SEC Filing Document

Company: T. Rowe Price Active Crypto ETF
Ticker: 
CIK: 2089855
Filing Type: S-1/A
Document Type: EX-10.4
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/ex10-4.htm

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order or requirement. The Custodian shall, to the extent permitted by law, provide notice to the applicable Trust promptly (in view of all the facts and circumstances) after receipt of any request for records relating to any investigation, examination or inspection of the Trust by the Trust’s supervisory or regulatory authorities. The Custodian shall provide the applicable Trust with an update on the fees and expenses incurred in responding to any such requests for records and shall cooperate in any efforts of the Trust or its designee to seek a protective order to the extent permitted by law and reasonably requested at the Trust’s expense. SECTION 13. TRUST’S INDEPENDENT ACCOUNTANTS; REPORTS . SECTION 13.1 OPINIONS. The Custodian shall take all reasonable action, as a Trust may from time to time request, to obtain from year to year favorable opinions from the Trust’s independent accountants with respect to its activities hereunder.

SECTION 13.2     REPORTS.
Upon reasonable request of a Trust, the Custodian shall provide the Trust with a copy of the Custodian’s Service Organizational
Control (SOC) 1 reports prepared in accordance with the requirements of AT section 801, Reporting on Controls at a Service Organization
(formerly Statement on Standards for Attestation Engagements (SSAE) No. 16). The Custodian shall use commercially reasonable efforts to
provide the Trust with such reports as the Trust may reasonably request.

SECTION 14.	CUSTODIAN’S STANDARD OF CARE; EXCULPATION .

14.1       STANDARD
OF CARE. In carrying out the provisions of this Agreement, the Custodian shall act in good faith, diligence that a professional
provider of custody services would observe in carrying out all of the duties and obligations under this Agreement taking into
account generally applicable industry standards and practices, without negligence, and reasonable care (altogether, the
“Standard of Care”) at all times in its performance of all services performed under this Agreement.

14.2       RELIANCE
ON PROPER INSTRUCTIONS. The Custodian shall be entitled conclusively to rely and act upon Proper Instructions until the Custodian
has received notice of any change from the Trust and has had a reasonable time to act thereon. The Custodian may act on a Proper Instruction
if it reasonably believes that it contains sufficient information and may refrain from acting on any Proper Instructions until such time
that it has determined, in its reasonable discretion, that is has received any required clarification or authentication of Proper Instructions.
The Custodian may rely upon and shall be protected in acting upon any Proper Instruction or any other instruction, notice, request, consent,
certificate or other instrument or paper reasonably believed by it in good faith to be genuine and to have been properly executed by or
on behalf of the applicable Trust.

14.3       OTHER
RELIANCE. The Custodian is authorized and instructed to rely upon the information that the Custodian receives from the Trust or any
third party on behalf of the Trust (including, without limitation, any confirmation received from the Trust, Sponsor or any other authorized
person as to the delivery by an Authorized Participant of required Digital Assets determined to be sufficient for the related issuance
of Creation Units). The Custodian shall have no responsibility to review, confirm or otherwise assume any duty with respect to the accuracy
or completeness of any information supplied to it by or on behalf of any Trust. The Custodian shall have no liability in respect of any
loss, cost or expense incurred or sustained by the Trust arising from the performance of the Custodian’s duties hereunder in reliance
upon records that were maintained for the Trust by any individual or organization, other than the Custodian, prior to the Custodian’s
appointment as custodian hereunder. The Custodian shall be entitled to rely on and may act upon reasonable advice of reputable counsel
(who may be counsel for any Trust) on all matters and shall be without liability for any good faith action reasonably taken or omitted
pursuant to the advice in accordance with the Standard of Care. Unless otherwise agreed, the Custodian shall bear the cost of such advice
of counsel.

