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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qualification to do business, licensing, commission filing or other filing for the Trust), or to otherwise perfect or maintain the perfection of any security interest or lien, or otherwise to take or refrain from taking any action under or in connection with this Trust Agreement except as expressly required by the terms of this Trust Agreement, and the right of the Trustee to perform any discretionary act enumerated in this Trust Agreement or in any related document shall not be construed as a duty, and no implied duties (including fiduciary duties) or obligations shall be read into this Trust Agreement or any related agreement against the Trustee. Any fiduciary duties that would otherwise be imposed on the Trustee under the Delaware Act, at law or in equity are hereby eliminated, to the fullest extent permitted by law, and replaced entirely by the terms of this Trust Agreement. Section 3.6 Indemnification.

The Trustee (individually and in its
capacity as such) and any officer, affiliate, director, employee, or agent of the Trustee (each an “Indemnified Person”) shall
be entitled to indemnification from the Trust, to the fullest extent permitted by law, from and against any and all losses, claims, taxes,
damages, reasonable expenses, and liabilities (including the reasonable fees and expenses of counsel and fees and expenses incurred in
connection with enforcement of its indemnification rights hereunder, and including liabilities under state or federal securities laws)
of any kind and nature whatsoever (collectively, “Expenses”), to the extent that such Expenses arise out of or are imposed
upon or asserted against such Indemnified Persons with respect to the creation, operation or termination of the Trust, the execution,
delivery or performance of this Trust Agreement or the transactions contemplated hereby; provided, however, that the Trust shall not be
required to indemnify any Indemnified Person for any Expenses which are a result of the willful misconduct, bad faith or gross negligence
of such Indemnified Person. The obligations of the Trust to indemnify the Indemnified Persons as provided herein shall survive the termination
of this Trust Agreement and the resignation or removal of the Trustee. If the Trust shall have insufficient assets or improperly refuses
to pay an Indemnified Person within sixty (60) days of a request for payment owed hereunder, the Sponsor shall, as secondary obligor,
compensate or reimburse the Trustee or indemnify, defend and hold harmless an Indemnified Person as if it were the primary obligor hereunder;
provided, however, that the Sponsor shall not be required to indemnify any Indemnified Person for any Expenses which are a result of the
willful misconduct, bad faith or gross negligence of an Indemnified Person.

Section 3.7     Successor Trustee.

Upon the resignation or removal of the
Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee
must satisfy the requirements of Section 3807 of the Delaware Act. Any resignation or removal of the Trustee and appointment of a successor
Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the outgoing Trustee
and the Sponsor and any fees and expenses due to the outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance
with the preceding sentence, the successor shall become fully vested with the rights, powers, duties and obligations of the outgoing Trustee
under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties
and obligations herein. Any successor Trustee shall file any necessary amendments to the Certificate of Trust with the Secretary of State.

Article IV

SPONSOR

Section 4.1     Management of the Trust.

(a)          The duty and authority to manage the affairs of the Trust is vested in the Sponsor, which duty and authority the Sponsor
may further delegate as provided herein, all pursuant to Section 3806(b)(7) of the Delaware Act. The Sponsor shall not be liable for the
actions of such third party to the extent the selection of such third party was made with reasonable care or, as applicable, the selection
of such Affiliate.

(b)          Any determination as to what is in the interests of the Trust made by the Sponsor (or its delegate) in good faith shall
be conclusive and binding on all Shareholders and all other persons or entities having an interest in the Trust. In construing the provisions
of this Trust Agreement, the presumption shall be in favor of a grant of power to the Sponsor. The enumeration of any specific power in
this Trust Agreement shall not be construed as limiting the aforesaid power.

(c)          Whenever (i) a conflict of interest exists between the Sponsor or its Affiliates, on the one hand, and the Trust or Shareholders,
on the other hand, or (ii) the Sponsor must act in a manner that is, or provides terms that are, fair and reasonable to the Trust or Shareholders,
the Sponsor shall resolve such conflict of interest with consideration of the relative interest, benefits, and burdens of each party (including
its own), any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the
absence of bad faith by the Sponsor, the resolution, action or terms so made, taken or provided by the Sponsor shall not constitute a
breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity
or otherwise.

Section 4.2     Authority of the Sponsor.

(a)          In addition to, and not in limitation of, any rights and powers conferred by law or other provisions of this Trust Agreement,
and except as limited, restricted or prohibited by the express provisions of this Trust Agreement or the Delaware Act, the Sponsor shall
have, and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry
out the purposes of the Trust, which powers and rights shall include, without limitation, the following:(i) to negotiate, execute, deliver
and perform on behalf of the Trust one or more (a) purchase agreements, escrow agreements, subscription agreements and other similar or
related agreements providing for or relating to the sale and issuance of beneficial interests and/or any other interests in the Trust,
and (b) assignments, asset transfer agreements, leases, and other similar or related agreements providing for or relating to the acquisition
and/or disposition of assets by the Trust; (ii) to take any and all actions to enable the Trust to hold assets, including without limitation,
to invest and reinvest finds contributed to the Trust from time to time; (iii) to prepare, execute and file any required tax returns;
(iv) to cause the Trust to issue beneficial interests and/or other interests in the Trust in exchange for such consideration to be contributed
to the Trust as the Sponsor deems appropriate, which interests may or may not be evidenced by certificates as determined by the Sponsor;
(v) to prepare, execute and deliver on behalf of the Trust any and all documents, papers and instruments as it deems desirable in connection
with any of the foregoing; and (vi) to delegate or assign any of its obligations, liabilities, entitlements, or authorities under this
Trust Agreement to an Affiliate.

(b)          In addition, and without limiting the foregoing, the Sponsor will have full power and authority, in its sole discretion,
without seeking the approval of the Trustee or the Shareholders (i) to establish and designate and to change in any manner and to fix
such preferences, voting powers, rights, duties and privileges of the Trust as the Sponsor may from time to time determine, (ii) to divide
the beneficial interest in the Trust into an unlimited amount of Shares, with or without par value, as the Sponsor will determine, (c)
to issue Shares without limitation as to number (including fractional Shares), to such persons and for such amount of consideration, subject
to any restriction set forth in the Trust Agreement, if any, at such time or times and on such terms as the Sponsor may deem appropriate,
(iii) to divide or combine the Shares into a greater or lesser number without thereby materially changing the proportionate beneficial
interest of the Shares in the assets held, and (iv) to take such other action with respect to the Shares as the Sponsor may deem desirable.

(c)          The Sponsor may make such rules as it considers appropriate for the issuance of share certificates (if any), transfer of
Shares and similar matters.

Section 4.3     Obligations of the Sponsor.

Any fiduciary duties that would otherwise
be imposed on the Sponsor under the Delaware Act, at law or in equity are hereby eliminated, to the fullest extent permitted by law, and
replaced entirely by the terms of this Trust Agreement.

The Sponsor shall: