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: 2026-05-15
Accession Number: 0001999371-26-010860
Exchange: 
SIC Code: 6221
SIC Description: Commodity Contracts Brokers & Dealers
URL: https://www.sec.gov/Archives/edgar/data/2089855/000199937126010860/tknz-s1a_051526.htm

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delays, suspension of operations, failure in performance, or interruption of service, which is directly caused by or results from a cause or condition entirely beyond the reasonable control of that party. Except in the case of Crypto Custodian’s: (i) breach of the Crypto Custodian Agreement; (ii) violation of applicable laws, (iii) negligence, (iv) failure to comply with applicable internal policies and procedures in connection with cybersecurity incidents or attacks; (v) failure to take reasonable precautions and act in a manner consistent with industry best practices in connection with the prevention and mitigation of cybersecurity incidents or attacks; or (vi) willful misconduct, Crypto Custodian shall not have any liability, obligation, or responsibility for any damage or interruptions caused by any cybersecurity incident or attack (including DDoS, network intrusion, or critical vulnerability exploitation). The Fund holds the Crypto Custodian harmless from claims or losses related to transactions where they correctly execute instructions.

Under the Crypto Custodian Agreement,
except in the case of Mutually Capped Liabilities (defined in the Crypto Custodian Agreement), the Crypto Custodian’s liability
is limited to either: (a) the aggregate amount of fees paid in the 12-month period prior to the subject event; or (b) the value of the
Fund’s crypto assets, where such liability directly relates to those crypto assets, including where such crypto assets are lost,
stolen or otherwise misappropriated from the Crypto Custodian’s custody. With respect to the Mutually Capped Liabilities, each party’s
liability is limited to the greater of: (a) the aggregate amount of fees paid to the Crypto Custodian in the 12-month period prior to
the event giving rise to such liability; or (b) $10,000,000. Mutually Capped Liabilities are (i) claims and losses arising from a party’s
breach of its confidentiality obligations under the Crypto Custodian Agreement; (ii) a party’s indemnity obligations under the Crypto
Custodian Agreement (except with respect to the full amount of any Fund crypto assets that are lost, stolen or otherwise misappropriated
from custody); and (iii) claims and losses arising from the violation, misappropriation, or infringement by a party of any third party
intellectual property rights. Notwithstanding any other limitations described herein, neither party’s liability is limited in respect
of any claims or losses arising from its gross negligence, fraud or willful misconduct.

Under the Crypto Custodian Agreement,
the Crypto Custodian is required to defend and indemnify the Fund against any and all claims and losses arising out of or relating to:
(i) the Crypto Custodian’s breach of its confidentiality, data protection, and information security obligations; (ii) the Crypto
Custodian’s violation of any applicable law in connection with the provision of its services to the Fund; (iii) the full amount
of any crypto assets in the Fund’s account which are lost from the Crypto Custodian’s custody; (iv) Crypto Custodian’s
gross negligence, fraud or willful misconduct; and (v) any third party intellectual property rights claim in respect of the Fund’s
access to or use of the Crypto Custodian’s services.

The Fund is required to defend and
indemnify the Crypto Custodian against any and all third party claims and losses arising out of or relating to: (i) the Fund’s material
breach of the Crypto Custodian Agreement; (ii) the Fund’s violation of any applicable law related to the performance of its obligations
under the Crypto Custodian Agreement; or (iii) the Fund’s gross negligence, fraud or willful misconduct, with exceptions documented
in the Crypto Custodian Agreement.

The Crypto Custodian Agreement shall
continue for an initial three-year term, following which it shall automatically renew for further terms of one year each. The Fund may
terminate the Crypto Custodian Agreement for cause where, subject to the agreed remedy period, Crypto Custodian: (i) suffers a bankruptcy
or insolvency event; (ii) fails to withdraw or transfer crypto assets in accordance with the Fund’s instructions; or (iii) is otherwise
in material breach of its obligations under the Crypto Custodian Agreement. The Fund may also terminate the Crypto Custodian Agreement
for convenience at any time on thirty days’ written notice. The Crypto Custodian may terminate the agreement for cause where, subject
to the agreed remedy period, the Fund (i) suffers a bankruptcy or insolvency event or (ii) is in material breach of its obligations under
the Crypto Custodian Agreement.

