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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T.Rowe Price Active Crypto ETF S-1A

Exhibit 10.4

MASTER CUSTODIAN AGREEMENT

This Agreement is made as
of March 26, 2026 (this “Agreement”), between each T. Rowe Price entity identified on Appendix A and each T.
Rowe Price entity which becomes a party to this Agreement in accordance with the terms hereof (in each case, a “Trust”),
and STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the “Custodian”).

WITNESSETH:

WHEREAS, each Trust
desires for the Custodian to provide certain custodial services relating to securities and other assets of the Trust;

WHEREAS, the Custodian
is willing to provide the services upon the terms contained in this Agreement; and

WHEREAS, each Trust
is an exchange-traded product and will issue and redeem its shares (the “Shares”) only in aggregations of Shares
known as “Creation Units,” generally in exchange for a specified cash payment, as more fully described in the
currently effective prospectus and most recently filed registration statement (collectively, the “Prospectus”).

SECTION 1.     DEFINITIONS. In addition
to terms defined elsewhere in this Agreement, (a) terms defined in the UCC have the same meanings herein as therein and (b) the
following other terms have the following meanings for purposes of this Agreement:

“Authorized Participants”
means those entities that have entered into an Authorized Participant Agreement with the Trust, the Sponsor and the Trust’s transfer
agent.

“Client Publications”
means the general client publications of State Street Bank and Trust Company available from time to time to clients and their investment
managers.

“Country Risk”
means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country. The factors include but are
not limited to risks arising from the country’s political environment, economic and financial infrastructure; prevailing or developing
custody, tax and settlement practices; nationalization, expropriation or other government actions; currency restrictions, devaluations
or fluctuations; market conditions affecting the orderly execution of securities transactions or the value of assets; the regulation of
the banking and securities industries, including changes in market rules; and laws and regulations applicable to the safekeeping and recovery
of Foreign Assets held in custody in that country.

“Deposit Account
Agreement” means the Deposit Account Agreement and Disclosure, as may be amended from time to time, issued by the Custodian
and available on the Custodian’s internet customer portal, “my.statestreet.com”.

“Digital Assets”
means an asset that is issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, so-called
“virtual currencies,” “coins” and “tokens”.

“Domestic securities”
means securities held within the United States.

“Exchange”
means the NYSE Arca, Inc. or such other exchange as is specified by a Trust to the Custodian in writing.

“Foreign Assets”
means a Trust’s Foreign securities or other investments (including foreign currencies) for which the primary market is outside the
United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

“Foreign securities”
means securities held primarily outside of the United States.

“Held outside
of the United States” means not held within the United States.

“Held within the
United States” means (a) in relation to a security or other financial asset, the security or other financial asset
(i) is a certificated security registered in the name of the Custodian or its sub-custodian, agent or nominee or is endorsed to the Custodian
or its sub-custodian, agent or nominee or in blank and the security certificate is located within the United States, (ii) is an uncertificated
security or other financial asset registered in the name of the Custodian or its sub-custodian, agent or nominee at an office located
in the United States, or (iii) has given rise to a security entitlement of which the Custodian or its sub-custodian, agent or nominee
is the entitlement holder against a U.S. Securities System or another securities intermediary for which the securities intermediary’s
jurisdiction is within the United States, and (b) in relation to cash, the cash is maintained in a deposit account denominated in
U.S. dollars with the banking department of the Custodian or with another bank or trust company’s office located in the United States.

“On book currency”
means (a) U.S. dollars or (b) a foreign currency that, when credited to a deposit account of a customer maintained in the banking
department of the Custodian or a foreign sub-custodian, the Custodian maintains on its books as an amount owing as a liability by the
Custodian to the customer.

“Proper Instructions”
means instructions in accordance with Section 9 received by the Custodian from a Trust, the Sponsor, or an individual or organization
duly authorized by the Trust or the Sponsor. The term includes standing instructions.

“SEC” means
the U.S. Securities and Exchange Commission.

“UCC”
means the Uniform Commercial Code of the Commonwealth of Massachusetts as in effect from time to time.

“Underlying
Portfolios” means a group of investment companies as defined in Section 12(d)(1)(F) of the 1940 Act.

“Underlying Shares”
means shares or other securities, issued by a U.S. issuer, of Underlying Portfolios and other registered “investment companies”
(as defined in Section 3(a)(1) of the 1940 Act), whether or not in the same “group of investment companies” (as defined
in Section 12(d)(1)(G)(ii) of the 1940 Act).

“Underlying
Transfer Agent” means State Street Bank and Trust Company or such other organization which may from time to time be appointed
by the Trust to act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper
Instructions.

Securities System” means a securities depository or book-entry system authorized by the U.S. Department of the Treasury
or a “clearing corporation” as defined in Section 8-102 of the UCC.

SECTION 2.	EMPLOYMENT OF CUSTODIAN .

SECTION 2.1     GENERAL.
Each Trust hereby employs the Custodian as a custodian of (a) securities and cash of each of the Trust and (b) other assets
of each of the Trust that the Custodian agrees to treat as financial assets. Each Trust agrees to deliver to the Custodian (i) all securities
and cash of the Trust, (ii) all other assets of each Trust that the Trust desires the Custodian, and the Custodian is willing, to treat
as a financial asset, and (iii) all cash and other proceeds of the securities and financial assets held in custody under this Agreement.
The holding of confirmation statements or similar legal documents that identify Underlying Shares or other financial assets as being recorded
in the Custodian’s name on behalf of the Trust will be custody for purposes of this Section 2.1. This Agreement does not require
the Custodian to accept an asset that is not a security for custody hereunder or to treat any asset that is not a security as a financial
asset if such acceptance or treatment would violate applicable law or applicable written policies or procedures of the Custodian. Furthermore,
except as otherwise agreed in writing with the applicable Trust, the Custodian will only accept custody of securities and other assets
that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or
through an existing sub-custodian and may decline to accept custody of certain securities or asset types that it determines present an
unacceptable risk profile or that it or its sub-custodians are not operationally equipped or permitted to hold under any law or 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.