SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-1.1
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/ex1-1.htm

Chunk 0 of 4
Word Count: 1466
Character Count: 9381

Document Content:

T.Rowe Price Active Crypto ETF S-1A

Exhibit 1.1

UNDERWRITING AGREEMENT

BETWEEN

T. ROWE PRICE ACTIVE CRYPTO ETF

AND

T. ROWE PRICE INVESTMENT SERVICES,
INC.

THIS UNDERWRITING AGREEMENT, made as of
the 13th day of April, 2026, by and between T. ROWE PRICE ACTIVE CRYPTO ETF a Delaware statutory trust organized and existing under
the laws of the State of Delaware (hereinafter called the “Trust”), and T. ROWE PRICE INVESTMENT SERVICES, INC.,
a corporation organized and existing under the laws of the State of Maryland (hereinafter called the “Distributor”).

WITNESSETH:

WHEREAS, the Trust is an actively-managed
exchange-traded product which invests in various crypto assets in accordance with the direction of its sponsor T. Rowe Price Sponsor LLC
(the “Sponsor”); and

WHEREAS, the Trust issues shares representing
units of fractional undivided beneficial interests (all such shares being referred to herein as “Shares”); and

WHEREAS, the Distributor is registered as a broker-dealer
under the Securities Exchange Act of 1934, as amended, (“SEA-34”) and is a member of the Financial Industry Regulatory
Authority, Inc. (“FINRA”); and

WHEREAS, the Trust desires the Distributor to
act as the distributor in the public offering of its shares.

NOW, THEREFORE, in consideration of the premises
and the mutual promises hereinafter set
forth, the parties hereto agree as follows:

1.       Delivery
of Trust Documents. The Trust has furnished Distributor with copies, properly certified or authenticated, of its formation
and governing documents. The Trust shall furnish the Distributor from time to time with copies, properly certified or authenticated, of
all the amendments of, or supplements to, the foregoing, if any.

The Trust shall furnish Distributor
promptly with properly certified or authenticated copies of any registration statements filed by it with the Securities and Exchange Commission
(“SEC”) under the Securities Act of 1933, as amended (“SA-33”) together with any financial statements
and exhibits included therein, and all amendments or supplements thereto hereafter filed.

2.       Sale
of Shares. Subject to the provisions of this Section and Sections 3 and 5 hereof, and to such minimum purchase requirements
as may from time to time be currently indicated in the Trust’s most current effective registration statement as it may be supplemented
or amended from time to time and filed with the SEC (“Registration Statement or Prospectus”), the Distributor
is authorized to sell, as agent for the Trust, Shares authorized for issuance and registered under SA-33. The Distributor shall have the
right to enter into “Authorized Participant Agreements” between and among financial institutions that are broker-dealers,
or exempt from being required to register as a broker-dealer with the SEC, (“Authorized Participants”), the Distributor,
the Trust’s transfer agent (“Transfer Agent”), and any other Trust service provider(s) deemed necessary for inclusion
on the Authorized Participant Agreement, for the purchase of Creation Units (as defined below) of Shares in accordance with the Registration
Statement. The Distributor agrees to use commercially reasonable efforts to act as agent of the Trust with respect to the continuous distribution
of Creation Units of Shares as set forth in the Registration Statement.

The sales price to the
public of such Shares shall be the public offering price as defined in Section 4 hereof. Such Shares shall be sold and redeemed by
the Trust only in aggregations of Shares ("Creation Units") identified in the then current Registration Statement
(and any amendment or supplement thereto) relating to the Trust, except, for example, in connection with the Trust’s
liquidation, Share split or reverse split, the conversion of shares of another entity into Shares of the Trust, and certain
reinvestments of distributions paid by the Trust in Shares ("Distributed Shares").

The Distributor, and its affiliates
such as T. Rowe Price Associates, Inc. (the “Administrator”), shall have the right to enter into selected agreements
with financial institutions of its choice in order to facilitate the sale and servicing of Shares. Within the United States, the Distributor
shall enter into such arrangements only with financial institutions which are members in good standing of FINRA or are institutions exempt
from registration under applicable federal securities laws.

