responsible or liable if the Custodian's efforts are not successful (including any inability to change any actions that the Custodian had taken pursuant to the prior Proper Instruction).

SECTION 10. <u>ACTIONS PERMITTED WITHOUT EXPRESS AUTHORITY</u>.

The Custodian may in its discretion, without express authority from the applicable Trust:

1) Make payments to itself or others for minor, normal, routine expenses to facilitate the settlement of securities transactions that are customary in the market in which the Trust trading and relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Trust;

2) Surrender securities or other financial assets in temporary form for securities or other financial assets in definitive form;

3) Endorse for collection, in the name of the Trust, checks, drafts and other negotiable instruments; and

4) In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and other financial assets of the Trust except as otherwise directed by the Sponsor.

SECTION 11. <u>RESERVED</u>.

SECTION 12. <u>RECORDS</u>.

The Custodian shall with respect to each Trust create and maintain all records relating to its activities and obligations under this Agreement in such manner as may be agreed to from time to time by the applicable Trust and the Custodian. All such records shall be the property of the applicable Trust and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers, employees or agents of the Trust and employees and agents of the SEC. The Custodian shall, at any Trust's request, supply the Trust with a tabulation of securities owned by each Trust and held by the Custodian and shall, when requested to do so by the Trust and for such compensation as shall be agreed upon between the Trust and the Custodian, include certificate numbers in such tabulations. In the event that the Custodian is requested or authorized by a Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Custodian's personnel as witnesses, the Trust agrees to pay the Custodian for the Custodian's reasonable time and expenses, as well as the reasonable fees and expenses of the Custodian's counsel, incurred in responding to such request, order or requirement. The Custodian shall, to the extent permitted by law, provide notice to the applicable Trust promptly (in view of all the facts and circumstances) after receipt of any request for records relating to any investigation, examination or inspection of the Trust by the Trust's supervisory or regulatory authorities. The Custodian shall provide the applicable Trust with an update on the fees and expenses incurred in responding to any such requests for records and shall cooperate in any efforts of the Trust or its designee to seek a protective order to the extent permitted by law and reasonably requested at the Trust's expense.

SECTION 13. <u>TRUST'S INDEPENDENT ACCOUNTANTS; REPORTS</u>.

SECTION 13.1 <u>OPINIONS</u>. The Custodian shall take all reasonable action, as a Trust may from time to time request, to obtain from year to year favorable opinions from the Trust's independent accountants with respect to its activities hereunder.

SECTION 13.2 <u>REPORTS</u>. Upon reasonable request of a Trust, the Custodian shall provide the Trust with a copy of the Custodian's Service Organizational Control (SOC) 1 reports prepared in accordance with the requirements of AT section 801, Reporting on Controls at a Service Organization (formerly Statement on Standards for Attestation Engagements (SSAE) No. 16). The Custodian shall use commercially reasonable efforts to provide the Trust with such reports as the Trust may reasonably request.

SECTION 14. <u>CUSTODIAN'S STANDARD OF CARE; EXCULPATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>STANDARD OF CARE</u>. In carrying out the provisions of this Agreement, the Custodian shall act in good faith, diligence that a professional provider of custody services would observe in carrying out all of the duties and obligations under this Agreement taking into account generally applicable industry standards and practices, without negligence, and reasonable care (altogether, the "Standard of Care") at all times in its performance of all services performed under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>RELIANCE ON PROPER INSTRUCTIONS</u>. The Custodian shall be entitled conclusively to rely and act upon Proper Instructions until the Custodian has received notice of any change from the Trust and has had a reasonable time to act thereon. The Custodian may act on a Proper Instruction if it reasonably believes that it contains sufficient information and may refrain from acting on any Proper Instructions until such time that it has determined, in its reasonable discretion, that is has received any required clarification or authentication of Proper Instructions. The Custodian may rely upon and shall be protected in acting upon any Proper Instruction or any other instruction, notice, request, consent, certificate or other instrument or paper reasonably believed by it in good faith to be genuine and to have been properly executed by or on behalf of the applicable Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>OTHER RELIANCE</u>. The Custodian is authorized and instructed to rely upon the information that the Custodian receives from the Trust or any third party on behalf of the Trust (including, without limitation, any confirmation received from the Trust, Sponsor or any other authorized person as to the delivery by an Authorized Participant of required Digital Assets determined to be sufficient for the related issuance of Creation Units). The Custodian shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any information supplied to it by or on behalf of any Trust. The Custodian shall have no liability in respect of any loss, cost or expense incurred or sustained by the Trust arising from the performance of the Custodian's duties hereunder in reliance upon records that were maintained for the Trust by any individual or organization, other than the Custodian, prior to the Custodian's appointment as custodian hereunder. The Custodian shall be entitled to rely on and may act upon reasonable advice of reputable counsel (who may be counsel for any Trust) on all matters and shall be without liability for any good faith action reasonably taken or omitted pursuant to the advice in accordance with the Standard of Care. Unless otherwise agreed, the Custodian shall bear the cost of such advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>LIABILITY FOR FOREIGN CUSTODIANS AND SUB-CUSTODIANS</u>. The Custodian shall be liable for the acts or omissions of a foreign sub-custodian and of any sub-custodian selected by the Custodian to the same extent as if the action or omission were performed by the Custodian itself, taking into account the facts and circumstances and the established local market practices and laws prevailing in the particular jurisdiction in which the Trust elects to invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>INSOLVENCY AND COUNTRY RISK</u>. The Custodian shall in no event be liable for (a) the insolvency of any foreign sub-custodian, (b) the insolvency of any depositary bank maintaining in a deposit account cash denominated in any currency other than an "on book" currency, or (c) any loss, cost or expense incurred or sustained by a Trust resulting from or caused by Country Risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <u>FORCE MAJEURE AND THIRD PARTY ACTIONS</u>. The Custodian shall be without responsibility or liability to any Trust for: (a) events or circumstances beyond the reasonable control of the Custodian, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any currency or securities market or system, power or other mechanical or technological failures or interruptions, work stoppages, natural disasters, acts of war, revolution, riots or terrorism or other similar force majeure events or acts, except to the extent the losses or liabilities are attributable to the Custodian's breach of its business continuity obligations under this Agreement; (b) errors by any Trust, its Sponsor or any other duly authorized person in their Proper Instructions to the Custodian; (c) the insolvency of or acts or omissions by a U.S. Securities System, Foreign Securities System, Underlying Transfer Agent or unaffiliated domestic sub-custodian designated pursuant to Section 2.2; (d) the failure of any Trust, its Sponsor or any duly authorized individual or organization to adhere to the Custodian's operational policies and procedures; (e) any delay or failure of any broker, agent, securities intermediary or other intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities or other financial assets purchased or in the remittance or payment made in connection with securities or other financial assets sold except to the extent caused by Custodian's actions or inactions not in accordance with the Standard of Care; (f) any delay or failure of any organization in charge of registering or transferring securities or other financial assets in the name of the Custodian, any Trust, the Custodian's sub-custodians, nominees or agents including non-receipt of bonus, dividends and rights and other accretions or benefits except to the extent caused by Custodian's acts or omissions not in accordance with the Standard of Care; (g) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security, other financial asset, U.S. Securities System or Foreign Securities System; and (h) the effect of any provision of any law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <u>INDIRECT/SPECIAL/CONSEQUENTIAL DAMAGES</u>. Notwithstanding any other provision set forth herein, in no event shall the Custodian or any Trust be liable for any special, indirect, incidental, punitive or consequential damages of any kind whatsoever (including, without limitation, lost profits) with respect to the services provided pursuant to this Agreement or a breach of this Agreement, regardless of whether either party has been advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 <u>DELIVERY OF PROPERTY.</u> The Custodian shall not be responsible for any securities or other assets of a Trust which are not received by the Custodian or which are delivered out in accordance with Proper Instructions. The Custodian shall not be responsible for the title, validity or genuineness of any securities or other assets or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 <u>NO INVESTMENT ADVICE</u>. The Custodian has no responsibility to monitor or oversee the investment activity undertaken by any Trust or its Sponsor. The Custodian has no duty to ensure or to inquire whether the Sponsor complies with any investment objectives or restrictions agreed upon between a Trust and the Sponsor or whether the Sponsor complies with its legal obligations under applicable securities laws or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility or liability for the suitability or appropriateness of the investments made by any Trust on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 <u>COMMUNICATIONS</u>. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with securities or other financial assets of a Trust at any time held by the Custodian unless (a) the Custodian or the foreign sub-custodian is in actual possession of such securities or other financial assets, (b) the Custodian receives Proper Instructions with regard to the exercise of the right or power, and (c) both of the conditions referred to in the foregoing clauses (a) and (b) have been satisfied at least three business days prior to the date on which the Custodian is to take action to exercise the right or power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 <u>LOANED SECURITIES</u>. If applicable, income due to each Trust on securities or other financial assets loaned shall be the responsibility of the applicable Trust. The Custodian will have no duty or responsibility in connection with loaned securities or other financial assets, other than to provide the applicable Fund Trust with such information or data as may be necessary to assist the Trust in arranging for the timely delivery to the Custodian of the income to which the Trust is entitled, unless otherwise mutually agreed to between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 <u>TRADE COUNTERPARTIES</u>. A Trust's receipt of securities or other financial assets from a counterparty in connection with any of its purchase transactions and its receipt of cash from a counterparty in connection with any sale or redemption of securities or other financial assets will be at the Trust's sole risk, and the Custodian shall not be obligated to make demands on the Trust's behalf if the Trust's counterparty defaults. If a Trust's counterparty fails to deliver securities, other financial assets or cash, the Custodian will, as its sole responsibility, notify the Trust's Sponsor of the failure within a reasonable time after the Custodian became aware of the failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 <u>LIABILITY FOR PAYMENT IN ADVANCE OF RECEIPT OF SECURITIES PURCHASED.</u> In any and every case where payment for purchase of domestic securities for the account of a Trust is made by the Custodian in advance of receipt of the securities purchased in the absence of Proper Instructions from the Trust to so pay in advance, the Custodian shall be absolutely liable to the Trust for such securities to the same extent as if the securities had been received by the Custodian.

SECTION 15. <u>COMPENSATION AND INDEMNIFICATION OF CUSTODIAN; SECURITY INTEREST</u>.

SECTION 15.1 <u>COMPENSATION</u>. The Custodian shall be entitled to reasonable compensation for its services and expenses as agreed upon from time to time between each Trust on behalf of each applicable Trust and the Custodian.

SECTION 15.2 <u>INDEMNIFICATION</u>. Each Trust, severally and not jointly, agrees to indemnify the Custodian and to hold the Custodian harmless from and against any direct loss, cost, or expense sustained or incurred by the Custodian (including its agents or subcustodians) in acting or omitting to act under or in respect of this Agreement if the Custodian (including its agents or subcustodians) acts or omits to act in accordance with its Standard of Care, including, without limitation, (a) the Custodian's compliance with Proper Instructions and (b) in connection with the provision of services to a Trust pursuant to Section 7, any obligations, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses, that may be assessed against the Trust or the Custodian as custodian of the assets of the Trust. If a Trust instructs the Custodian to take any action with respect to securities or other financial assets, and the action involves the payment of money or may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Trust being liable therefor, the Trust, as a prerequisite to the Custodian taking the action, shall provide to the Custodian at the Custodian's request such further indemnification in an amount and form satisfactory to the Custodian. The Custodian agrees to indemnify, defend and hold harmless each Trust from any direct loss, cost, or expense sustained or incurred by the Trust resulting from the acts or omissions of the Custodian or its agents or subcustodians not in accordance with the Standard of Care. Each party will use reasonable efforts to mitigate any losses in respect of which it claims indemnification hereunder. Upon the assertion of a claim for which an indemnifying party may be required to indemnify the indemnified party, the indemnified party shall promptly notify the indemnifying party of such assertion; provided, however, the failure to notify the indemnifying party will not relieve such party of any liability under this section, except to the extent such failure materially prejudices the investigation and/or defense of the indemnified claim. The indemnified party shall keep the indemnifying party advised with respect to all material developments concerning such claim. The indemnifying party shall have the option to participate with the indemnified party in the defense of such claim or to defend against said claim in its own name, unless the Custodian is the indemnified party and is seeking indemnification from multiple customers for claims based on common facts or otherwise relating to the indemnified claim. The indemnifying party shall not settle an indemnified claim without the consent of the indemnified party, which consent shall not be unreasonably withheld or delayed, provided that the indemnifying party will have the right to settle a claim without the consent of the indemnified party if such settlement (i) involves only the payment of money, (ii) fully and unconditionally releases the indemnified party from any liability in exchange for the amount paid in settlement, and (iii) does not include any admission of fault or liability in relation to the indemnified party.

SECTION 15.3 <u>SECURITY INTEREST</u>. Each Trust hereby grants to the Custodian, to secure the payment and performance of the Trust's obligations under this Agreement, whether contingent or otherwise, a security interest in and right of recoupment and setoff against all cash and all securities and other financial assets at any time held for the account of such Trust by or through the Custodian. The obligations include, without limitation, the Trust's obligations to reimburse the Custodian if the Custodian or any of its affiliates, subsidiaries or agents advances cash or securities or other financial assets to the Trust for any purpose (including but not limited to settlements of securities or other financial assets, foreign exchange contracts and assumed settlement), or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligence, fraud or willful misconduct, as well as the Trust's undisputed obligation to compensate the Custodian pursuant to Section 15.1 or indemnify the Custodian pursuant to Section 15.2. Should the Trust fail to reimburse or otherwise pay the Custodian any obligation under this Agreement timely, the Custodian shall have the rights and remedies of a secured party under this Agreement, the UCC and other applicable law, including the right to utilize available cash and to sell or otherwise dispose of the Trust's assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time decline to follow Proper Instructions to deliver out cash, securities or other financial assets if the Custodian determines in its reasonable discretion that, after giving effect to the Proper Instructions, the cash, securities or other financial assets remaining will not have sufficient value fully to secure the Trust's payment or reimbursement obligations, whether contingent or otherwise.

SECTION 16. <u>EFFECTIVE PERIOD AND TERMINATION</u>.

SECTION 16.1 <u>TERM</u>. This Agreement shall remain in full force and effect for an initial term ending February 28, 2029. After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the initial term or any renewal term, as the case may be.

SECTION 16.2 <u>TERMINATION</u>. Either party may terminate this Agreement: (a) in the event of the other party's material breach of a provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to cure that is reasonably acceptable to the non-breaching party, within 60 days' written notice being given by the non-breaching party of the breach, (b) immediately if the material breach cannot be cured; or (c) in the event of the appointment of a conservator or receiver for the other party, the commencement by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction or at the direction of such party's regulators. A Trust may also terminate this Agreement as to the Trust in the event of a Change of Control of the Custodian. For purposes hereof, "Change of Control" means the occurrence of a transaction or a series of transactions by which a person: (i) acquires the direct or indirect ownership of a majority of the Custodian's outstanding capital stock (or other form of equity interests) including by merger or otherwise; (ii) obtains the voting power to elect a majority of the directors of the Custodian's board of directors (or other similar governing body); or (iii) acquires or exclusively licenses directly or indirectly all or substantially all of a Custodian's assets that are the subject matter of this Agreement, for example, the sale of any of Custodian's ETF custody, ETF accounting, or other ETF services businesses.

SECTION 16.3 <u>PAYMENTS OWING TO THE CUSTODIAN</u>. Upon termination of this Agreement pursuant to Section 16.1 or 16.2, the applicable Trust shall pay to the Custodian any compensation then due and shall reimburse the Custodian for its other fees, expenses and charges as documented by State Street in the Fee Schedule or fee charges provided prior to the execution of this Agreement. In the event of any Trust's termination of this Agreement for any reason other than (a) as set forth in Section 16.1 or 16.2 or (b) a transaction not in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to a Trust, the applicable Trust shall pay to the Custodian any compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by the Custodian with respect to the Trust) and shall reimburse the Custodian for its other fees, expenses and charges. Upon receipt of such payment and reimbursement, the Custodian will deliver the Trust's cash and its securities and other financial assets as set forth in Section 17.

SECTION 16.4 <u>EXCLUSIONS</u>. No payment will be required pursuant to clause (b) of Section 16.3 in the event of any transaction consisting of (a) the liquidation or dissolution of a Trust and distribution of the Trust's assets as a result of its determination in its reasonable business judgment that such liquidation or dissolution is in the best interests of the Trust, (b) a merger of a Trust into, or the consolidation of a Trust with, another organization or series, or (c) the sale by a Trust of all or substantially all of its assets to another organization or series and, in the case of a transaction referred to in the foregoing clause (b) or (c) the Custodian is retained to continue providing services to the Trust (or its respective successor) on substantially the same terms as this Agreement.

SECTION 16.5 <u>EFFECT OF TERMINATION</u>. Termination of this Agreement with respect to any one particular Trust shall in no way affect the rights and duties under this Agreement with respect to any other Trust to the extent not terminated. Following termination with respect to a Trust, the Custodian shall have no further responsibility to forward information under Section 3.7 or 5.10. The provisions of Sections 7, 14, 15, 17, 20.11 and 20.12 of this Agreement shall survive termination of this Agreement.

SECTION 17. <u>SUCCESSOR CUSTODIAN</u>.

SECTION 17.1 <u>SUCCESSOR APPOINTED</u>. If a successor custodian shall be appointed for a Trust, the Custodian shall, upon termination of this Agreement and receipt of Proper Instructions, deliver to the successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all cash and all securities and other financial assets of the Trust then held by the Custodian hereunder and shall transfer to an account of the successor custodian all of the securities and other financial assets of the Trust held in a U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent.

SECTION 17.2 <u>NO SUCCESSOR APPOINTED</u>. If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer the cash and the securities and other financial assets of the Trust in accordance with the Proper Instructions.

SECTION 17.3 <u>NO SUCCESSOR APPOINTED AND NO PROPER INSTRUCTIONS</u>. If no successor custodian has been appointed and no Proper Instructions have been delivered to the Custodian on or before the termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company, which is "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all cash and all securities and other financial assets of the Trust then held by the Custodian hereunder, and to transfer to an account of the bank or trust company all of the securities and other financial assets of the Trust held in any U.S. Securities System or Foreign Securities System or at the Underlying Transfer Agent. The transfer will be on such terms as are contained in this Agreement or terms as similar as reasonably possible that the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer shall be for the account of the Trust.

SECTION 17.4 <u>REMAINING PROPERTY</u>. If any cash or any securities or other financial assets of the Trust held by the Custodian hereunder remain held by the Custodian after the termination of this Agreement owing to the failure of the applicable Trust to provide Proper Instructions, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian holds the cash or the securities or other financial assets (the existing agreed-to compensation at the time of termination shall be one indicator of what is considered fair compensation).The provisions of this Agreement relating to the duties, exculpation and indemnification of the Custodian shall apply during such period.

SECTION 17.5 <u>RESERVES.</u> Notwithstanding the foregoing provisions of this Section 17, the Custodian may retain a reasonable amount of cash or securities or other financial assets of the Trust as a reserve reasonably established by the Custodian to secure the payments due and owing by Trust and any reasonably anticipated additional payments for obligations of the Trust secured by a security interest or right of recoupment or setoff in favor of the Custodian.

SECTION 18. <u>RESERVED</u>.

SECTION 19. <u>RESERVED</u>.

SECTION 20. <u>GENERAL</u>.

SECTION 20.1 <u>GOVERNING LAW</u>. Any and all matters in dispute between the parties hereto, whether arising from or relating to this Agreement, shall be governed by and construed in accordance with laws of the Commonwealth of Massachusetts, without giving effect to any conflict of laws rules. Likewise, the law applicable to all issues in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in respect of Securities Held with an Intermediary is the law in force in the Commonwealth of Massachusetts.

SECTION 20.2 <u>RESERVED</u>.

SECTION 20.3 <u>PRIOR AGREEMENTS; AMENDMENTS</u>. This Agreement supersedes all prior agreements between each Trust and the Custodian relating to the custody of the Trust's assets. This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

SECTION 20.4 <u>ASSIGNMENT; DELEGATION</u>. Neither this Agreement nor any rights or obligations hereunder may be assigned by (a) any Trust without the written consent of the Custodian or (b) the Custodian without the written consent of each applicable Trust. Any attempt to do so in violation of this Section shall be void. Unless specifically stated to the contrary in any written consent to an assignment, no assignment will release or discharge the assignor from any duty or responsibility under this Agreement.

Except as explicitly stated in this Agreement, nothing under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other than the Custodian and the Trust, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Custodian and the Trust. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

This Agreement does not constitute an agreement for a partnership or joint venture between the Custodian and the Trust.

The Custodian shall retain the right to employ agents, subcontractors, consultants or other third parties, including, without limitation, affiliates (each, a "***Delegate***" and collectively, the "***Delegates***") to provide or assist it in the provision of any part of the non-custodial services described herein or the discharge of any other non-custodial obligations or duties under this Agreement without the consent or approval of any Trust. The Custodian shall be responsible for the acts and omissions of any such Delegate so employed as if the Custodian had committed such acts and omissions itself. The Custodian shall be responsible for the compensation of its Delegates. Notwithstanding the foregoing, in no event shall the term Delegate include sub-custodians, foreign sub-custodians, U.S. Securities Systems and Foreign Securities Systems, and the Custodian shall have no liability for their acts or omissions except as otherwise expressly provided elsewhere in this Agreement. The liability of the Custodian for the acts and omissions of sub-custodians, foreign sub-custodians, U.S. Securities Systems and Foreign Securities Systems shall be as set forth in Section 14 above. The Custodian will provide the Trust with information regarding its global operating model for the delivery of the services provided hereunder on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Custodian that perform or may perform parts of the services (excluding services performed by sub-custodians, U.S. Securities Systems and Foreign Securities Systems), and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Trust may reasonably request from time to time. Nothing in this paragraph shall limit or restrict the Custodian's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

SECTION 20.5 <u>INTERPRETIVE AND ADDITIONAL PROVISIONS</u>. In connection with the operation of this Agreement, the Custodian and each Trust, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of a Trust's organic record and Prospectus. No interpretive or additional provisions made as provided in the preceding sentence shall be an amendment of this Agreement.

SECTION 20.6 <u>ADDITIONAL TRUST</u>.

SECTION 20.6.1 <u>ADDITIONAL TRUST</u>. If any entity in addition to those listed on Appendix A desires the Custodian to render services as custodian under the terms of this Agreement, the entity shall so notify the Custodian in writing. If the Custodian agrees in writing to provide the services, the entity shall become a Trust hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 20.7 below.

SECTION 20.7<u>THE PARTIES; REPRESENTATIONS AND WARRANTIES</u>. All references in this Agreement to the "Trust" are to each of the entities listed on Appendix A, and each entity made subject to this Agreement in accordance with Section 20.6 above, individually, as if this Agreement were between the individual Trust and the Custodian. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Trust as to which the matter pertains.

SECTION 20.7.1 <u>TRUST REPRESENTATIONS AND WARRANTIES</u>. Each Trust hereby represents and warrants that (a) it is duly organized and validly existing in good standing in its jurisdiction of organization; (b) it has the requisite power and authority under applicable law to enter into and perform its obligations under this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) to its knowledge, no legal or administrative proceedings have been instituted or threatened which would materially impair the Trust's ability to perform its duties and obligations under this Agreement; and (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Trust or any law or regulation applicable to it.

SECTION 20.7.2 <u>CUSTODIAN REPRESENTATIONS AND WARRANTIES</u>. The Custodian hereby represents and warrants that (a) it is a trust company, duly organized and validly existing under the laws of the Commonwealth of Massachusetts; (b) it has the requisite power and authority to carry on its business in the Commonwealth of Massachusetts and to enter into and perform its obligations under this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) no legal or administrative proceedings have been instituted or threatened which would materially impair the Custodian's ability to perform its duties and obligations under this Agreement; (e) its entering into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Custodian or any law or regulation applicable to it; (f) it is in compliance with all laws applicable to it in the performance of services under this Agreement; and (g) it has and will maintain access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

SECTION 20.8 <u>NOTICES</u>. Any notice, instruction or other communication required to be given hereunder will, unless otherwise provided in this Agreement, be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To any Trust: c/o T. ROWE PRICE ASSOCIATES, INC.

1307 Point Street

Baltimore, MD 21231

Attention: General Counsel

with a copy to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Sponsor LLC

1307 Point Street

Baltimore, MD 21231

Attention: Secretary

To the Custodian: STATE STREET BANK AND TRUST COMPANY

One Congress Street

Boston, MA, 02114

Attention: Corey Groves

Telephone: 1 978 735 9283

with a copy to: STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

One Congress Street

Boston, MA 02114

Attention: Senior Vice President and Senior Managing Counsel

SECTION 20.9 <u>COUNTERPARTS</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received in electronically transmitted form.

SECTION 20.10 <u>SEVERABILITY; NO WAIVER</u>. If any provision of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. The failure of a party hereto to insist upon strict adherence to any term of this Agreement on any occasion or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any the term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy.

SECTION 20.11 <u>CONFIDENTIALITY</u>. All information provided under this Agreement by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), whether in written, electronic or oral form, including, without limitation, information regarding the Disclosing Party's business, operations or finances ("Confidential Information") shall be treated as confidential. For the avoidance of doubt, all portfolio holdings and trading information of each Trust shall constitute Confidential Information of the Trust. The Receiving Party shall keep confidential and protect from unauthorized disclosure or misuse the Disclosing Party's Confidential Information with the same degree of care as it would employ with respect to its own information of like importance which it does not desire to have published or disseminated, but in no event less than a reasonable degree of care. Subject to Section 20.12 below, all Confidential Information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 20.12 below), including financial and operational management and reporting, risk management, and legal and regulatory compliance. The Receiving Party shall not use any Confidential Information of the Disclosing Party for the Receiving Party's own purposes, including marketing, customer research, or market analytics, whether or not on an anonymized or aggregate basis. The Custodian shall not use any Confidential Information of the Trust for any investment or trading purpose and shall maintain policies, procedures and other measures, including a code of ethics or similar policy, consistent with industry best practices, to ensure compliance with all applicable securities laws by it and any other entity or individual with access to portfolio holdings or trading information. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process (provided that, unless prohibited by law or regulation, promptly on receipt of any order compelling such disclosure, the Receiving Party shall notify the Disclosing Party in writing of such requirement to disclose so that the Disclosing Party has a reasonable opportunity to obtain a protective order at the Disclosing Party's expense), (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.* The parties agree that unauthorized disclosure of Confidential Information may cause irreparable damage to the Disclosing Party and, therefore, in such cases, the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach. Each party will be responsible for any use or disclosure of Confidential Information of the Disclosing Party in breach of this Agreement, by its Representatives (as defined below) as though such party had used or disclosed such Confidential Information itself. Upon expiration or termination of this Agreement, upon the request of the Disclosing Party, all copies of Confidential Information of the Disclosing Party shall be destroyed or returned to the Disclosing Party, at the Disclosing Party's discretion. Notwithstanding the foregoing, a Receiving Party may retain copies of the Disclosing Party's Confidential Information and shall have no obligation to destroy or return such copies to the extent the Receiving Party maintains such information in accordance with this Agreement and such retention is required pursuant to (i) applicable laws, regulations, or regulatory authority, (ii) the Receiving Party's internal policies and procedures, or (iii) the Receiving Party's routine archiving and electronic backup and storage policies and systems. 

