# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001193125-25-329873
**Filing Date:** 2025-12
**Character Count:** 259950
**Document Hash:** bee20390b4fd738339ae41d28f6cb4fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-329873.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-329873

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Exchange-Traded Funds, Inc.
- **CENTRAL INDEX KEY:** 0001795351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251595470

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price QM U.S. Bond ETF (Series ID: S000072797)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000229338 | T. Rowe Price QM U.S. Bond ETF | TAGG            |

?xml version='1.0' encoding='ASCII'? QM U.S. Bond ETF_QBX

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-23494

T. Rowe Price Exchange-Traded Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

Registrant's telephone number, including area code: (410) 345-2000

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g942149if158a27e25e0e670ae41.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# QM U.S. Bond ETF (TAGG)

# Principal Listing Exchange: NYSE Arca, Inc.
This annual shareholder report contains important information about QM U.S. Bond ETF (the "fund") for the period of November 1, 2024 to October 31, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at www.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or by contacting your intermediary.

## **What were the fund costs for the last year ?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund name | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| QM U.S. Bond ETF | $8 | 0.08% |

---

## **What drove fund performance during the past 12 months?** 
* The U.S. investment-grade (IG) fixed income market advanced for the 12-month reporting period and posted positive total returns. The U.S. Treasury yield curve steepened as rate cuts from the Federal Reserve pushed shorter-term yields lower, while concerns about an increasing fiscal deficit contributed to moderately higher longer-term yields.

* The fund's overweight exposure to securitized credit sectors on a risk-adjusted basis, such as asset-backed and commercial mortgage-backed securities, aided the fund's results relative to the Bloomberg U.S. Aggregate Bond Index as credit spreads in these shorter-duration sectors tightened relative to Treasuries. Security selection within the corporate bond sector also added value with contributions from a variety of corporate subsectors, including cable operators and banking. The fund also generated more yield, or carry, relative to its benchmark, which was beneficial.

* Duration management weighed on the fund relative to the benchmark. Positioning the fund, at times, to benefit from higher U.S. Treasury yields dragged on performance. The fund's holdings in agency mortgage-backed securities also detracted over the reporting period.

* The fund seeks to provide a total return that exceeds the performance of the U.S. IG bond market. Over the period, the fund reduced its overall risk profile relative to the benchmark amid stretched valuations in credit markets and pivoted to a neutral stance in agency mortgage-backed securities. We added in areas that we believed looked more attractive, such as high-quality non-agency mortgage-backed securities and collateralized loan obligations. The fund maintained a mostly short-to-neutral duration position versus the benchmark.

## **How has the fund performed?** 

### Cumulative Returns of a Hypothetical $10,000 Investment as of October 31, 2025
![Growth of 10K Chart](g942149id466e3abdaa7cd93430c.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF (Based on Net Asset Value)** | **Regulatory/Strategy Benchmark** |
| **9/28/21** | 10000 | 10000 |
| **10/31/21** | 9992 | 10007 |
| **1/31/22** | 9788 | 9796 |
| **4/30/22** | 9045 | 9060 |
| **7/31/22** | 9152 | 9195 |
| **10/31/22** | 8384 | 8438 |
| **1/31/23** | 8936 | 8977 |
| **4/30/23** | 8979 | 9021 |
| **7/31/23** | 8835 | 8885 |
| **10/31/23** | 8422 | 8468 |
| **1/31/24** | 9123 | 9165 |
| **4/30/24** | 8851 | 8889 |
| **7/31/24** | 9314 | 9338 |
| **10/31/24** | 9334 | 9361 |
| **1/31/25** | 9333 | 9355 |
| **4/30/25** | 9581 | 9602 |
| **7/31/25** | 9632 | 9654 |
| **10/31/25** | 9917 | 9938 |