The Crypto Custodian is required to
maintain the confidentiality of the Fund’s Confidential Information (as defined in the Crypto Custodian Agreement). Except to the
extent disclosure is required to be made by law or to third parties who need to know the information order for the Crypto Custodian to
provide the custodial services to the Fund, the Crypto Custodian may not disclose the Fund’s confidential information to third parties
without the Fund’s prior written consent. In designating a custodian as a Crypto Custodian for the Fund, the Sponsor considers whether
the custodian carries insurance, provides protection against theft and loss and ensures that the transactions and trades are secure. Although
the Crypto Custodian carries insurance provided by a private insurance carrier, the Crypto Custodian’s insurance addresses loss
due to theft, robbery, burglary, third party computer, and funds transfer fraud. The insurance does not cover any loss in value to the
Fund and only covers losses caused by certain events such as fraud or theft and, in such covered events, it is unlikely the insurance
would cover the full amount of any losses incurred by the Fund. The insurance maintained by the Crypto Custodian is shared among all of
the Crypto Custodian’s customers, is not specific to the Fund or to customers holding any crypto assets with the Crypto Custodian
and may not be available or sufficient to protect the Fund from all possible losses or sources of losses.

The Cash Custodian

The Cash Custodian for the Fund’s
cash and non-crypto assets is State Street Bank and Trust Company (SSB) pursuant to the Master Custodian Agreement with the Sponsor on
behalf of the Trust (Cash Custodian Agreement). The Cash Custodian is a Massachusetts trust company having its principal office and place
of business at One Congress Street, Boston, Massachusetts 02114. The Cash Custodian is not affiliated with the Sponsor.

The Cash Custodian is responsible
for safekeeping all cash and other non-crypto assets of the Fund delivered to the Cash Custodian. The Cash Custodian has agreed to, among
other things, open and maintain a separate deposit account or accounts of the Fund, to determine the amount of crypto and/or cash required
for an issuance or redemption of Shares in a creation unit, and to release and deliver non-crypto assets and pay out cash.

Under the Cash Custodian Agreement,
the Cash Custodian and its agents shall act in good faith, diligence, without negligence, and with reasonable care and shall be liable
to the Fund for all loss, damage and expense suffered or incurred by the Fund resulting from negligence or the failure of the Cash Custodian
or its agents to exercise such good faith, diligence, and reasonable care (the “Standard of Care”).

Further, under the Cash Custodian
Agreement, the Cash Custodian’s liability for its services is limited to all loss, damage and expense suffered or incurred by the
Fund resulting from negligence or the failure of the Cash Custodian or its agents to exercise the Standard of Care. The Cash Custodian
shall not be liable if the Cash Custodian or its agents are prevented, forbidden or delayed from performing, or omits to perform, any
obligation thereunder by reason of: (i) any provision of any present or future law or regulation or government or court order; or (ii)
any act of God or other similar circumstance beyond the reasonable control of the Cash Custodian unless caused by a breach by the Cash
Custodian of its Standard of Care. Unless the Cash Custodian is in breach of its Standard of Care, in no event will the Cash Custodian
be liable for, among other items, (a) unsuccessfully executing instructions provided by the Fund if such instructions are not provided
within a reasonable period of time; (b) acting or omitting to act in reliance upon records for the Fund maintained by a custodian other
than the Cash Custodian; (c) acting or omitting to act in reliance upon the advice of, or information, from legal counsel; and (d) acting
or omitting to act in reliance upon an instruction of the Fund. For acts or omissions of the Cash Custodian or its agents not in accordance
with the Standard of Care, the Cash Custodian is required to defend, indemnify and hold harmless the Fund against any direct loss, cost,
or expense sustained or incurred by the Fund. The Cash Custodian will not be liable for any indirect, consequential, punitive or special
damages, regardless of the form of action and whether or not any such damages were foreseeable or contemplated.