SECTION 20.12 <u>USE OF DATA</u>.

SECTION 20.12.1 In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Custodian (which term for purposes of this Section 20.12 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding a Trust and share such information with its Affiliates, agents, consultants, employees, attorneys, accountants, service providers, sub-custodians and other similar advisors that have a reasonable need to know such Confidential Information for purposes of meeting Custodian's obligations under this Agreement ("Representatives") in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Custodian or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance, and internal client service management purposes of the Custodian and its Affiliates.

SECTION 20.12.2 Except as expressly contemplated by this Agreement, nothing in Sections 20.11 and 20.12 shall limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and applicable law. The Custodian shall cause any Affiliate or Representative to which it has disclosed Confidential Information pursuant to this Agreement to comply at all times with confidentiality and data-protection obligations under this Agreement as if it were a party to this Agreement.

SECTION 20.13 <u>DATA PRIVACY</u>. The Custodian will implement and maintain a written information security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. The term, "***personal information***", as used in this Section, means (a) an individual's name (first initial and last name or first name and last name), address or telephone number plus (i) Social Security number, (ii) driver's license number, (iii) state identification card number, (iv) debit or credit card number, (v) financial account number or (vi) personal identification number or password that would permit access to a person's account, or (b) any combination of any of the foregoing that would allow a person to log onto or access an individual's account. The term does not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

SECTION 20.14 <u>REPRODUCTION OF DOCUMENTS</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. Any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

SECTION 20.15 <u>REGULATION GG</u>. Each Trust represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall not engage in an Internet gambling business. In accordance with Regulation GG, each Trust is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Custodian pursuant to this Agreement or otherwise between or among any party hereto.

SECTION 20.16 <u>SHAREHOLDER COMMUNICATIONS ELECTION</u>. Rule 14b-2 under the Securities Exchange Act, 1934 (the "**Rule**"), requires banks that hold securities, as that term is used in federal securities laws, for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, as may be applicable, the Custodian needs each Trust to indicate whether it authorizes the Custodian to provide such Trust's name, address, and share position to requesting companies whose securities the Trust owns. If a Trust tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Trust tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule, as applicable, to treat the Trust as consenting to disclosure of this information for all securities owned by the Trust or any funds or accounts established by the Trust. For a Trust's protection, the Rule, as applicable, prohibits the requesting company from using the Trust's name and address for any purpose other than corporate communications. Please indicate below whether the Trust consents or objects by checking one of the alternatives below.

YES [ ] The Custodian is authorized to release the Trust's name, address, and share positions.

NO [X ] The Custodian is not authorized to release the Trust's name, address, and share positions.

SECTION 20.17 <u>LIMITED LIABILITY OF TRUSTS</u>. The obligations of each Trust under this Agreement are not binding upon any of the directors, officers, employees, agents or shareholders of the Trust individually, but bind only the property of the applicable Trust and no other Trust. The Custodian agrees to look solely to the assets of the applicable Trust for the satisfaction of any liability in respect of the Trust under this Agreement and will not seek recourse against such directors, officers, employees, agents or shareholders, or any of them, or any of their personal assets for such transaction.

SECTION 20.18 <u>BUSINESS CONTINUITY</u>. AND INFORMATION SECURITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18.1 The Custodian will at all times maintain a business contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension of the services to be provided by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18.2 The Custodian will maintain commercially reasonable information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of each Trust's data; (ii) protect against any anticipated threats or hazards to the security or integrity of each Trust's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access to or use of each Trust's data. In the event the Custodian becomes aware of critical vulnerabilities in its information security systems and controls, the Custodian will use commercially reasonable efforts to remediate such vulnerabilities within a reasonable period of time.

**SIGNATURE PAGE**

**IN WITNESS WHEREOF**, each of the parties has caused this Agreement to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE T. ROWE PRICE ENTITY SET FORTH ON APPENDIX A HERETO**

By: T. Rowe Price Sponsor LLC, as Sponsor on behalf of each entity

---

| | |
|:---|:---|
| By: | /s/ Jean-Marc Corredor |
|  | Name: Jean-Marc Corredor |
|  | Title: Vice President |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Eruch A. Mody |
|  | Name: Eruch A. Mody |
|  | Title: Senior Managing Director |

---

**APPENDIX A**

**TO**

**MASTER CUSTODIAN AGREEMENT**

T. Rowe Price Active Crypto ETF

## Exhibit 10.5

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.5**

<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>

THIS TRANSFER AGENCY AND SERVICE AGREEMENT (this "Agreement") is made as of March 26, 2026, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company having its principal office and place of business at One Congress Street, Boston, Massachusetts 02114 ("State Street" or the "Transfer Agent"), and T. ROWE PRICE SPONSOR LLC, (the "Sponsor"), a Delaware limited liability corporation having its principal office and place of business at 1307 Point Street, Baltimore, Maryland 21231 on behalf of each entity identified on Schedule A (collectively the "Trust").

WHEREAS, the Trust is authorized to issue shares of beneficial interest ("Shares") representing interests in a portfolio of digital assets and other assets, which issuance and redemption will be only in aggregations of Shares known as "Creation Units" as described in the currently effective prospectus and most recently filed registration statement of the Trust (collectively, the "Prospectus");

WHEREAS, only those entities ("Authorized Participants") that have entered into an Authorized Participant Agreement with the distributor of the Trust, currently T. Rowe Price Investment Services, Inc. (the "Distributor") and the Transfer Agent, are eligible to place orders for Creation Units with the Distributor;

WHEREAS, the Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC") or its nominee will be the record or registered owner of all outstanding Shares;

WHEREAS, Trust desires to appoint Transfer Agent to act as its transfer agent, dividend disbursing agent and agent in connection with certain other activities, and Transfer Agent has the capability of providing such services and desires to accept such appointment.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, agree as follows:

1. <u>TERMS OF APPOINTMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints
the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Creation Units and dividend disbursing agent
of the Trust, in accordance with the policies and procedures agreed to by the Transfer Agent and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services*. In accordance with procedures established from time to time by written
agreement between the Trust, as applicable, and the Transfer Agent, the Transfer Agent shall:

● establish each Authorized Participant's account in the Trust's on the Transfer Agent's recordkeeping system and maintain such account for the benefit of such Authorized Participant;

● receive and process orders for the purchase of Creation Units from the Distributor or the Trust, and promptly deliver payment and appropriate documentation thereof to the custodian of the Trust as identified by the Trust (the "Custodian");

● generate, or cause to be generated, and transmit confirmation of receipt of such purchase and redemption orders to the Authorized Participants and, if applicable, transmit appropriate trade instruction to the National Securities Clearance Corporation ("NSCC") and/or DTC;

● receive and process redemption requests and redemption directions from the Distributor or the Trust, and deliver the appropriate documentation thereof to the Custodian;

● with respect to items (i) through (iv) above, the Transfer Agent may execute transactions directly with Authorized Participants and the Distributor or its agent;

● at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any redemption, pay over or cause to be paid over in the appropriate manner such monies, if any, to the redeeming Authorized Participant as instructed by the Distributor or the Trust;

● prepare and transmit by means of DTC's book-entry system payments for any dividends and distributions declared by the Trust;

● record the issuance of Shares of the Trust and maintain a record of the total number of Shares of the Trust which are issued and outstanding; and provide the Trust or its agent on a regular basis with the total number of Shares of the Trust which are issued and outstanding but Transfer Agent shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust; and, excluding DTC or its nominee as the record or registered owner, the Transfer Agent shall have no obligations or responsibilities to account for, keep records of, or otherwise related to, the beneficial owners of the Shares;

● maintain and manage, as agent for the Trust, such bank accounts as the Transfer Agent shall deem necessary for the performance of its duties under this Agreement, including but not limited to, the processing of Creation Unit purchases and redemptions and the payment of the Trust's cash dividends and distributions. The Transfer Agent may maintain such accounts at the bank or banks deemed appropriate by the Transfer Agent in accordance with applicable law;

● process any request from an Authorized Participant to change its account registration; and

● except as otherwise instructed by the Trust, the Transfer Agent shall process all transactions in the Trust in accordance with the procedures mutually agreed upon by the Trust and the Transfer Agent with respect to the proper net asset value to be applied to purchase orders received in good order by the Transfer Agent or by the Trust or any other person or firm on behalf of the Trust or from an Authorized Participant before cut-offs established by the Trust. The Transfer Agent shall report to the Trust any known exceptions to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the
services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Transfer Agent shall perform such other services for the Trust that are mutually agreed to by the
parties from time to time, for which the Trust will pay such fees and reimburse such reasonable out-of-pocket expenses as may be mutually
agreed upon The provision of such services shall be subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>DTC and NSCC.</u> The Transfer Agent shall: (a) accept and effectuate the registration and maintenance
of accounts, and the purchase and redemption of Creation Units in such accounts, in accordance with instructions transmitted to and received
by the Transfer Agent by transmission from DTC or NSCC on behalf of Authorized Participants; and (b) issue instructions to the Trust's
banks for the settlement of transactions between the Trust and DTC or NSCC (if applicable) (acting on behalf of the applicable Authorized
Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *Authorized Persons*. The Trust hereby agrees and acknowledges that the Transfer
Agent may rely on the current list of authorized persons, including the Distributor, as provided or agreed to by the Trust in writing
and as may be amended from time to time (each, an "Authorized Person"), in receiving instructions to issue or redeem Creation
Units. The Trust agrees and covenants for itself and each such Authorized Person that any order or sale of or transaction in Creation
Units received by it after the order cut-off time as set forth in the Prospectus or such earlier time as designated by the Trust (the "Order
Cut-Off Time"), shall be effectuated at the net asset value determined on the next business day or as otherwise required pursuant
to the Trust's then-effective Prospectus, and the Trust or such Authorized Person shall so instruct the Transfer Agent of the proper
effective date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Anti-Money Laundering and Client Screening*. With respect to the Trust's offering and sale
of Creation Units at any time, and for all subsequent transfers of such interests, the Trust or its delegate shall, to the extent applicable,
and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and
transferees in the Shares and Creation Units and shall obtain and retain due diligence records for each investor and transferee; (ii)
use its commercially reasonable efforts to ensure that each investor's and any transferee's funds used to purchase Creation
Units or Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications
that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control
database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money
laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence
records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering
(or other applicable) laws or regulations, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer
Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *State Transaction ("Blue Sky") Reporting*. If applicable, the Trust shall be solely
responsible for its "blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 *Tax Law*. The Transfer Agent shall have no responsibility or liability for any obligations now or
hereafter imposed on the Trust, any Creation Units, any Shares, a beneficial owner thereof, an Authorized Participant or the Transfer
Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political
subdivision thereof. It shall be the responsibility of the Trust to notify the Transfer Agent of the obligations imposed on the Trust,
the Creation Units, the Shares, or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the
tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments
or other governmental charges, certifications and governmental reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 The Transfer Agent shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>FEES AND EXPENSES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement,
the Transfer Agent shall be entitled to receive the fees and expenses set forth in a written fee schedule agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u> 

The Transfer Agent represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 It is a trust company duly organized and existing under the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 It is duly registered as a transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934,
as amended (the "1934 Act"), it will remain so registered for the duration of this Agreement, and it will promptly notify
the Trust in the event of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It is duly qualified to carry on its business in the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 It is empowered under applicable laws and by its organizational documents to enter into and perform the
services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 All requisite organizational proceedings have been taken to authorize it to enter into and perform this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 It is in compliance with all laws applicable to it in the performance of services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 It has and will continue to maintain access to the necessary facilities, equipment and personnel to perform
its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 The Transfer Agent shall cooperate with the Trust's independent public accountants and shall take commercially
reasonable actions to provide such information, as may be reasonably requested by the Trust from time to time, to such accountants for
the expression of their opinion.

4. <u>REPRESENTATIONS AND WARRANTIES OF THE TRUST</u> 

The Trust represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Trust is a statutory trust duly organized, existing and in good standing under the laws of the state
of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Trust is empowered under applicable laws and by its organizational documents to enter into and perform
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 All requisite proceedings have been taken to authorize the Trust to enter into, perform and receive services
pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Trust is exempt from registration under the Investment Company Act of 1940, as amended (the "1940
Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 A registration statement under the Securities Act of 1933, as amended (the "Securities Act"),
will become effective prior to the commencement of the Trust's public offering and will remain effective, and any appropriate state
securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Where information provided by the Trust, the Authorized Participants or the Trust's investors includes
information about an identifiable individual ("Personal Information"), the Trust represents and warrants that it has obtained
all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing,
use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for
the Transfer Agent to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust
acknowledges that the Transfer Agent may perform any of the services and may use and disclose Personal Information outside of the jurisdiction
in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal
Information of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept
indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty,
including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable
law that regulates the collection, processing, use or disclosure of Personal Information.

5. <u>DATA ACCESS AND PROPRIETARY INFORMATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive
design techniques, and documentation manuals furnished to the Trust by the Transfer Agent as part of the Trust's ability to access
certain Trust-related data maintained by the Transfer Agent or another third party on databases under the control and ownership of the
Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information (collectively,
"Proprietary Information") of substantial value to the Transfer Agent or another third party. In no event shall Proprietary
Information be deemed Authorized Participant information or the confidential information of the Trust. The Trust agrees to treat all Proprietary
Information as proprietary to the Transfer Agent and
further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided hereunder.
Without limiting the foregoing, the Trust agrees for itself and its officers and trustees and their agents, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use such programs and databases solely on the Trust's, or such agents' computers, or solely
from equipment at the location(s) agreed to between the Trust and the Transfer Agent, and solely in accordance with the Transfer Agent's
applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refrain from copying or duplicating in any way the Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) using commercially reasonable measures to deter unauthorized access to any portion of the Proprietary
Information, and if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of
such information in accordance with the Transfer Agent's instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers
to the Trust's, or such agents' computer to be retransmitted to any other computer facility or other location, except with
the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) allow the Trust or such agents to have access only to those authorized transactions agreed upon by the
Trust and the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) honor all reasonable written requests made by the Transfer Agent to protect at the Transfer Agent's
expense the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal
or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Proprietary Information shall not include all or any portion of any of the foregoing items that are or
become publicly available without breach of this Agreement; that are released for general disclosure by a written release by the Transfer
Agent; or that are already in the possession of the receiving party at the time of receipt without obligation of confidentiality or breach
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 If the Trust notifies the Transfer Agent that any of the Data
Access Services do not operate in material compliance with the most recently issued user documentation for such services, the Transfer
Agent shall endeavor in a timely manner to correct such failure. Organizations from which the Transfer Agent may obtain certain data
included in the Data Access Services are solely responsible for the contents of such data, and the Trust agrees to make no claim against
the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof. DATA ACCESS
SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE"
BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE
IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 If the transactions available to the Trust include the ability to originate electronic instructions to
the Transfer Agent in order to effect the transfer or movement of cash or Creation Units or transmit Authorized Participant information
or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of an instruction
made by the Trust or any of its officers, employees, agents or subcontractors who have been designated by the Trust as Authorized Persons
without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by
the Transfer Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this
Section. The obligations of this Section shall survive any earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 Notwithstanding Section 5.1, the Trust is granted a non-exclusive, non-transferable and perpetual right
to use reports generated in connection with the Trust's receipt of transfer agency services hereunder; provided, however, that (i)
such use is limited to the Trust's internal business purposes and (ii) such reports may not be re-distributed
by the Trust except in the ordinary course of its business to Authorized Participants and internal organizations for informational purposes.

6. <u>RESERVED</u> 

7. <u>STANDARD OF CARE / LIMITATION OF LIABILITY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Transfer Agent shall act in good faith and without negligence, fraud or willful misconduct and shall
be held to the exercise of reasonable care and diligence that a professional provider of transfer agent services would observe in carrying
out all of its duties and obligations under this Agreement (the "Standard of Care") at all times in its performance of all
services performed under this Agreement, but assumes no responsibility and shall not be liable for loss or damage due to errors, including
encoding and payment processing errors, unless said errors are caused by its failure to act in accordance with the Standard of Care or
that of its employees or agents. The parties agree that any encoding or payment processing errors shall be governed by this Standard of
Care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 In any event, except as otherwise agreed in writing, the Transfer Agent's cumulative liability for
each calendar year (a "Liability Period") with respect to the services provided pursuant to this Agreement regardless of the
form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding
Compensation Period, as defined herein, for any liability or loss suffered by the Trust including, but not limited to, any liability relating
to the Trust's compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period.
"Compensation Period" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s)
giving rise to the Transfer Agent's liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period
for purposes of calculating the annual cumulative liability of the Transfer Agent for the Liability Period commencing on the date of this
Agreement and terminating on December 31, 2025 shall be the date of this Agreement through December 31, 2025, calculated on an annualized
basis, and the Compensation Period for the Liability Period commencing January 1, 2026 and terminating on December 31, 2026 shall be the
date of this Agreement through December 31, 2025, calculated on an annualized basis. In no event shall the Transfer Agent or the Trust
be liable for any special, incidental, indirect, punitive or consequential damages, regardless of the form of action and even if the same
were foreseeable.

8. <u>INDEMNIFICATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Transfer Agent shall not be responsible for, and the Trust shall indemnify and hold the Transfer Agent
harmless from and against any and all losses, damages, costs, charges, reasonable counsel fees (including the defense of any lawsuit in
which the Transfer Agent or affiliate is a named party), payments, reasonable expenses and liability arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this
Agreement, provided that such acts or omissions are taken in accordance with the Standard of Care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust's breach of any representation, warranty or covenant of the Trust hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trust's lack of good faith, gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its
 agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by
 the Transfer Agent or its agents or subcontractors by machine readable input, facsimile, electronic data entry, electronic
 instructions or other similar means authorized by the Trust, and which have been prepared, maintained or performed by the Trust or
 any other person or firm on behalf of the Trust, including but not limited to any broker-dealer, third party administrator or
 previous transfer agent; (b) any instructions or requests of the Trust or its officers or the Trust's agents or subcontractors
 or their officers or employees, in each case who have been designated by the Trust as Authorized Persons; (c) any instructions or
 opinions of legal counsel to the Trust with respect to any matter arising in connection with the services to be performed by the
 Transfer Agent under this Agreement which are provided to the Transfer Agent after consultation
with such legal counsel; (d) any confirmation received from the Trust, the Sponsor or any other Authorized Person as to the delivery by
an Authorized Participant or required Digital Assets (defined below) determined to be sufficient for the related issuance of Creation
Units; or (e) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons,
provided that such acts or omissions are taken under subsection (a)-(e) are done in accordance with the Standard of Care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the offer or sale of Creation Units by the Trust in violation of any requirement
under federal or state securities laws or regulations requiring that such Creation Units be registered, or in violation of any stop order
or other determination or ruling by any federal or state agency with respect to the offer or sale of such Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the negotiation and processing of any checks, wires and ACH transmissions, including without limitation,
for deposit into, or credit to, the Trust's demand deposit accounts maintained by the Transfer Agent, provided that such negotiation
and/or processing is done in accordance with the Standard of Care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all actions relating to the transmission of Trust, Creation Unit or Authorized Participant data through
the NSCC clearing systems, if applicable, provided that Transfer Agent's acts or omissions relating thereto are done in accordance
with the Standard of Care; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any tax obligations under the tax laws of any country or of any state or political subdivision thereof,
including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties
and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent hereunder,
but excluding income, excise, franchise or other similar taxes ordinarily imposed on the Transfer Agent's income, property or business
generally.

The term "Digital Assets" means the asset that is issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, so-called "virtual currencies", "coins", and "tokens" and with respect to which State Street has agreed to provide services pursuant to other services agreements between State Street and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 At any time, the Transfer Agent may apply to any officer of the Trust for instructions, and may consult
with legal counsel (which may be Trust counsel) with respect to any matter arising in connection with the services to be performed by
the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified
by the Trust for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer
Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or on behalf
of the Trust, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information,
data, records or documents provided the Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry
or other similar means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt
of written notice thereof from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 *Delivery of Documents*. The Trust shall promptly furnish to the Transfer Agent the following:

A copy of the Declaration of Trust and Trust Agreement and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 *Certificates, Checks, Facsimile Signature Devices*. The Transfer Agent hereby agrees to establish
and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices;
and for the preparation or use, and for keeping account of, such certificates, forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 *Records*. The Transfer Agent shall keep records relating to the services to be performed hereunder,
in the form and manner as it may deem advisable. To the extent required by Section 31 of the 1940 Act and the Rules thereunder, the Transfer
Agent agrees that all such records prepared or maintained by the Transfer Agent relating to the services to be performed by the Transfer
Agent hereunder are the property of the Trust and will be preserved, maintained and made available in accordance with such Section and
Rules, and will be surrendered promptly to the Trust on and in accordance with its request. Records may be surrendered in either written
or machine-readable form and format in line with then-current industry standard and reasonably acceptable to the Trust. In the event that
the Transfer Agent is requested or authorized by the Trust, or required by subpoena, administrative order, court order or other legal
process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state
or federal regulatory agencies, including to produce the records of the Trust or the Transfer Agent's personnel as witnesses or
deponents, the Trust agrees to pay the Transfer Agent for the Transfer Agent's reasonable time and expenses, as well as the reasonable
fees and expenses of the Transfer Agent's counsel, incurred in such production. The Transfer Agent shall provide the applicable
Trust with information regarding the reasonable fees and expenses incurred in responding to any such requests for records.

10. <u>CONFIDENTIALITY AND USE OF DATA</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 All information provided under this Agreement by or on behalf
of a party (the "Disclosing Party") to the other party (the "Receiving Party"), whether in written, electronic
or oral form, including, without limitation, information regarding the Disclosing Party's business, operations or finances ("Confidential
Information") shall be treated as confidential. For the avoidance of doubt, all portfolio holdings and trading information of the
Trust shall constitute Confidential Information of the Trust. The Receiving Party shall keep confidential and protect from unauthorized
disclosure or misuse the Disclosing Party's Confidential Information with the same degree of care as it would employ with respect
to its own information of like importance which it does not desire to have published or disseminated, but in no event less than a reasonable
degree of care. Subject to 10.2 below, all Confidential Information provided under this Agreement by Disclosing Party shall be used,
including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing
or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business
of the Receiving Party and its Affiliates (as defined in Section 10.2 below), including financial and operational management and reporting,
risk management, and legal and regulatory compliance. The Receiving Party shall not use any Confidential Information of the Disclosing
Party for the Receiving Party's own purposes, including marketing, customer research, or market analytics, whether or not on an
anonymized or aggregate basis. The Transfer Agent shall not use any Confidential Information of the Trust for any investment or trading
purpose and shall maintain policies, procedures and other measures, including a code of ethics or similar policy, consistent with industry
best practices, to ensure compliance with all applicable securities laws by it and any other entity or individual with access to portfolio
holdings or trading information.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The foregoing shall not be applicable to any information (a) that
is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that
is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with
this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena,
civil investigative demand or other similar process (provided that, unless prohibited by law or regulation, promptly on receipt of any
order compelling such disclosure, the Receiving Party shall notify the Disclosing Party in writing of such requirement to disclose so
that the Disclosing Party has a reasonable opportunity to obtain a protective order at the Disclosing Party's expense) or by operation
of law or regulation, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements
of any market infrastructure that the Disclosing Party or its agents direct the Custodian or its affiliates to employ (or which is required
in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party
seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably
withheld.

 

The Parties agree that disclosure of Confidential Information by the Transfer Agent will cause irreparable damage to the Trust and, therefore, in addition to all other remedies available at law or in equity, the Trust shall have the right to seek equitable and injunctive relief, and to recover the amount of damages (including reasonable attorneys' fees and expenses) incurred in connection with such unauthorized use. Upon expiration or termination of this Agreement, or upon the request of the Disclosing Party, all copies of Confidential Information of the Disclosing Party shall be destroyed or returned to the Disclosing Party, at the Disclosing Party's discretion. Notwithstanding the foregoing, a Receiving Party may retain copies of the Disclosing Party's Confidential Information and shall have no obligation to destroy or return such copies to the extent the Receiving Party maintains such information in accordance with this Agreement and such retention is required pursuant to (i) applicable laws, regulations, or regulatory authority or (ii) the Receiving Party's internal policies and procedures, or (iii) the Receiving Party's routine archiving and electronic backup and storage policies and systems.

In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Transfer Agent (which term for purposes of this Section 10.3 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Trust and share such information with its Affiliates, agents, consultants, employees, attorneys, accountants and/or other service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Transfer Agent or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and internal client service management purposes of the Transfer Agent and its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Except as expressly contemplated by this Agreement, nothing in Section 10.3 shall limit the confidentiality
and data protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall
cause any Affiliate, agent, consultant, employee, attorney, accountant, and/or other service provider to which it has disclosed Confidential
Information pursuant to this Agreement to comply at all times with confidentiality and data protection obligations under this Agreement
as if it were a party to this Agreement and the Transfer Agent shall be liable under this Agreement for any use or disclosure in violation
of Sections 9 and 10 by its Affiliates' personnel, agents, subcontractors, attorneys, accountants and/or service providers. The
undertakings and obligations contained in this Section shall survive the termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>EFFECTIVE PERIOD AND TERMINATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 TERM. This Agreement shall remain in full force and effect for an initial term ending February 28, 2029.
After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms unless a written notice
of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the initial term or any
renewal term, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Either party may terminate this Agreement as to the Trust: (a) in the event of the other party's material breach of a provision of this Agreement that the other party has either failed to cure, or failed to establish a remedial plan to cure that is reasonably acceptable to the non-breaching party, within 60 days' written notice being given by the non-breaching party of the breach, (b) immediately if the material breach cannot be cured; or (c) in the event of the appointment of a conservator or receiver for the other party, the commencement by or against the other party of a bankruptcy or insolvency case or proceeding, or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. The Trust may also terminate this Agreement as to the Trust in the event of a Change of Control of the Transfer Agent. For purposes hereof, "Change of Control" means the occurrence of a transaction or a series of transactions by which a person: (i) acquires the direct or indirect ownership of a majority of the Transfer Agent's outstanding capital stock (or other form of equity interests) including by merger or otherwise; (ii) obtains the voting power to elect a majority of the directors of the Transfer Agent's board of directors (or other similar governing body); or (iii) acquires or exclusively licenses directly or indirectly all or substantially all of a Transfer Agent's assets that are the subject matter of this Agreement, for example, the sale of any of Transfer Agent's ETF administration businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 PAYMENTS OWING TO THE TRANSFER AGENT. Upon termination
of this Agreement pursuant to Section 11.1 or 11.2, the Trust shall pay to the Transfer Agent any compensation then due and shall
reimburse the Transfer Agent for its other fees, expenses and charges <u>as reflected in the applicable fee schedule</u>. In the event
of the Trust termination of this Agreement with respect to the Trust for (a) any reason other than as set forth in Section 11.1 or
11.2 or (b) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing
services hereunder to the Trust (or its respective successors), the Trust shall pay to the Transfer Agent any compensation due through
the end of the then-current term (based upon the average monthly compensation previously earned by the Transfer Agent with respect to
the Trust) and shall reimburse the Transfer Agent for its other fees, expenses and charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 EXCLUSIONS. No payment will be required pursuant to clause (b) of Section 11.3 in the event of any transaction consisting
of (a) the liquidation or dissolution of the Trust and distribution of the Trust's assets as a result of the Board's
determination in its reasonable business judgment that such liquidation or dissolution is in the best interests of the Trust, (b) a
merger of the Trust into, or the consolidation of the Trust with, another organization or series, or (c) the sale by the Trust of
all or substantially all of its assets to another organization or series and, in the case of a transaction referred to in the foregoing
clause (b) or (c) the Transfer Agent is retained to continue providing services to the Trust (or its respective successor) on
substantially the same terms as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 EFFECT OF TERMINATION. Termination of this Agreement with respect to any one particular Trust shall
in no way affect the rights and duties under this Agreement with respect to any other Trust to the extent not terminated.