---

202505-4541202, 202512-4881097

ETF989-052 12/25

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| Fund | **1 Year** | **Since Inception 9/28/21** |
| QM U.S. Bond ETF (Based on Net Asset Value) | 6.24% | -0.20% |
| Bloomberg U.S. Aggregate Bond Index (Regulatory/Strategy Benchmark) | 6.16% | -0.15% |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any. Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares. **The fund's past performance is not a good predictor of the fund's future performance.** Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### **Fund Statistics** 
* Total Net Assets (000s)$1,530,703

* Number of Portfolio Holdings1,521

* Investment Advisory Fees Paid (000s)$707

* Portfolio Turnover Rate190.9%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 34.5% |
| Corporate Bonds | 25.4 |
| U.S. Government & Agency Mortgage-Backed Securities | 25.4 |
| Asset-Backed Securities | 5.5 |
| Non-U.S. Government Mortgage-Backed Securities | 5.0 |
| Foreign Government Obligations & Municipalities | 1.4 |
| Municipal Securities | 1.4 |
| Short-Term and Other | 1.4 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Notes | 22.3% |
| U.S. Treasury Bonds | 12.3 |
| Federal National Mortgage Assn. | 11.1 |
| Federal Home Loan Mortgage | 7.9 |
| Government National Mortgage Assn. | 5.8 |
| Benchmark Mortgage Trust | 0.8 |
| JPMorgan Chase | 0.7 |
| UMBS, TBA | 0.7 |
| Bank of America | 0.6 |
| Wells Fargo | 0.6 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg does not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

QM U.S. Bond ETF (TAGG)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g942149ide6e63a72e9a14eb63d8.jpg)

Principal Listing Exchange: NYSE Arca, Inc.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  Audit Fees | $34043 | $33840 |
|  Audit-Related Fees |  |  |
|  Tax Fees |  |  |
|  All Other Fees |  |  |

---

Audit fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant's financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant's pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant's Board of Directors/Trustees.

(e)(1) The registrant's audit committee has adopted a policy whereby audit and non-audit services performed by the registrant's principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,541,000 and $846,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant's audit committee. Accordingly, these services were considered by the registrant's audit committee in maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

![](g942149img5c82751a1.gif)

#### Financial Statements and Other Information
October 31, 2025

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp;TAGG | &nbsp;&nbsp;&nbsp;&nbsp;QM U.S. Bond ETF |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more insights from T. Rowe Price investment professionals, go to **troweprice.com**. |

---

------

![](g942149imge7bc28582.gif)

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T. ROWE PRICE QM U.S. BOND ETF

------

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br> Ended |  |  |  | &nbsp;&nbsp;9/28/21<sup>(1)</sup><br> Through |
|  | 10/31/25 | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 |
| **NET ASSET VALUE** |  |  |  |  |  |
| Beginning of period | $42.39 | &nbsp;&nbsp;$39.93 | &nbsp;&nbsp;$41.11 | &nbsp;&nbsp;$49.96 | $50.00 |
| Investment activities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;Total from investment activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.97) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>(4)</sup> |
| Distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **NET ASSET VALUE** |  |  |  |  |  |
| **End of period** | **$43.12** | &nbsp;&nbsp;**$42.39** | &nbsp;&nbsp;**$39.93** | &nbsp;&nbsp;**$41.11** | **$49.96** |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br> Ended |  |  |  | &nbsp;&nbsp;9/28/21<sup>(1)</sup><br> Through |
|  | 10/31/25 | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Total return, based on NAV<sup>(3)(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.08)%** |
| Ratios to average net<br> assets:<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross expenses before<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses after<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29%<sup>(6)</sup> |
| Portfolio turnover rate<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.9% |
| Portfolio turnover rate, excluding mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7% |
| Net assets, end of period<br> (in thousands) | $1530703 | &nbsp;&nbsp;$96437 | &nbsp;&nbsp;$103819 | &nbsp;&nbsp;$35973 | &nbsp;&nbsp;$27477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Inception date

<sup>(2)</sup> Per share amounts calculated using average shares outstanding method.

