SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: S-1/A
Date Filed: 2026-03-16
Accession Number: 0001999371-26-005896
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126005896/active-s1a_031626.htm

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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

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.

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