12. <u>ADDITIONAL TRUSTS</u> 

In the event that the Trust establishes one or more series of Shares in addition those listed on the attached <u>Schedule A,</u> with respect to which the Trust desires to have the Transfer Agent render services as transfer agent under the terms hereof, it shall so notify the Transfer Agent in writing, and if the Transfer Agent agrees in writing to provide such services, such series of Shares shall become an individual Trust hereunder.

13. <u>ASSIGNMENT</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Except as provided in Section 15.17 below, neither this Agreement nor any rights
or obligations hereunder may be assigned by either party without the written consent of the other party. Any attempt to do so in violation
of this Section shall be void. Unless specifically stated to the contrary in any written consent to an assignment, no assignment will
release or discharge the assignor from any duty or responsibility under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed
to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Trust, and the duties and responsibilities
undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Trust. This Agreement
shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer
Agent and the Trust. Other than as provided in Section 15.17, neither party shall make any commitments with third parties that are binding
on the other party without the other party's prior written consent.

14. <u>RESERVED</u> 

15. <u>MISCELLANEOUS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 *Amendment*. This Agreement may be amended by a written agreement
executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 *Massachusetts Law to Apply*. This Agreement shall be construed
and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect
to any conflicts of law rules thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 *Force Majeure*. The Transfer Agent shall not be responsible
or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused by circumstances beyond
its control, including without limitation, power or other mechanical or technological failures or interruptions, work stoppages, natural
disaster, acts of war, revolution, riot or terrorism or other similar force majeure events or acts, except to the extent losses arising
from such event are attributable to the Transfer Agent's breach of its business continuity obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 *Data Protection and Data Privacy*. The Transfer Agent will implement and maintain a comprehensive written information security
program that contains appropriate security measures to safeguard the Confidential Information of the Trust, including the personal information
of the Trust's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes
or otherwise accesses in connection with the provision of services hereunder. The information security program will include administrative,
technical and physical safeguards reasonably designed to: (i) maintain the security and confidentiality Confidential Information; (ii)
protect against anticipated threats or hazards to the security or integrity of Confidential Information, including appropriate measures
designed to meet legal and regulatory requirements applying to the Transfer Agent; (iii) protect against unauthorized access to or use
of Confidential Information. For these purposes, "personal information" shall mean (i) an individual's name (first initial
and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) drivers license number,
(c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number
or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to
log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information
that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available
to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 *Survival*. All provisions regarding indemnification, warranty,
liability, and limits thereon, and confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 *Severability*. If any provision or provisions of this Agreement
shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 *Priorities Clause*. In the event of any conflict, discrepancy
or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions
contained in this Agreement shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 *Waiver.* The failure of a party to insist upon strict adherence
to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter
to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay
in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of
any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further
exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 *Entire Agreement*. This Agreement and any schedules, exhibits,
attachments or amendments hereto constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect
to the subject matter hereof whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 *Counterparts*. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the
same Agreement *.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable
document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 *Reproduction of Documents*. This Agreement and all schedules,
exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic
or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction
was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 *Notices*. Any notice instruction or other instrument required
to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized
delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Transfer Agent, to:

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy MA 02171

With a copy to:

State Street Bank and Trust Company

Legal Division – Global Services Americas

One Congress Street

Boston, MA 02114

Attention: Senior Vice President and Senior Managing Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Trust, to:

c/o T. ROWE PRICE ASSOCIATES, INC.

100 East Pratt Street

Baltimore, MD 21231

Attention: General Counsel

with a copy to: [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Sponsor LLC

1307 Pointe Street

Baltimore, MD 21231

Attention: Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 *Interpretive and Other Provisions*. In connection with the
operation of this Agreement, the Transfer Agent and the Trust, may from time to time agree on such provisions interpretive of or in addition
to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive
or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall
contravene any applicable laws or regulations or any provision of the Trust's governing documents. No interpretive or additional
provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.16 *Reports*. Upon reasonable request of the Trust, the Transfer
Agent shall provide the Trust with copies of the Transfer Agent's Service Organizational Control (SOC) 1 reports prepared in accordance
with the requirements of AT section 801, *Reporting on Controls at a Service Organization* (formerly Statement on Standards for
Attestation Engagements (SSAE) No. 18), and any successor reports thereto. The Transfer Agent shall use commercially reasonable efforts
to provide the Trust with such reports as the Trust may reasonably request or otherwise reasonably required to fulfill its duties under
Rule 38a-1 of the 1940 Act or similar legal and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.17 *Delegation*. The Transfer Agent shall retain the right to
employ agents, subcontractors, consultants and other third parties, including, without limitation, affiliates (each, a "Delegate"
and collectively, the "Delegates") to provide or assist it in the provision of any part of the services stated herein or
the discharge of any other obligations or duties under this Agreement without the consent or approval of the Trust. The Transfer Agent
shall be responsible for the acts and omissions of any such Delegate so employed as if the Transfer Agent had committed such acts and
omissions itself. The Transfer Agent shall be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.18 *Business Continuity*. The Transfer Agent will at all times
maintain a business contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically
test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension
of the Services to be provided by the Custodian.

*[Remainder of Page Intentionally Left Blank]*

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

STATE STREET BANK AND TRUST COMPANY

By: <u>/s/ Eruch A. Mody</u> 

Name: Eruch A. Mody

Title: Senior Managing Director

EACH T. ROWE PRICE TRUST SET FORTH ON SCHEDULE A HERETO

BY: T. ROWE PRICE SPONSOR LLC

By: <u>/s/ Jean-Marc Corredor</u> 

Name: Jean-Marc Corredor

Title: Vice President

**Schedule A**

LIST OF TRUSTS

T. Rowe Price Active Crypto ETF

## Exhibit 10.6

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.6**

**MASTER PURCHASE AND SALE AGREEMENT**

**FOR DIGITAL ASSETS**

This MASTER PURCHASE AND SALE AGREEMENT FOR DIGITAL ASSETS (this "<u>Agreement</u>"), is made and entered into as of this 16th day of April, 2026, by and between JSCT, LLC, a Delaware limited liability company ("<u>Jane Street</u>") and T. ROWE PRICE SPONSOR LLC, ("<u>Sponsor</u>"), acting as agent and not in its individual capacity, on behalf of the applicable entity identified in <u>Exhibit C.</u> Each entity listed in Exhibit C is hereby referred to as a "<u>Counterparty</u>". Jane Street and each Counterparty are each a "Party", and collectively, the "<u>Parties</u>", each Counterparty acting severally but not jointly.

The Parties acknowledge and agree that this Agreement references multiple Counterparties (as identified in Exhibit C) but such references are for the administrative convenience of both Jane Street and each Counterparty. As between Jane Street and a Counterparty, this Agreement shall be interpreted to be a separate agreement between Jane Street and such Counterparty and not any other Counterparty or multiple Counterparties.

**WHEREAS**, the Parties desire to enter into spot purchase or sale transactions in digital assets on a principal to principal basis (each such trade, a "<u>Transaction</u>");

**NOW THEREFORE**, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

ARTICLE I.

<u>SALE AND PURCHASE OF DIGITAL ASSETS</u>

Section 1.1 <u>Execution</u>. The Parties may execute Transactions under this Agreement (A) via a proprietary electronic order execution system for digital assets maintained by Jane Street ("<u>JCX</u>") or (B) directly via chat or other electronic or non-electronic communication ("<u>Manual Execution</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>JCX Execution. Immediate or Cancel Orders; Indications of Interest.</u> If Counterparty desires to access JCX for purposes of entering into a Transaction, then, following approval from Jane Street, from time to time during the Term of this Agreement, Counterparty may place one or more (i) immediate or cancel orders (each, an "<u>IOC</u>") for immediate execution on JCX, or (ii) indications of interest (each, an "<u>IOI</u>") that may be traded against Jane Street's principal operations until such time that the FIX session within which such IOI was placed is terminated (the "<u>IOI Cutoff Time</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Following receipt of an IOC, Jane Street may send Counterparty a status report, which shall acknowledge receipt of the IOC. If Jane Street has not sent a status report within ten minutes following receipt of such IOC, such IOC shall be deemed to be rejected and expired. If the status report relays a fill for an IOC, the terms of the Transaction in such status report shall become binding on both Parties at the time sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Following receipt of an IOI and prior to the IOI Cutoff Time, Jane Street may send Counterparty a status report, which shall acknowledge receipt of the IOI. If Jane Street has not sent a status report prior to the IOI Cutoff Time, such IOI shall be deemed to be rejected and expired. If the status report relays a fill for an IOI, the terms of the Transaction in such status report shall become binding on both Parties at the time sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Manual Execution</u>. If the Parties desire to agree to the terms of a Transaction via Manual Execution, the terms of such Transaction shall become binding on both Parties once agreed in writing. Upon such agreement, Jane Street will send Counterparty a confirmation substantially in the form of <u>Exhibit A</u> (a "<u>Confirmation</u>"). Confirmations shall be deemed to be correct, absent manifest error. The failure to send a Confirmation of the Transaction does not affect the validity of an agreed-upon Transaction.

Section 1.2 <u>Settlement</u>.

If the Parties elect to settle a Transaction through an agreed third-party settlement agent (the "<u>Settlement Agent</u>") and are able to so settle, and settle timely, such Transaction, then only Section 1.2(a) shall apply in respect of the settlement of such Transaction; otherwise, only the other provisions of this Section 1.2 shall apply. For purposes of this Agreement:

"<u>Settlement Condition Precedent</u>" means the condition precedent to Jane Street initiating settlement of a Transaction that (1) if requested by Jane Street, Counterparty or Sponsor has provided adequate assurance supported by reasonable evidence that Counterparty has sufficient assets to timely settle such Transaction upon Jane Street's settlement of the Transaction and (2) there has not occurred an Event of Default or a potential Event of Default (i.e., an event that with the giving of notice or passage of time or both, would constitute an Event of Default) in respect of Counterparty or Sponsor.

"<u>Settlement Date</u>" means, unless otherwise agreed between the parties, (x) in relation to a Transaction in which Jane Street is the seller of the digital assets, the Business Day on which a purchase order for the Counterparty's shares (the "<u>Purchase Order</u>") would settle in accordance with the Counterparty's creation procedures had the Transaction and the Purchase Order been executed on the same day, and (y) in relation to a Transaction in which Jane Street is the purchaser of the digital assets, the Business Day on which the related redemption order for the Counterparty's shares (the "<u>Redemption Order</u>") will settle in accordance with the Counterparty's redemption procedures had the Transaction and the Redemption Order been executed on the same day. Jane Street and Counterparty agree to reasonably adjust the Settlement Date for any Transaction to account for network cool-down periods, blockchain congestions or other conditions.

"<u>Settlement Window</u>" means, unless otherwise agreed the period commencing at 8:00 am EST on the Settlement Date and ending on 5:00 pm EST on the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties will initiate settlement of each Transaction through the Settlement Agent within the Settlement Window (as defined above). Each Party shall follow the Settlement Agent's requirements for settlement, including, in respect of depositing the appropriate amount of assets to effectuate settlement through the Settlement Agent. As of the date of this Agreement, the Parties will not settle Transactions through a Settlement Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transactions executed via JCX will be settled at the intervals and at the time agreed in <u>Exhibit B</u>. Following the Settlement Cutoff Time (as defined in Exhibit B), either party may send a calculation of all Transactions subject to settlement for the relevant settlement period ("<u>Calculation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise agreed, as promptly as reasonably possible (in light of operational limitations) following the commencement of the Settlement Window but subject to the Settlement Condition Precedent, Jane Street shall initiate the transfer of digital assets or cash, as applicable, to Counterparty's wallet or account, as applicable, as provided by or on behalf of Counterparty. The delivery will be complete once (1) in the case of digital assets, the transaction on the relevant blockchain is verified by the relevant number of confirmations from such blockchain for the applicable digital asset as specified in the Confirmation or otherwise as mutually agreed by the Parties , and the assets are available to Counterparty in its designated digital wallet or (2) in the case of cash, the cash is available to Counterparty in its designated account (without regard to any restrictions imposed by the entity maintaining the applicable digital or designated account for Counterparty). Counterparty acknowledges that Jane Street's delivery may be delayed to any digital wallets or accounts that have not been pre-cleared by Jane Street in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise agreed, promptly after receiving delivery in accordance with Section 1.2(c) (in light of operational limitations), Counterparty shall initiate the transfer of digital assets or cash, as applicable, to Jane Street's wallet or account, as applicable, as provided by or on behalf of Jane Street; provided that such transfer shall be completed prior to the end of the Settlement Window. The delivery will be complete once (1) in the case of digital assets, the transaction on the relevant blockchain is verified by the relevant number of confirmations from such blockchain for the applicable digital asset as specified in the Confirmation or otherwise as mutually agreed by the Parties, and the assets are available to Jane Street in its designated digital wallet or (2) in the case of cash, the cash is available to Jane Street in its designated account (without regard to any restrictions imposed by the entity maintaining the applicable digital or designated account for Jane Street). Once Counterparty's delivery is complete, the Transaction is finally and irrevocably settled.

Section 1.3 <u>Transaction Netting</u>. Unless otherwise agreed, if the Parties enter into two or more outstanding Transactions with each other in a given Settlement Window, then: (a) the Party obligated to deliver the greater amount of a given digital asset across any such Transactions will deliver the net outstanding balance of such digital asset; and (b) the Party obligated to deliver the greater amount of cash across any such Transactions will deliver the net outstanding balance of cash.

Section 1.4 <u>Authorized Traders</u>. Jane Street may rely on any communication provided by any person that Jane Street reasonably believes is authorized by Counterparty, whether or not such person has actual authority, and Counterparty agrees to be bound by such communications.

Section 1.5 <u>Forks and Airdrops</u>. Unless otherwise agreed in writing, any purchased digital asset will not include any additional digital assets resulting from a fork or airdrop that has occurred after execution and before settlement on Settlement Date.

Section 1.6 <u>Clearly Erroneous Transactions</u>. If the Parties agree that a Transaction is erroneous, then the Parties shall agree on a reasonable adjustment to the terms of the Transaction. If either Party determines ("Determining Party") that a Transaction is a Clearly Erroneous Transaction, the Determining Party will consult with the other Party ("Non-Determining Party") on (i) the basis of such determination (and shall provide supporting information in reasonable detail) and (ii) a reasonable adjustment to the terms of the Transaction. If the Non-Determining Party does not agree to such adjustment or the Determining Party determines that there is no reasonable adjustment to the Transaction, the Determining Party by notice to the Non-Determining Party shall cancel such Transaction. A "<u>Clearly Erroneous Transaction</u>" is a Transaction with terms of execution that an experienced professional digital asset trader would reasonable determine as manifestly erroneous under the market conditions prevailing at the time of execution. Claim(s) of a clearly erroneous Transaction must be raised by a Party promptly following execution and shall be resolved prior to settlement.

ARTICLE II.

<u>REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS</u>

Section 2.1 <u>Representations and Warranties.</u> Each Party represents and warrants to the other, and in the case of paragraphs (a)(i), (b), (c), (e), and (g), Sponsor represents and warrants to Jane Street, as of the date hereof and as of the date of each Transaction that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) It is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized; (ii) it has all necessary power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate any Transactions; and (iii) its execution and delivery of this Agreement, its performance of its obligations hereunder and the consummation of the Transactions have been duly authorized by all requisite action on its part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly executed and delivered by such Party and Sponsor and constitutes its valid and legally binding obligation, enforceable against such Party and, as applicable, Sponsor, in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the execution and delivery of this Agreement, nor the consummation of the Transactions, does or will violate any applicable law, rule or regulation or conflict with, violate or constitute a default under any material agreement to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is trading as principal for its own account, out of immediately available assets, and not for the account of any other individual, person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is not (i) on a list of specially designated nationals and blocked persons under the Office of Foreign Assets Control, (ii) a shell bank or (iii) resident in, or transferring funds from, a non- cooperative jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to any digital asset such Party sells, transfers and delivers to the other Party, the transferring Party (and/or its delivery agent) is the lawful owner of such digital asset with good and marketable title thereto, and the transferring Party (and/or its delivery agent) has the absolute right to sell, assign, convey, transfer and deliver such digital asset. Such digital asset is free and clear of any and all security interests, liens, pledges, claims (pending or threatened), charges, escrows, encumbrances or similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It is at all times during the term of this Agreement and any Transaction hereunder, in material compliance with all applicable laws, rules and regulations. It is not, and has never been, engaged in any market manipulation, front running, spoofing or any other illegal activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It is the owner of each wallet to which it instructs the other Party to make a transfer, and has good title thereto. Each of its wallets is owned and operated solely for the benefit of such Party, and no person has any right, title or interest in any such wallet.

Additionally, Sponsor represents and warrants to Jane Street, as of the date hereof and as of the date of each Transaction that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Counterparty has granted to Sponsor, and Sponsor has authority to enter into this Agreement and any Transaction on behalf of Counterparty and to perform or cause the performance on behalf of Counterparty all of that Counterparty's obligations hereunder, including for the avoidance of doubt, settlement of Transactions.

Section 2.2 <u>Acknowledgements</u>. Counterparty and Sponsor each agrees, understands and acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Jane Street engages in the bilateral purchase and sale of digital assets, including any Transaction contemplated by this Agreement, solely on a proprietary basis for its own account, and does not act as an exchange, broker or custodian for Sponsor or Counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Jane Street is not providing and will not provide any fiduciary, advisory, exchange or other similar services with respect to Sponsor or Counterparty, any person related to or affiliated with Sponsor or Counterparty, any customers of Counterparty, or any transaction subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sponsor and/or the Counterparty is solely responsible for any decision to enter into a Transaction subject to this Agreement, including the evaluation of any and all risks related to any such Transaction. In entering into any Transaction, neither Sponsor nor Counterparty has relied on any statement or other representation of Jane Street.

ARTICLE III.

<u>DEFAULT</u>

Section 3.1 <u>Events of Default</u>. Any of the following events constitutes an event of default in respect of a Party ("<u>Event of Default</u>") (if such event occurs in respect of (x) Jane Street, the non- defaulting Party shall be Counterparty and Jane Street shall be the defaulting Party, and (y) Counterparty or Sponsor, the non-defaulting Party shall be Jane Street and the defaulting Party shall be Counterparty):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Failure to comply with Section 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any representation or warranty proves to be untrue in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A material breach in the performance by a Party of any other agreements,
conditions, covenants, provisions or stipulations contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any bankruptcy, insolvency, reorganization or liquidation
proceedings or other proceedings for the relief of debtors or dissolution proceedings shall be instituted by or against a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Sponsor has instituted against it any bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors or dissolution proceedings or (ii)
Sponsor ceases to, or ceases to have authority to, act for or on behalf of Counterparty.

Section 3.2 <u>Remedies</u>. Upon the occurrence of any Event of Default, the non-defaulting Party may, at its option: (i) close-out, cancel, liquidate, sell, accelerate and/or terminate (collectively "Close- Out") any unsettled Transaction(s)and Related Positions; (ii) use the proceeds obtained from any Close-Out to discharge any of the defaulting Party's obligations to the non-defaulting Party, including any unpaid or undelivered amounts, losses and costs (including losses due to the change in the market value of any applicable digital assets); (iii) in lieu of effecting a Close-Out of any Transactions and/or related positions, elect to determine in good faith and in a commercially reasonable manner, its losses and costs in connection with the defaulting Party's obligations and calculate the amounts owed by the defaulting Party to the non-defaulting Party (including any unpaid and undelivered amounts, and including losses due to the change in the market value of any applicable digital assets); and (iv) set-off, net, and recoup any due and payable obligations to the defaulting Party under this Agreement against any due and payable obligations to the non-defaulting Party.

For purposes of this agreement, "Related Positions" in respect of a Transaction shall mean positions that hedge Jane Street's or its affiliates' price exposure to the applicable digital assets and/or shares of Counterparty, provided that if neither Jane Street nor its affiliates have a transaction with the Counterparty in respect of such shares at the time such Transaction is entered into hereunder, there shall be no Related Position. Counterparty shall be liable for Jane Street's losses in respect of related positions and shall be credited with gains in respect of Related Positions.

The non-defaulting Party's rights and remedies hereunder are cumulative and are in addition to any other rights and remedies available in law or equity. The defaulting Party shall remain liable for any unpaid or undelivered amounts, and, to the extent permitted by law, for interest on any amount not paid when due.

ARTICLE IV.

<u>CONFIDENTIALITY</u>

Section 4.1 <u>Non-Disclosure</u>. Each Receiving Entity (i.e., a Party or Sponsor) shall at all times maintain the confidentiality of Confidential Information (as defined herein) with the same standard of care as it uses for its own confidential information, but no less than a reasonable standard of care. The Receiving Entity may disclose Confidential Information: (i) to its affiliates and its and their employees, officers, directors, advisers, lenders, rating agencies, agents, affiliates, auditors, trustees, depositaries, and representatives who have been informed of the confidential nature of the information, or (ii) to the extent such information is required or requested to be disclosed by law, rule, regulation or judicial order (including by any self-regulatory organization having jurisdiction or claiming to have jurisdiction over the Receiving Entity). In all other circumstances, the Receiving Entity shall not disclose any Confidential Information, either directly or indirectly, to any third-party without the disclosing entity's prior written consent.

"<u>Confidential Information</u>" means, with respect to a Disclosing Party (i.e., a Party or Sponsor), any non-public information or data provided or disclosed by it to the Receiving Party in any form or medium including information regarding the Disclosing Party's or its affiliates' financial condition, management and business, business relationships, accounting practices, systems, contracts, and/or investment strategies as well as the terms and existence of this Agreement and any Transaction. Notwithstanding the above, Confidential Information shall not include information that (i) is or becomes available to the general public other than by disclosure by the Receiving Party or its representatives; (ii) was known to the Receiving Party previously or was rightfully obtained by the Receiving Party from a third-party, provided that, in either case, the source of such information was not known to be bound by a confidentiality obligation with respect to such information; or (iii) is independently developed by the Receiving Party.

Section 4.2 <u>Publicity</u>. Neither Jane Street on the one hand, nor Counterparty or Sponsor on the other, shall use the other's trade names, trademarks, service marks, or domain name, or otherwise refer to the other in any promotional material, website, advertisement, news release or any other publication without the other's prior written consent.

Section 4.3 <u>Policies and Procedures</u>. If any rule, regulation, or regulatory guidance requires either Party to ensure that the other Party maintains policies and procedures designed to prevent the use or dissemination of material non-public information about the Parties' positions in digital assets or any changes to those positions, then, upon receiving effective notice of such requirement, both Parties shall implement and maintain the necessary policies and procedures within a reasonable period. The Party subject to the obligation to ensure the other Party maintains these policies and procedures shall provide evidence of this obligation.

Section 4.4 <u>Data</u>. Jane Street is the sole owner of, and retains all right, title and interest in, any price quotation or other information available via JCX ("<u>Data</u>"), including all intellectual or proprietary rights therein or related thereto. Counterparty may only use Data for the purpose of entering into Transactions with Jane Street. Jane Street may only use data provided by Counterparty or Sponsor via JCX for the Purposes of entering into Transactions with Counterparty. Neither Counterparty nor Sponsor will , nor permit anyone to, copy, reproduce, retransmit, redistribute, furnish, communicate or otherwise make available any portion, derivation or revision of the Data in any medium, print or electronic, in any manner, whether within or outside Counterparty or Sponsor, without the express written consent of Jane Street, except on an anonymized basis to its customers solely for the purpose of facilitating Transactions hereunder. Data constitutes "Confidential Information" of Jane Street under this Agreement, subject to the exception in the previous sentence. Without limiting the generality of the foregoing, Counterparty, Sponsor, and Jane Street may only share Data with its employees on a need-to-know basis for purposes of OTC trading.

ARTICLE V.

<u>API ACCESS</u>

Section 5.1 <u>API Functionality</u>. For Transactions executed via JCX, Jane Street may make certain information available from time to time via a proprietary post-trade API (the "<u>Post-Trade API</u>,") which may include information regarding trade settlement status or reports of trading activity ("<u>API Information</u>"). Jane Street reserves the right to alter the functionality of the Post-Trade API at any time in its discretion. Counterparty and Sponsor shall promptly implement any update or new version of the Post-Trade API as provided by Jane Street, provided that Jane Street has no obligation to issue any updates or new versions of the Post-Trade API.

Section 5.2 <u>API Information</u>. The API Information constitutes "Data" and shall be subject to the confidentiality provisions set forth herein. Counterparty and Sponsor each acknowledges and agrees that the API Information is made available for informational purposes only and should not be relied on by Counterparty or Sponsor for purposes of its books and records or for any regulatory purpose.

