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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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.

If the Transfer Agent does not
meet its Standard of Care in connection with the performance of its obligations under or any actions taken or omitted in accordance with
the provisions of the Transfer Agent Agreement, the Transfer Agent, its directors, employees and agents shall be indemnified by the Fund
and held harmless against any loss, liability or expense (including, but not limited to, the reasonable fees and expenses of counsel)
arising out of or in connection with (i) the performance of its obligations under the Transfer Agent Agreement, (ii) the Fund’s,
or the Authorized Participants’ failure to obtain all consents and approvals required by applicable law for the collection, processing,
use and disclosure of Personal Information, (iii) the Fund’s breach of any representation, warranty or covenant under the Transfer
Agent Agreement; (iv) the Fund’s lack of good faith, or gross negligence or willful misconduct; (v) any offer or sale of creation
units in violation of applicable law; or (vi) any tax obligation imposed as transfer agent under the Transfer Agent Agreement.

The Transfer Agent is obligated
to provide transfer agent services under the Transfer Agent 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 Transfer Agent 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 Transfer Agent Agreement if the Transfer Agent experiences a
change of control.

Under the Transfer Agent Agreement,
the Transfer Agent is required to maintain the confidentiality of the Fund’s and Authorized Participant’s information unless
it receives the Fund’s prior written consent, except to the extent disclosure is required by law or is made to third parties who
need to know the information in order for the Transfer Agent to provide the transfer agent services to the Fund.

Crypto Trading Counterparties

The Fund buys and sells crypto
assets through Crypto Trading Counterparties, selected by the Sponsor, that are responsible for executing and settling the trades by
facilitating trading, providing liquidity, and supporting price discovery of each crypto asset. Crypto Trading Counterparties may include
entities or protocols that deploy their own capital to make markets—by quoting two-sided prices or supplying assets to pools—so
participants can trade, borrow, lend, or hedge at observable prices and sizes. The Fund does not currently intend to engage a prime broker
or other liquidity provider providing prime brokerage services. The agreements with the Crypto Asset Trading Counterparties provide that
once the Sponsor determines which counterparty to execute a trade with based on its execution procedures, and the Sponsor has placed
a trade with a specific counterparty, that counterparty is obligated to settle that trade. The Crypto Asset Trading Counterparties have
no obligation to participate in orders for creations and redemptions of Shares.

The Crypto Asset Trading Counterparties
are, as of the date of this prospectus: Flow Traders B.V. (Flow Traders) and JSCT, LLC (Jane Street). JSCT, LLC is an affiliate of Jane
Street Capital, LLC., which is an Authorized Participant. Additional Crypto Trading Counterparties may be engaged based on the Fund’s
operational and liquidity needs, and Shareholders will be notified of such additions in a prospectus supplement or the Fund’s periodic
reports. The Sponsor conducts due diligence on potential Crypto Asset Trading Counterparties, with entities being added or removed from
consideration on an ongoing basis. Each Crypto Asset Trading Counterparty must undergo onboarding by the Sponsor prior to entering into
crypto asset transactions on behalf of the Fund. The Sponsor will not place orders with any Crypto Asset Trading Counterparty that is
an affiliate of the Fund, the Trust or the Sponsor. Each of the Crypto Asset Trading Counterparties are, and any other Crypto Asset Trading
Counterparty that the Sponsor, on behalf of the Fund, places orders with in the future, will be subject to U.S. federal and/or state
licensing requirements or similar laws in non-U.S. jurisdictions, and maintain practices and policies designed to comply with anti-money
laundering (AML) and know your customer (KYC) regulations or similar laws in non-U.S. jurisdictions.

Flow Traders. Transacting
in crypto assets with Flow Traders is subject to the Flow Traders terms of business and relevant disclosures published at time of execution
of such transaction, as made publicly available by Flow Traders. The Sponsor, on behalf of the Fund, has conducted a review of Flow Traders’
terms of business and disclosures, and has deemed it acceptable for the Fund to transact subject to those terms. Neither Flow Traders
nor the Fund shall be held liable by the other party for any direct losses, liabilities, expenses, suits, demands, or costs (including
reasonable attorney fees), except in instances of fraud, willful misconduct, or gross negligence, regardless of the underlying cause.
In no event shall either party be liable to the other party or any third party for indirect, consequential, or special damages.

Jane Street. The Sponsor, on behalf of the Fund,
has entered into a Master Purchase and Sale Agreement for Digital Assets (the “Master Agreement”) with Jane Street to allow
the Fund to enter into spot purchase or sale transactions in crypto assets on a principal to principal basis.  Under the Master
Agreement, Jane Street, the Fund, and Sponsor each has no liability: (i) with respect to any immaterial breach of the Master Agreement
which does not arise from its fraud, willful misconduct, bad faith or gross negligence, (ii) for any act or omission (including insolvency)
or delay of any third-party, including any bank, digital wallet provider or digital currency exchange or any of their agents or subcontractors,
(iii) for any interruption or delays of service, system failure, or errors in the design or functioning of any electronic system, provided
that such system is not maintained by Jane Street, or (iv) for any consequential, indirect, incidental, or any similar damages (even
if informed of the possibility or likelihood of such Special Damages).  The Fund, Sponsor, and Jane Street, will each indemnify,
defend and hold parties covered by this clause harmless together with its officers, directors, members, affiliates, employees, agents
and licensors from and against all losses, liabilities, judgments, proceedings, claims, damages and costs (including reasonable attorneys’
fees) resulting from any third-party action related to: (i) the indemnifying party’s breach of the terms of this Agreement, (ii)
the indemnifying party’s violation of any applicable law, rule or regulation, or (iii) the indemnified party’s reasonable
reliance on any instruction (in whatever form delivered) which it reasonably believed to have been given by or on behalf of the indemnifying
party. The Master Agreement continues in effect until terminated in writing by either party.

The Distributor

T. Rowe Price Investment Services,
Inc., a wholly-owned subsidiary of the Administrator and affiliate of the Sponsor, serves as the Distributor, under the Underwriting Agreement.
The Distributor is registered as a broker-dealer under the Exchange Act and is a member of the Financial Industry Regulatory Authority,
Inc. (FINRA). The Distributor is located at 1307 Point Street, Baltimore, Maryland 21231.

The Fund has engaged the Distributor
to provide the following services: acting as the agent of the Fund in connection with the sale of Shares in the various states in which
the Distributor is qualified as a broker-dealer, managing creation and redemption orders, and marketing Shares. No sales charges are paid
by Shareholders or the Fund, no compensation is paid to the Distributor, and the Distributor does not receive any underwriting discount
from the sale of Shares. The Underwriting Agreement also allows the Distributor to enter into agreements with affiliated entities to offer
and sell Shares of the Fund, under limited conditions, to certain investors outside the United States.