SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-10.3
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/ex10-3.htm

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under this Agreement and applicable Law; (d) Anchorage does not control and makes no guarantee as to the functionality of any Blockchain’s decentralized governance, which could, among other things, lead to delays, conflicts of interest, or operational decisions that may impact Client or its Digital Assets, provided, Anchorage shall comply with its obligations under this Agreement and applicable Law; (e) Advancements in cryptography (such as enabled by quantum computing) could render current cryptography algorithms utilized by a Blockchain supporting a specific Digital Asset inoperative; (f) The price and liquidity of Digital Assets has been subject to large fluctuations in the past and may be subject to large fluctuations in the future; (g) Deposits into Client’s Accounts may not be considered “deposits,” as that term may be used under the applicable Laws, rules, or regulations in Client’s jurisdiction, provided, Anchorage shall comply with its obligations under this Agreement and applicable Law;

(h)	Digital Assets in Client’s Accounts are not subject to deposit insurance protection of the Federal
Deposit Insurance Corporation (“ FDIC” ) and may not be subject to the protection afforded customers under the Securities
Investor Protection Act of 1970, as amended, provided, Anchorage shall comply with its obligations under this Agreement and applicable
Law;

(i)	Digital Assets are not legal tender and are not backed by any government;

(j)	Legislative and regulatory changes or actions at the state, federal, or international level may adversely
affect the use, transfer, exchange, and value of Digital Assets;

(k)	Transactions in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental
transactions may not be recoverable, provided, Anchorage shall comply with its obligations under this Agreement and applicable Law;

(l)	Some Digital Asset transactions shall be deemed to be made when recorded on a public ledger, which is
not necessarily the date or time that transaction was initiated, provided, Anchorage shall comply with
its obligations under this Agreement and applicable Law;

(m)	The value of Digital Assets may be derived from the continued willingness of market participants to exchange
fiat currency or Digital Assets for Digital Assets, which may result in the potential for permanent and total loss of value of a particular
Digital Asset should the market for that Digital Asset disappear;

(n)	There is no assurance that a person who accepts a Digital Assets as payment today will continue to do
so in the future;

(o)	Due to the volatility and unpredictability of the price of Digital Assets relative to fiat currency trading
and owning Digital Assets may result in significant loss over a short period of time;

(p)	The nature of Digital Assets may lead to an increased risk of fraud or cyber-attack, provided, Anchorage
shall comply with its obligations under this Agreement and applicable Law;

(q)	Any bond, insurance or trust account maintained by Anchorage for the benefit of its customers may not
be sufficient to cover all losses incurred by Client, provided, Anchorage shall comply with its obligations under this Agreement and applicable
Law; and

(r)	The Fees and any other payments or compensation otherwise agreed to by Anchorage and Client represent
reasonable compensation for Anchorage’s Services and expenses .

2.7.	Fiat Currency Instructions and Acknowledgements; Undirected Cash Disclosures . Anchorage may, in
its sole discretion, offer Fiat Services to Client. If Anchorage offers Fiat Services, and Client accepts Fiat Services and Anchorage
will:

(a)	Deposit all cash deposited by Client with Anchorage, for which the Client has not already provided transfer
instructions, into deposit accounts at FDIC-insured, regulated depository institutions selected by Anchorage (each, a “ Fiat Institution ”),
which accounts will be held for the benefit of (FBO) Anchorage clients (“ Deposit Accounts ”). Deposit Accounts will
be non-interest-bearing and may be segregated by client or pooled into omnibus accounts. Anchorage will title the Deposit Accounts it
maintains with U.S. depository institutions and maintain records of Client’s interest in a manner that enables Anchorage to secure
receipt of Federal Deposit Insurance Corporation (“ FDIC ”) deposit insurance, where applicable and up to the deposit
insurance limits applicable under FDIC regulations and guidance, on cash deposited by Client for the Client’s benefit on a pass-
through basis.

