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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the following: (1) Directions shall continue in full force and effect until executed, cancelled or superseded; (2) if any Directions are ambiguous or if in in Anchorage’s reasonable opinion any Directions are likely to be inaccurate, Anchorage shall notify Client and shall refuse to execute such Directions until any such ambiguity has been clarified by Client to Anchorage’s satisfaction; and (3) Anchorage may refuse to execute Directions if in Anchorage’s reasonable opinion such Directions are outside the scope of its obligations under this Agreement or are contrary to any applicable Laws and Anchorage will promptly notify Client of such refusal. Notwithstanding any limitations and exclusions set out in Section 10, Anchorage is responsible for losses resulting from its errors in executing a Direction from the Client (e.g., if Client provides the correct destination address for executing a withdrawal transaction, but Anchorage erroneously sends Client’s Digital Assets to another destination address).

(c)	The Services are available only in connection with those Digital Assets and
protocols that Anchorage, in its sole discretion, supports which shall include: (i) subject to Anchorage notifying Client in accordance
with the requirements of this Section 1.2(c) that it will cease to support such Digital Assets, the Supported Digital Assets; and (ii)
such other Digital Assets as Anchorage may notify to Client in writing from time to time. The type and scope of Services
that Anchorage supports for each Digital Asset, and applicable Fees for such Services, may differ provided that, in respect of the Supported
Digital Assets, the Fees payable by Client and the type and scope of Services to be provided by Anchorage shall be as agreed between the
Parties pursuant to the applicable Order Form and this Agreement. Under no circumstances should Client attempt to use the Services to
store, send, request, or receive Digital Assets and protocols that Anchorage does not support. Anchorage assumes no responsibility in
connection with any attempt to use any Account or Vault with Digital Assets that Anchorage does not support, and any such unsupported
Digital Assets deposited to or received in any Account or Vault are subject to forfeiture and loss. The Digital Assets that Anchorage
supports may change from time to time, based on Anchorage’s sole and absolute discretion. Anchorage will notify Client in advance if it
ceases to support a particular Digital Asset for which Anchorage has previously provided Services to Client. In
the case of a Supported Digital Asset, Anchorage shall provide Client with one hundred and eighty (180) days’ written notice before
ceasing to support custody services for a Supported Digital Asset, unless Anchorage is required to cease such support by applicable Law,
in which case written notice shall be provided promptly upon Anchorage determining it will not be able to support custody services for
a Supported Digital Asset.

(d)	Anchorage shall only follow the Directions from Client. Anchorage is released and held harmless by Client
for Claims or Losses caused by following the Directions from the Client, subject to the terms of, and provided Anchorage complies with
its obligations under, this Agreement.

(e)	From time to time, Anchorage may, in its sole discretion, offer Client additional optional services involving
settlement services (“ Optional Settlement Services ”). Client may elect to accept Optional Settlement Services by signing
a separate agreement involving such Optional Settlement Services. For the avoidance of doubt, by entering this Agreement, the Client has
not elected to accept Optional Settlement Services from Anchorage.

(f)	Anchorage is solely responsible for any gas or network fees necessary for the transfer of Digital Assets
pursuant to Client Directions. Anchorage shall be liable for paying any gas or network fees on behalf of Client and shall be liable for
any canceled Directions due to insufficient gas or network fees.

1.3.	Storage of Digital Assets . Anchorage will receive Digital Assets for storage in Client's Account
by generating Private Keys and their Public Key pairs, with Anchorage retaining custody of such Private Keys. Upon receipt, Anchorage
will custody the Digital Assets in Client’s name in an Account established for the benefit of the Client and no other person. The
Private Keys controlling the Digital Assets belonging to Client shall be securely held by Anchorage in offline cold storage at all times
within hardware security modules that have never been connected to the internet and which are located at geographically distributed locations
which are physically and logically secure. Anchorage shall be deemed to have received a Digital Asset into custody after the Digital Asset’s
receipt into a blockchain wallet address associated with the Client’s Account has been confirmed on the relevant Blockchain, except
for Digital Assets deemed to be spam or gas by Anchorage and the Client, in which case such Digital Assets designated as spam or gas will
be considered Digital Assets of Anchorage. Digital Assets in Client’s Account shall: (i) be segregated at a unique blockchain address
or addresses on the relevant Blockchain (e.g., in the case of bitcoin, the Blockchain associated with the Bitcoin network) from the assets
held by Anchorage as principal and the assets of other customers of Anchorage and any other person, (ii) not be
treated as general assets of Anchorage, and Anchorage shall have no right, title or interest in such Digital Assets, (iii) Anchorage serves
as a fiduciary and custodian on Client’s behalf, and the Digital Assets in Client’s Account are considered fiduciary assets
that remain Client’s property at all times. Digital Assets shall be held in Client’s Account in accordance with the terms
of this Agreement and shall not be commingled with other customers', Anchorage's, or any other person's Digital Assets. Client's Account(s)
and all Digital Assets in the Client's Account shall be held by Anchorage at all times.

1.4.	Accounting for and ownership of Client Digital Assets and fiat currency . At all times, Client owns
Digital Assets and fiat currency (if applicable) held by Anchorage on behalf of Client under this Agreement. Client Digital Assets and
fiat currency of the Client are custodial assets that shall be kept separate from the assets of Anchorage and Anchorage’s other
clients and shall not be reflected on Anchorage’s balance sheet as assets of Anchorage. Anchorage will record on its books and records
all Digital Assets and fiat currency (if applicable) received by it for the Account and will segregate Client Digital Assets from those
of any other person or entity at a unique blockchain address or addresses at which only Digital Assets belonging to Client shall be held
at all times. Anchorage shall verify on a daily basis that the previous day’s transactions in respect of Client Digital Assets as
recorded by Anchorage are consistent with the records of the Blockchain. Anchorage will, at all times during the Term, provide Client
with access to: (i) the Technology Platform for transaction records and holdings and will provide Client daily statements that show balances
and transaction records of Client Digital Assets; and (ii) the Anchorage API which will provide Client with a live data feed that show
balances and transaction records of Client Digital Assets. Upon commercially reasonable notice to Anchorage and at no charge to Client,
Anchorage will provide Client copies of the books and records pertaining to the Client that are in the possession or under the control
of Anchorage. The books and records maintained by Anchorage will, to the extent applicable, be prepared and maintained in all material
respects as required by applicable Laws, and shall separately identify Client's Digital Assets at all times such that in an insolvency
of Anchorage, the receiver or other administrator appointed in respect of Anchorage would be able to identify and trace Client's Digital
Assets separately from the assets of Anchorage's own assets and those of all other persons. Upon request from Client in writing and at
no charge to Client (or its authorized independent public accountant), Anchorage shall reasonably cooperate with Client’s authorized
independent public accountant, and provide Client’s authorized independent public accountant confirmation of and access to information
sufficient to confirm: (i) the existence of Client’s Digital Assets and fiat currency as of such date as such accountant may specify,
including the reconciliation of such Digital Assets against the Blockchain, and (ii) Client’s Digital Assets are held in a separate
Account under Client’s name, and (iii) such other information as Client's authorized independent public accountant may reasonably
request in connection with any audit or examination of Client, Client’s Account(s) or Client’s Digital Assets, including Anchorage’s
most recent SOC 1 Report.