<sup>(3)</sup> Includes the impact of expense-related arrangements with Price Associates.

<sup>(4)</sup> The amount presented is inconsistent with the fund's results of operations because of the timing of redemptions of fund shares in relation to fluctuating market values for the investment portfolio.

<sup>(5)</sup> Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions. Total return is not annualized for periods less than one year.

<sup>(6)</sup> Annualized

<sup>(7)</sup> The portfolio turnover rate calculation includes purchases and sales from mortgage dollar roll transactions.

The accompanying notes are an integral part of these financial statements.

------

T. ROWE PRICE QM U.S. BOND ETF

------

October 31, 2025

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ASSET-BACKED SECURITIES 5.5%** | **ASSET-BACKED SECURITIES 5.5%** | **ASSET-BACKED SECURITIES 5.5%** |
| **Car Loan 2.3%** |  |  |
| Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class A2, 4.452%, 6/15/33 (1) | 1249 | 1252 |
| Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class A2, 4.34%, 9/15/33 (1) | 1445 | 1445 |
| ARI Fleet Lease Trust, Series 2025-A, Class A3, 4.46%, 1/17/34 (1) | 1255 | 1262 |
| Avis Budget Rental Car Funding AESOP, Series 2025-3A, Class A, 4.17%, 2/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;384 |
| CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| CarMax Auto Owner Trust, Series 2025-4, Class A4, 4.08%, 6/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| Carvana Auto Receivables Trust, Series 2021-P4, Class C, 2.33%, 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Carvana Auto Receivables Trust, Series 2023-N1, Class C, 5.92%, 7/10/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;669 |
| Carvana Auto Receivables Trust, Series 2024-P4, Class A3, 4.64%, 1/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Carvana Auto Receivables Trust, Series 2024-P4, Class A4, 4.74%, 12/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| Carvana Auto Receivables Trust, Series 2025-N1, Class A3, 4.91%, 8/10/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| Carvana Auto Receivables Trust, Series 2025-P1, Class B, 4.98%, 5/12/31 | 1550 | 1574 |
| Carvana Auto Receivables Trust, Series 2025-P2, Class A4, 4.75%, 6/10/31 | 1340 | 1362 |
| Chase Auto Owner Trust, Series 2025-1A, Class A3, 4.29%, 6/25/30 (1) | 1135 | 1142 |
| Drive Auto Receivables Trust, Series 2021-3, Class D, 1.94%, 6/15/29 (1) | 1224 | 1209 |
| Enterprise Fleet Financing, Series 2023-2, Class A2, 5.56%, 4/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Enterprise Fleet Financing, Series 2024-4, Class A2, 4.69%, 7/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Enterprise Fleet Financing, Series 2024-4, Class A4, 4.70%, 6/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Enterprise Fleet Financing, Series 2025-3, Class A3, 4.46%, 9/20/29 (1) | 1330 | 1343 |
| Exeter Automobile Receivables Trust, Series 2025-2A, Class A3, 4.74%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;923 |
| Exeter Automobile Receivables Trust, Series 2025-4A, Class B, 4.40%, 5/15/30 | 1000 | 1001 |
| Exeter Select Automobile Receivables Trust, Series 2025-1, Class B, 4.87%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;990 | 1001 |
| Exeter Select Automobile Receivables Trust, Series 2025-2, Class A3, 4.43%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;884 |
| Ford Credit Auto Lease Trust, Series 2023-B, Class C, 6.43%, 4/15/27 | 2605 | 2623 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85%, 8/15/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| GM Financial Automobile Leasing Trust, Series 2025-1, Class A4, 4.70%, 2/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3, 4.62%, 12/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A4, 4.73%, 8/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| GMF Floorplan Owner Revolving Trust, Series 2025-1A, Class B, 4.79%, 3/15/29 (1) | 1400 | 1408 |
| GMF Floorplan Owner Revolving Trust, Series 2025-2A, Class B, 4.91%, 3/15/30 (1) | 1370 | 1385 |
| Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.957%, 3/21/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;330 |
| Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class A, 5.59%, 4/25/29 (1) | 2425 | 2440 |
| Navistar Financial Dealer Note Master Owner Trust II, Series 2025-1, Class A, 4.18%, 9/25/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;764 |
| Santander Drive Auto Receivables Trust, Series 2022-3, Class C, 4.49%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A3, 4.88%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class B, 4.98%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.74%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| SBNA Auto Lease Trust, Series 2025-A, Class A3, 4.83%, 4/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
| SBNA Auto Lease Trust, Series 2025-A, Class A4, 4.87%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |
| SFS Auto Receivables Securitization Trust, Series 2025-1A, Class A4, 4.83%, 12/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
| SFS Auto Receivables Securitization Trust, Series 2025-1A, Class B, 5.11%, 2/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class B, 4.47%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class A4, 4.29%, 6/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| Toyota Lease Owner Trust, Series 2025-A, Class A4, 4.81%, 6/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 |
| US Bank, Series 2023-1, Class B, 6.789%, 8/25/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Wheels Fleet Lease Funding, Series 2025-2A, Class A1, 4.41%, 5/18/40 (1) | 3295 | &nbsp;&nbsp;&nbsp;3312 |
| Wheels Fleet Lease Funding 1, Series 2025-1A, Class A1, 4.57%, 1/18/40 (1) | 1410 | &nbsp;&nbsp;&nbsp;1420 |
|  |  | 35028 |
| **Other Asset-Backed Securities 3.1%** |  |  |
| Affirm Master Trust, Series 2025-2A, Class A, 4.67%, 7/15/33 (1) | 2395 | &nbsp;&nbsp;&nbsp;2402 |
| AGL CLO 13, Series 2021-13A, Class A1R, FRN, 3M TSFR + 1.10%, 4.984%, 10/20/34 (1) | 3435 | &nbsp;&nbsp;&nbsp;3434 |
| AMSR Trust, Series 2021-SFR2, Class C, 1.877%, 8/17/38 (1) | 1685 | &nbsp;&nbsp;&nbsp;1642 |
| AMSR Trust, Series 2021-SFR4, Class A, 2.117%, 12/17/38 (1) | 1610 | &nbsp;&nbsp;&nbsp;1574 |
| Ares Loan Funding IX, Series 2025-ALF9A, Class A1, FRN, 3M TSFR + 1.18%, 5.085%, 3/31/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 |
| Barings CLO, Series 2021-3A, Class B1R, FRN, 3M TSFR + 1.63%, 5.514%, 1/18/35 (1) | 1695 | &nbsp;&nbsp;&nbsp;1697 |
| Benefit Street Partners, Series 2015-6BR, Class A1R, FRN, 3M TSFR + 1.18%, 5.064%, 4/20/38 (1) | 1260 | &nbsp;&nbsp;&nbsp;1257 |
| CCG Receivables Trust, Series 2025-1, Class A2, 4.48%, 10/14/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Clarus Capital Funding, Series 2024-1A, Class A2, 4.71%, 8/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| CyrusOne Data Centers Issuer I, Series 2024-2A, Class A2, 4.50%, 5/20/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| Dell Equipment Finance Trust, Series 2023-2, Class B, 5.77%, 1/22/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Dext ABS, Series 2025-1, Class A3, 4.77%, 8/15/35 (1) | 1550 | 1565 |
| DLLAA, Series 2023-1A, Class A3, 5.64%, 2/22/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| DLLAA, Series 2023-1A, Class A4, 5.73%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Elara HGV Timeshare, Series 2023-A, Class B, 6.53%, 2/25/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Elara HGV Timeshare Issuer, Series 2023-A, Class A, 6.16%, 2/25/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| FirstKey Homes Trust, Series 2020-SFR2, Class B, 1.567%, 10/19/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;309 |
| Fortress Credit BSL XIX, Series 2023-2A, Class A1R, FRN, 3M TSFR + 1.35%, 5.215%, 7/24/36 (1) | 3825 | 3832 |
| Frontier Issuer, Series 2024-1, Class A2, 6.19%, 6/20/54 (1) | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;510 |
| Halseypoint, Series 2022-6A, Class A1R, FRN, 3M TSFR + 1.35%, 5.234%, 1/20/38 (1) | 1285 | 1289 |
| Hilton Grand Vacations Trust, Series 2025-2A, Class A, 4.54%, 5/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;793 |
| HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31 (1) | 1750 | 1771 |
| KKR 33, Series 33A, Class A, FRN, 3M TSFR + 1.43%, 5.316%, 7/20/34 (1) | 2245 | 2246 |
