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: 2026-04-27
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/activecrypto-s1a_042726.htm

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negligence, fraud or willful misconduct, with exceptions documented in the Crypto Custodian Agreement. The Crypto Custodian Agreement shall continue for an initial three-year term, following which it shall automatically renew for further terms of one year each. The Fund may terminate the Crypto Custodian Agreement for cause where, subject to the agreed remedy period, Crypto Custodian: (i) suffers a bankruptcy or insolvency event; (ii) fails to withdraw or transfer crypto assets in accordance with the Fund’s instructions; or (iii) is otherwise in material breach of its obligations under the Crypto Custodian Agreement. The Fund may also terminate the Crypto Custodian Agreement for convenience at any time on thirty days’ written notice. The Crypto Custodian may terminate the agreement for cause where, subject to the agreed remedy period, the Fund (i) suffers a bankruptcy or insolvency event or (ii) is in material breach of its obligations under the Crypto Custodian Agreement.

The Crypto Custodian is required to
maintain the confidentiality of the Fund’s Confidential Information (as defined in the Crypto Custodian Agreement). Except to the
extent disclosure is required to be made by law or to third parties who need to know the information order for the Crypto Custodian to
provide the custodial services to the Fund, the Crypto Custodian may not disclose the Fund’s confidential information to third parties
without the Fund’s prior written consent. In designating a custodian as a Crypto Custodian for the Fund, the Sponsor considers whether
the custodian carries insurance, provides protection against theft and loss and ensures that the transactions and trades are secure. Although
the Crypto Custodian carries insurance provided by a private insurance carrier, the Crypto Custodian’s insurance addresses loss
due to theft, robbery, burglary, third party computer, and funds transfer fraud. The insurance does not cover any loss in value to the
Fund and only covers losses caused by certain events such as fraud or theft and, in such covered events, it is unlikely the insurance
would cover the full amount of any losses incurred by the Fund. The insurance maintained by the Crypto Custodian is shared among all of
the Crypto Custodian’s customers, is not specific to the Fund or to customers holding any crypto assets with the Crypto Custodian
and may not be available or sufficient to protect the Fund from all possible losses or sources of losses.

The Cash Custodian

The Cash Custodian for the Fund’s
cash and non-crypto assets is State Street Bank and Trust Company (SSB) pursuant to the Master Custodian Agreement with the Sponsor on
behalf of the Trust (Cash Custodian Agreement). The Cash Custodian is a Massachusetts trust company having its principal office and place
of business at One Congress Street, Boston, Massachusetts 02114. The Cash Custodian is not affiliated with the Sponsor.

The Cash Custodian is responsible
for safekeeping all cash and other non-crypto assets of the Fund delivered to the Cash Custodian. The Cash Custodian has agreed to, among
other things, open and maintain a separate deposit account or accounts of the Fund, to determine the amount of crypto and/or cash required
for an issuance or redemption of Shares in a creation unit, and to release and deliver non-crypto assets and pay out cash.

Under the Cash Custodian Agreement,
the Cash Custodian and its agents shall act in good faith, diligence, without negligence, and with reasonable care and shall be liable
to the Fund for all loss, damage and expense suffered or incurred by the Fund resulting from negligence or the failure of the Cash Custodian
or its agents to exercise such good faith, diligence, and reasonable care (the “Standard of Care”).

Further, under the Cash Custodian
Agreement, the Cash Custodian’s liability for its services is limited to all loss, damage and expense suffered or incurred by the
Fund resulting from negligence or the failure of the Cash Custodian or its agents to exercise the Standard of Care. The Cash Custodian
shall not be liable if the Cash Custodian or its agents are prevented, forbidden or delayed from performing, or omits to perform, any
obligation thereunder by reason of: (i) any provision of any present or future law or regulation or government or court order; or (ii)
any act of God or other similar circumstance beyond the reasonable control of the Cash Custodian unless caused by a breach by the Cash
Custodian of its Standard of Care. Unless the Cash Custodian is in breach of its Standard of Care, in no event will the Cash Custodian
be liable for, among other items, (a) 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.