Section 5.3 <u>Restrictions on Use</u>. Neither Counterparty nor Sponsor shall use the Post-Trade API in a manner that adversely impacts Jane Street's systems (including, without limitation, Jane Street's servers and other applications). Neither Counterparty nor Sponsor shall copy, adapt, display, distribute or redistribute, reformat, reconfigure or otherwise modify any part of the Post-Trade API, and neither of them may reverse engineer, decompile, disassemble, download, modify, translate or make any attempt to discover the source code of the Post-Trade API or any of Jane Street's systems used to provide API Information, or create derivative works based on the same.

Section 5.4 <u>Rights in Post-Trade API</u>. All right, title and interest, including all intellectual property rights, to the Post-Trade API are and shall remain to be owned exclusively by Jane Street and its affiliates. Counterparty and Sponsor each acknowledges such ownership and other rights and will not take any action to jeopardize, limit or interfere in any manner with Jane Street's and its affiliates' ownership or other rights to the Post-Trade API.

Section 5.5 <u>Disclaimer of Warranties</u>. Counterparty and Sponsor each acknowledges and agrees that the Post-Trade API may not be functioning or may be delayed at any given time. Jane Street makes no warranty that the Post-Trade API will be available at any specific time or that the API Information will be updated on a timely basis. The Post-Trade API and the API Information are provided "as is," without any warranty, express or implied, of any kind, including without limitation any warranty as to the accuracy or completeness of the API Information or as to the results to be attained by Counterparty or Sponsor. Jane Street disclaims all warranties, conditions, guaranties or representations, whether express or implied, in law or in fact, oral or in writing, including those as to merchantability, suitability, fitness for a particular purpose, title or non-infringement. Except to the extent that liability may not be disclaimed under applicable law, neither Jane Street nor any of its affiliates shall have any liability, direct or indirect, contingent or otherwise, for the correctness, quality, accuracy, reliability, performance, completeness, timeliness or continued availability of the Post-Trade API, any API Information or for delays, errors or omissions therein, or for interruptions in the delivery thereof.

ARTICLE VI.

<u>LIMITATION OF LIABILITY; INDEMNITY</u>

Section 6.1 <u>Limitation of Liability</u>. Jane Street, Counterparty, and Sponsor shall each have no liability: (i) with respect to any Immaterial Breach of this Agreement which does not arise from its fraud, willful misconduct or gross negligence (but, for the avoidance of doubt, this Section 6.1 shall not detract from its obligations in respect of Section 1.2), (ii) for any act or omission (including insolvency) or delay of any third-party, including any bank, digital wallet provider or digital currency exchange or any of their agents or subcontractors, (ii) for any interruption or delays of service, system failure, or errors in the design or functioning of any electronic system, provided that such system is not maintained by Jane Street, or (iv) for any consequential, indirect, incidental, or any similar damages (even if informed of the possibility or likelihood of such damages). [Reserved<sup>1</sup>]

<sup>1</sup> Definition of Immaterial Breach has been redacted.

Section 6.2 <u>Indemnity</u>. Counterparty, Sponsor, and Jane Street, will each indemnify, defend and hold parties covered by this clause harmless together with its officers, directors, members, affiliates, employees, agents and licensors from and against all losses, liabilities, judgments, proceedings, claims, damages and costs (including reasonable attorneys' fees) resulting from any third-party action related to: (i) the indemnifying party's breach of the terms of this Agreement, (ii) the indemnifying party's violation of any applicable law, rule or regulation, or (iii) the indemnified party's reasonable reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by or on behalf of the indemnifying party. No indemnifying party will settle any matter without prior written consent of the indemnified party unless such settlement contains a full release of the indemnified party and does not otherwise require an admission of liability by any indemnified party. For the avoidance of doubt, this indemnity provision shall survive any termination of this Agreement.

ARTICLE VII.

<u>MISCELLANEOUS</u>

Section 7.1 <u>Term</u>. This Agreement shall remain in effect until terminated in writing by either Party or Sponsor, as applicable.

Section 7.2 <u>Taxes</u>. Each Transaction is exclusive of any applicable taxes. Each Party shall be responsible for paying its own taxes, if any, in connection with any Transaction. Prior to entering into any Transactions hereunder, each Party will provide the other Party with a valid, complete IRS Form W-9 or applicable IRS Form W-8.

Section 7.3 <u>Notices, Consents, etc.</u> Notices hereunder will be effective upon delivery, if in writing and sent by hand, certified mail, or by overnight courier, return receipt requested, if to Counterparty, to the address set forth in <u>Exhibit C</u> (or if no address is listed, to the address on record), and if to Jane Street, to 250 Vesey Street, 6th Floor, New York, NY, 10281, Attention: Legal Department, with an email copy to cct-alerts@janestreet.com and legalnotices@janestreet.com.

Section 7.4 <u>Amendments; Waivers</u>. This Agreement may be amended only by written consent of both Parties. No Party by its failure or delay to exercise, or by its single or partial exercise of, a right or remedy, will be deemed to have waived any right or remedy, by operation of law or otherwise.

Section 7.5 <u>Assignments</u>. No party to this Agreement may assign this Agreement without the written consent of the other party; provided that i) Jane Street may assign to an affiliate at any time with prompt notice to Counterparty and Sponsor and ii) Sponsor may assign to an affiliate at any time with prompt notice to Jane Street.

Section 7.6 <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

Section 7.7 <u>Governing Law</u>. This Agreement shall be governed in all respects by the laws of the State of New York, without giving effect to principles of conflicts of law. The parties to this agreement will submit all disputes under this agreement to arbitration in New York in accordance with the rules of the American Arbitration Association ("AAA"). The parties hereby consent to service of process by email, in accordance with such rules. No party to this agreement will challenge the jurisdiction or venue provisions as provided in this section.

Section 7.8 <u>Entire Agreement</u>. This Agreement and each Transaction executed after the date hereof constitutes the entire agreement between the Parties and supersedes any existing agreements between the Parties, oral or written, concerning this subject matter.

Section 7.9 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which when so executed and delivered shall be an original, but all such counterparts taken together shall constitute one and the same instrument. Electronic transmission of an executed counterpart of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart.

[*Signature page follows*]

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed as of the date first above written.

**JSCT, LLC**

---

| | |
|:---|:---|
| By: | /s/ Matthew Berger |
| Name: | Matthew Berger |
| Title: | Managing Director |

---

T. ROWE PRICE SPONSOR LLC, ON BEHALF OF EACH COUNTERPARTY ON <u>EXHIBIT C</u>, EACH SUCH COUNTERPARTY SEPERATELY AND NOT JOINTLY, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS SPONSOR:

---

| | |
|:---|:---|
| By: | /s/ Jeremy Mitzel |
| Name: | Jeremy Mitzel |
| Title: | Vice President |

---

T. ROWE PRICE SPONSOR IN ITS INDIVIDUAL CAPACITY FOR PURPOSES OF ITS OWN OBLIGATIONS UNDER THE AGREEMENT:

---

| | |
|:---|:---|
| By: | /s/ Jeremy Mitzel |
| Name: | Jeremy Mitzel |
| Title: | Vice President |

---

**Exhibit A: Form of Confirmation for Manual Execution**

Date: [ ] [Time]

Buyer: [ ]

Seller: [ ]

Ticker: [ ]

Quantity: [ ]

Price: [ ]

Currency: [ ]

Net Amount: [ ]

[Jane Street Bank Information for USD:

Bank Name: ________

SWIFT ID: ________

Account Number: ________

or

Jane Street Wallet Information

Wallet destination: ________________________]

Please confirm that you agree with the details of the trade and provide us with your [bank account] [digital wallet] information. Please note that any bank account or digital wallet that has not been pre-cleared by Jane Street may delay settlement.

[For sales by Jane Street: [Quantity/ ticker] will be sent after receipt of the funds.]

[For purchases by Jane Street: [Price] will be sent after [number of] confirmations.]

**Exhibit B: Settlement for JCX**

The Parties agree that Transactions will be net settled at the following intervals: <u>Daily on Business Days (except Transaction concluded via chat which must be settled in accordance with the timing for Manual Executions).</u>

For all Transactions, and in accordance with Section 1.2., Jane Street must first initiate the transfer of digital assets or cash, as applicable, to Counterparty's wallet or account, as applicable, as provided by Counterparty. Counterparty shall only initiate the transfer of digital assets or cash, as applicable, to Jane Street's wallet or account, as applicable, as provided by Jane Street, **<u>after</u>** receiving delivery from Jane Street in accordance with Section 1.2(c).

"Business Day" means: a day between the hours of 8:00 AM and 5:00 PM New York time, except United States federal holidays or days on which commercial banks are closed in New York. For the avoidance of doubt, any Saturday or any Sunday will not be considered a Business Day.

All previously unsettled Transactions executed by the time listed below (the "<u>Settlement Cut-off Time</u>") will be settled at each such settlement interval.

Settlement Cutoff Time: <u>12:00 PM New York time</u>.

**Exhibit C: Counterparties** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Counterparty Name** | &nbsp;&nbsp;**Jurisdiction & Entity Type** | &nbsp;&nbsp;**Date Counterparty become party to the Agreement** | &nbsp;&nbsp;**Staking Applicable? (Yes/No)** |
| &nbsp;&nbsp; T. Rowe Price Active Crypto<br> ETF | &nbsp;&nbsp;Delaware Statutory Trust | &nbsp;&nbsp;April 16, 2026 | &nbsp;&nbsp;No |

---

Notice Details (excluding Confirmations) for Sponsor and Counterparty:

T. Rowe Price Sponsor LLC

---

| | |
|:---|:---|
| Attention: | T. Rowe Price - Legal Capital Markets Team |
| Address: | 1307 Point Street |
|  | Baltimore, MD 21231 |
| Telephone: | 410-345-7853 |
| Email: | legal_capital_markets_team@troweprice.com |

---

Confirmations for Counterparty Transactions:

Email: [to be identified in a separate communication]

## Exhibit 10.7

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.7** 

**AUTHORIZED PARTICIPANT AGREEMENT**

**T. Rowe Price Active Crypto ETF**

This Authorized Participant Agreement (the "Agreement") dated as of [________________], is entered into by and between T. Rowe Price Sponsor LLC, a Delaware limited liability company and the sponsor (the "Sponsor") of the T. Rowe Price Active Crypto ETF (the "Fund"), T. Rowe Price Investment Services, Inc., a Maryland corporation and distributor of the Fund (the "Distributor"), and [Participant Name] (the "Participant") and is subject to acceptance by State Street Bank and Trust Company as transfer agent (the "Transfer Agent").

Capitalized terms used but not defined herein are defined in the Prospectus, which is defined to mean the current registration statement of the Fund, as it may be supplemented, amended, or otherwise filed with the U.S. Securities and Exchange Commission ("SEC") from time to time. To the extent there is a conflict between any provision of this Agreement (other than the indemnities provided herein) and the provisions of the relevant Prospectus, the provisions of the relevant Prospectus shall control.

The Sponsor serves in its capacity as Sponsor of the Fund, pursuant to an Agreement and Declaration of Trust for the Fund (the "Trust Agreement"). The Sponsor may delegate certain obligations and duties under this Agreement to an affiliate. As described in the Prospectus, common units of fractional undivided beneficial interest in and ownership of the Fund (the "Shares") may be purchased or redeemed by the Participant in aggregations of a specified number of Shares, as identified in the Prospectus (a "Creation Unit").

This Agreement is intended to set forth certain procedures by which the Participant, on its own behalf or as agent for a Participant client (a "Participant Client"), may purchase and/or redeem Creation Units through the Federal Reserve/Treasury Automated Debt Entry System maintained at the Federal Reserve Bank of New York (the "Federal Reserve Book-Entry System") or The Depository Trust Company ("DTC").

Nothing in this Agreement shall obligate the Participant to create or redeem one or more Creation Units, to facilitate a creation or redemption through it by a Participant Client, or to sell or offer to sell the Shares.

The parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. STATUS, REPRESENTATIONS AND WARRANTIES OF
PARTICIPANT

(a) <u>Status of Participant</u>. The Participant represents and warrants that it has, and during the term of this Agreement will continue to have, the ability to transact through the Federal Reserve Book-Entry System and, it is, and during the term of this Agreement will continue to be, a DTC participant (a "DTC Participant"), with respect to orders for the purchase of Creation Units ("Purchase Orders") or orders for redemption of Creation Units ("Redemption Orders" and, together with Purchase Orders, the "Orders"). Any change in the foregoing status of the Participant shall automatically and immediately terminate this Agreement. The Participant shall give prompt written notice of any such change to the Sponsor, Distributor, and Transfer Agent.

(b) <u>Licenses and Compliance</u>. The Participant represents and warrants that: (i) it is a broker-dealer registered with the SEC, and it is a member of the Financial Industry Regulatory Authority ("FINRA"), or it is exempt from registration, or it is otherwise not required to be registered, as a broker-dealer or a member of FINRA; (ii) it is registered and/or licensed to act as a broker or dealer and to carry out its responsibilities hereunder, as required under all applicable laws, rules and regulations in the states or other jurisdictions in which the Participant conducts its activities hereunder, or it is otherwise exempt; and (iii) it is a Qualified Institutional Buyer, as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "1933 Act").

The Participant agrees that it will: (i) maintain such registrations, licenses, qualifications, and memberships referenced in the preceding paragraph in good standing and in full force and effect throughout the term of this Agreement; (ii) comply with the applicable rules and regulations of FINRA, and the securities laws of any jurisdiction in which it sells Shares, directly or indirectly, to the extent such laws, rules and regulations relate to the Participant's transactions in, and activities with respect to, the Shares; and (iii) not offer or sell Shares of any Fund in any state or jurisdiction where such Shares may not lawfully be offered and/or sold.

Any change in the foregoing status of the Participant shall terminate this Agreement. The Participant shall give prompt written notice of any such change to the Sponsor, Distributor, and Transfer Agent.

(c) <u>Unregistered</u>. In the event Shares are authorized for sale in jurisdictions outside the several states, territories and possessions of the United States and the Participant offers and sells Shares in such jurisdictions and is not otherwise required to be registered or qualified as a broker or dealer, or to be a member of FINRA as set forth above in connection with such offers and sales, the Participant nevertheless agrees to comply with all the applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale is made, to comply with the full disclosure requirements of the 1933 Act, and, if applicable, the Commodities Exchange Act (the "CEA"), and the regulations promulgated under the 1933 Act and CEA as applicable, and to conduct its business in accordance with the applicable rules and regulations of FINRA, to the extent the foregoing relates to the Participant's transactions in, and activities with respect to, the Shares.

(d) <u>Continuous Offering and Distribution.</u> The Participant understands and acknowledges that the method by which Creation Units will be created and traded may raise certain issues under certain interpretations of applicable U.S. federal securities laws. For example, because new Creation Units of Shares may be issued and sold by a Fund on an ongoing basis, a "distribution", as such term is used in the 1933 Act, may occur at any point depending upon the particular facts and circumstances. The Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in it being deemed a participant in a distribution in a manner which could, under certain interpretations of applicable law, render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Participant will review the "Plan of Distribution" portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and placing an Order. The Participant also understands and acknowledges that dealers who are not "underwriters," but who effect transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus.

(e) <u>In-Kind</u>. To the extent the Sponsor, on behalf of the Fund, Participant and Transfer Agent agree to participate in in-kind creation and redemption transactions, the Participant has entered into an agreement with any of the Fund's custodian responsible for safekeeping crypto assets, including any sub-custodian ("Crypto Custodian") to establish an account (the "Participant Crypto Asset Account") for depositing and holding crypto assets. The Participant shall maintain such Participant Crypto Asset Account for purposes of effecting receipt and delivery of the relevant crypto asset to/from the Fund's account with such Crypto Custodian. Each of the Sponsor, Participant, and Distributor hereby agree to take such actions, and enter into such other agreements (including any amendments to this Agreement) as may reasonably be required to facilitate in-kind creation and redemption transactions. To the extent that any crypto asset transfers from the Fund are delayed due to congestion or other issues with any one or more Crypto Asset Networks, such crypto asset(s) generally are not expected to be held in cold storage until such transfers can occur. With respect to any Incidental Right, as described in the Prospectus, Participant acknowledges that it and any Participant Client shall have no direct claim to any Incidental Right, including forked assets, in-kind and shall be entitled, if at all, only to such cash proceeds (if any) as may be distributed to Shareholders in accordance with the Trust Agreement, the Prospectus, and applicable law.

(f) <u>Telecommunications</u>. The Participant and any designated third party, which may be an affiliate of Participant (each, acting in such capacity, a "Market Maker"), has the capability to send and receive authenticated telecommunications to and from (i) the Sponsor, Distributor, and their agents, (ii) Transfer Agent, and (to the extent engaging in in-kind transactions) (iii) any custodian responsible for establishing and maintaining cash accounts (the "Cash Custodian") and Crypto Custodian, and (iv) the Participant's or applicable Market Maker's custodian. The Participant shall confirm such capability to the reasonable satisfaction of the Sponsor or Distributor, and Transfer Agent. The Participant maintains, and shall at all times during the term of this Agreement maintain, a secure wallet or wallets from a reputable crypto wallet software provider, as agreed to by the parties hereto, or through a licensed third party custodian or virtual currency trading platform, for the crypto asset being transferred. If there is any change in the foregoing, the Participant shall give prompt notice to the Sponsor of such event. The Participant shall at all times ensure that the wallet or wallets it maintains are capable of custodying the types of crypto assets held by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. EXECUTION OF PURCHASE AND REDEMPTION ORDERS

(a) <u>Order Procedures</u>. The Participant may place Orders, subject to the procedures for Orders set forth in the Prospectus and in this Agreement, which includes the attachments. Each party agrees to comply with the provisions of the Prospectus, this Agreement (which is inclusive of all attachments), and the laws, rules, and regulations that are applicable to it in its role under this Agreement. The Order procedures in Attachment B may be supplemented or amended from time to time and the Sponsor or Distributor reserves the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units and the Participant agrees to comply with such procedures as may be issued from time to time, upon reasonable notice thereof. A Participant may not cancel an Order after an order is placed by the Participant except as otherwise set forth herein.

(b) <u>Crypto Asset Transfers</u>. Any crypto asset to be transferred in connection with an Order shall be transferred in accordance with the Procedures and the Prospectus. The Participant shall be responsible for (i) a Transaction Fee (defined below) for each Order to create or redeem Creation Units, (ii) transfer, processing and other transaction costs charged by the Crypto Asset Custodian and/or Cash Custodian in connection with the issuance or redemption of Creation Units for such Order (or as otherwise described in the Prospectus, and (iii) any other expenses, Taxes (as defined below), or charges (as described in the Prospectus).

Each of the Fund, the Sponsor, Distributor, and the Transfer Agent will have no liability for loss or damages suffered by the Participant, Market Maker or any party for which they are acting in respect of any prime brokerage account, to the extent a prime broker is used to transact an Order (a "Prime Brokerage Account"). The liability of any prime broker utilized in connection with an Order with respect to any such loss or damage will be governed by the terms of any agreement entered into by (i) such prime broker and (ii) the Participant and/or Market Maker. The Participant acknowledges that it and the Market Maker (as applicable) are unsecured creditors of such prime broker (if used) with respect to any crypto asset held in such Prime Brokerage Account and that such crypto asset is at risk in the event of such prime broker's insolvency.

(c) <u>Phone Lines</u>. Neither the Sponsor nor Distributor currently accept Orders by phone. If Orders were accepted by phone in the future, the Sponsor and Distributor anticipate recording the phone lines used in connection with the acceptance and processing of Orders. It is anticipated that the phone lines used by the Transfer Agent will be recorded. The Participant hereby consents to the recording by the Sponsor, Distributor, and Transfer Agent of all calls in connection with the Orders, provided that the Participant may reasonably request that the recording party promptly provide to the Participant copies of recordings of any such calls, which have been retained in accordance with the recording party's usual document retention policy. If a recording party becomes legally compelled to disclose to any third party any recording involving communications with the Participant, to the extent legally permitted to do so, such recording party shall provide the Participant with reasonable advance written notice identifying the recordings to be disclosed, together with copies of such recordings, so that the Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so.

(d) <u>Irrevocable</u>. The Participant acknowledges and agrees that delivery of any Order shall be irrevocable, except that the Sponsor, Distributor, and the Transfer Agent (upon direction of Sponsor or Distributor) each reserve the right to reject any Order for any reason and shall not be liable to any person by reason of the rejection.

(e) <u>Issuance</u>. The Participant understands that a Creation Unit generally will not be issued until the requisite cash amounts and/or the designated basket of assets (for Purchase Orders, the "Deposit Assets"), as well as applicable Transaction Fees (as defined below) and Taxes (as defined below) or other charges are transferred to the Fund on or before the settlement date in accordance with the Prospectus or as otherwise communicated to Participant from time to time. The Participant understands that a Creation Unit will not be redeemed until the requisite Shares, as well as applicable Transaction Fee and Taxes (both as defined below) or other charges are transferred to the Fund on or before the settlement date in accordance with the Prospectus or as otherwise communicated to Participant from time to time. All references to "cash" shall refer to U.S. Dollars, unless otherwise described in the Prospectus.

(f) <u>Suspension of Creations and Redemptions</u>. The Sponsor may, in its discretion, and Distributor or Transfer Agent will, when so directed by the Sponsor, suspend creations or suspend the right of redemption, or postpone the delivery date of the crypto assets or other Fund property generally or with respect to a particular Order (i) during any period in which regular trading on the U.S. national securities exchange or association where Shares of the Fund are principally listed (as specified in the Prospectus) (the "Listing Exchange") is suspended or restricted, or the Listing Exchange is closed (other than scheduled weekend or holiday closings); (ii) during any period when the Sponsor determines that delivery, disposal or evaluation of the crypto asset is not reasonably practicable; (iii) during such other period as the Sponsor determines to be necessary for the protection of Shareholders; or (iv) as provided in the Prospectus. Neither the Transfer Agent, the Fund, Distributor, nor the Sponsor shall be liable to any person or liable in any way for any loss or damages that may result from any such rejection, suspension or postponement.

&nbsp;&nbsp;&nbsp;&nbsp;3. MARKETING MATERIALS AND REPRESENTATIONS

(a) <u>Representations and Warranties of Participant</u>. The Participant represents and warrants that it will not make any representations concerning the Fund, Creation Units or Shares, other than those consistent with the Prospectus or any Marketing Materials (as defined below) furnished to the Participant by the Distributor.

The Participant agrees not to furnish, or cause to be furnished by it or its employees, to any person, or to display or publish, any information or materials relating to a Fund or the Shares, including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials ("Marketing Materials"), unless (i) such Marketing Materials: (a) are furnished to the Participant by the Distributor, or (b) if prepared by the Participant, are consistent in all material respects with the Prospectus, and clearly indicate that such Marketing Materials are prepared and distributed by the Participant, and (ii) Participant and such Marketing Materials comply with applicable FINRA rules and regulations. The Participant shall file all such Marketing Materials that it prepares with FINRA to the extent required by applicable laws, rules or regulations. Marketing Materials shall not include (i) written materials of any kind that generally mention a Fund without recommending the Fund (including in connection with a list of products sold through Participant or in the context of asset allocations), (ii) materials prepared and used for the Participant's internal use only, (iii) brokerage communications, including correspondence and institutional communications, as defined under FINRA rules, prepared by the Participant in the normal course of its business, and (iv) research reports; provided, however, that any such materials prepared by Participant comply with applicable FINRA rules and regulations and other applicable laws, rules and regulations. The Participant represents, warrants, and agrees that it will not make any representations concerning Shares that are inconsistent with the Fund's then-current Prospectus in any materials not defined as Marketing Materials. The Participant acknowledges that the Sponsor, Distributor, and the Transfer Agent may disclose that the Participant is acting as an authorized participant with respect to the Fund's Shares and has entered into this Agreement.

(b) <u>Certain Covenants of the Sponsor and Distributor</u>. The Sponsor and Distributor represent and warrant that (i) the Prospectus is effective, no stop order of the SEC with respect thereto has been issued, no proceedings for such purpose have been instituted or, to its knowledge, are being contemplated; (ii) the Prospectus conforms in all material respects to the requirements of all applicable laws, and the rules and regulations of the SEC thereunder and does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (iii) the Shares, when issued and delivered against payment of consideration thereof, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (iv) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of the Shares, except the registration of the Shares under the 1933 Act; (v) Shares will, at all times this Agreement is in effect, be approved for listing on a national exchange; and (vi) any and all Marketing Materials prepared by the Fund or Distributor and provided to the Participant in connection with the offer and sale of Shares shall comply with applicable law, including without limitation, the provisions of the 1933 Act and the rules and regulations thereunder and applicable FINRA rules and regulations, and will not contain any untrue statement of a material fact related to a Fund or the Shares or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading.

(c) <u>Identification of Participant in Fund Materials</u>. For as long as this Agreement is effective, the Participant agrees to be identified solely as an authorized participant of the Fund, and not as an underwriter, (i) in any section of the Prospectus included within the Registration Statement and (ii) on the Fund's website.

&nbsp;&nbsp;&nbsp;&nbsp;4. TITLE TO DEPOSIT ASSETS

The Participant represents and warrants on behalf of itself and any Participant Client that the Fund will acquire good and unencumbered title of Deposit Assets in connection with a Purchase Order, at the time of delivery, free and clear of all liens, restrictions, charges and encumbrances, and not be subject to any adverse claims, including without limitation, any restriction upon the sale or transfer of such assets imposed by any agreement or arrangement entered into by the Participant or any party for which it is acting in connection with a Purchase Order (including, but not limited to, any repurchase agreement or lending or borrowing agreement).

&nbsp;&nbsp;&nbsp;&nbsp;5. CASH COMPONENT

The Participant hereby agrees that, in connection with a Purchase Order, whether for itself or any Participant Client, it will make available and be received by the Fund on or before the contractual settlement date, by means satisfactory to the Fund, and in accordance with the provisions of the Prospectus, or as otherwise communicated to Participant from time to time, immediately available or same day funds estimated by the Fund to be sufficient to pay the cash component as determined by the Fund, together with the applicable Transaction Fees. Any excess funds will be returned following settlement of the Purchase Order. The Participant agrees to ensure that the cash component will be received by the Fund in accordance with the terms of the Prospectus, or as otherwise communicated to Participant from time to time, but in any event on or before the contractual settlement date. In the event payment of such cash component has not been made in accordance with the provisions of the Prospectus, or as otherwise communicated to Participant from time to time, or by such contractual settlement date, the Participant agrees on behalf of itself and any Participant Client in connection with a Purchase Order to pay the amount of the cash component, plus interest, computed at such reasonable rate as may be specified by the Fund from time to time. The Participant shall be liable to any custodian, any sub-custodian or the Fund for any amounts advanced by the custodian or any sub-custodian in its sole discretion to the Participant for payment of the amounts due and owing for the cash component, and neither any custodian nor any sub-custodian shall be under any obligation to advance any such amounts. Computation of the cash component shall exclude any Taxes, duties or other fees and expenses payable upon the transfer of beneficial ownership of the Deposit Assets, which shall be the sole responsibility of the Participant and not the Sponsor, Fund, Distributor, nor the Transfer Agent. The Sponsor, Distributor, and Transfer Agent reserve the right to revoke acceptance of any Purchase Order in the event payment of the cash component has not been made by such contractual settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;6. PAYMENT OF CERTAIN FEES AND TAXES

(a) <u>Transaction Fees</u>. In connection with Orders, the Participant agrees to pay the Transaction Fees, which means any variable fees, fixed transaction fees, "gas" fees, and other charges, applicable to the transaction as determined by the Fund, as described in the Prospectus. The Fund reserves the right to adjust any Transaction Fee subject to any limitations in the Prospectus.