| MidOcean Credit VI, Series 2016-6A, Class ARRR, FRN, 3M TSFR + 1.23%, 5.10%, 4/20/33 (1) | 1114 | 1114 |
| MMAF Equipment Finance, Series 2022-A, Class A4, 3.32%, 6/13/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Neuberger Berman Loan Advisers, Series 2021-43A, Class AR, FRN, 3M TSFR + 1.05%, 4.932%, 7/17/36 (1) | 1250 | 1249 |
| Neuberger Berman Loan Advisers, Series 2022-48A, Class A1R, FRN, 3M TSFR + 1.09%, 4.948%, 4/25/36 (1) | 3580 | 3578 |
| NMEF Funding, Series 2025-A, Class A2, 4.72%, 7/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;310 |
| Octane Receivables Trust, Series 2023-1A, Class A, 5.87%, 5/21/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Octane Receivables Trust, Series 2024-1A, Class A2, 5.68%, 5/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Octane Receivables Trust, Series 2024-RVM1, Class A, 5.01%, 1/22/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp;923 |
| PEAC Solutions Receivables, Series 2024-1A, Class A2, 5.79%, 6/21/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;546 |
| PEAC Solutions Receivables, Series 2025-1A, Class A2, 4.94%, 10/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;297 |
| Post Road Equipment Finance, Series 2025-1A, Class A2, 4.90%, 5/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, 4/17/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp;643 |
| Progress Residential Trust, Series 2024-SFR5, Class A, 3.00%, 8/9/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Progress Residential Trust, Series 2025-SFR5, Class A, 3.85%, 10/17/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;479 |
| Rockford Tower, Series 2022-1A, Class A1R, FRN, 3M TSFR + 1.20%, 5.084%, 7/20/35 (1) | 3560 | 3560 |
| SCF Equipment Trust, Series 2022-1A, Class B, 3.22%, 10/21/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;472 |
| SCF Equipment Trust, Series 2025-1A, Class A2, 4.82%, 7/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| SCF Equipment Trust, Series 2025-1A, Class A3, 5.11%, 11/21/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Sierra Timeshare Receivables Funding, Series 2025-2A, Class A, 4.72%, 4/20/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;652 |
| Signal Peak, Series 2021-10A, Class A1R, FRN, 3M TSFR + 1.19%, 5.055%, 1/24/38 (1) | 2100 | 2101 |
| THL Credit Wind River, Series 2019-3A, Class AR3, FRN, 3M TSFR + 1.20%, 5.058%, 1/15/38 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;660 |
| Tricon American Homes, Series 2019-SFR1, Class D, 3.198%, 3/17/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943%, 7/17/38 (1) | 1363 | 1338 |
| Tricon Residential Trust, Series 2022-SFR1, Class A, 3.856%, 4/17/39 (1) | 1759 | 1744 |
| Trinitas CLO VII, Series 2017-7A, Class A1R2, FRN, 3M TSFR + 1.06%, 4.918%, 1/25/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;904 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Verdant Receivables, Series 2023-1A, Class A2, 6.24%, 1/13/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Verdant Receivables, Series 2025-1A, Class B, 5.37%, 5/12/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| Wingspire Equipment Finance, Series 2025-1A, Class A2, 4.33%, 9/20/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
|  |  | 47934 |
| **Student Loan 0.1%** |  |  |
| Bayview Opportunity Master Fund VII, Series 2025-EDU1, Class A, FRN, SOFR30A + 1.30%, 5.483%, 7/27/48 (1) | 1008 | &nbsp;&nbsp;&nbsp;1004 |
| Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Navient Private Education Refi Loan Trust, Series 2020-A, Class A2A, 2.46%, 11/15/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32%, 4/20/62 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Nelnet Student Loan Trust, Series 2021-DA, Class AFX, 1.63%, 4/20/62 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
|  |  | &nbsp;&nbsp;&nbsp;1180 |
| **Total Asset-Backed Securities<br> (Cost $83,732)** |  | **84142** |
| **CORPORATE BONDS 25.4%** | **CORPORATE BONDS 25.4%** | **CORPORATE BONDS 25.4%** |
| **FINANCIAL INSTITUTIONS 9.1%** |  |  |
| **Banking 5.8%** |  |  |
| Ally Financial, 2.20%, 11/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Ally Financial, VR, 6.848%, 1/3/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 |
