SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-10.4
Date Filed: 2026-04-27
Accession Number: 0001999371-26-009120
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126009120/ex10-4.htm

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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. RESERVED . SECTION 19. RESERVED . SECTION 20. GENERAL . SECTION 20.1 GOVERNING LAW. 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 RESERVED.

SECTION 20.3     PRIOR AGREEMENTS;
AMENDMENTS. 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     ASSIGNMENT;
DELEGATION. 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     INTERPRETIVE
AND ADDITIONAL PROVISIONS. 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     ADDITIONAL TRUST.

SECTION 20.6.1     ADDITIONAL
TRUST. 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 20.7THE PARTIES;
REPRESENTATIONS AND WARRANTIES. 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     TRUST REPRESENTATIONS
AND WARRANTIES. 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     CUSTODIAN
REPRESENTATIONS AND WARRANTIES. 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     NOTICES.
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:

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     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 in
electronically transmitted form.