(b) <u>Taxes and Fees</u>. In connection with Orders, the Participant acknowledges and agrees that the computation of any cash amount to be paid by or to the Participant shall exclude any taxes or other fees and expenses payable upon the transfer of beneficial ownership of Shares or fund assets. The Participant shall be responsible for any transfer tax, sales or use tax, stamp tax, recording tax, value added tax or any other similar tax, fee or government charge (collectively, "Taxes") applicable to and imposed upon the purchase or redemption of any Creation Units made pursuant to this Agreement. To the extent the Fund or its agents pay any such Taxes, or they are otherwise imposed in connection with transactions effected by the Participant, the Participant agrees to promptly reimburse, indemnify, and pay such party for any such payment, together with any applicable penalties, additions to tax or interest thereon, unless such penalties, additions or interest are the result of such party's gross negligence, fraud or willful misconduct. This paragraph shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7. ROLE AND OBLIGATIONS OF PARTICIPANT

(a) <u>No Agency</u>. Each party acknowledges and agrees that, for all purposes of this Agreement, the Participant will be deemed to be an independent contractor and will have no authority to act as agent for the Fund, Sponsor, Distributor, their designee or affiliates, Transfer Agent, nor custodians in any matter or in any respect under this Agreement.

(b) <u>Availability of Participant</u>. Each party to this Agreement acknowledges that the other party may enter into similar agreements with third parties. The Participant agrees to make itself and its employees available, upon reasonable request, during normal business hours to consult with the Fund, Sponsor, or Distributor concerning the performance of the Participant's responsibilities under this Agreement.

(c) <u>DTC Participant</u>. The Participant agrees, as a DTC Participant, and in connection with any purchase or redemption transactions in which it acts on behalf of a third party, that it shall extend to such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus or Trust Agreement.

(d) <u>Records</u>. Pursuant to its obligations under the federal securities laws, the Participant agrees to maintain all books and records of all sales of Shares made by or through it and to furnish copies of such records, and any other records required to be maintained under applicable law to the Fund, Distributor, Sponsor, and/or Transfer Agent upon any of their reasonable request.

(e) <u>Delivery of Fund Information</u>. The Fund may from time to time be obligated under applicable law to deliver prospectuses, proxy materials, annual or other reports of the Fund or other similar information ("Fund Documents") to the Fund's Shareholders. The Participant agrees that, subject to any privacy obligations or other obligations arising under the federal or state securities laws that the Participant may have to its customers, the Participant will assist the Sponsor and Distributor in ascertaining certain information regarding sales of Shares made by or through the Participant upon their request, as may be required from time to time under applicable state or federal securities laws, rules and regulations, or (ii) in lieu thereof, and at the option of the Participant, the Participant may undertake to deliver the Fund Documents that the Fund or Distributor is obligated to deliver to Shareholders, upon receiving from the Distributor sufficient quantities of the same to allow mailing thereof to such customers. The Participant will be responsible for providing the Prospectus in connection with sales of Shares in the secondary market, as required by applicable laws, rules and regulations.

(f) <u>Anti-Money Laundering and Anti-Corruption</u>. The Participant represents and warrants that it has implemented, and agrees to maintain and implement on an on-going basis, written policies, procedures and internal controls that are reasonably designed to (i) comply with all applicable anti-money laundering laws and regulations, including but not limited to the Bank Secrecy Act of 1970 and the USA PATRIOT Act of 2001, and sanctions issued by the Office of Foreign Asset Control or similar authority, each as amended from time to time, and any rules adopted thereunder and/or any applicable anti-money laundering laws and regulations of other jurisdictions where Participant operates, including self-regulatory organizations and (ii) screen all new and existing customers against the Office of Foreign Asset Control ("OFAC") list and any other government list that is or becomes required under the USA PATRIOT ACT.

The Participant represents and warrants that it has implemented, and agrees to maintain, implement, and comply with, on an on-going basis, written policies, procedures and internal controls that are reasonably designed to prevent it from engaging in activities, financial transactions or other illicit purposes for or on behalf of individuals or entities in line with applicable sanctions, laws and regulations intended to safeguard against corruption, bribery, and money laundering, and similar rules now or hereafter in effect. The Participant acknowledges that the Crypto Asset Custodian and the Cash Custodian may reject any Deposit Assets or other deposit property which is subject to applicable sanctions and anti-money laundering laws. The Participant represents that it will not cause the Fund to hold any crypto asset that originates from a financial crime or other violation of applicable law or that is being or has been used to facilitate the violation of any sanctions or anti-money laundering laws.

(g) <u>Privacy</u>. The Participant affirms that it has policies and procedures in place reasonably designed to protect the privacy of nonpublic personal information ("NPI") relating to Participant Clients, or Shareholders to the extent required by applicable federal privacy laws, rules and regulations, including Regulation S-P, including on (i) collection, use, safeguarding, disclosure, and disposal of NPI, (ii) restricting access to NPI only to those employees and agents who need to know, (iii) comprehensive data security, and (iv) privacy breach notification. Further, Participant affirms it will maintain such policies and procedures throughout the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;8. AUTHORIZED PERSONS OF THE PARTICIPANT

(a) <u>Authorized Persons</u>. Concurrently with the execution of this Agreement, and from time to time thereafter as may be requested by Sponsor, Distributor, or Transfer Agent, the Participant shall deliver to the Sponsor, Distributor, and Transfer Agent, a certificate in the format of Attachment A to this Agreement, duly certified by the Participant's Secretary or other duly authorized officer of Participant, setting forth the names and signatures of all persons authorized by the Participant (each an "Authorized Person") to give Orders and instructions relating to any activity contemplated by this Agreement on behalf of the Participant. Such certificate will be relied upon by the Sponsor, Distributor, and Transfer Agent as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Sponsor, Distributor, and Transfer Agent of a superseding certificate or amended certificate or of written notice from the Participant that an individual should be added to, or removed from, the certificate. Whenever the Participant wants to add an Authorized Person, revoke the authority of an Authorized Person, or change or cancel a PIN Number (as defined below), the Participant shall give prompt written notice of such fact to the Sponsor, Distributor, and Transfer Agent, and such written notice shall be effective upon receipt by the Sponsor, Distributor, and Transfer Agent.

(b) <u>PIN Number</u>. The Transfer Agent shall issue to each Authorized Person a unique personal identification number ("PIN Number") by which the Participant and such Authorized Person shall be identified and instructions to the Sponsor, Distributor, and Transfer Agent issued by Participant through the Authorized Person shall be authenticated. The Participant and each Authorized Person shall keep his/her PIN Number confidential and only those Authorized Persons who were issued a PIN Number shall use such PIN Number to identify himself/herself and to submit instructions for Participant, to the Sponsor, Distributor, and Transfer Agent. If an Authorized Person's PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon in writing by the Participant and Transfer Agent. If an Authorized Person's PIN Number is compromised, the Participant shall contact the Transfer Agent promptly in writing in order for a new one to be issued. Upon receipt of written notice as set forth in paragraph (a) of this section, the Transfer Agent agrees to promptly issue a PIN Number when the Participant adds an Authorized Person and shall promptly cancel a PIN Number when the Participant revokes a person's authority to act for it. Upon the termination or revocation of authority of such Authorized Person by the Participant, the Participant shall give prompt written notice of such fact to the Sponsor, Distributor, and Transfer Agent and such written notice shall be effective upon receipt by the Sponsor, Distributor, and Transfer Agent.

(c) <u>Verification</u>. The Distributor, Sponsor, and Transfer Agent shall not have any obligation to verify instructions and Orders given using a PIN Number and shall assume that all instructions and Orders issued to it using an Authorized Person's PIN Number have been properly placed, unless the Distributor, Sponsor, and Transfer Agent have actual knowledge to the contrary because they received from the Participant written notice as set forth in paragraph (a) of this section that such person is no longer authorized to act on behalf of Participant. The Participant agrees that none of the Distributor, Sponsor, Transfer Agent, or the Fund shall be liable, absent gross negligence, bad faith or willful misconduct, for any Loss (as defined below) incurred by the Participant as a result of the unauthorized use of an Authorized Person's PIN Number, unless the Sponsor, Distributor, and Transfer Agent previously received from Participant written notice to revoke such Authorized Person's PIN Number as set forth in paragraph (a) of this section. This paragraph shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9. REDEMPTIONS

(a) <u>Business Day</u>. The Participant understands and agrees that Redemption Orders may be submitted only on days that the Fund is open for business and that the Listing Exchange is open for trading or business ("Business Day").

(b) <u>Transferability of Fund Shares.</u> The Participant represents and warrants that it will not attempt to place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that, on or prior to the contractual settlement date, (i) it or a Participant Client, as the case may be, owns (within the meaning of Rule 200 of Regulation SHO) outright or has full legal authority and legal and beneficial right to tender for redemption the requisite number of Shares to be redeemed and receive the entire proceeds of the redemption, and (ii) that such Shares have not been loaned or pledged to another entity and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund in accordance with the Prospectus and on a "regular way" basis, or as otherwise required by the Fund. The Participant understands that Shares of the Fund may be redeemed only when one or more Creation Units are held in its account. In the event that the Sponsor, Distributor, or Transfer Agent reasonably believes in good faith that a Participant would not be able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the settlement date, the Sponsor, Distributor, or Transfer Agent may, without liability, reject the Participant's Redemption Order. In the event that the Participant receives Fund assets the value of which exceeds the net asset value of the Fund at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant's customer to pay, on such day, to the Fund an amount in cash equal to the difference or return such assets to the Fund, unless the Fund and Participant otherwise agree.

&nbsp;&nbsp;&nbsp;&nbsp;10. BENEFICIAL OWNERSHIP

(a) The Participant, on behalf of itself and Participant Clients, represents and warrants that either (i) it does not, and will not in the future as the result of one or more Purchase Orders cause the Fund to have a basis in the portfolio assets deposited with the Fund different from the market value of such portfolio assets on the date of such deposit, pursuant to the Internal Revenue Code of 1986, as amended ("IRC"), including section 721 of IRC or (ii) it is carrying some or all of the Deposit Assets as a dealer and as inventory in connection with its market making activities.

(b) The Sponsor, Distributor, and Transfer Agent each have the right to require, as a condition to the acceptance of a deposit of Deposit Assets, information from the Participant regarding ownership of the Shares by such Participant and its customers, and to rely thereon to the extent necessary to make a determination regarding ownership of the Fund's currently outstanding Shares by a Beneficial Owner.

(c) Such representations and warranties shall be deemed repeated with respect to each order for one or more Creation Units of Shares of any Fund. If more than one Beneficial Owner is combined in an order to create Shares, this representation is made by taking into account all such Beneficial Owners' ownership of Shares as a group. The Participant understands and agrees that the order form relating to any order for one or more Creation Units of Shares of any Fund shall state substantially the same foregoing representations and warranties.

&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATION

This Section shall survive the termination of this Agreement.

(a) <u>Indemnification by the Participant</u>. Subject to the conditions in Section 11(c), the Participant hereby agrees to indemnify and hold harmless the Sponsor, Distributor, Fund, Transfer Agent, their respective subsidiaries, affiliates, directors, trustees, officers, employees, and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Participant Indemnified Party"), from and against any loss, liability, cost, or expense (including reasonable attorneys' fees) ("Loss") incurred by such Participant Indemnified Party as a result of (i) any negligent act or omission of Participant or its agents relating to an Order; (ii) any material breach by the Participant of any provision of this Agreement that relates to the Participant; (iii) any material representation provided by the Participant herein that is false or misleading or omits material information necessary to make the statement contained therein complete; (iv) any material failure on the part of the Participant to perform any of its obligations set forth in this Agreement; (v) any material failure by the Participant to comply with applicable laws, rules, and regulations, including rules and regulations of self-regulatory organizations in relation to its role as Participant under this Agreement; (vi) actions of a Participant Indemnified Party taken in reasonable reliance upon any instructions reasonably believed by the Fund, Sponsor, Distributor and/or Transfer Agent to be genuine and to have been given by the Participant; or (vii) the Participant's failure to complete an Order that has been accepted.

(b) <u>Indemnification by the Sponsor or Distributor</u>. Subject to the conditions in Section 11(c), the Sponsor or Distributor hereby agrees to indemnify and hold harmless the Participant, its respective subsidiaries, affiliates, directors, partners, members, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Sponsor Indemnified Party," together with Participant Indemnified Party, "Indemnified Party") from and against any Loss incurred by such Sponsor Indemnified Party as a result of: (i) any grossly negligent act or omission of Sponsor or Distributor relating to an Order; (ii) any material representations provided by the Sponsor or Distributor herein that is false or misleading or omits material information necessary to make the statement contained therein complete; (iii) any material breach by the Sponsor or Distributor of any provision of this Agreement that relates to the Sponsor or Distributor, respectively; (iv) any material failure on the part of the Sponsor or Distributor to perform any of its respective obligations set forth in this Agreement; or (v) any material failure by the Sponsor or Distributor to comply with applicable laws, rules and regulations, including rules and regulations of self-regulatory organizations, in relation to its respective role. Neither Sponsor nor Distributor will indemnify Sponsor Indemnified Party for (1) any violations of the federal securities laws or other applicable rules, regulations, and laws committed by the Sponsor Indemnified Party or (2) actions arising out of Sponsor Indemnified Party's fraud, bad faith, gross negligence, or reckless or willful misconduct.

(c) <u>Defense & Settlement</u>. The applicable indemnifying party shall be entitled, at its option, to exercise sole control and authority over the defense and settlement of such action. Where the Transfer Agent is the Indemnified Party and is seeking indemnification from multiple counterparties for claims based on common facts or otherwise related to the indemnified claim, in which case the Transfer Agent will have the right to control and direct the defense and settlement of such claims at the expense of (i) the indemnifying party or (ii) all of the counterparties from which the indemnification is sought, including the indemnifying party hereunder, pro rata, as appropriate. The indemnifying party is not authorized to accept any settlement that does not provide the applicable Indemnified Party with a complete release or that imposes liability not covered by these indemnifications or places restrictions on the indemnified party or causes reputational harm to the indemnified party, in each case, without the prior written consent of the Indemnified Party. Any Indemnified Party shall promptly notify the indemnifying party in writing of the claim after the summons or other first written notification giving information regarding the nature of the claim having been served upon the Indemnified Party (or after the Indemnified Party has received notice of service on a designated agent). Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability and shall only release it from such liability under this Section to the extent that it has been materially prejudiced by such failure to receive notice.

&nbsp;&nbsp;&nbsp;&nbsp;12. LIMITATION OF LIABILITY

This Section shall survive the termination of this Agreement.

(a) <u>Consequential Damages</u>. In no event shall any party be liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of revenue, loss of actual or anticipated profit, loss of contracts, loss of the use of money, loss of anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTC, or any successor, or any other depository or clearing corporation.

(b) <u>Force Majeure</u>. No party shall be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation: acts of God; earthquakes; fires; floods; wind; explosions; wars; civil or military disturbances; terrorism; sabotage; pandemics; epidemics; public health emergencies or outbreaks (including but not limited to COVID-19), or any corporate or governmental order or requirement relating thereto; riots; interruptions; loss, disruption, or malfunction of utilities, disruption or loss of service relating to computer (hardware or software), internet, or other communications service; the failure of an applicable Crypto Asset Network (including peer-to-peer network and relevant blockchain ledger), crypto asset hardware, software, internet, or communication service; market volatility or disruptions in order trading on any exchange, market or trading venues to which the crypto asset execution platform (the "Trading Platform") has established connections (each such venue, a "Connected Trading Venue"); suspension of trading in respect of the Trading Platform or any Connected Trading Venue; strikes or other labor disputes; acts of civil or military authority or governmental actions.

(c) <u>Reliance on Instructions.</u> The Sponsor, Distributor, and Transfer Agent may conclusively rely upon, and shall be fully protected in acting or refraining from acting upon, any communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction or consent reasonably believed by them to be genuine, and in no event shall the Transfer Agent, Distributor, or Sponsor be liable for any losses incurred as a result of unauthorized use of any PIN.

(d) <u>Good Faith</u>. In the absence of bad faith, gross negligence, fraud or willful misconduct on its part, Sponsor, Distributor, and Transfer Agent, whether acting directly or through its agents, affiliates or attorneys, shall not be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder. None of the Sponsor, Distributor, or Transfer Agent shall be liable for any error of judgment made in good faith unless in exercising such it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment.

(e) <u>No Implied Covenants or Obligations.</u> The parties undertake to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the parties.

(f) <u>Financial Liability of Transfer Agent</u>. The Transfer Agent shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

(g) <u>Mistakes</u>. None of the Sponsor, Distributor, or Transfer Agent shall be liable for any damages arising out of mistakes or errors in data provided by another party, or out of interruptions or delays of electronic means of communications with a party, subject to the successful telecommunications confirmation of Section 1(f).

&nbsp;&nbsp;&nbsp;&nbsp;13. RECEIPT OF DOCUMENTS BY PARTICIPANT

The Participant acknowledges receipt of the Trust Agreement and Prospectus and represents that it has had an opportunity to review and ask questions with respect to such documents.

&nbsp;&nbsp;&nbsp;&nbsp;14. CONSENT TO ELECTRONIC DELIVERY OF PROSPECTUS

The Participant consents to the delivery of the Prospectus electronically at the e-mail address under Participant's signature, in lieu of delivering the Prospectus in paper form, by the Sponsor or Distributor. The Participant understands that the current Prospectus and most recent shareholder report for each Fund are available on the Fund's website. The Distributor will notify the Participant when a revised, supplemented or amended Prospectus for any Fund is available and, upon request, make available to the Participant copies of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Participant to comply with any obligation it may have to deliver such Prospectus to its customers. As a general matter, the Distributor will make such revised, supplemented or amended Prospectus available to the Participant upon Participant's reasonable request.

The Participant agrees to promptly notify the Distributor in writing if any relevant e-mail addresses change. The Participant understands that it must have Internet access to electronically access the Prospectus. The Participant may revoke the consent to electronic delivery of the Prospectus at any time by providing written notice to the Sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;15. NOTICES

Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery; by Federal Express or other similar delivery service; by registered or certified United States first class mail, return receipt requested; or electronic mail or similar means of same day delivery (with a confirming copy by mail). Unless otherwise notified in writing, all notices to the Fund, Sponsor, or Distributor shall be at the e-mail address or telephone numbers indicated below the signature of the Sponsor and Distributor. All notices to the Participant or Transfer Agent shall be directed to the e-mail address or telephone number indicated below the signature line of such party.

&nbsp;&nbsp;&nbsp;&nbsp;16. EFFECTIVENESS, TERMINATION, AND AMENDMENT OF AGREEMENT

(a) <u>Effectiveness and Termination</u>. This Agreement shall become effective on the date set forth above. This Agreement may be terminated (1) at any time by any party upon sixty (60) calendar days' prior written notice to the other parties; (2) as contemplated herein; and (3) may be terminated earlier by the Participant or the Sponsor at any time in the event of a material breach by another party of any provision of this Agreement. This Agreement may be terminated immediately by a party at such time as the Fund, the Sponsor, or the Participant becomes insolvent or becomes the subject of a bankruptcy proceeding or winding up. Notwithstanding the foregoing, Sections 6(b) (Payment of Certain Fees), 8(c) (Authorized Persons), 11 (Indemnification), 12 (Limitation of Liability), and 17 (Governing Law) shall survive the termination of this Agreement.

(b) <u>Assignment</u>. No party may assign its rights or obligations under this Agreement (in whole or in part), other than to a U.S. affiliate, without the prior written consent of the other parties, which shall not be unreasonably withheld subject to applicable laws, rules and regulations. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;17. GOVERNING LAW

This Section shall survive the termination of this Agreement.

This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the conflicts of law provisions thereof. The parties irrevocably submit to the personal jurisdiction and service and venue of any New York State or United States Federal court sitting in New York, New York having subject matter jurisdiction, for the purposes of any suit, action or proceeding arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;18. COUNTERPARTS

This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. This Agreement shall be deemed executed by all parties when any one or more counterparts hereof or thereof, individually or taken together, bears the original facsimile or scanned signatures of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;19. SEVERANCE

If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra-national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;20. FUND AS BENEFICIARY

The Participant, Sponsor, Distributor, and the Transfer Agent acknowledge and agree that the Fund shall be a third-party beneficiary of this Agreement and shall receive the benefits contemplated by this Agreement. Participant further understands that the Fund is entitled, and intends, to proceed directly against the Participant in the event that the Participant fails to honor any of its obligations pursuant to this Agreement that benefit the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;21. HEADINGS

Headings and sub-headings are included solely for convenient reference and shall not affect the meaning, construction, operation, or effect of the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;22. ENTIRE AGREEMENT

This Agreement, which includes the attachments, supersedes any prior agreement between the parties with respect to the subject matter contained herein and constitutes the entire agreement between the parties regarding the matters contained herein.

[*Signature page follows*]

The duly authorized representatives of the below parties have executed this Agreement, the effective date of which shall be the date stated herein.

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| **T. Rowe Price Sponsor LLC, as Sponsor**<br>By:_________________________________<br> Name:<br> Title:<br> Date: | **T. Rowe Price Investment Services, Inc., as Distributor**<br>By:_________________________________<br> Name:<br> Title:<br> Date: |

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Attn: ETF Capital Markets

1307 Point Street

Baltimore, Maryland 21231

1-800-638-5660

E-mail: etfcm@troweprice.com

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| | |
|:---|:---|
| **[ , as Participant]**<br> **DTC/NSCC Clearing Participant Code: [ ]**<br>By:_________________________________<br> Name:<br> Title:<br> Date: | <br>By:_________________________________<br> Name:<br> Title:<br> Date: |

---

Address:

Telephone:

E-mail:

**ACCEPTED BY: State Street Bank and Trust Company, as Transfer Agent**

By:_________________________________

Name:

Title:

Date:

1776 Heritage Dr.

Quincy, MA 02171

[telephone]

[email address]

**ATTACHMENT A**

**AUTHORIZED PERSONS**

The following individuals are Authorized Persons pursuant to the Agreement between T. Rowe Price Investment Services, Inc., State Street Bank and Trust Company, and [Participant Name, NSCC/DTC #s:_________].

---

| | | | | |
|:---|:---|:---|:---|:---|
| Name | Title | Signature | Telephone number;<br> Email Address;<br> User location (country) | Permissions \* |

---

\*Permission: RO means Read-Only (allows users to see account information and run reports, but not place trades); ET means Execute Trades (allows user to place trades directly on to Fund Connect)

The undersigned,_________________________________, does hereby certify that the persons listed above have been duly elected to the offices set forth beneath their names, that they presently hold such offices, that they have been duly authorized to act as Authorized Persons of this institution in its capacity as a Participant pursuant to the Agreement and that their signatures set forth above are their own true and genuine signatures.

Certified By (Signature): ___________________________

Print Name: ____________________________________

Title: _________________________________________

Date: _________________________________________

**ATTACHMENT B**

**AP HANDBOOK**

## Exhibit 10.8

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 10.8**

**FEE WAIVER AGREEMENT**

THIS FEE WAIVER AGREEMENT (this **"Agreement"**) is entered into between **T. Rowe Price Active Crypto ETF**, a Delaware statutory trust (the **"Fund"**), and **T. Rowe Price Sponsor LLC**, a Delaware limited liability company, in its capacity as sponsor of the Fund (the **"Sponsor"**), as of March 20, 2026.

**RECITALS**

WHEREAS, the Sponsor serves as sponsor of the Fund pursuant to the Amended and Restated Agreement and Declaration of Trust (the **"Trust Agreement"**) and a Sponsor Agreement between the Fund and the Sponsor dated September 16, 2025 (the **"Sponsor Agreement"**);

WHEREAS, pursuant to the Trust Agreement and Sponsor Agreement, the Sponsor is entitled to receive a management fee equal to 0.90% per annum of the Fund's net asset value (the **"Management Fee"**);

WHEREAS, the Sponsor desires to waive a portion of the Management Fee on the terms set forth herein.

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

**Section 1. <u>Definitions</u>**

● **"Business Day"** has the meaning set forth in the Trust Agreement.

● **"Shareholder"** means a holder of Shares of the Fund.

● **"Management Fee"** means the management fee payable to the Sponsor pursuant to the Trust Agreement and Sponsor Agreement.

● **"Waiver Period"** means the period beginning on the date the Fund first issues Shares following the effectiveness of the registration statement registering such Shares under the 1933 Act and ending on **May 31, 2027**, unless extended by the Sponsor pursuant to Section 3.

**Section 2. <u>Partial Waiver of Management Fee</u>**

During the Waiver Period, the Sponsor hereby irrevocably waives 15 basis points (0.15%) per annum of the Management Fee. Accordingly, during the Waiver Period, the net Management Fee payable by the Fund shall be 75 basis points (0.75%) per annum of the Fund's net asset value.

No portion of the Management Fee waived pursuant to this Agreement shall be payable by the Fund, and the Sponsor shall have no right to recoup or recover any waived amounts following the expiration or termination of the Waiver Period.

**Section 3. <u>Term; Extension; Disclosure</u>**

This Agreement shall remain in effect for the duration of the Waiver Period and shall automatically terminate upon the expiration thereof, unless extended by the Sponsor in its sole discretion.

Any extension of the Waiver Period shall be disclosed in a manner consistent with the Fund's disclosure requirements, including through one or more of the following, as determined by the Sponsor:<br> (i) the Fund's website, (ii) a prospectus supplement, and/or (iii) a current report on Form 8-K.

**Section 4. <u>Entire Agreement; Amendments</u>**

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements or understandings, whether written or oral, relating thereto. This Agreement may be amended only by a written instrument executed by both the Fund and the Sponsor. No assignment of this Agreement shall be effective without the prior written consent of the other party.

**Section 5. Governing Law; Miscellaneous**

This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to principles of conflicts of laws; provided, that nothing herein shall be construed in a manner inconsistent with the federal securities laws, including the 1933 Act and the Securities Exchange Act of 1934, as amended.

If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. Headings are for convenience only and shall not affect interpretation. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

*[Signature Page Follows]*

 

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the day and year first above written.