(b)	Enter into such sub-accounting agreements as may be required by the Fiat Institution;

(c)	Initiate wire transfer requests from time to time for the withdrawal of Client funds from the Deposit
Accounts, which requests are to be honored by the Fiat Institution for withdrawal of Client’s funds from such Deposit Accounts for
distributions, investments, fees and other disbursements directed or agreed to by an Authorized Person. All applicable wire transfer fees
shall be paid by the Client ; and

(d)	For the sub-account held for the benefit of Client, Anchorage will keep records to facilitate pass-through
FDIC coverage of up to the maximum coverage level of $250,000 per Client at a single Fiat Institution. Anchorage makes no guarantee that
pass-through FDIC coverage will be available, and Client acknowledges and accepts the risk that pass-through FDIC coverage may not be
available.

3.	Ownership and Intellectual Property Rights.

3.1.	Services and Documentation . As between the Parties and subject to Sections 3.2 (Outputs of Services)
and 3.3 (Client Data), Anchorage owns all right, title and interest in and to the Services, the Documentation, and all Intellectual Property
Rights in the Services and the Documentation.

3.2.	Outputs of Services . Anchorage hereby grants Client a perpetual, royalty-free, non-transferable
(except as provided in Section 12.10), non-sublicensable, (except to Affiliates of Client, Authorized Persons, Agent, and any Third Parties
authorized by Client in accordance with Section 1.7), worldwide license to use, import, distribute, copy, reproduce, display, transmit,
perform, excerpt, reformat, adapt, or otherwise modify and create derivative works of all output materials and results from use of the
Services and Documentation by Client, its Affiliates, Agent, or Authorized Persons, including any reports, graphics, data, specification,
programs and all other materials or computer output (“ Outputs ”).

3.3.	Client Data . As between the Parties, Client owns all right, title and interest in and to Client
Data, including all Intellectual Property Rights in Client Data. Client hereby grants Anchorage, and any of its Affiliates approved by
Client in writing to provide Services, a perpetual, royalty-free, non-transferable (except as provided in this Section 3.3 or Section
12.10), non-sublicensable, worldwide license to disclose and use Client Data solely to: (i) operate, manage, and improve the Services
provided to Client, its Affiliates, Authorized Persons or applicable Third Parties pursuant to this Agreement; (ii) monitor, process and
support Directions or as necessary to effect, administer, or enforce a transaction or directive that Client otherwise requests or authorizes,
including to facilitate use of Services provided by Anchorage Affiliates; and (iii) comply with Laws applicable to the provision of the
Services to Client including financial reporting and retention of related data. For clarity, Anchorage may not use Client Data for any
other purpose without the express written consent of Client. Notwithstanding the foregoing, Anchorage may only disclose and use Client
Data for any purpose provided it is in a de-identified and anonymized form and in aggregation with data from Anchorage’s other clients.
For purposes of this Agreement, Client Data is “de-identified” or “anonymized” only if: (a) all other information
or identifiers that directly or indirectly identify (or which may reasonably be used to re-identify) the source and subject of such data
with Client (or with Client’s Affiliates, Authorized Persons, Agents or their respective personnel or clients) have been removed;
and (b) it does not enable a Third Party to discern, disaggregate, de- anonymize, decompile, recreate, or reverse engineer either any
aspect or element of the Client Data or any particular trading strategy of Client.

3.4.	Feedback . From time to time, Client may submit or provide suggestions, requests for features, recommendations,
or ideas to Anchorage (“ Feedback ”). For clarity, Client is not required to submit any Feedback under this Agreement
and Client retains all right, title, and interest in and to Feedback, including all Intellectual Property Rights in Feedback. To the extent
Client provides Feedback to Anchorage during the Term, Client hereby grants Anchorage a non-exclusive, worldwide, royalty-free, irrevocable,
non-sub-licensable, perpetual license to use the Feedback,
without consideration or compensation to Client or Authorized Persons, Affiliates, agents, partners, or personnel (except to Affiliates
of Anchorage approved by Client in writing to provide Services). Client makes no representations or warranties whatsoever with respect
to any Feedback, which is provided on an “as-is” basis, and Client disclaims any and all liability for the use thereof.