SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-3.1
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/ex3-1.htm

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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 Obligations of the Sponsor. 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     Liability of Sponsor and Indemnification.

(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     Management Fee.

(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

By the purchase and acceptance or other lawful delivery and acceptance of Shares, each Shareholder shall be deemed to be
a beneficiary of the Trust created by this Trust Agreement and vested with beneficial undivided interest in the Trust to the extent of
the Shares owned beneficially by such Shareholder, subject to the terms and conditions of this Trust Agreement. Upon issuance as provided
herein, Shares shall be fully paid and non-assessable.

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.

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     Tax Treatment.

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.

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.