**T. Rowe Price Sponsor LLC, as Sponsor**

/s/ Francine Rosenberger

------

Name: Francine Rosenberger

Title: Vice President and Secretary

## Exhibit 23.1

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form S-1 of T. Rowe Price Active Crypto ETF of our report dated April 10, 2026, relating to the financial statement of T. Rowe Price Active Crypto ETF, which appears in this registration statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

------

Baltimore, Maryland

April 27, 2026

## Exhibit 99.1

[T.Rowe Price Active Crypto ETF S-1A](activecrypto-s1a_042726.htm)

**Exhibit 99.1**

This **DATA AGREEMENT** is entered into with effect from **1 March 2017** among:

**PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **FTSE INTERNATIONAL LIMITED** a company incorporated and registered in England
with company number 03108236 whose registered address is at 10 Paternoster Square, London, EC4M 7LS, United Kingdom **("FTSE");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **FRANK RUSSELL COMPANY** a Washington corporation, with offices at 1201 Third
Avenue, Suite 2500, Seattle, Washington 98101 USA **("Russell");** 

each referred to in this Data Agreement as a **"Licensor"** and collectively as the **"Licensors";**

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **T. ROWE PRICE ASSOCIATES, INC.** a company incorporated in United States
with registered address at 100 East Pratt Street, Baltimore, MD 21202 (the **"Licensee").** 

**INTRODUCTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The parties have entered into a framework agreement with an Effective Date of **1 March 2017** (the **"Framework Agreement")** under which the Licensee and one or more of the Licensors may enter into
further, separate Licence Agreements for the provision of particular services by the relevant Licensors to the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) This is a Data Agreement (as referred to in the Framework Agreement) which sets
out the basis on which data, other intellectual property and services are to be supplied by the Licensors to the Licensee, under the terms
of separate Order Forms to be entered into by the Licensee with the relevant Licensors in accordance with this Data Agreement.

**AGREED TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions and interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Save as otherwise expressly set out in this Data Agreement, defined terms and rules
of interpretation used in the Framework Agreement shall apply to this Data Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Licence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Subject to the terms of the relevant Services Contract, the Licensor will provide
to the Licensee with access to the Data specified in (with such frequency as is provided for in) the relevant Order Form and grants to
the Licensee a non-exclusive, non-transferable licence to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) view the Data internally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receive, store, produce a Back-Up Copy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 To the extent specified in an Order Form and subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Licensee paying Report Charges under the Order Form, the Licensee may exercise the rights set out
in schedule 1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Licensee paying Application Charges under the Order Form, the Licensee may exercise the rights set
out in schedule 2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Licensee paying Manipulated Data Charges under the Order Form, the Licensee may exercise the rights
set out in schedule 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Licensee paying Customised Indices Charges under the Order Form, the Licensee
may exercise the rights set out in schedule 4;

in each case to the extent set out, and subject to any restrictions in, the relevant Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Licensee may permit the rights granted in clause 2.1 or, to the extent expressly
permitted in the Order Form, clause 2.2 to be exercised by the Authorised Users only and only at the Site(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Restrictions on use** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Except as expressly provided for in the relevant Services Contract, the Licensee
shall make no other use of the Services. In particular, the Licensee shall not (and shall not permit or purport to permit anyone to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) copy, sell, license, distribute or transmit to any third party (or to any person
other than an Authorised User) the Service or any part thereof in any form or by any means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any reference to a Service or any part thereof in any promotional or marketing
materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use the Service or any part thereof for any illegal purpose or otherwise than in
compliance with the applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) remove any proprietary notice accompanying the Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) use the Service or any part thereof for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) creating and/or operating (whether by the Licensee and/or by any third party)
any financial product, index, or service which seeks to match the performance of or whose capital and/or income value is related to any

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) creating and/or operating (whether by the Licensee itself or by any third party)
any financial product, index or service the performance of which is linked to the performance of a third party's product, index or service
which, in turn, seeks to match the performance of, or whose capital and/or income value is related to, or which is directly or indirectly

each case any part thereof (and whether or not such third party is licensed by Licensor to do so); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) generally exploit the Service or any part thereof in a manner designed to benefit
the Licensee or any third party (including the creation of any additional service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) derive, extract, reproduce, distribute, redistribute, manipulate, re-utilise, transmit
or otherwise commercially exploit any of the Service or part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) create the Manipulated Data or the Customised Indices; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make the Service available on any website, in an Application, Internal Network
or to the public via the internet or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Where a Licensee receives the ICB Data:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Licensee must not use the ICB Data to classify companies and/or their securities
not included in the ICB (such as private companies or fixed income securities) or represent that the ICB classification of any company
in the ICB is different to the ICB classification made by FTSE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Licensee must not use the ICB Data or the ICB for the benefit of any Licensee's
proprietary index, any other party's index or in the creation of other similar products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whenever using the ICB Data, the Licensee must comply with the Attribution Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Licensee acknowledges that a separate licence or permission is required from
Licensor (and additional Charges may be payable) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) make the Service or any part thereof available to any person other than the Authorised User;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) distribute the Service or any part thereof outside of the permitted group of Authorised Users or externally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) incorporate the Service or any part thereof into reports or any other materials (whether in hard copy
of electronic form or on a website);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) operate an Application using the Service of any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) create any Manipulated Data or Customised Data using the Service or any part thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use the Service or any part thereof as described in clause 3.1(e) or clause 3.1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The Licensee acknowledges that a separate licence is required in order to use
the Data as described in clause 3.1(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 The Licensor may request the Licensee to certify not more than once in any 12 (twelve)
month period that the Licensee is in material compliance with all restrictions in this clause 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Charges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Licensee agrees to pay the Charges annually in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Each Order Form will set out the Charges payable by the Licensee for the Services
covered by the relevant Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The Licensor may, without cause, amend the Charges under any Services Contract on
at least 60 (sixty) days' written notice to the Licensee to take effect from the next anniversary of the Commencement Date, provided that
this right shall be subject to the Licensee's right to terminate the relevant Services Contract in accordance with clause 10.6 of the
Framework Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Licensee shall provide to Licensor a reporting schedule as set out in schedule 5. The Licensee must
complete and submit a Reporting Schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon execution of each Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the end of each Initial Term and Renewal Term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at each anniversary of the Commencement Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on termination of each Services Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) otherwise as and when may be reasonably requested to do so by the Licensor (provided that such request
cannot be made more often than once every Quarter),

and must return the completed Reporting Schedule to the Licensor within 15 (fifteen) days of the occurrence of any of the events in (a) to (e) above (as the case may be). Where appropriate, the completed Reporting Schedule shall be used as the basis of the Licensor's invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Termination and termination** 

Clause 10 (*Term and Termination)* of the Framework Agreement shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Choice of Law** 

Clause 17.11 *(Governing law)* of the Framework Agreement shall apply.

By their signatures below, and in consideration of the mutual agreements set out herein and for other goad and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Licensee and the Licensor each agree to be bound by the terms or this Data Agreement.

---

| | |
|:---|:---|
| **Signed for and on behalf of** | **Signed for and on behalf of** |
| **FTSE INTERNATIONAL LIMITED by:** | **FRANK RUSSELL Company by:** |
| /s/ C. O'Shaughnessy | /s/ Ron Bundy |
| (signature) | (signature) |
| C. O'Shaughnessy | Ron Bundy |
| (print name) | (print name) |
| MD | CEO, NA Benchmarks |
| (position) | (position) |
| 12.6.17 | June 7, 2017 |
| (date) | (date) |

---

---

| |
|:---|
| **Signed for and on behalf of** |
| **T. ROWE PRICE ASSOCIATES, INC. by:** |
| /s/ Rick Riccomini |
| (signature) |
| Rick Riccomini |
| (print name) |
| Head of Market Data |
| (position) |
| 5/25/2017 |
| (date) |

---

SCHEDULE 1

**LICENSEE'S RIGHTS WHEN PAYING REPORT CHARGES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Where the Licensee is paying the Report Charges under an Order Form, it may include
an insubstantial amount of the Data in a report, publication or material available to the Licensee's existing and/or prospective clients
("Report") subject to the following conditions as well as any terms specified in that Order Form:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report may only contain such Data in respect of which the reports are permitted
under the Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Report must be substantially similar to the sample report included in schedule 6;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to, and inclusion of, the Data in the Report must be incidental to the
primary purpose of the Report and the Report may only contain an insubstantial amount of the Data (i.e. it must not contain such amount
of Data that could be used as a source of, or substitute for, the Services or any substantial part thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Report may be only made available:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in hard copy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in electronic copy non-editable PDF format; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on a website specified in the Order Form in non-editable PDF format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Report must not be made available to public or form part of any publication
in the press, mass media or internet other than as set out above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the provision of the Report must be ancillary to the services normally provided
by the Licensee to its existing and/or prospective clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Licensee does not (and procures that no third parties do) levy a separate
charge for the receipt of, or access to, the Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Report must be produced by the Authorised Users and at the Sites only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) full name of any relevant Indices and/or other Data must be used in the Report
(and not any abbreviations thereof); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Report must contain an attribution to the source of the Data in such form
as may be determined by the Licensor from time to time. Unless otherwise notified by the Licensor, the attribution must comply with the
relevant Attribution Requirements.

**SCHEDULE 2**

**LICENSEE'S RIGHTS WHEN PAYING APPLICATION CHARGES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Where the Licensee is paying the Application Charges under an Order Form, the Licensee
may, in the normal course of its business, use the Data received pursuant to such Order Form within Licensed Applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any output data (other than the Data) created from the use of such Data within such
Licensed Applications shall be treated as Manipulated Data subject to terms and restrictions of this Data Agreement. A separate licence
is required for any use of such Manipulated Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The rights granted in clause 1 of this schedule 2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) do not permit use of the Data in any other applications than the Applications, whether owned, licensed
or hosted by the Licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) apply to Data received under any Order Form other than as specified in the Order Form under which Application
Charges are payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) are otherwise subject to the terms of the Order Form ,

**SCHEDULE 3**

**LICENSEE'S RIGHTS WHEN PAYING MANIPULATED DATA CHARGES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the Licensee paying Manipulated Data Charges under an Order Form then the Licensor hereby
grants to the Licensee a non-exclusive, non-transferable licence to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create Manipulated Data using the Data received pursuant to that Order Form and/or any data relating
to the Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) store and use such Manipulated Data internally,

in each case only at the Sites specified in such Order Form in respect of the relevant Manipulated Data and subject to the specific terms set out in the Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The use of any Manipulated Data shall be subject to the same terms and restrictions as apply to the
Data from which such Manipulated Data was created.

**SCHEDULE 4**

**LICENSEE'S RIGHTS WHEN PAYING CUSTOMISED INDICES CHARGES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the Licensee paying the Customised Indices Charges under an Order Form, the Licensor hereby
grants to the Licensee a non-exclusive, non-transferable licence to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) store; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use internally

such number of Customised Indices as is specified in the relevant Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The use of any Customised Indices shall be subject to the same terms and restrictions applicable to the
Data using which such Customised Indices were created.

**SCHEDULE 5**

**REPORTING SCHEDULE**

---

| | | | |
|:---|:---|:---|:---|
| **Company Name (if applicable):** | **Company Name (if applicable):** | **Company Name (if applicable):** | **Company Name (if applicable):** |
| &nbsp;&nbsp;**Name of the Licensee:** | &nbsp;&nbsp;**Name of the Licensee:** | &nbsp;&nbsp;**Name of the Licensee:** | &nbsp;&nbsp;**Name of the Licensee:** |
| &nbsp;&nbsp;**Number of Users:** | &nbsp;&nbsp;**Number of Users:** | &nbsp;&nbsp;**Number of Users:** | &nbsp;&nbsp;**Number of Users:** |
| &nbsp;&nbsp;**Name of Affiliates** | &nbsp;&nbsp;**Name of Affiliates** | &nbsp;&nbsp;**Name of Affiliates** | &nbsp;&nbsp;**Name of Affiliates** |
| &nbsp;&nbsp;**Sites at which Data is available or can be accessed:** | &nbsp;&nbsp;**Sites at which Data is available or can be accessed:** | &nbsp;&nbsp;**Sites at which Data is available or can be accessed:** | &nbsp;&nbsp;**Sites at which Data is available or can be accessed:** |
| &nbsp;&nbsp;&nbsp;**Applications that process Data:** | &nbsp;&nbsp;&nbsp;**Applications that process Data:** | &nbsp;&nbsp;&nbsp;**Applications that process Data:** | &nbsp;&nbsp;&nbsp;**Applications that process Data:** |
| &nbsp;&nbsp;**Sites at which Data is manipulated:** | &nbsp;&nbsp;**Sites at which Data is manipulated:** | &nbsp;&nbsp;**Sites at which Data is manipulated:** | &nbsp;&nbsp;**Sites at which Data is manipulated:** |
| &nbsp;&nbsp;**Sites at which reports incorporating Data are available** | &nbsp;&nbsp;**Sites at which reports incorporating Data are available** | &nbsp;&nbsp;**Sites at which reports incorporating Data are available** | &nbsp;&nbsp;**Sites at which reports incorporating Data are available** |
| &nbsp;&nbsp;**Number of Customised Indices created** | &nbsp;&nbsp;**Number of Customised Indices created** | &nbsp;&nbsp;**Number of Customised Indices created** | &nbsp;&nbsp;**Number of Customised Indices created** |
| &nbsp;&nbsp;**Main Contact Name:** | &nbsp;&nbsp;**Main Contact Name:** | &nbsp;&nbsp;**Main Contact Name:** | &nbsp;&nbsp;**Main Contact Name:** |
| &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;**Address:** | &nbsp;&nbsp;**Address:** |
| &nbsp;&nbsp;**Town:** | &nbsp;&nbsp;**County:** | &nbsp;&nbsp;**Country:** | &nbsp;&nbsp;**Postal/ Zip Code:** |
| &nbsp;&nbsp;**Telephone:** | &nbsp;&nbsp;**E-Mail:** | &nbsp;&nbsp;**Fax:** |  |
| &nbsp;&nbsp;**The Licensee Sales/Account Manager:** | &nbsp;&nbsp;**The Licensee Sales/Account Manager:** | &nbsp;&nbsp;**The Licensee Sales/Account Manager:** | &nbsp;&nbsp;**The Licensee Sales/Account Manager:** |

---

**SCHEDULE 6**

**FORM OF REPORT**

**[CLIENT TO INSERT SAMPLE REPORT]**

This **FRAMEWORK AGREEMENT** is entered into with effect from **1 March 2017** (the **"Effective Date")** among:

**PARTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **FTSE INTERNATIONAL LIMITED** a company incorporated and registered in England
with company number 03108236 whose registered address is at 10 Paternoster Square, London, EC4M 7LS, United Kingdom **("FTSE");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **FTSE TMX GLOBAL DEBT CAPITAL MARKETS, INC.** a corporation governed by the laws
of the Province of Ontario, Canada, with offices at 70 York Street, Suite 1520, Toronto, ON M5J 1S9 **("FTSE TMX");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **FRANK RUSSELL COMPANY** a Washington corporation, with offices at 1201 Third
Avenue, Suite 2500, Seattle, Washington 98101 USA **("Russell");** 

each referred to in this Framework Agreement as a **"Licensor"** and collectively as the **"Licensors"; and**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **T. ROWE PRICE ASSOCIATES, INC.** a company incorporated or established in United States with registered
address at 100 East Pratt Street, Baltimore, MD 21202 (the "**Licensee** ").

**INTRODUCTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Licensee wishes to obtain various services from one or more of the Licensors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) This agreement is a framework agreement under which the Licensee and one or more Licensors may enter into further separate agreements
for the provision of particular services by the relevant Licensors to the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) This agreement sets out the basis on which such services are to be contracted for and supplied by the Licensors to the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Frank Russell Company and Licensee are parties to the Russell Equity Indexes Research License Agreement dated January 1, 2002 as amended
from time to time. ("Existing Agreement(s) and each an Existing Agreement"). Frank Russell Company and Licensee wish to terminate
the Existing Agreement(s) and enter into one or more Services Contract(s) (as defined below)."

**AGREED TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Definitions** 

Defined terms used in this Framework Agreement shall have the meanings given in Schedule 1. Schedule 1 also sets out rules of interpretation applicable to this Framework Agreement. Such defined terms and rules of interpretation shall apply to each Licence Agreement and each Order Form (unless otherwise specified therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Documentation Structure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Under this Framework Agreement, the Licensee may enter into separate agreements
with one or more Licensors from time to time under which each Licensor agrees the terms on which it will supply particular Services and/or
license particular rights to the Licensee (each such separate agreement, a **"Licence Agreement").** Each Licence Agreement
shall incorporate the terms of this Framework Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Licence Agreements may provide for different types of Services to be provided
or granted by the relevant Licensors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the supply and/or licensing to the Licensee of Data **("Data Agreement");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the granting to the Licensee of rights to Distribute certain Index Values to End
Users **("Intra-day Index Values Distribution Agreement"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the licensing to the Licensee of certain Marks for use by the Licensee in relation
to the Licensee's funds or other financial products **("Funds/Products Agreement")**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the granting to the Licensee of rights to Distribute certain Data to Subscribers ()"**End-of-day Distribution Agreement"**);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the granting to the Licensee of rights to Distribute certain Data (not limited
to Index Values) to End Users **("End User Distribution Agreement").** 

In order for the Licensee to receive a Service under a Licence Agreement, the Licensee will need to enter into one or more Order Forms under the relevant Licence Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Each Order Form:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will incorporate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the terms of the Licence Agreement under which it is entered into;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms of this Framework Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where the Order Form is in respect of Services relating to CUSIP data, SEDOLS data and Tokyo Stock Exchange
data, such applicable additional terms as are available at <u>http://www.ftse.com/products/downloads/FTSE Additional Terms.pdf</u> (which additional terms shall, for the purposes of the Services Contract relating to such Services only, be deemed a part of this Framework
Agreement); and in the event of a conflict between such terms and this Framework Agreement, this Framework Agreement shall govern; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will form a separate contract between the Licensee and the relevant Licensor (a **"Services Contract").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 No Licensor shall be deemed a party to, or have any rights or obligations in respect
of, a Services Contract entered into between any other Licensor and the Licensee. Under no circumstance will any two or more Licensors
be held jointly and severally liable for any of their obligations under any Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Neither the Licensee nor the Licensor shall be obliged by this Framework Agreement
to enter into any Licence Agreement or Order Form. The Licensor shall not be obliged to provide any Service to the Licensee and the Licensee
shall not be obliged to pay any charges to the Licensor, except to the extent provided for by an Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Provision of Services** 

***Limitations***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Licensor may at any time suspend the Services or any part of them if the Licensor
reasonably believes that this is necessary to maintain the security or integrity of one or more Services or the Licensor's operations
or to prevent their misuse by any person. In any such case, the Licensor shall use its reasonable endeavours to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notify the Licensee in writing of the suspension as soon as reasonably practicable,
and where practicable, of the reason for the suspension and its expected duration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reinstate access or operation, upon written notice
where reasonably practicable, once there is no longer any threat to the security or integrity of any Services, or Licensor's operations
or any threat of their misuse .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Licensee acknowledges that the provision of the
Services is dependent upon data and communications from multiple
third parties and may be subject to interruption. In the event of any such interruption, Licensor's sole obligations will be to use reasonable
endeavours to :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notify the Licensee (by publishing the relevant information on the Licensor's website
or otherwise) of the interruption and, where practicable, of the reason for the interruption and its expected duration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) rectify (or arrange for the rectification of) any
problem within the Licensor's control giving rise to the interruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 The Licensor may at any time, and without any liability to the Licensee (save
in respect of the pro-rata refund referred to below), terminate the provision of any Service (or part of it) if provision of such Service:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is dependent on the supply of information or service by a third party and the
third party does not supply such information or service for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes illegal, or contrary to any Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is subject to a Claim or allegation that the Licensor or the provision or use of
such Service infringes the Intellectual Property Rights of a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is generally suspended or terminated by the Licensor across its business: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cannot be provided on a reasonably similar terms due to any reason beyond the Licensor's reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 If the Licensor terminates the
provision of any Service (or part of it) under clause 3.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Licensee may terminate the relevant Services Contract by giving a notice to
the Licensor within one month of the date on which the provision of the Service terminated (and after the expiry of such period, the Licensee's
termination right **will** lapse); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Licensee must stop using such Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if such terminated Service is the provision of the Data, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Licensee may request a pro-rata refund of any pre-paid Charges in relation
to such terminated Service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Services Contract will continue (with the Charges amended accordingly),
unless the provision of all Data under such Services Contract is terminated, in which case the Services Contract as a whole will also
terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 The Licensor may at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the composition or method of calculation of any Index or Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) change:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the method of transmission of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the means of delivery of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the means of access to; any Service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update any Index, in which case the relevant Services Contract will apply to the most updated versions
of the relevant Indices specified in the relevant Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 If requested to do so by the Licensor in writing, the Licensee will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) stop the distribution of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as far as it is lawfully entitled to do so, recall;

any informational, advertising or promotional material relating or referring to the Licensor, or any Service that (in the reasonable opinion of the Licensor):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is, or has been transmitted in a way that is, in breach of the Services Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has or may have a materially adverse effect on the reputation of the Licensor, any of its Group Companies
or any of the Licensor's other licensors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) does not comply with the relevant Attribution Requirements; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) puts the Licensor at risk of breaching any Laws.

This clause will apply even if Licensor has previously been notified of, or approved, the material concerned. For the avoidance of doubt, the Licensee may not make any reference to any Service in any promotional or marketing material unless expressly permitted under the relevant Services Contract or otherwise expressly permitted by the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 In connection with its receipt and/or use of any Service, the Licensee shall at all times (a) use the full name of each relevant Index and not an abbreviation; and (b)
 include the relevant notices and disclaimers set out in the Attribution Requirements with reasonable prominence. The Licensor may
 change the Attribution Requirements from time to time.

***Third Parties***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 The Licensee agrees that where any Data contains data provided by an Information
Provider, the Licensee may at any time be required by such Information Provider as a condition to receiving (or continuing to receive)
the Data to do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter into a direct licence agreement with the relevant Information Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agree to additional terms provided by the relevant Information Provider; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) pay additional charges to the relevant Information Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 The Licensee shall reasonably co-operate with the Licensor and/or the relevant
Information Provider in connection with compliance with the Information Provider's written requirements provided to Licensee. If the Licensee
does not satisfy any such requirements, then the Licensor may upon notice and without any liability to the Licensee, immediately terminate
the Services Contract to which the requirements relate or, if reasonably possible, cease providing the applicable Data to the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 If the Licensee uses a Delivery Agent's services to access any Data, the Licensee
agrees that the Licensee does so at its own risk and cost and that the Licensor shall have no liability for any acts or omissions of the
Delivery Agent.

***No solicitation or investment advice***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 The Licensee acknowledges that the provision by the Licensor of any Service is
not, and shall not be treated as, any advertisement or offer for, or solicitation or recommendation to buy or sell, any securities or
any other financial products. The Licensor's publication or provision of any Service in no way suggests or implies an opinion by the Licensor
or its third party licensors as to the attractiveness of investment in any securities or any other financial products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 The Licensee acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Licensor has not given any investment advice or made any claim as to the suitability
of any Service for any use (including of any Index for use in connection with any listed or unlisted funds, financial products or investments);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Licensee has or will make its own assessment as to the suitability of a Service
(including any Index) for any use the Licensee makes of ii (and the Licensee is qualified to make such assessment or has received suitable
independent advice).

