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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distributions described in Treasury Regulations section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Shareholder in an amount and manner consistent with the allocations of income and gain pursuant to Section 2.3(c). Section 2.5 Tax Conventions. (a) For purposes of Sections 2.2, 2.3, and 2.4, the Sponsor or Administrator shall cause the Trust to adopt such conventions as may be necessary, appropriate or advisable in the Sponsor’s reasonable discretion in order to comply with applicable law, including Section 706 of the Code and the Treasury Regulations or rulings promulgated thereunder. The Sponsor may revise, alter or otherwise modify such conventions in accordance with the standard established in the previous sentence. (b) Unless the Sponsor determines that another convention is necessary or appropriate in the Sponsor’s reasonable discretion in order to comply with applicable law, the Trust shall use the monthly convention described in this Section 2.5(b).

(i)          All issuances, redemptions and transfers of Shares or beneficial interests therein shall be deemed to take place at a price
(the “single monthly price”) equal to the value of such Share or beneficial interest therein at the end of the business day
during the month in which the issuance, redemption or transfer takes place on which the value of a Share is lowest. Accordingly, in determining
unrealized gain or unrealized loss and in making the adjustments provided for by Section 2.2(d), the fair market value of all Trust property
immediately prior to the issuance, redemption or transfer of Shares shall be deemed to be equal to the lowest value of such property during
the month in which such Shares are issued or redeemed. In the event that the Trust makes an election under Section 754 of the Code, adjustments
to be made under Sections 734(b) and 743(b) of the Code will be made using the same monthly convention, including by reference to the
single monthly price.

(ii)         All property contributed to the Trust shall be deemed to have a value equal to the value of such property on the date of
such contribution. All purchases and sales of property, however, shall be treated as taking place at a price equal to the purchase or
sale price of the property, respectively.

(iii)        In general, each item of the Trust’s income, gain, expense, loss, deduction and credit shall, for U.S. federal income
tax purposes, be determined for each calendar month during a taxable period based on an interim closing of the books and shall be allocated
solely among the Shareholders recognized as shareholders of the Trust as of the close of business on the last trading day of the preceding
calendar month. For this purpose, any transfer of a Share during a calendar month shall be treated as being effective immediately prior
to the close of business on the last trading day of a calendar month. Notwithstanding the foregoing, unless the Sponsor determines that
another method is necessary or appropriate in the Sponsor’s reasonable discretion, gain or loss on a sale or other disposition of
all or a substantial portion of the assets of the Trust (or, in the Sponsor’s sole discretion, other sales or dispositions of assets
if appropriate to more accurately allocate such gain and loss to Shareholders in a manner that corresponds to their economic gain and
loss) shall be allocated to the Shareholders of the Trust who own Shares as of the close of the day in which such gain or loss is recognized
for federal income tax purposes.

(c)          The allocations pursuant to Section 2.5(b) are intended to comply with Treasury Regulations section 1.706-4 and to take
into account a Shareholder’s or Shareholders’ varying interests during the taxable year of any issuance, redemption or transfer
of Shares or beneficial interests therein. Any person who is the transferee of Shares shall be deemed to consent to the methods of determination
and allocation set forth in Sections 2.4 and 2.5 as a condition of receiving such Shares.

Section 2.6     No Interest on Capital Account.

No Shareholder shall be entitled to interest on its capital account.

Section 2.7     Distributions.

(a)          The Sponsor may, in its absolute discretion, cause the Trust to make distributions to the Shareholders from the Trust Property
at any time.

(b)          All distributions on Shares shall be made pro rata to the Shareholders in proportion to their respective Percentage Interests
at the date and time of record established for such distribution.

(c)          Distributions may be made in-kind or in cash, as determined in the sole discretion of the Sponsor.

Article III

TRUSTEE

Section 3.1     Term; Resignation.

(a)          CSC Delaware Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust, and shall serve for
the duration of the Trust or until the earlier of (i) the effective date of the Trustee’s resignation, or (ii) the effective date
of the removal of the Trustee by the Sponsor.

(b)          The Trustee may resign at any time by giving sixty (60) days’ written notice to the Sponsor; provided, however, that
said resignation of the Trustee shall not be effective until such time as a successor Trustee has accepted appointment as Trustee of the
Trust and prior notice provided to the listing exchange (as applicable). The Trustee may be removed at any time by the Sponsor upon sixty
(60) days’ written notice to the Trustee; provided, however, such removal shall not be effective until such time as a successor
trustee has accepted such appointment and prior notice provided to the listing exchange (as applicable).

Section 3.2     Duties.

CSC Delaware Trust Company has been
appointed as the Trustee of the Trust solely for the purposes of satisfying the requirements of Section 3807(a) of the Delaware Act that
the Trust have at least one trustee with a principal place of business in Delaware. It is understood and agreed by the parties hereto
that the Trustee shall have none of the duties or liabilities of the Sponsor and shall have no obligation to supervise or monitor the
Sponsor or otherwise manage the Trust. The duties of the Trustee shall be limited to (i) accepting legal process served on the Trust in
the State of Delaware, and (ii) the execution of any certificates required to be filed with the Secretary of State of the State of Delaware
which the Delaware Trustee is required to execute under Section 3811 of the Delaware Act; provided, however, that the Trustee shall not
be required to take any such action if it shall have determined, or shall have been advised by counsel, that such performance is likely
to involve the Trustee in personal liability or is contrary to the terms of this Trust Agreement or of any document contemplated hereby
to which the Trust or the Trustee is a party or is otherwise contrary to law.

Section 3.3     Trustee Representation and Warranties.

The Trustee represents and warrants, at all times
during its term, that it:

(a)          is a trust company or banking institution, subject to supervision or examination by federal or state authorities;

(b)          has substantial capital and surplus, having a combined capital, surplus and undivided profits of at least $50,000,000; and

(c)          has the experience and facilities for handling corporate trust business.

In case at any time the Trustee shall
cease to be eligible to serve as trustee of the Trust in accordance with the provisions of this Article, the Trustee shall resign promptly
in the manner and with the effect specified in this Article.

Section 3.4     Compensation and Expenses of
the Trustee.

(a)          The Trustee (or any successor Trustee) shall be entitled to receive compensation from the Sponsor (or an Affiliate) or from
the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time in writing by the
Trustee and the Sponsor or the Trust.

(b)          The Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees
incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section, provided that no such fees
shall be payable to the extent that they are incurred as a result of the Trustee’s gross negligence, bad faith or willful misconduct.

(c)          Notwithstanding any other provision herein, all payments to the Trustee, including fees, expenses, and any amounts paid
in connection with indemnification of the Trustee in accordance with the terms of this Trust Agreement will be payable only in U.S. Dollars.

Section 3.5     Liability of Trustee.