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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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.

The Cash Custodian is obligated
to provide cash custodian services under the Cash Custodian Agreement for an initial term ending February 28, 2029, with automatic renewals
for successive one-year periods unless ninety days’ prior written notice of non-renewal is provided prior to the expiration of the
initial term or any renewal term. Either party may terminate the Cash Custodian Agreement in the event of (a) a material breach (with
a sixty-day cure period if the material breach can be cured), (b) the appointment of a conservator or receiver, or (c) the commencement
of bankruptcy or insolvency proceedings. The Fund may also terminate the Cash Custodian Agreement if the Cash Custodian experiences a
change of control.

Under the Cash Custodian Agreement,
the Cash Custodian is required to maintain the confidentiality of the Fund’s information, unless it receives the Fund’s prior
written consent, except to the extent disclosure is required by law or to third parties who need to know the information in order for
the Cash Custodian to provide the custodial services to the Fund.

The Transfer Agent

The Fund’s Transfer Agent
is SSB, pursuant to the Transfer Agency and Service Agreement with the Sponsor on behalf of the Fund (Transfer Agent Agreement). The Transfer
Agent is not affiliated with the Sponsor.

The Transfer Agent: (1) facilitates
the issuance and redemption of Shares of the Fund; (2) records issuance of shares and maintains a record of outstanding shares; and (3)
makes periodic reports to the Fund. The Fund’s Transfer Agent also facilitates the settlement of Shares in response to the placement
of creation orders and redemption orders from Authorized Participants.

Under the Transfer Agent Agreement,
the Transfer Agent is liable, among other items: (i) (1) for the disposition of Shares or monies and (2) for any action taken or omitted
or for any loss or injury resulting from its action or its performance or lack of performance of its duties under the Transfer Agent Agreement
resulting from negligence or the failure of the Transfer Agent or its agents to exercise the Standard of Care; and (ii) for failing to
maintain the confidentiality of the Fund’s information, unless, among other items, it receives the Fund’s prior written consent,
except to the extent disclosure is required to be made by law or to third parties who need to know the information in order for the Transfer
Agent to provide the custodial services to the Fund. In no event will the Transfer Agent be liable, and the Fund shall indemnify and hold
the Transfer Agent harmless, for (a) action in accordance with, or conclusively relying upon, any instruction, notice, demand, certificate
or document from the Fund and the Fund’s officers, agents and subcontractors designated by the Fund as authorized persons or an
Authorized Participant, assuming the Transfer Agent meets the Standard of Care verifying authenticity; or (b) acting or omitting to act
in reliance upon the advice of, or information from, legal counsel. In addition, the Transfer Agent will not be liable for (i) any delay
in performance or for the non-performance of any of its obligations under the Transfer Agent Agreement by reason of causes beyond its
reasonable control, including acts of God; (ii) any indirect, consequential, punitive or special damages; or (iii) an amount in excess
of the total annual compensation earned and fees payable hereunder during the preceding calendar year.

If the Transfer Agent does not
meet its Standard of Care in connection with the performance of its obligations under or any actions taken or omitted in accordance with
the provisions of the Transfer Agent Agreement, the Transfer Agent, its directors, employees and agents shall be indemnified by the Fund
and held harmless against any loss, liability or expense (including, but not limited to, the reasonable fees and expenses of counsel)
arising out of or in connection with (i) the performance of its obligations under the Transfer Agent Agreement, (ii) the Fund’s,
or the Authorized Participants’ failure to obtain all consents and approvals required by applicable law for the collection, processing,
use and disclosure of Personal Information, (iii) the Fund’s breach of any representation, warranty or covenant under the Transfer
Agent Agreement; (iv) the Fund’s lack of good faith, or gross negligence or willful misconduct; (v) any offer or sale of creation
units in violation of applicable law; or (vi) any tax obligation imposed as transfer agent under the Transfer Agent Agreement.

The Transfer Agent is obligated
to provide transfer agent services under the Transfer Agent Agreement for an initial term ending February 28, 2029, with automatic renewals
for successive one-year periods unless ninety days’ prior written notice of non-renewal is provided prior to the expiration of the
initial term or any renewal term. Either party may terminate the Transfer Agent Agreement in the event of (a) a material breach (with
a sixty-day cure period if the material breach can be cured), (b) the appointment of a conservator or receiver, or (c) the commencement
of bankruptcy or insolvency proceedings. The Fund may also terminate the Transfer Agent Agreement if the Transfer Agent experiences a
change of control.

Under the Transfer Agent Agreement,
the Transfer Agent is required to maintain the confidentiality of the Fund’s and Authorized Participant’s information unless
it receives the Fund’s prior written consent, except to the extent disclosure is required by law or is made to third parties who
need to know the information in order for the Transfer Agent to provide the transfer agent services to the Fund.

Crypto Trading Counterparties

The Fund buys and sells crypto
assets through Crypto Trading Counterparties, selected by the Sponsor, that are responsible for executing and settling the trades by
facilitating trading, providing liquidity, and supporting price discovery of each crypto asset. Crypto Trading Counterparties may include
entities or protocols that deploy their own capital to make markets—by quoting two-sided prices or supplying assets to pools—so
participants can trade, borrow, lend, or hedge at observable prices and sizes. The Fund does not currently intend to engage a prime broker
or other liquidity provider providing prime brokerage services. The agreements with the Crypto Asset Trading Counterparties provide that
once the Sponsor determines which counterparty to execute a trade with based on its execution procedures, and the Sponsor has placed
a trade with a specific counterparty, that counterparty is obligated to settle that trade. The Crypto Asset Trading Counterparties have
no obligation to participate in orders for creations and redemptions of Shares.

The Crypto Asset Trading Counterparties
are, as of the date of this prospectus: Flow Traders B.V. (Flow Traders) and JSCT, LLC (Jane Street). JSCT, LLC is an affiliate of Jane
Street Capital, LLC, which is an Authorized Participant. Additional Crypto Trading Counterparties may be engaged based on the Fund’s
operational and liquidity needs, and Shareholders will be notified of such additions in a prospectus supplement or the Fund’s periodic
reports. The Sponsor conducts due diligence on potential Crypto Asset Trading Counterparties, with entities being added or removed from
consideration on an ongoing basis. Each Crypto Asset Trading Counterparty must undergo onboarding by the Sponsor prior to entering into
crypto asset transactions on behalf of the Fund. The Sponsor will not place orders with any Crypto Asset Trading Counterparty that is
an affiliate of the Fund, the Trust or the Sponsor. Each of the Crypto Asset Trading Counterparties are, and any other Crypto Asset Trading
Counterparty that the Sponsor, on behalf of the Fund, places orders with in the future, will be subject to U.S. federal and/or state
licensing requirements or similar laws in non-U.S. jurisdictions, and maintain practices and policies designed to comply with anti-money
laundering (AML) and know your customer (KYC) regulations or similar laws in non-U.S. jurisdictions.