***Affiliates***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 The Licensor may permit the use of the Services and the rights granted in respect
of the Services provided under an Order Femi to any of the Licensee's Affiliates specifically named in such Order Femi provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Licensee shall procure that each such Affiliate complies with the relevant
Services Contract (other than as to payment obligations, for which the Licensee shall remain solely liable) including any restrictions
on the use of any Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any act or omission of an Affiliate in breach of the relevant Services Contract
(or that would breach the relevant Services Contract if it were an act or omission of the Licensee) will be treated as if it were a breach
by the Licensee and the Licensee shall be liable to Licensor in respect of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) nothing in this clause or in any the Services Contract grants any right to an
Affiliate as a third party beneficiary under any applicable Laws; accordingly, only the Licensee (and not an Affiliate) may enforce any
right against the Licensor arising under or in relation to the Services Contract, provided that any loss or damage suffered or incurred
by an Affiliate and that would have been recoverable by the Licensee had it been suffered or incurred by the Licensee shall be recoverable
by the Licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Licensee shall ensure that no Affiliate shall take any action against the
Licensor to enforce any right conferred on such Affiliate under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all notices served by the Licensor upon the Licensee shall be deemed to be served
at the same time upon all relevant Affiliates unless otherwise stated in the relevant notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **System and security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Licensee shall be responsible for having and maintaining an appropriate System
(either directly or via a Delivery Agent), that is suitable to receive and/or enable the use of the Data and obtaining any licences for
any third party software required to use that System). The Licensor shall not be liable in any circumstances for any Losses (including
indirect or consequential loss or damage) arising directly or indirectly out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the incompatibility or failure of the System with or in relation to the Data or
provision of Data or any of the Licensor's or Delivery Agent's operational systems; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the use or misuse by the Licensee or Delivery Agent of the System or any software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 If the Licensor provides the Licensee with one or more passwords or other security
measure in connection with a Service, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Licensee shall make sure that the passwords are used by authorised staff of
the Licensee solely for the purpose of obtaining access to the Service in accordance with the relevant Services Contract, kept confidential
and not used by any unauthorised person or in any unauthorised way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Licensor may change passwords from time to time and will notify the Licensee
of any such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Licensee shall comply with any written security procedures or technical requirements in relation to the Services that are reasonably
specified by the Licensor; and

the Licensee shall inform Licensor as soon as possible if the Licensee has reason to believe that the safety, security or confidentiality of any such password or Service has been or may be compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Assistance and audit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Licensee must notify the Licensor immediately in writing if the Licensee acquires,
is acquired by and/or merges with another legal entity. Following such acquisition or merger, the Licensor shall have the option to either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon notice to the Licensee, and without any liability to the Licensee, terminate
any or all Services Contracts with the Licensee if, in the Licensor's reasonable opinion, such merger or acquisition is likely to have
an adverse business and/or reputational consequences for the Licensor or any of its Group Companies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase the Charges under any or all Services Contracts with the Licensee to reflect
the change in circumstances (provided that this shall be subject to the Licensee's right to terminate each relevant Services Contract
in accordance with clause 10.6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Licensor may request the Licensee to certify that the Licensee is in compliance
with the terms of each Services Contract and request such information as is relevant to confirm the same. The Licensee shall respond promptly
to any such request from the Licensor by providing the required certification and information, subject to the Licensor's obligations of
confidentiality under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 While any Services Contract is in force and for a
period of 12 months after the termination of the last Services Contract entered into between the Licensee and the Licensor, the Licensee
shall permit the Licensor and/or its employees, auditors or agents,
subject to signature of a non-disclosure agreement, during the Licensee's regular business hours on not less than 14 days' prior written
notice, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have access to and to inspect the Licensee's accounts, records and other documents
and information that are directly relevant or otherwise relate to the Licensee's use of any Services (and the Licensee shall permit the
taking of a reasonable number of copies or extracts and on demand supply copies to the Licensor {and/or its employees, auditors or agents)
of such documents or information); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have access to, and monitor the use of, the relevant portions of any System by
which Licensee has access to or otherwise uses the Services,

in order to verify that the use of the Service by the licensee is in accordance with the relevant Services Contract and that Charges have been calculated, charged and paid correctly. The Licensor shall maintain the confidentiality of any and all information reviewed in the context of any such audit, in accordance with its obligations under clause 11 of this Agreement. The Licensor shall provide the Licensee with a copy of its audit findings upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 In the event that the audit referred to in clause 5.3 shows there has been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an under-payment of the Charges that should have been due from the Licensee for
the period covered by the audit; and/or

&nbsp;&nbsp;&nbsp;&nbsp;(b) a breach of the Services Contract by the Licensee;

then, without prejudice to any other right or remedy of the Licensor (but provided that the Licensor (i) provides to Licensee its principal findings of such audit; (ii) considers in good faith any comments provided by Licensee within a reasonable time; and (iii) may not recover more than once for the same loss), the Licensee shall pay to Licensor within 15 (fifteen) days of receipt of invoice the amount of any under-payment, together with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) interest on such amount from the date when it should have been paid until the date
of payment (whether before or after judgement), at the Interest Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any reasonable costs and expenses incurred by Licensor
(on a full indemnity basis, and including reasonable auditors' and lawyers' fees and costs) in carrying out the audit, calculating the
correct Charges and collecting the amount of any under-payment (where applicable) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Representations** **· , Warranties, Covenants, Indemnification, Liability and Disclaimers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Each party represents, warrants and covenants that: (a) it shall perform its
 obligations hereunder in compliance with all applicable Laws; and (b) neither the execution and delivery of any Services Contract,
 nor its performance of its respective obligations under a Services Contract will violate or contravene the terms of any contract or
 other agreement between such party and
any other third party or any outstanding judgment, order, injunction or Laws to which such party is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION 6, THE LICENSOR (AND ITS RELEVANT
INDEX PARTNERS(S) IF A SERVICES CONTRACT RELATES TO A PARTNER INDEX) SHALL NOT BE LIABLE TO THE LICENSEE OR ANY OTHER PERSON OR ENTITY
(WHETHER IN WARRANTY, CONTRACT, TORT OR OTHERWISE (INCLUDING, BUT NOT LIMITED TO, LIABILITY FOR ANY NEGLIGENT ACT OR OMISSION) FOR:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) LOSS OF PROFITS, SALES, REVENUE OR ANTICIPATED SAVINGS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) LOSS OF OR DAMAGE TO GOODWILL OR REPUTATION;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) LOSS OF OPPORTUNITY OR WASTED EXPENDITURE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) LOSS CAUSED THROUGH ANY ACT OR OMISSION OF AN INFORMATION PROVIDER;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) LOSS OF DATA OR LOSS OF USE DAMAGES;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) LOSS OR DAMAGE ARISING FROM ANY CLAIM BY A CLIENT OR CUSTOMER OF THE LICENSEE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) LOSS OF VALUE IN OR RELATING TO ANY PRODUCT THAT IS LINKED TO THE PERFORMANCE OF ANY LICENSOR'S INDEX
OR DATA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL LOSS OR DAMAGE

IN EACH CASE, ARISING OUT OF OR IN CONNECTION WITH (1) A SERVICES CONTRACT; OR (2) THE LICENSING, SALE, USE OR THE PROVISION OF ANY SERVICE, REGARDLESS OF WHETHER THE LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH AFOREMENTIONED DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 LICENSOR MAKES NO WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY OR
OTHERWISE, AND LICENSOR SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, GOOD TITLE, SATISFACTORY QUALITY AND NONINFRINGEMENT TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW. THE LICENSOR SHALL NOT
BE LIABLE TO LICENSEE OR TO ANY END USER OF LICENSEE IN THE EVENT THAT ANY SERVICES ARE INTERRUPTED, CHANGED OR BECOME UNAVAILABLE FOR
ANY REASON. NO SUCH INTERRUPTION, CHANGE, OR UNAVAILABILITY SHALL RELIEVE LICENSEE FROM ANY OF LICENSEE'S OBLIGATIONS UNDER A SERVICES
CONTRACT, UNLESS SUCH INTERRUPTION IS CAUSED BY LICENSOR'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. IN FURTHERANCE OF THE FOREGOING, EXCEPT
AS EXPRESSLY SET FORTH HEREIN, LICENSOR DOES NOT WARRANT THAT THE SERVICES WILL MEET LICENSEES SPECIFIC NEEDS, ACHIEVE A PARTICULAR MARKETING
OR OTHER BUSINESS RESULT, ARE ERROR FREE, COMPLETE OR WILL BE PROVIDED ON A TIMELY BASIS, THAT LICENSEE WILL BE ABLE TO ACCESS OR USE
THE SERVICES WITHOUT PROBLEMS OR INTERRUPTIONS, OR THAT LICENSOR'S SERVICES ARE NOT SUSCEPTIBLE TO INTRUSION, ATTACK OR COMPUTER VIRUS
INFECTION.

THE SERVICES PROVIDED BY LICENSOR UNDER A SERVICES CONTRACT ARE PROVIDED ON AN "AS-IS" BASIS, 'WITH ALL FAULTS" AND WITH NO WARRANTIES WHATSOEVER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 EXCEPT AS SET FORTH IN THIS CLAUSE 6, IN NO EVENT SHALL THE AGGREGATE LIABILITY
OF A LICENSOR, ITS GROUP COMPANIES, OFFICERS, EMPLOYEES, CONTRACTORS OR SUBSIDIARIES, UNDER A SERVICES CONTRACT EXCEED THE AMOUNT RECEIVED
BY THE LICENSOR FROM LICENSEE OVER THE PERIOD OF 12 MONTHS IMMEDIATELY PRECEDING THE MONTH IN WHICH THE CLAIM AROSE (PROVIDED THAT, IF
MORE THAN ONE CLAIM ARISES OUT OF THE SAME EVENT OR SERIES OF EVENTS, THEN ALL SUCH CLAIMS WILL BE TREATED AS A SINGLE CLAIM, ARISING
ON THE DATE ON WHICH THE FIRST SUCH CONNECTED CLAIM ARISES); AND NOTWITHSTANDING THE FOREGOING, OR ANY OTHER PROVISION TO THE CONTRARY,
THE LICENSOR'S AGGREGATE LIABILITY IN CONNECTION WITH A SERVICES CONTRACT SHALL NOT EXCEED THE GREATEST AGGREGATE AMOUNT RECEIVED BY THE
LICENSOR OVER A CONSECUTIVE 12-MONTH PERIOD DURING THE TERM OF THE SERVICES CONTRACT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Without prejudice to any of the foregoing, the Licensor will not be liable for
breach of any term of any Services Contract arising from or in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the use of any Services in breach of the relevant Services Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any alterations to any Service made by anyone other than the Licensor or someone
authorised by the Licensor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any delay or failure in the provision of any Service to the Licensee caused by
anyone other than the Licensor (including if the delay or failure is caused by an Information Provider); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any breach of any relevant Services Contract or any other wrongful or negligent
act or omission by the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Nothing under this Framework Agreement excludes any party's liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) death or personal injury caused by negligence of such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fraud or fraudulent misrepresentation of such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other liability that cannot by law be excluded or limited;

Save, in the case of Licensee's liability, to the extent it relates to Licensor's fraud or deliberate default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 The Licensee shall fully indemnify and keep indemnified, defend and hold harmless
the Licensor, its Group Companies and their respective directors, officers, employees, agents, and the Licensor's Index Partners and third
party licensors, on demand from and against all third party Claims, Losses, settlements and judgements, from time to time (including any
Claim of infringement or misappropriation of Intellectual Property Rights) arising out of, or in connection with:

(i) the use of any Service by the Licensee or any third party that uses a Service because of the Licensee (or any decisions or advice arising out of such use);

(ii) the use of any Service by the Licensee or any third party that uses a Service because of the Licensee (or any decisions or advice arising out of such use);

(iii) any Licensed Funds, Licensed Products or Licensed ETFs or any trading in, or other dealing in relation to, any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 In relation to any Claim to which clause 6.7 applies, the Licensor must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon becoming aware of such Claim promptly notify the Licensee in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not make any admission in relation to the Claim without the prior written consent
of the Licensee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not settle, or attempt to settle, the Claim without the prior written consent
of the Licensee, which consent shall not be unreasonably withheld or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on request from the Licensee, allow the Licensee to have sole conduct of the Claim,
provided, however, that Licensee not settle, or attempt to settle, the Claim without the prior written consent of Licensor, which consent
shall not be unreasonably withheld or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) give the Licensee all assistance reasonably requested by the Licensee in dealing
with the Claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to sub-clauses (a), (b), (c), (d) and (e) above, take all reasonable steps
to mitigate any relevant Losses that are the subject of the indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Exclusions and limitations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Licensee acknowledges and agrees that no:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Index Partner; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Information Provider,

shall have any obligation or liability whatsoever to the Licensee under or in relation to any Services Contract and that any Claim to be made by the Licensee under or in relation to any Services Contract may only be made against the relevant Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Intellectual Property Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Nothing in any Services Contract shall transfer to the Licensee any proprietary
title to or rights or interest in any Intellectual Property Rights. Except as expressly granted herein all rights to or in the Data and
Marks are reserved to the Licensor and/or its licensors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Licensee acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as between the Licensor and the Licensee, the Licensor's marks, including the Marks
and the trade marks FTSE®, FTSE Russell®, FT-SE®, FOOTSIE® and RUSSELL® are assets of great value to the Licensor
and its Group Companies and that all Intellectual Property Rights and any other rights of whatever nature in and relating to such marks
shall remain the property of the Licensor or one or more of its Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the Licensor and the Licensee, the Licensor's and any other Licensors'
data (including the Data) is an asset of great value to the Licensor and its licensors and that all Intellectual Property Rights and any
other rights of whatever nature in and relating to such data shall remain the property of the Licensor and/or any relevant third party
licensors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except to the extent permitted in a Services Contract, the Licensee shall not
use any data or marks referred to in this clause 8.2 without the Licensor's prior written permission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Licensee shall on request from the Licensor execute and deliver any instrument
in any reasonable form specified by the Licensor (and provided that the Licensor reimburses any reasonable out-of-pocket expenses incurred
by the Licensee in doing so) to confirm any the Licensor's title, rights, interest in, or relating to, the Data and/or the Marks or to
assign the same to the Licensor or a person nominated by the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Trade mark use** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Unless otherwise expressly permitted by a relevant Services Contract, the Licensee
shall not use any Marks except to refer to the relevant Service in accordance with the Attribution Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Licensee must obtain the prior written consent of the Licensor to any use of
the Marks other than expressly permitted by a Services Contract, and any such use by the Licensee must in any case be in strict accordance
with the Attribution Requirements (and any trademark usage guidelines made available to the Licensee from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Term and termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Except to the extent provided otherwise by the relevant Services Contract, each
Services Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall come into effect as of the service start date specified on the relevant Order
Form (the **"Commencement Date");** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall continue for the initial period of subscription specified in the relevant
Order Form (which, if no particular initial period of subscription is specified in the Order Form, shall be treated as being a period
of 12 (twelve) months) (the **"Initial Term");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall automatically renew for successive 12-month periods (each a **"Renewal Term");** 

until terminated in accordance with this clause 10, clause 3.3, clause 5.1 or otherwise in accordance with the terms of the relevant Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Either party may terminate a Services Contract or the licence in respect of a
particular Index upon giving at least 3 (three) months' prior written notice to the other, such notice to take effect only at the end
of the Initial Term or at the end of any Renewal Term (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Either party may terminate any or all Services Contracts immediately by notice
to the other party if the other party suffers an Insolvency Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Either party may terminate a Services Contract immediately by notice to the other
party if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the other materially breaches any term of such Services Contract and it is not
possible to remedy that breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other materially breaches any term of such Services Contract and it is possible
to remedy that breach, but the other fails to do so within 30 days of being requested to do so.

This clause 10.4 shall not apply to any non-payment by the Licensee, which shall be governed by clause 10.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The Licensor may terminate a Services Contract immediately by notice to the Licensee
if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Licensee has failed to pay any sums not disputed in good faith by the Licensee
under the relevant Services Contract by the due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Licensor has notified the Licensee in writing that such sums are overdue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such sums have remained unpaid for a period of 14 days following the date of such
notice from the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Where any Services Contract permits the Licensor to amend the Charges under the
Services Contract concerned, and states expressly in relation to that amendment of the Charges that the Licensee has a right of termination
under this clause 10.6 then (but not otherwise) if the Licensor serves notice of a proposed amendment to the relevant Charges and such
amendment results in an increase that is larger than 15% (fifteen percent) of the Charges (to be calculated without reference to VAT},
the Licensee shall have a right on written notice to the Licensor to terminate the relevant Services Contract (but not any other Services
Contract), provided that the Licensee's right to terminate will apply from the date on which the notice of the proposed amendment of the
Charges is received by the Licensee and until the later of 10 (ten) days after such notice is received by the Licensee and 7 (seven) days
before the proposed amendment is to take effect. If the Licensee has not by then notified Licensor of its termination of the relevant
Services Contract, then the right will lapse and the Services Contract will continue in effect, subject to the amended Charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 In the event of any breach of a Services Contract or any non-payment by the Licensee,
then, in circumstances in which the Licensor is entitled to terminate the relevant Services Contract, the Licensor may instead:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) suspend performance of the Services Contract. In that event, the Licensor's
right to terminate will be reserved and may be exercised by the Licensor at a later date if it so wishes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise its right of termination (or suspension under sub-clause (a) above) only
in relation to that part of the Services Contract that relates to the provision of the particular Service in relation to which the relevant
breach or non-payment has occurred (in which case the remainder of the Services Contract shall remain unaffected).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Upon termination of a Services Contract the Licensee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately cease using the Services provided under that Services Contract and
promptly destroy all copies of the Data in the Licensee's possession or control and provide certification to the Licensor of such destruction
upon Licensor's request. The requirement to destroy all copies of the Data shall not apply to any Data that the Licensee is required to
retain under any legal or regulatory obligation (and only to the extent and for such time as is required under any such obligation), provided
that such Data shall be subject to confidentiality obligations in clause 11.1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not do, or omit to do, anything that might reasonably lead any person to think
that the Licensee or any its services or products (including the Licensed Products, Licensed ETFs and/or Licensed Funds) have any connection
with Licensor or its licensors, the
Indices or the Marks at the request of the Licensor, the Licensee will take all steps reasonably required by the Licensor to make ii clear
that the Licensee and the terminated Licensed Funds and or Licensed Products have no connection with the Licensor, its licensors or the
Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Upon termination of this Framework Agreement or any Services Contract, the Licensor
may retain, pursuant to applicable law or regulation, but shall not use for any purpose, the confidential information of the Licensee
held or stored by the Licensor. A party may terminate any Services Contract in accordance with any express terms of that Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 Upon termination of a Services Contract by a Licensor pursuant to clause 10.4 or
clause 10.5, the Licensor may terminate any other Services Contract immediately by written notice to the Licensee, and any other Licensor
may terminate any of its or their Service Contracts immediately by written notice to the Licensee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Termination of a particular Services Contract for any reason, or termination of
a Services Contract in respect of fewer than all the Services covered by such Services Contract, shall affect only that Services Contract
(or that portion thereof, as applicable) and not any other Services Contracts (or other portion of the partially terminated Services Contract,
as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Termination of a Services Contract for whatever reason shall not affect the accrued
rights or liabilities of either party arising thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Licensor shall keep confidential any confidential information which the Licensee
supplies to the Licensor in connection with this Agreement and/or any Services Contract, including without limitation, the Licensee Data,
any information relating to Licensee AUM, any holdings data, trading and investment data, and any information reviewed by the Licensor
in the context of an audit under clause 5 hereof and the Licensee shall do the same in relation to any confidential information which
the Licensor supplies to the Licensee. For this purpose, confidential information will include the Data, know how and all information
of the other party, whether or not marked as being confidential or which otherwise is by its nature confidential. These obligations as
to confidentiality will not apply to any information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is available to the public other than because of any breach of a Services Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is, when it is supplied, already known to whomever it is disclosed to in circumstances in which they
are not prevented from disclosing it to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is independently obtained by whomever it is disclosed to in circumstances in which they are not prevented
from disclosing it to others; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is required to be disclosed by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Either party may disclose confidential information (under conditions of confidence):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its auditors or lawyers or other professional advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) its employees, temporary staff, contractors or consultants (or those of its Group Companies) who strictly
need access to the information in order to enable the disclosing party to carry out any of its obligations under
the relevant Services Contract or exercise any of its rights under that Services Contract,

provided in each case that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each such person to whom the disclosure is made is bound by written confidentiality
obligations similar to those contained herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the party disclosing such confidential information to such persons shall be fully
responsible for any breach of this clause by such persons as if it was a breach by that party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Data protection and privacy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Each party will comply with all applicable Data Protection Legislation in relation
to the processing of any personal data in connection with the performance of any Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Licensee acknowledges and agrees that the Licensor may disclose Personal Data
provided by, obtained from or relating to the Licensee or the Licensee's staff (the **"Licensee Data")** to organisations
within and outside of the Licensor's Group Companies; provided, however, that Licensor shall ensure it complies with all applicable Data
Protection Legislation related theretoand, subject to Section 12.1,may export such Personal Data outside the European Economic Area to
the extent that this is necessary in order to enable the Licensor to provide the Services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 is otherwise expressly authorised by any Services Contract. Subject to Section
12.1, the Licensee agrees that the Licensor may pass on the Licensee's contact details and/or details of any Sites to any Information
Providers and Delivery Agents where the Licensor's contract with such person in relation to a Service so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Charges** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Licensee shall pay the Charges as set out in, and in accordance with the terms
of, each Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Licensor will invoice the Licensee for the Charges, which shall be payable within
30 (thirty) days of the date of the invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 The Licensor may charge interest on overdue payments both before and after any
judgment (as applicable) at the Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Other than as expressly stated in clause 3.4(c) of this Framework Agreement or
in the relevant Services Contract, no refund of any Charges will be given if a Services Contract terminates before the end of the period
to which the Charges relate, regardless of the reason for the termination or the circumstances in which it occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 The Charges as stated in each Order Form are exclusive of VAT or any other sales
tax, government imposed tax or any and all federal, state or other governmental taxes, duties, licenses, fees, excises or tariffs. Licensee
shall be responsible for the timely payment of, or reimburse Licensor within thirty days after receipt of written demand for, the full
amount of all such taxes (excluding any taxes on Licensor's income). Where a tax deduction (such as withholding tax) is imposed by the
laws of the Licensee's territory and the Licensee is required to make such deductions from a payment due to Licensor, then the amount
of the payment due from the Licensee to Licensor shall be increased to an amount, which after making such tax deductions leaves an amount
equal to the payment that would have been due to Licensor if no such tax deduction was applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Assignment and subcontracting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The Licensee may not assign or sub-license the benefit of any Services Contract
without the Licensor's prior written consent. Any attempted assignment or sublicense in breach of this clause shall be of no effect. Subject
to that restriction, each Services Contract shall bind and benefit the Licensee and the Licensor and each of their successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 The Licensor may assign or novate its rights and/or obligations under a Services
Contract to a third party in place of the Licensor and the Licensee hereby consents irrevocably to any such assignment or novation, provided
that the assignee or successor party agrees to the Licensor's obligations in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Subject to applicable Law, the Licensor may sub-contract the performance of any
of its obligations under a Services Contract, provided that this shall not relieve the Licensor from its obligations under such Services
Contract and provided further that except in any case where the prior affirmative consent of the Licensee is required by applicable Law,
the Licensor shall provide the Licensee with prompt written notice of any such sub-contracting when it comes to the handling of any Confidential
Information of the Licensee or any Licensee Data and the Licensor shall identify to the Licensee the name and geographic location of each
such subcontractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Entire Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Each Order Form, together with the Licence Agreement under which it is made and
the terms of this Framework Agreement, shall form the entire agreement in relation to the subject matter of the Order Form and shall supersede
any prior agreement or communication in relation to that subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Each party acknowledges that, in entering into a Services Contract, it has not
relied on any statement, representation, assurance or warranty of any person (whether a party to such Services Contract or not) other
than as expressly set out in such Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 The parties specifically agree that any language or provisions contained on any
party's web site, paper or electronic ordering document, contained in any "shrink wrap" or "click wrap" agreement,
or delivered as an attachment to or a part of the Data, or attached to any billing or accounting document shall be of no force and effect
if such provisions conflict with the terms and conditions of any Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Failure or delay in performance** 

Neither party shall be liable for failure or delay in the performance of any of its obligations under a Services Contract (except for the payment obligations and compliance with restrictions on the use of any Services) to the extent that such failure or delay is caused by circumstances beyond its reasonable control, including earthquake, hurricane, tornado, flood, severe weather, and other acts of God, riot, sanctions, embargoes, war, strike, failure of transportation and/or public telecommunication networks. The Licensee acknowledges that, in relation to the Licensor, this shall include the cessation of calculation or publication of the Data or Indices or any changes in the constituents, currency data or the methodology used in calculation thereof, where such matters are decided upon by a government body, a regulator or an independent body which Licensor does not control (for example, any independent committee which oversees the management of any relevant Indices).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1  ***Co-signed Order* Forms.** If, for convenience, an Order Form is signed
by more than one Licensor, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the obligations and rights of each such Licensor in relation to the Licensee,
and the Licensee's obligations and rights in relation to each such Licensor, under that Order Form will extend only to the particular
Service provided to the Licensee by that Licensor under that Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Order Form forms a separate Services Contract between the Licensee and each
of the Licensors that signed that Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each such Licensor will only be liable to the Licensee (and the Licensee **will** only be liable to each such Licensor) under the Services Contract to which the Licensor concerned is treated as being a party in accordance
with this clause 17.1, and not under any other Services Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) those Licensors will not under any circumstances be jointly and severally liable
for all of the obligations under such co-signed Order Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2  ***No waiver.*** No waiver of any breach of any provision of a Services
Contract shall constitute a waiver of any prior, concurrent or subsequent breach of the same or any other provisions hereof, and no waiver
shall be effective unless made in writing and signed by an authorised representative of the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3  ***Amendment in writing.*** Any modifications to each of this Framework
Agreement, any Licence Agreement and any Order Form can be only made in writing and signed by all of the parties to each such document.
Notwithstanding the foregoing, Licensor may amend the terms and conditions of any Services Contract on not less than 3 (three) months'
prior written notice. The Licensee may terminate the relevant Services Contract as of the date on which such amendment is intended to
take effect provided that the Licensee gives to the Licensor its written termination notice within 30 (thirty) days following the date
of Licensor's notice of amendment. Upon request, the Licensee shall be entitled to a pro-rata refund of any Charges paid in advance in
respect of any period following the Termination Date of the relevant Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4  ***Severability.*** If any provision of any Services Contract is held by
a court of competent jurisdiction to be illegal, invalid or unenforceable, the remaining provisions shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5  ***No partnership.*** None of this Framework Agreement, any Licence Agreement
or any Order Form, nor any terms or conditions contained therein, shall be construed as creating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a fiduciary relationship of any kind between the parties or between the Licensor
and the Licensee's clients, customers or prospective clients or customers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a partnership, franchise, joint venture, agency or employment relationship between
the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6  ***Bribery.*** In pre-contract negotiations and in use of the licence
granted under any relevant Order Form, each of the Licensor and the Licensee confirms that it has and shall at all times comply with the
terms of the Bribery Act 2010 and the US Foreign Corrupt Practices Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7  ***Notice.*** Any notice or other document to be given under any Services
Contract shall be in writing and shall be served by sending the same by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by email to: (i) in the case of the Licensor, sales@ftserussell.com or such other
email address as the Licensor may notify the Licensee in writing from time to time; or (ii) in the case of the Licensee, such email address
as the Licensee may notify the Licensor from time to time, and in each case, such notice or other document shall be deemed to have been
duly given upon the date of sending, unless such deemed receipt would occur on a Saturday
or Sunday or on a public holiday within the country of the recipient party, in which case, deemed receipt shall occur on the next business
day when banks are open for business in the country of the recipient party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provided that a copy is also sent by email in accordance with clause 17.7(a),
first class post, recorded delivery or reputable courier to the then current registered address of the relevant party, with a copy to
the general counsel. Where a notice or other document is delivered by email and by first class post or recorded delivery or reputable
courier, such notice or other document shall be deemed to be effective 5 (five) days after sending and any receipt issued by the postal
authorities or courier shall be conclusive proof of the fact and date of sending of any such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8  ***Signing in counterparts.*** This Framework Agreement, each Licence
Agreement and each Order Form may be executed in one or more counterparts, by facsimile, or otherwise, and each counterpart shall be deemed
an original, but all of them together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9  ***Survival.*** All provisions of any Services Contract that may be reasonably
construed as surviving the expiration or any termination of that Services Contract, shall survive the expiration or any termination of
the Services Contract concerned. The provisions of schedule 1, clauses 3, 5 to 13, this clause 17.9, and clause 17.11 below will survive
the termination of this Framework Agreement and any Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10  ***No third party rights.*** Except as expressly provided otherwise, no
term of any Services Contract is enforceable under the Contracts (Rights of Third Parties) Act 1999 or other applicable Laws by a person
who is not named as of the date of signature as a party to the Services Contract concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11  ***Governing law.*** 

 ****

This Framework Agreement, each Licence Agreement and each Services Contract, including the questions of their validity, interpretation and effect and all disputes relating thereto (whether arising from contract, tort or otherwise) shall be governed by English law (but not including its principles or rules of conflict of laws), and the parties submit to the exclusive jurisdiction of the English courts in relation to any disputes arising under or in relation to any Services Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Termination of Existing Agreements** 

Frank Russell Company and Licensee agree that the Existing Agreement(s) shall terminate immediately upon execution of a Services Contract which provides the same or similar Services as were provided under that Existing Agreement(s). Termination of the Existing Agreement(s) shall not prejudice or affect the rights or remedies of either party under it arising prior to the Effective Date in respect of: (i) any breach of contract or claim or demand that either party may have against the other pursuant to the terms of the Existing Agreement(s), where such breach, claim or demand arose and was notified to the other party prior to the date of termination of the Existing Agreement(s); or (ii) any matter or provision of the Existing Agreement(s) that expressly or impliedly survives termination.