| American Express, VR, 4.918%, 7/20/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 |
| Banco Bilbao Vizcaya Argentaria, 5.381%, 3/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| Banco Bilbao Vizcaya Argentaria, VR, 6.138%, 9/14/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 |
| Banco Santander, 5.439%, 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
| Banco Santander, VR, 5.552%, 3/14/28 (3) | 1200 | &nbsp;&nbsp;&nbsp;1220 |
| Banco Santander, VR, 6.527%, 11/7/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 |
| Bank of America, VR, 1.658%, 3/11/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| Bank of America, VR, 1.734%, 7/22/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Bank of America, VR, 1.898%, 7/23/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Bank of America, VR, 1.922%, 10/24/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| Bank of America, VR, 2.551%, 2/4/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Bank of America, VR, 2.572%, 10/20/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Bank of America, VR, 2.592%, 4/29/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;287 |
| Bank of America, VR, 2.676%, 6/19/41 (3) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;171 |
| Bank of America, VR, 2.831%, 10/24/51 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Bank of America, VR, 3.559%, 4/23/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Bank of America, VR, 3.705%, 4/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| Bank of America, VR, 3.824%, 1/20/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;344 |
| Bank of America, VR, 3.846%, 3/8/37 (3) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| Bank of America, VR, 4.078%, 4/23/40 (3) | 1040 | &nbsp;&nbsp;&nbsp;&nbsp;933 |
| Bank of America, VR, 4.244%, 4/24/38 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Bank of America, VR, 4.271%, 7/23/29 (3) | 2230 | 2236 |
| Bank of America, VR, 4.376%, 4/27/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Bank of America, VR, 4.571%, 4/27/33 (3) | 2330 | 2328 |
| Bank of America, VR, 5.819%, 9/15/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;469 |
| Bank of America, 5.875%, 2/7/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Bank of America, VR, 5.933%, 9/15/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;365 |
| Bank of America, 7.75%, 5/14/38 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;976 |
| Bank of New York Mellon, VR, 3.442%, 2/7/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;804 |
| Bank of New York Mellon, VR, 3.992%, 6/13/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| Bank of New York Mellon, VR, 5.606%, 7/21/39 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Bank of New York Mellon, VR, 5.834%, 10/25/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Bank of New York Mellon, VR, 6.317%, 10/25/29 (3) | 1110 | 1179 |
| Barclays, VR, 2.279%, 11/24/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;196 |
| Barclays, VR, 5.69%, 3/12/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;990 | 1028 |
| Barclays, VR, 7.437%, 11/2/33 (3) | 2050 | 2352 |
| BBVA Mexico Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.25%, 9/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;719 |
| Capital One Financial, VR, 2.359%, 7/29/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Capital One Financial, 3.65%, 5/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| Capital One Financial, 3.75%, 7/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| Capital One Financial, VR, 4.927%, 5/10/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;222 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Capital One Financial, VR, 5.268%, 5/10/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| Capital One Financial, VR, 5.884%, 7/26/35 (3) | 1260 | 1317 |
| Capital One Financial, VR, 7.149%, 10/29/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| Citigroup, VR, 2.666%, 1/29/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Citigroup, VR, 3.07%, 2/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;187 |
| Citigroup, VR, 3.785%, 3/17/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;247 |