The rights granted to the
Distributor shall be the exclusive right to sell and distribute Shares of the Trust. The Trust reserves the right to issue Shares in connection
with (a) the merger, reorganization, or consolidation of any other corporation, trust, or personal holding company with the Trust; (b)
the Trust’s acquisition by the purchase or otherwise, of all or substantially all of the assets of a corporation, trust, or personal
holding company; (c) transactions between the Trust and its shareholders only; (d) transactions with entities in accordance with any rule,
regulation, or order of the SEC. Any right granted to Distributor to accept orders for Shares, or to make sales on behalf of the Trust,
will not apply to Shares issued in connection with the merger or consolidation of any other entity with the Trust or its acquisition by
purchase or otherwise, of all or substantially all of the assets of any corporation, trust or personal holding company, or substantially
all of the outstanding shares or interests of any such entity, and such right shall not apply to Shares that may be offered by the Trust
to shareholders by virtue of their being shareholders of a Fund.

The Distributor shall have
the right to enter into agreements with one or more entities that control or are controlled by, or are under common control with, the
Distributor (“Foreign Affiliates”) to enable those Foreign Affiliates to sell Shares to investors and financial intermediaries
outside the United States (the “OUS Activities”), subject to the rules, regulations, and legal requirements applicable
to the country in which the investor or financial intermediary is located. Any Foreign Affiliates authorized to engage in OUS Activities
with respect to the Shares shall not be considered a third-party beneficiary of this Agreement. Without limiting the generality of the
foregoing, the Distributor shall require any such Foreign Affiliate to comply with any limitations on the Distributor set out in this
Agreement, except to the extent such limitations relate solely to compliance with U.S. laws, rules, regulations and legal requirements
applicable to the conduct of the Distributor with respect to the offer and sale of Shares within the United States.

3.       Shares
Covered by this Agreement. This Agreement relates to the issuance and sale of Shares that are duly authorized, registered,
and available for sale by the Trust to Authorized Participants, generally only in aggregations constituting a Creation Unit, if and to
the extent that they may be legally sold and if, but only if, the Trust authorizes the Distributor to sell them.

4.       Public
Offering Price. All Shares sold by the Distributor pursuant to this Agreement shall be sold at the public offering price. The public
offering price for all accepted subscriptions will be the net asset value per share (“NAV”), as determined by the Administrator,
in the manner provided in the Trust’s registration statement then in effect. The Distributor, in consultation with the Sponsor and
various other service providers to the Trust, will process orders submitted by Authorized Participants for the sale of Shares at the public
offering price exclusive of any commission charged by such broker to his customer. For avoidance of doubt, Shares shall be sold only in
Creation Units with the exceptions noted in Section 2. A Creation Unit of the Trust shall be offered for sale at a price equivalent to:
(i) NAV, multiplied by the number of Shares per Creation Unit; (ii) portfolio holdings in specified amounts together with a specified
cash component, as posted each business day by the Trust (a “Deposit Basket”); or (iii) such other specified amounts
of cash and portfolio holdings as may be agreed upon by the Trust and an Authorized Participant from time to time; in each case of (i)
through (iii) in accordance with all rules and regulations applicable to the Trust, including, without limitation, the Registration Statement.

5.       Suspension
of Sales. If and whenever the determination of NAV is suspended and until such suspension is terminated, no further orders for Shares
shall be accepted by the Distributor except such unconditional orders placed with the Distributor before it had knowledge of the suspension.
In addition, the Trust reserves the right to suspend sales and Distributor’s authority to accept orders for Shares if, in the judgment
of the Trust or its Sponsor, it is in the best interests of the Trust to do so, such suspension to continue for such period as may be
determined by the Trust upon notice to the Distributor; and in that event, no orders to purchase Shares shall be processed or accepted
by the Distributor on behalf of the Trust while such suspension remains in effect except for Shares necessary to cover unconditional orders
accepted by Distributor before it had knowledge of the suspension, unless otherwise directed by Trust or its Sponsor.