By their signatures below, and in consideration of the mutual agreements set out herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Licensee and the Licensor each agree to be bound by the terms or this Framework Agreement.

---

| | |
|:---|:---|
| Signed for and on behalf of | Signed for and on behalf of |
| **FTSE INTERNATIONAL LIMITED by:** | **FTSE TMX GLOBAL DEBT CAPITAL MARKETS, INC. by:** |
| /s/ C. O'Shaughnessy | /s/Reza Ghassemich |
| (signature) | (signature) |
| C. O'Shaughnessy | Reza Ghassemich |
| (print name) | (print name) |
| MD | Director |
| (position) | (position) |
| 12.6.17 | 21st June 2017 |
| (date) | (date) |

---

---

| | |
|:---|:---|
| Signed for and on behalf of | Signed for and on behalf of |
| **FRANK RUSSELL Company by:** | **T. Rowe Price Associates, Inc. by:** |
| /s/ Ron Bundy | /s/ Rick Riccomini |
| (signature) | (signature) |
| Ron Bundy | Rick Riccomini |
| (print name) | (print name) |
| CEO, NA Benchmarks | Head of Market Data |
| (position) | (position) |
| June 7, 2017 | 5/25/2017 |
| (date) | (date) |

---

**Schedule 1** 

**Definitions and interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 In this Framework Agreement, each Licence Agreement and each Order Form, defined terms are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Access Device** | &nbsp;&nbsp;Any device on which any Data may be displayed or otherwise communicated to the user of the device; |
| &nbsp;&nbsp;**Affiliate** | &nbsp;&nbsp;in respect of a Service, the entity designated as such in the related Order Form; |
| &nbsp;&nbsp;**Alternatively Weighted Index** | &nbsp;&nbsp;any Index (and any variant of that Index) which is classified by the Licensor as an Index whose constituents are not weighted by market capitalisation, including any Index that is classified as, or forms part of, the Licensor's ESG Index series or GDP Index series from time to time or is classified by the Licensor as a fundamental, alternatively-weighted, factor or smart beta index (or similar), and in each case any variants of all such Indices; |
| &nbsp;&nbsp;**Applet Charting** | &nbsp;&nbsp;Distribution of Data to Subscribers or End Users (as the case may be) for display in a chart or graph via an applet or plug-in; |
| &nbsp;&nbsp;**Application** | &nbsp;&nbsp;a programme or group of programmes that may be used to process, analyse, derive, convert or otherwise carry out operations, assessments or calculations in relation to the Data; |
| &nbsp;&nbsp;**Application Charges** | &nbsp;&nbsp;the charges applicable to Applications as specified in an Order Form; |
| &nbsp;&nbsp;**Attribution Requirements** | &nbsp;&nbsp;the requirements as to the attribution and dissemination of the Data and/or Marks set out on Licensor's web site that is currently accessible via the URL http://www.ftse.com/products/indices/attribution- requirements, which URL may be changed by Licensor from time to time; |
| &nbsp;&nbsp;**Authorised User** | &nbsp;&nbsp;any person using the Data at the Sites, who is an employee or contractor of the Licensee and/or its Affiliates (if such Affiliates are named in the relevant Order Form), the permitted number of which is set out in the relevant Order Form (and any rights granted to the Licensee in the relevant Services Contract can be exercised only by that permitted number of Authorised Users); |
| &nbsp;&nbsp;**Back-Up Copy** | &nbsp;&nbsp;a duplicate of the original Data without alteration or analysis that is stored separately from the original Data and that is only be accessible by an Authorised User; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Broadcast Distribution** | &nbsp;&nbsp;Distribution of Data to Subscribers or End Users (as the case may be) via broadcast; |
| &nbsp;&nbsp;**Charges** | &nbsp;&nbsp;the subscription or other charges applicable to the Services contracted for by the Licensee as set out in the relevant Services Contract, including all Minimum Fees; |
| &nbsp;&nbsp;**Claim** | &nbsp;&nbsp;claim, demand, action, suit or other similar proceeding filed in a court of competent jurisdiction; |
| &nbsp;&nbsp; **Commencement Date** | &nbsp;&nbsp;defined in clause 10.1(a); |
| &nbsp;&nbsp;**Control** | &nbsp;&nbsp; in relation to a person, the power of another person to secure that the affairs of such person are conducted in accordance with the wishes of that other person:<br> (a) by means of the holding of shares or other equity, or the possession of voting power, in or in relation to that person or any other person; or<br> (b) by virtue of any powers conferred by the constitutional or corporate documents, or any other document, regulating that person or any other person; |
| &nbsp;&nbsp;**Controlled Application** | &nbsp;&nbsp; A programme or application:<br> (a) through which Data may be viewed on an Access Device; and<br> (b) which is designated as being a "Controlled Application" in an Order Form,<br> in relation to which, the Licensee has implemented each of the controls specified in such Order Form in order to regulate the consumption of such Data by a Subscriber or End User (as the case may be); |
| &nbsp;&nbsp;**Customised Indices Charges** | &nbsp;&nbsp;the charges applicable to Customised Indices as specified in the relevant Order Forms; |
| &nbsp;&nbsp;**Customised Index (ices)** | &nbsp;&nbsp; a composite index or benchmark calculated by or on behalf of the Licensee, that:<br> (a) comprises or uses the Data (whether on its own or together with any other data); and<br> (b) is created using calculations, computations or any other mathematical processes applied to the Data and/or any data relating to the Data, |
| &nbsp;&nbsp;**Data** | &nbsp;&nbsp;any data (including any Index Values, weightings and constituents, methodology, Information Provider's data, ICB Data, Ratings and/or FastQuote Data) contained in the data files or products and which may be subscribed to by the Licensee or provided by the Licensor in accordance with a Services Contract; |
| &nbsp;&nbsp;**Data Agreement** | &nbsp;&nbsp;defined in clause 2.2(a); |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Data Protection Legislation** | &nbsp;&nbsp;any applicable data protection and privacy legislation in force anywhere in the world, including the Data Protection Act 1998 and the Privacy and the Electronic Communications (EC Directive) Regulations 2003; |
| &nbsp;&nbsp;**Data Supplier** | &nbsp;&nbsp;the person (whether the Licensor or a third party) who supplies Data to the Licensee under a Licensee Data Agreement; |
| &nbsp;&nbsp; **Datafeed** <br> **Distribution** | &nbsp;&nbsp;Distribution of Data to Subscribers or End Users (as the case may be) for accessing, processing or the consumption of Data in a datafeed, other than for the purpose of performing trading based activities; |
| &nbsp;&nbsp;**Delivery Agent** | &nbsp;&nbsp;a third party that provides access to the Licensee to the Data and that is authorised by the Licensor to do so; |
| &nbsp;&nbsp;**Distribute** | &nbsp;&nbsp;to distribute Data as it was received from the Licensor and without deriving, recalculating, combining with other data or otherwise modifying the Data; |
| &nbsp;&nbsp;**End User** | &nbsp;&nbsp;a person eligible to be supplied certain Data, by the Licensee upon the conditions set out in the applicable Licence Agreement; |
| &nbsp;&nbsp; **End User** <br> **Distribution Agreement** | &nbsp;&nbsp;defined in clause 2.2(e); |
| &nbsp;&nbsp;**End-of-day Distribution Agreement** | &nbsp;&nbsp;defined in clause 2.2(d); |
| &nbsp;&nbsp;**EUR** | &nbsp;&nbsp;the official currency of the participating member states of the eurozone, being the monetary union of certain member states of the European Union which have adopted the euro as their common currency; |
| &nbsp;&nbsp;**Exchange** | &nbsp;&nbsp;a stock exchange or other trading venue upon which the Licensed ETFs are to be listed, as specified in the relevant Order Form; |
| &nbsp;&nbsp;**Exchange Traded Fund or ETF** | &nbsp;&nbsp; an exchange traded fund constituted as an open-ended pooled investment vehicle or vehicles (which may be a stand-alone fund or one of a number of funds within a single legal entity) operated and managed by or on behalf of a party which:<br>(a) aims to match the return of, or provide a return based upon replicating the performance of the index;<br>(b) is open to and targeted at both institutional and retail investors;<br>(c) has shares or other units of holding traded in or on an exchange throughout normal exchange; |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; (d) trading hours, in a manner similar to the trading of equity shares; and<br> (e) is available for redemptions periodically at the request of the investors or certain classes of them (whether or not subject to conditions). |
| &nbsp;&nbsp;**Exchange Traded Notes or ETNs** | &nbsp;&nbsp;unsecured debt obligations which seek to match the performance of an index and which are listed and traded on an exchange; |
| &nbsp;&nbsp;**FastQuote Data** | &nbsp;&nbsp;is an end of day valuation data comprising of end of day prices and yields for Canadian fixed income instruments; |
| &nbsp;&nbsp;**Fixed Income Index** | &nbsp;&nbsp;any Index that the Licensor classifies as a fixed income index from time to time; |
| &nbsp;&nbsp;**Fixed Term** | &nbsp;&nbsp;a period of time between a start date and an end date, each of which are known in advance of the start date; |

| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp; (a) an Institutional Fund; or<br> (b) a Retail Fund,<br> that in either case is not an Exchange Traded Fund; |
| &nbsp;&nbsp;**Funds/Products Agreement** | &nbsp;&nbsp;defined in clause 2.2(c); |
| &nbsp;&nbsp;**Group Company** | &nbsp;&nbsp;in relation to a person, any other person that Controls, is Controlled by or is under common Control with that person; |
| &nbsp;&nbsp;**GBP** | &nbsp;&nbsp;pound sterling or other prevailing currency of the United Kingdom from time to time; |
| &nbsp;&nbsp;**Hard Copy Distribution** | &nbsp;&nbsp;Distribution of Data to Subscribers or End Users (as the case may be) in hard copy form in one or more publications; |
| &nbsp;&nbsp;**ICB** | &nbsp;&nbsp;the Industry Classification Benchmark proprietary system developed by Licensor for classifying listed companies into industries, super-sectors, sectors and sub-sectors, as such system may be modified by the Licensor from time to time; |
| &nbsp;&nbsp;**ICB Data** | &nbsp;&nbsp;any data contained in the ICB; |
| &nbsp;&nbsp;**Index or Indices** | &nbsp;&nbsp;equity, bond, property, hedge fund, commodities, fixed interest or other financially based indices calculated by or on behalf of the Licensor from time to time, as specified in the relevant Order Form; |
| &nbsp;&nbsp;**Index Partner** | &nbsp;&nbsp;any third party with whom the Licensor has collaborated in the creation of an Index; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Index Value** | &nbsp;&nbsp;the value of a given Index at a given point in time; |
| &nbsp;&nbsp;**Index Supplier** | &nbsp;&nbsp;the Licensor (via Licensor's global distribution service) or a third party data vendor authorised by Licensor to provide the relevant Index; |
| &nbsp;&nbsp;**Information Provider** | &nbsp;&nbsp;any third party who provides data which is included in, or used to produce, any Data; |
| &nbsp;&nbsp;**Insolvency Event** | &nbsp;&nbsp; in relation to a person, any of the following events:<br> (a) a meeting of creditors of that person being held or an arrangement, general assignment or composition with or for the benefit of its creditors being proposed by or in relation to that person;<br> (b) a chargeholder, receiver, administrative receiver, administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar person taking possession of or being appointed over, or any distress, execution, attachment, sequestration or other process being levied or enforced (and not being discharged within seven days), on the whole or a material part of the assets of that person;<br> (c) that person ceasing to carry on business or being unable to pay its debts or failing or admitting in writing its inability generally to pay its debts as they become due;<br> (d) that person or its directors or the holder of a qualifying floating charge or any of its creditors giving notice of their intention to appoint, appointing or making an application to the court for the appointment of, an administrator;<br> (e) a petition being advertised or a resolution being passed or an order being made for the administration or the winding-up, bankruptcy, official management, liquidation or dissolution of that person or proceedings being instituted by or against it seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights; or<br> (f) the happening in relation to that person of an event analogous to any of the above in any jurisdiction in which it is incorporated or resident or in which it carries on business or has assets. |
| &nbsp;&nbsp;**Institutional Fund** | &nbsp;&nbsp;&nbsp;&nbsp;(a) a *"collective . investment scheme"* means, any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management of disposal of the property or sums paid out of such profits or income; or |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(b) an "occupational pension scheme" means any scheme or arrangement which is comprised in one or more instruments or agreements, and which has, or is capable of having, effect in relation to one or more descriptions or categories of employment so as to provide benefits in the form of pensions or otherwise payable on termination of service, or on death or retirement to or in respect of earners with qualifying service in an employment of any such description or category,<br>that in either case is not a Retail Fund or an Exchange Traded Fund; |
| &nbsp;&nbsp;**Intra-day Index Values Distribution Agreement** | &nbsp;&nbsp;defined in clause 2.2(b); |
| &nbsp;&nbsp;**Initial Term** | &nbsp;&nbsp;defined in clause 10.1(b); |
| &nbsp;&nbsp;**Intellectual Property Rights** | &nbsp;&nbsp;all copyright, patent rights, trade or service marks, logos, design rights, rights in or relating to databases, goodwill, rights in, or relating to, confidential information, know-how and any other intellectual property rights (registered or unregistered) and arising or existing anywhere in the world: |
| &nbsp;&nbsp;**Interest Rate** | &nbsp;&nbsp;the lesser of 1.5% per annum or, if applicable, the maximum permitted by the governing law of this Framework Agreement (accrued on a daily basis); |
| &nbsp;&nbsp;**Internal Network** | &nbsp;&nbsp;a group of 2 (two) or more computer systems (including peripheral devices such as external drives), servers or hardware linked together, regardless of architecture, via local-area network, intranet, remote access or otherwise; |
| &nbsp;&nbsp;**Internal Use** | &nbsp;&nbsp;Distribution of Data to a Subscriber or End User (as the case may be) for their own internal use; |
| &nbsp;&nbsp;**Laws** | &nbsp;&nbsp; in relation to a party:<br> (a) any act, law or subordinate legislation;<br> (b) any binding court order, judgement or decree;<br> (c) any guidance, industry code, policy or standard enforceable by law; or<br> (d) any applicable direction, policy, rule or order made or given by any regulator or relevant authority having jurisdiction over that party or any of that party's assets, resources or business in any jurisdiction,<br>in each case applicable to, or binding upon, that party. |
| &nbsp;&nbsp;**Licence Agreement** | &nbsp;&nbsp;defined in clause 2.1; |
| &nbsp;&nbsp;**Licensed Application** | &nbsp;&nbsp;an Application named in the relevant Order Form; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Licensed ETFs** | &nbsp;&nbsp;in connection with a Services Contract, the ETFs specified as such in the related Order Forms; |
| &nbsp;&nbsp;**Licensed Funds** | &nbsp;&nbsp;in connection with a Services Contract, the Funds specified as such in the related Order Forms; |
| &nbsp;&nbsp;**Licensed Products** | &nbsp;&nbsp;in connection with a Services Contract, the Products specified as such in the related Order Forms; |
| &nbsp;&nbsp;**Licensee Data Agreement** | &nbsp;&nbsp;either (i) a Data Agreement between Licensor and Licensee entered into pursuant to the Framework Agreement; or (ii) a separate agreement that the Licensee has entered into with a third party who is authorised by the Licensor to supply Data, for the supply by the third party to the Licensee of Data; |
| &nbsp;&nbsp;**Losses** | &nbsp;&nbsp;in respect of an act or omission, all liability, damages, losses, costs, expenses (including reasonable lawyers' fees and costs) and compensation directly arising from such act or omission; |
| &nbsp;&nbsp;**Managed Synthetic Product** | &nbsp;&nbsp;any private or public registered (offshore or domestic) fund or separate account that obtains exposure to any equity securities through investment in various derivative instruments, while seeking additional return from active management of the fixed income portion of the fund or separate account (i.e. portable alpha-bond implementation swapped into indices); provided, however, "Managed Synthetic Product" shall not include a U.S. exchange traded fund or U.S. registered closed-end fund (which may employ leverage) constructed through direct investment in, and consistent with the weighting of, the securities comprising an RAFI Index, and not through investing primarily in any of swaps, futures, options, forwards or any other instrument designed to replicate the performance of the Index; |
| &nbsp;&nbsp;**Manipulated Data** | &nbsp;&nbsp;any and all data which is created or derived by the Licensee from calculations, computations or any other mathematical processes applied to the Data and/or any data relating to such Data; |
| &nbsp;&nbsp;**Manipulated Data Charges** | &nbsp;&nbsp;the Charges applicable to the Manipulated Data specified in the relevant Order Forms; |
| &nbsp;&nbsp;**Marks** | &nbsp;&nbsp;all trade marks, service marks, names, titles and short-form names relating to the Indices and other Data (which may be registered or unregistered) that may, in some cases, be licensed by the Licensor to the Licensee in accordance with a Services Contract; |
| &nbsp;&nbsp;**Minimum Fee** | &nbsp;&nbsp;such amount, if any, as is specified as such in the relevant Order Form; |
| &nbsp;&nbsp;**Non-Display Usage** | &nbsp;&nbsp;Distribution of the Data to Subscribers or End Users (as the case may be) for accessing, processing or consumption of Data for a purpose other than display usage; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Non-Professional Subscriber** | &nbsp;&nbsp; a Subscriber or an End User (as the case may be) who:<br>(a) subscribes to receive Data solely in a personal capacity;<br> (b) is not registered or qualified as a professional with any national or state exchange, regulatory body or professional association;<br> (c) does not act in any capacity as an investment advisor; and<br> (d) uses the Data solely to manage the Subscriber's or End User's own personal investments |
| &nbsp;&nbsp;**Non-Professional Usage** | &nbsp;&nbsp;the use of Data in a personal capacity to manage personal funds; |
| &nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;the total issued and outstanding notional or principal amount of a Licensed Product, including any increase in such notional or principal amount occurring during any relevant period; |
| &nbsp;&nbsp;**Order Form** | &nbsp;&nbsp;an order form entered into between a Licensor and the Licensee specifying the type of Services to be provided, applicable Charges and other related terms and conditions; |
| &nbsp;&nbsp;**Partner Index** | &nbsp;&nbsp;an Index created pursuant to a collaboration between a Licensor and any third party; |
| &nbsp;&nbsp;**Permitted Distribution Channel** | &nbsp;&nbsp;those methods, channels or other means by which the Licensor may license the Licensee to Distribute Data, as identified in the applicable License Agreement and the relevant Order Form entered into by the Licensor and the Licensee; |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Product** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; options, bonds, warrants, certificates, swaps, forward contracts and contracts for differences (whether traded "over the counter" or listed on an investment exchange or other recognised trading venue) or other structured financial products and investments, which are issued by the Licensee (or if applicable any of its Affiliates) and the performance of which is intended to be linked to the performance of one or more indices for a Fixed Term, but "Product" shall not include:<br> (a) futures;<br> (b) options on futures;<br> (c) cash settled options;<br> (d) securities options;<br> (e) OTC products;<br>where any of the foregoing are listed or traded on an investment exchange or other recognised trading venue and/or centrally cleared;<br> (f) Funds or Exchange Traded Funds or investment products which, or the units or shares of which, are listed or traded on an investment exchange or other recognised trading venue;<br> (g) any product which is linked to the performance of any Index comprised in the Licensor's FTSE China Index Series from time to time, and which, or the units or shares of which, are listed or traded on an investment exchange or other recognised trading venue; or<br> (h) for the purposes of an In-Scope Multiple Product Licence or an In-Scope Single Product Licence, Exchange Traded Notes. |
| &nbsp;&nbsp;**Professional Subscriber** | &nbsp;&nbsp;any Subscriber or End User (as the case may be) who is not a Non-Professional Subscriber; |
| &nbsp;&nbsp;**Quarter** | &nbsp;&nbsp;the period of time between one Quarter Date and the immediately following one in any calendar year: |
| &nbsp;&nbsp;**Quarter Date** | &nbsp;&nbsp;each of the following dates: 31 March, 30 June, 30 September and 31 December in any year; |
| &nbsp;&nbsp;**Ratings** | &nbsp;&nbsp;any ratings data specified in an Order Form; |
| &nbsp;&nbsp;**Renewal Term** | &nbsp;&nbsp;defined in clause 10.1(c); |
| &nbsp;&nbsp;**Report Charges** | &nbsp;&nbsp;the charges applicable to reports as specified in the relevant Order Forms; |
| &nbsp;&nbsp;**Reporting Schedule** | &nbsp;&nbsp;in respect of a Licence Agreement, the form of Licensor's reporting requirements as set out in the schedule headed "Reporting Schedule" therein; |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Retail Fund** | &nbsp;&nbsp;an investment trust, unit trust, investment company or any other scheme, in each case the units or shares of which are authorised or approved by the applicable regulatory authority or under applicable Law as being available to private or retail customers as defined under applicable Law. A Retail Fund shall not include an Exchange Traded Fund. |
| &nbsp;&nbsp;**Securities Laws** | &nbsp;&nbsp;all applicable securities laws and regulations, and the rules of any regulatory body or any other governmental or self- regulating organisation for the time being in force to which any activity of the Licensee is subject from time to time; |
| &nbsp;&nbsp;**Service(s)** | &nbsp;&nbsp;all information, rights and services to be provided or licensed by a Licensor pursuant to a Services Contract between such Licensor and the Licensee including, where so provided for in the relevant Services Contract, the Data, the Indices, the Marks, the Manipulated Data, the Customised Indices, and the provision, publication or transmission of any of these, and the rights (if any) granted to the Licensee to make the relevant prescribed use of any these including rights to create the Manipulated Data and/or the Customised Indices and rights to Distribute the Data; |
| &nbsp;&nbsp;**Services Contract** | &nbsp;&nbsp;defined in clauses 2.3; |
| &nbsp;&nbsp;**Site** | &nbsp;&nbsp;the physical address designated in an Order Form and at which the related Service is authorised for use by the Licensee and/or its Affiliates (where such Affiliates are named in the relevant Order Form); |
| &nbsp;&nbsp;**Standard Index** | &nbsp;&nbsp; any Index that is not an Alternatively Weighted Index<br> (including equally weighted or super liquid variants of such Indices), or any other Index that the Licensor classifies as a "Standard Index" from time to time; |
| &nbsp;&nbsp;**Subscriber** | &nbsp;&nbsp;any person who has entered into a written contract with the Licensor for the receipt of Data to it via the Licensee; |
| &nbsp;&nbsp;**Subscriber Agreement** | &nbsp;&nbsp;a licence agreement signed by the Licensor and a Subscriber under which Subscriber is entitled to receive Data from the Licensee; |
| &nbsp;&nbsp;**System** | &nbsp;&nbsp;any computer system owned, operated or used by or on behalf of the Licensee or to which the Licensee has access and through which Data is delivered or via which Data or may be accessed; |
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;in relation to a Services Contract, the period from the Commencement Date to the Termination Date; |
| &nbsp;&nbsp;**Termination Date** | &nbsp;&nbsp;in relation to a Services Contract, the date on which that Services Contract comes to an end; |
| &nbsp;&nbsp;**Territory(ies)** | &nbsp;&nbsp;in relation to a Services Contract, the country(ies) specified as such in the related Order Form; |

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| | |
|:---|:---|
| &nbsp;&nbsp;**URL Distribution** | &nbsp;&nbsp;Distribution of Data via one or more URLs; |
| &nbsp;&nbsp;**USD** | &nbsp;&nbsp;United States Dollars or the prevailing currency of the United States of America from time to time; |
| &nbsp;&nbsp;**Wholly Owned Index** | &nbsp;&nbsp;an Index that is developed and owned exclusively by the Licensor. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 Unless otherwise expressly specified in this Framework Agreement, or a Licence Agreement or Order Form,
as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) headings used are intended for convenience of reference only and shall not be used
to construe the meaning of any provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reference to **"the Licensor"** means the Licensor which is a party
to the relevant Services Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reference to a person includes a company, partnership, firm, corporation or other
entity (whether or not having a separate legal personality) as well as a natural person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to any agreement includes reference to the appendices, schedules and other
documents attached to it or incorporated by reference into it, and shall be deemed a reference to such agreement as amended or replaced
from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words  ***"including", "include", "such as"*, *"in particular", "for example"*** and similar shall be treated as being by way of example and shall not limit
the general applicability of any preceding words;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reference to any legislation shall be to that legislation as amended, extended
or re-enacted from time to time and to any subordinate provision made under that legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references in any agreement to clause numbers, schedules or appendices shall be
to those in such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 In respect of a Services Contract, if and to the extent that there is a conflict
between the terms of the Order Form, the Licence Agreement and/or this Framework Agreement, it shall be interpreted in accordance with
the following decreasing order of precedence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the "Other Provisions" (or equivalent) section of the Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other terms of the Order Form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Data Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the relevant Licence Agreement (other than the Data Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) this Framework Agreement.

**Schedule 2**

**(this Schedule applies only if it is specifically referenced in the relevant Licence Agreement)**

**TERMS TO BE COMPLIED WITH BY END USERS**

The Licensee must ensure that the following terms (at a minimum) are incorporated into an agreement with, or terms of use binding upon, each End User:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All End Users shall only be permitted to view the Data internally. No other use of the Data shall be
permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For the avoidance of doubt (but without limitation to the foregoing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the End User shall not copy, store, sell, license, distribute, transmit or duplicate
to any third party or to any person (including within the End User's organisation) any Data or any part thereof in any form or by
any means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the End User shall not derive, recalculate, combine with other data or otherwise
modify the Data, create history and/or distribute such derived, recalculated, combined or modified Data or history to any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the End User shall not make the Data available on any website or in an application,
or to the public via the internet or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the End User shall not use the Data for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) creating and/or operating (whether by itself or by any third party) any financial
product, index or service which seeks to match the performance of or whose capital and/or income value is related to the Data or any part
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) creating and/or operating (whether by itself or by any third party) any financial
product, index or service the performance of which is linked to the performance of a third party's product, index or service which, in
turn, seeks to match the performance of or whose capital and/or income value is related to the Data or any part thereof (and whether or
not such third party is licensed by the Licensor to do so); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) generally exploiting the Data in a manner designed to benefit the End User or
any third party (including the creation of any product or service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) take a snapshot of any Real Time or Delayed Data or designate or refer to any Index
Values within such Data as being an end of day value or closing price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the End User shall not use the Marks or remove any copyright or proprietary notices
incorporated into the Data and the End User shall acknowledge that the Licensor and/or any relevant third party information providers
are the owners of the intellectual property rights in and relating to the Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the End User shall not use the Data in any way or for any purpose that would require
a separate licence from the Licensor or any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the End User shall not permit, or purport to permit, any third party to do any
of the foregoing.