14.4       LIABILITY
FOR FOREIGN CUSTODIANS AND SUB-CUSTODIANS. The Custodian shall be liable for the acts or omissions of a foreign sub-custodian and
of any sub-custodian selected by the Custodian to the same extent as if the action or omission were performed by the Custodian itself,
taking into account the facts and circumstances and the established local market practices and laws prevailing in the particular jurisdiction
in which the Trust elects to invest.

14.5       INSOLVENCY
AND COUNTRY RISK. The Custodian shall in no event be liable for (a) the insolvency of any foreign sub-custodian, (b) the insolvency
of any depositary bank maintaining in a deposit account cash denominated in any currency other than an “on book” currency,
or (c) any loss, cost or expense incurred or sustained by a Trust resulting from or caused by Country Risk.

14.6       FORCE
MAJEURE AND THIRD PARTY ACTIONS. The Custodian shall be without responsibility or liability to any Trust for: (a) events or circumstances
beyond the reasonable control of the Custodian, including, without limitation, the interruption, suspension or restriction of trading
on or the closure of any currency or securities market or system, power or other mechanical or technological failures or interruptions,
work stoppages, natural disasters, acts of war, revolution, riots or terrorism or other similar force majeure events or acts, except to
the extent the losses or liabilities are attributable to the Custodian’s breach of its business continuity obligations under this
Agreement; (b) errors by any Trust, its Sponsor or any other duly authorized person in their Proper Instructions to the Custodian;
(c) the insolvency of or acts or omissions by a U.S. Securities System, Foreign Securities System, Underlying Transfer Agent or unaffiliated
domestic sub-custodian designated pursuant to Section 2.2; (d) the failure of any Trust, its Sponsor or any duly authorized
individual or organization to adhere to the Custodian’s operational policies and procedures; (e) any delay or failure of any
broker, agent, securities intermediary or other intermediary, central bank or other commercially prevalent payment or clearing system
to deliver to the Custodian’s sub-custodian or agent securities or other financial assets purchased or in the remittance or payment
made in connection with securities or other financial assets sold except to the extent caused by Custodian’s actions or inactions
not in accordance with the Standard of Care; (f) any delay or failure of any organization in charge of registering or transferring
securities or other financial assets in the name of the Custodian, any Trust, the Custodian’s sub-custodians, nominees or agents
including non-receipt of bonus, dividends and rights and other accretions or benefits except to the extent caused by Custodian’s
acts or omissions not in accordance with the Standard of Care; (g) delays or inability to perform its duties due to any disorder
in market infrastructure with respect to any particular security, other financial asset, U.S. Securities System or Foreign Securities
System; and (h) the effect of any provision of any law or regulation or order of the United States of America, or any state thereof, or
any other country, or political subdivision thereof or of any court of competent jurisdiction.

14.7       INDIRECT/SPECIAL/CONSEQUENTIAL
DAMAGES. Notwithstanding any other provision set forth herein, in no event shall the Custodian or any Trust be liable for any
special, indirect, incidental, punitive or consequential damages of any kind whatsoever (including, without limitation, lost
profits) with respect to the services provided pursuant to this Agreement or a breach of this Agreement, regardless of whether
either party has been advised of the possibility of such damages.

14.8       DELIVERY
OF PROPERTY. The Custodian shall not be responsible for any securities or other assets of a Trust which are not received by the Custodian
or which are delivered out in accordance with Proper Instructions. The Custodian shall not be responsible for the title, validity or genuineness
of any securities or other assets or evidence of title thereto received by it or delivered by it pursuant to this Agreement.

INVESTMENT ADVICE. The Custodian has no responsibility to monitor or oversee the investment activity undertaken by any Trust or its
Sponsor. The Custodian has no duty to ensure or to inquire whether the Sponsor complies with any investment objectives or restrictions
agreed upon between a Trust and the Sponsor or whether the Sponsor complies with its legal obligations under applicable securities laws
or other laws, including laws intended to protect the interests of investors. The Custodian shall neither assess nor take any responsibility
or liability for the suitability or appropriateness of the investments made by any Trust on its behalf.