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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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 SUB-CUSTODIANS. 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     Relationship. 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.	ACTIVITIES OF THE CUSTODIAN WITH RESPECT TO PROPERTY HELD
IN THE UNITED STATES .

SECTION 3.1     HOLDING
SECURITIES. 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     REGISTRATION
OF SECURITIES. 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     BANK
ACCOUNTS. 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     SPECIALIZED ETF SERVICES. 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     COLLECTION
OF INCOME. 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     DELIVERY OUT. 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     DEPOSIT OF Trust ASSETS WITH THE UNDERLYING TRANSFER AGENT. 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.