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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Sponsor (or an Affiliate) or from the Trust for its services in accordance with such schedules as shall have been separately agreed to from time to time in writing by the Trustee and the Sponsor or the Trust. (b) The Trustee may consult with counsel (who may be counsel for the Sponsor or for the Trustee). The reasonable legal fees incurred in connection with such consultation shall be reimbursed to the Trustee pursuant to this Section, provided that no such fees shall be payable to the extent that they are incurred as a result of the Trustee’s gross negligence, bad faith or willful misconduct. (c) Notwithstanding any other provision herein, all payments to the Trustee, including fees, expenses, and any amounts paid in connection with indemnification of the Trustee in accordance with the terms of this Trust Agreement will be payable only in U.S. Dollars. Section 3.5 Liability of Trustee.

The Trustee shall not be liable for
the acts or omissions of the Sponsor or any other Person, nor shall the Trustee be liable for supervising or monitoring the performance
and the duties and obligations of the Sponsor or the Trust or any other Person under this Trust Agreement. The Trustee accepts the Trust
hereby continued and agrees to perform its duties hereunder with respect to the same but only upon the terms of this Trust Agreement.
The Trustee shall not be liable under any circumstances, except or its own willful misconduct, bad faith or gross negligence. In particular,
but not by way of limitation:

(a)          the Trustee shall not be liable for any error of judgment made in good faith by an officer or employee of the Trustee;

(b)          no provision in this Trust Agreement shall require the Trustee to expend or risk its personal funds or otherwise incur any
financial liability in the performance of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that
the payment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

(c)          under no circumstances shall the Trustee be liable for any representation, warranty, covenant, agreement, or indebtedness
of the Trust;

(d)          the Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Trust Agreement
or for the due execution hereof by the Sponsor;

(e)          under no circumstances shall the Trustee be personally liable for any representation, warranty, covenant, agreement, or
indebtedness of the Trust;

(f)           the Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper reasonably believed by it to be genuine and reasonably believed by
it to be signed by the proper party or parties, provided that the Trustees’ actions or omissions do not involve willful misconduct,
bad faith or gross negligence. As to any fact or matter the manner of ascertainment of which is not specifically prescribed herein, the
Trustee may for all purposes hereof rely on a certificate, signed by the Sponsor, as to such fact or matter, and such certificate shall
constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon;

(g)          in the exercise or administration of the Trust hereunder, the Trustee (a) may act directly or through agents or attorneys
pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the default or misconduct of such agents
or attorneys if such agents or attorneys shall have been selected by the Trustee in good faith ; and (b) may consult with counsel, accountants
and other skilled persons to be selected by it in good faith and employed by it, and it shall not be liable for anything done, suffered
or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants or other skilled persons;

(h)         except as expressly provided in this Section, in accepting and performing the Trust hereby continued, the Trustee acts solely
as Trustee hereunder and not in its individual capacity;

(i)           the Trustee shall not be liable for punitive, exemplary, consequential, special or other similar damages however styled,
including lost profits, for a breach of this Trust Agreement. The Trustee shall not be liable under any circumstances, except or its own
willful misconduct, bad faith or gross negligence;

(j)           the Trustee shall not be obligated to give any bond or other security for the performance of any of its duties hereunder;

(k)          the Trustee has not prepared or verified, and shall not be responsible or liable for, any information, disclosure or other
statement in the Trust’s offering documents or in any other document issued or delivered in connection with the sale or transfer
of the Shares;

(l)           Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction
other than in the State of Delaware if the taking of such action will (i) require the consent or approval or authorization or order of,
or the giving of notice to, or the registration with or taking of any action in respect of, any state or other governmental authority
or agency of any jurisdiction other than the State of Delaware, (ii) result in any fee, tax or other governmental charge becoming payable
by the Trustee under the laws of any jurisdiction or any political subdivision thereof other than the State of Delaware or (iii) subject
the Trustee to personal jurisdiction, other than in the State of Delaware, for causes of action arising from personal acts unrelated to
the consummation of the actions of the Trustee contemplated by this Trust Agreement;

the event that the Trustee is unsure of the course of action to be taken by it hereunder, the Trustee may request instructions from
the Sponsor and to the extent the Trustee follows such instructions in good faith it shall not be liable to any person. In the event
that no instructions are provided within the time requested by the Trustee, it shall have no duty or liability for its failure to
take any action or for any action it takes in good faith; and the Trustee shall have no duty or obligation to manage, control, use,
sell, dispose of or otherwise deal with the Trust Property, to prepare or file any document or report (including any securities or
tax filings or reports, any financing or continuation statement, 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.