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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confidentiality rights, including all confidentiality rights provided by Section 3406(f) of the Code and Treasury Regulations section 31.3406(f)-1, with respect to any representations, forms, documents or information, and any information contained in such representations, forms or documents, that the Shareholder provides, or has previously provided, to any broker or nominee through which it owns its Shares, to the extent such representations, forms, documents or information may be necessary to enable the Trust to comply with its withholding tax and backup withholding tax and information reporting obligations or to satisfy any other legal requirements with respect to the Shares. Furthermore, the parties hereto, and a Shareholder by its acceptance or acquisition of a beneficial interest in a Share, acknowledge and agree that any broker or nominee through which a Shareholder holds its Shares shall be a third-party beneficiary to this Trust Agreement for the purposes set forth in this Section 6.1.

The Sponsor (or its designee) is specifically authorized to act as the “Partnership Representative” for the
Trust (at the Trust’s expense) and in any similar capacity under state, local or foreign law, including to designate a “designated
individual” in accordance with the Code, the Treasury Regulations, or other official tax guidance. In its capacity as the Partnership
Representative, the Partnership Representative (or its designee) shall exercise any and all authority of the “partnership representative”
under the Code, including, without limitation, the authority to (i) make any available elections, including an election under section
6226 of the Code to pass any tax adjustment through to the persons who were Shareholders of the Trust in the year to which the adjustment
relates, (ii) represent or otherwise act on behalf of the Trust in any examination of the Trust’s affairs by any taxing authority
and any resulting administrative and judicial proceedings, including handling all audits and other administrative proceedings conducted
by the IRS with respect to the Trust, extending the statute of limitations with respect to the Trust’s partnership tax returns,
entering into a settlement with the IRS with respect to the Trust’s partnership items on behalf of those Shareholders having less
than a 1% interest in the Trust and filing a petition or complaint with an appropriate U.S. federal court for review of a final partnership
administrative adjustment, and (iii) bind the Trust and its Shareholders with respect to any applicable tax matters. The Partnership Representative
may expend funds for professional services and costs associated therewith, which shall be borne by, or reimbursed by, the Trust. To the
extent that the Trust incurs any liability for tax under section 6225 of the Code as the result of any “imputed underpayment,”
(A) the amount of such tax liability, including any interest or penalties related thereto, shall be allocated by the Sponsor among the
Shareholders in an equitable manner as determined by the Sponsor in its sole discretion and (B) the amount of such tax liability allocated
to a Shareholder in accordance with (A) shall be treated as a withholding of tax subject to Section 6.1(e) of this Trust Agreement. Each
Shareholder agrees to cooperate with the Partnership Representative and to do or refrain from doing any and all things reasonably requested
by the Partnership Representative in his capacity as the Partnership Representative. This obligation shall continue after such Shareholder
transfers, redeems or liquidates any or all of its Shares in the Trust. Each Shareholder (or former Shareholder) agrees to indemnify the
Trust for any taxes (and related interest, penalties, or other charges or expenses) payable by the Trust and attributable to such Shareholder’s
(or former Shareholder’s) interest in the Trust, as reasonably determined by the Sponsor. No Shareholder shall have any claim against
the Trust, the Trustee, the Sponsor, or the Partnership Representative for any form of damages or liability as a result of actions taken
or remedies pursued by or on behalf of the Trust in connection with a tax audit of the Trust. The foregoing obligations shall survive
the withdrawal of any Shareholder and the dissolution and liquidation of the Trust, or both.

By its acceptance of a beneficial interest in a Share of the Trust, a Shareholder agrees to the designation of the Sponsor
(or its designee) as the Partnership Representative of the Trust. Each Shareholder agrees to take any further action as may be required
by regulation or otherwise to effectuate such designation. The Partnership Representative of the Trust shall be authorized to exercise
all rights and responsibilities conferred upon the Partnership Representative under the Code and the applicable Treasury Regulations with
respect to the Trust.

The Sponsor shall maintain all books, records and supporting documents that are necessary to comply with any and all aspects
of its duties under this Trust Agreement.

Article VII

BOOKS OF ACCOUNT AND REPORTS

Section 7.1     Books of Account.

Proper books of account for the Trust
shall be kept and shall be audited annually by an independent certified public accounting firm selected by the Sponsor in its sole discretion,
and there shall be entered therein all transactions, matters and things relating to the Trust as are required by applicable law and regulations
and as are usually entered into books of account kept by trusts. The books of account shall be kept at the principal office of the Trust
and no Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as
conferred by the Sponsor.

Section 7.2     Periodic Reports.

The Sponsor shall prepare and distribute
or publish, as required, such reports (periodic or otherwise) as required by applicable rules and regulations.

Section 7.3     Tax Information.

Appropriate tax information (adequate
to enable each Shareholder to complete and file its U.S. federal tax return) shall be delivered by the Sponsor on behalf of the Trust
to each Shareholder as described in Section 6.1(c). All such information shall be prepared, and all of the Trust’s tax returns shall
be filed, in a manner consistent with the treatment of the Trust as a partnership for tax purposes. The Trust shall comply with all U.S.
federal withholding requirements respecting distributions to, or receipts of amounts on behalf of, Shareholders that the Sponsor reasonably
believes are applicable under the Code. The consent of Shareholders shall not be required for such withholding.

Article VIII

FISCAL YEAR

The fiscal year of the Trust for financial accounting purposes (the
“Fiscal Year”) is the calendar year. The Sponsor may select an alternate fiscal year if it deems it to be in the interest
of the Trust.

Article IX

AMENDMENT OF TRUST AGREEMENT; MEETINGS

Section 9.1     Amendments to the Trust Agreement.

(a)          Except as specifically provided herein, the Sponsor, in its sole discretion and without Shareholder consent, may amend or
otherwise supplement this Trust Agreement by making an amendment, an agreement supplemental hereto, or an amended and restated trust agreement.
Any such restatement, amendment and/or supplement hereto shall be effective on such date as designated by Sponsor in its sole discretion.

(b)          Upon amendment of this Trust Agreement, the Certificate of Trust shall also be amended, if required by the Delaware Act,
to reflect such change. At the expense and written direction of the Sponsor, the Trustee shall execute and file any amendment to the Certificate
of Trust if so directed by the Sponsor.

(c)          To the fullest extent permitted by law, no provision of this Trust Agreement may be amended, waived or otherwise modified
orally but only by a written instrument adopted in accordance with this Section.

(d)          No amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless
consented to by the Trustee in writing. No amendment shall be made to this Trust Agreement without the consent of the Trustee if the Trustee
reasonably believes that such amendment adversely affects any of its rights, duties or liabilities.

Section 9.2     Meetings of the Trust.

Meetings of the Shareholders may be
called by the Sponsor in its sole discretion. The Sponsor shall provide written notice to all Shareholders thereof of the meeting and
the purpose of the meeting, which shall be held on a date not less than thirty (30) nor more than sixty (60) days after the date of mailing
of said notice, at a reasonable time and place. Any notice of meeting shall be accompanied by a description of the action to be taken
at the meeting. Shareholders may vote in person or by proxy at any such meeting.

Section 9.3     Action Without a Meeting.