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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the liabilities of the Trust and with all expenses, costs, charges and reserves attributable to the Trust. The Sponsor shall have full discretion, to the extent not inconsistent with applicable law, to determine which items shall be treated as income and which items as capital, and each such determination and allocation shall be conclusive and binding upon the Shareholders. Section 1.6 Offices. The principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee. The principal office of the Trust shall be at 1307 Point Street, Baltimore, Maryland 21231. The Trustee’s principal offices are located at 251 Little Falls Drive, Wilmington, DE 19808 and its telephone number is (866) 403-5272. Article II SHARES; CAPITAL CONTRIBUTIONS Section 2.1 General.

The beneficial interests in the Trust
shall at all times be divided into an unlimited number of Shares. All Shares issued hereunder shall be fully paid and non-assessable.
The ownership of the Trust Property and the right to conduct the business of the Trust are vested exclusively in the Sponsor.

Section 2.2     Capital Accounts.

(a)          The Sponsor or Administrator shall establish on the books and records of the Trust for each Shareholder a separate account
(a “Capital Account”), which shall be determined in accordance with the following provisions:

(i)           A Shareholder’s Capital Account shall be increased by such Shareholder’s Capital Contributions to the Trust
and by any income or gain (including income and gain exempt from tax) computed in accordance with Section 2.2(b) and allocated to such
Shareholder pursuant to Section 2.3.

(ii)          A Shareholder’s Capital Account shall be decreased by the amount of cash distributed to such Shareholder pursuant
to any provision of this Trust Agreement and by any expenses, deductions or losses computed in accordance with Section 2.2(b) and allocated
to such Shareholder pursuant to Section 2.3.

(b)          For purposes of computing the amount of any item of income, gain, deduction, expense or loss to be reflected in a Shareholder’s
Capital Account, the determination, recognition and classification of any such item shall be the same as its determination, recognition
and classification for federal income tax purposes pursuant to Section 703(a) of the Code; provided, that:

(i)          Items described in Section 705(a)(2)(B) of the Code shall be treated as items of deduction. All fees and other expenses
incurred by the Trust to promote the sale of (or to sell) a Share that can neither be deducted nor amortized under Section 709 of the
Code shall, for purposes of Capital Account maintenance, be treated as items described in Section 705(a)(2)(B) of the Code.

(ii)         Except as otherwise provided in Treasury Regulations section 1.704- 1(b)(2)(iv)(m), the computation of all items of income,
gain, loss and deduction shall be made without regard to any election under Section 754 of the Code.

(iii)        In computing income, gain, deduction, expense or loss for Capital Account purposes, the amount of such item shall be determined
taking into account the book value of the Trust’s property, as adjusted pursuant to Section 2.2(d).

(c)          In the event any Shareholder’s Shares are transferred in accordance with the terms of this Trust Agreement, the transferee
shall succeed to the Capital Account of such Shareholder to the extent such Capital Account relates to the transferred Shares.

(d)          Consistent with the provisions of Treasury Regulations section 1.704-l(b)(2)(iv)(f), upon an issuance or redemption of Shares,
in connection with the dissolution, liquidation or termination of the Trust, or otherwise as appropriate pursuant to generally accepted
industry accounting practices, the Capital Accounts of all Shareholders of the Trust may, immediately prior to such issuance, redemption,
dissolution, liquidation, termination, or otherwise, be adjusted (consistent with the provisions hereof) upwards or downwards to reflect
any unrealized gain or unrealized loss attributable to Trust property, as if such unrealized gain or unrealized loss had been recognized
upon an actual sale of such property, immediately prior to such issuance, redemption, dissolution, liquidation, termination, or otherwise,
and had been allocated to the Shareholders at such time pursuant to Section 2.3. Pursuant to Treasury Regulations section 1.704-l(b)(2)(iv)(g),
appropriate adjustments shall be made to the book value of the Trust’s property with unrealized gain or unrealized loss. Proper
adjustment shall be made to the amount of any Capital Account adjustment under this Section 2.2(d) to take into account any prior Capital
Account adjustment under this Section 2.2.

The foregoing provisions and the other
provisions of this Trust Agreement relating to the maintenance of Capital Accounts are intended to comply with section 1.704-1(b) of the
Treasury regulations and shall be interpreted and applied in a manner consistent with such regulations. In the event the Sponsor shall
determine that it is prudent to modify the manner in which the Capital Accounts or any debits or credits thereto are computed in order
to comply with such regulations, it may make such modification. The Sponsor also shall (i) make any adjustments that are necessary or
appropriate to maintain equality between the aggregate Capital Accounts of the Shareholders and the amount of capital reflected on the
Trust’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations section 1.704-l(b)(2)(iv)(q)
and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Trust Agreement not to comply
with Treasury Regulations section 1.704-1(b).

Section 2.3     Allocations for Capital Account
Purposes.

(a)          For purposes of maintaining Capital Accounts and in determining the rights of the Shareholders among themselves, except
as otherwise provided in this Section 2.3, each item of income, gain, loss, expense and deduction (computed in accordance with Section
2.2(b)) shall be allocated to the Shareholders in accordance with their respective Percentage Interests.

(b)          Pursuant to Treasury Regulations section 1.704-1(b)(2)(iv)(g), items of depreciation, depletion, amortization and gain or
loss attributable to property, the book value of which has been adjusted as provided by Section 2.2(d) (“Adjusted Property”),
that has a Book-Tax Disparity shall be allocated among the Shareholders in accordance with Treasury Regulations section 1.704-1(b)(2)(iv)(g)(3).

(c)          If any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations
section 1.704-1(b)(2)(ii)(d), items of the Trust’s income and gain shall be specially allocated to such Shareholder in an amount
and manner sufficient to eliminate a deficit balance in its Capital Account (after decreasing such Shareholder’s Capital Account
balance by the items described in Treasury Regulations section 1.704-1(b)(2)(ii)(d)) created by such adjustments, allocations or distributions
as quickly as possible. This Section 2.3(c) is intended to constitute a “qualified income offset” within the meaning of Treasury
Regulations section 1.704-1(b)(2)(ii)(d).

Section 2.4     Allocations of Profits and Losses
for Tax Purposes.

(a)          For U.S. federal income tax purposes, except as otherwise provided in this Section 2.4, each item of income, gain, loss,
deduction and credit of the Trust shall be allocated among the Shareholders in accordance with their respective Percentage Interests.

(b)          In an attempt to eliminate Book-Tax Disparities attributable to Adjusted Property, items of income, gain, or loss shall
be allocated for U.S. federal income tax purposes among the Shareholders under the principles of the remedial method of Treasury Regulations
section 1.704- 3(d).

(c)          If any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulations
section 1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to such Shareholder in an amount and manner consistent
with the allocations of income and gain pursuant to Section 2.3(c).

Section 2.5     Tax Conventions.

(a)          For purposes of Sections 2.2, 2.3, and 2.4, the Sponsor or Administrator shall cause the Trust to adopt such conventions
as may be necessary, appropriate or advisable in the Sponsor’s reasonable discretion in order to comply with applicable law, including
Section 706 of the Code and the Treasury Regulations or rulings promulgated thereunder. The Sponsor may revise, alter or otherwise modify
such conventions in accordance with the standard established in the previous sentence.

(b)          Unless the Sponsor determines that another convention is necessary or appropriate in the Sponsor’s reasonable discretion
in order to comply with applicable law, the Trust shall use the monthly convention described in this Section 2.5(b).