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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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.

5.6.2     NON-U.S. BRANCH AND
NON-U.S. DOLLAR DEPOSITS. 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.     COLLECTION
OF INCOME. 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.     TRANSACTIONS IN FOREIGN CUSTODY ACCOUNT.

5.8.1     DELIVERY OUT. 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.

5.8.2     MARKET CONDITIONS.
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.

5.8.3     SETTLEMENT PRACTICES.
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     SHAREHOLDER
OR BONDHOLDER RIGHTS. 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.  COMMUNICATIONS.
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.	FOREIGN EXCHANGE .

SECTION 6.1.     GENERALLY.
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.     TRUST
ELECTIONS. 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.     TRUST ACKNOWLEDGEMENT.
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.