| Citigroup, VR, 3.878%, 1/24/39 (3) | 1600 | 1410 |
| Citigroup, VR, 3.887%, 1/10/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| Citigroup, VR, 3.98%, 3/20/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Citigroup, 4.65%, 7/30/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Citigroup, VR, 4.91%, 5/24/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;526 |
| Citigroup, VR, 5.411%, 9/19/39 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Citigroup, VR, 5.449%, 6/11/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| Citigroup, 5.875%, 1/30/42 | 2115 | 2239 |
| Citigroup, VR, 6.27%, 11/17/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| Commonwealth Bank of Australia, 4.577%, 11/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;322 |
| Cooperatieve Rabobank UA, 5.25%, 5/24/41 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Credit Suisse USA, 7.125%, 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| Danske Bank, VR, 4.298%, 4/1/28 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Fifth Third Bancorp, VR, 4.895%, 9/6/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Fifth Third Bancorp, VR, 6.339%, 7/27/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Goldman Sachs Bank USA, VR, 5.283%, 3/18/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Goldman Sachs Bank USA, VR, 5.414%, 5/21/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Goldman Sachs Group, VR, 1.431%, 3/9/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| Goldman Sachs Group, VR, 1.542%, 9/10/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| Goldman Sachs Group, VR, 1.948%, 10/21/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;455 |
| Goldman Sachs Group, VR, 2.615%, 4/22/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| Goldman Sachs Group, VR, 2.64%, 2/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| Goldman Sachs Group, 3.50%, 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;786 |
| Goldman Sachs Group, VR, 3.615%, 3/15/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| Goldman Sachs Group, VR, 3.691%, 6/5/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;387 |
| Goldman Sachs Group, 3.80%, 3/15/30 (4) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;138 |
| Goldman Sachs Group, VR, 4.387%, 6/15/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;120 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Goldman Sachs Group, VR, 5.727%, 4/25/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Goldman Sachs Group, VR, 5.851%, 4/25/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Goldman Sachs Group, 6.25%, 2/1/41 | 1940 | 2139 |
| Goldman Sachs Group, VR, 6.484%, 10/24/29 (3) | 1370 | 1454 |
| Goldman Sachs Group, 6.75%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| HSBC Holdings, VR, 2.013%, 9/22/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| HSBC Holdings, VR, 3.973%, 5/22/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;828 |
| HSBC Holdings, VR, 4.041%, 3/13/28 (3) | 1200 | 1196 |
| HSBC Holdings, VR, 5.402%, 8/11/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;809 |
| HSBC Holdings, VR, 6.332%, 3/9/44 (3) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;420 |
| Huntington Bancshares, VR, 6.141%, 11/18/39 (3) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Huntington Bancshares, VR, 6.208%, 8/21/29 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| ING Groep, 4.55%, 10/2/28 | 1290 | 1303 |
| ING Groep, VR, 6.114%, 9/11/34 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| JPMorgan Chase, VR, 1.04%, 2/4/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| JPMorgan Chase, VR, 1.47%, 9/22/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| JPMorgan Chase, VR, 1.578%, 4/22/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| JPMorgan Chase, VR, 2.182%, 6/1/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| JPMorgan Chase, VR, 2.947%, 2/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;374 |
| JPMorgan Chase, VR, 2.956%, 5/13/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;259 |
| JPMorgan Chase, VR, 3.109%, 4/22/51 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| JPMorgan Chase, VR, 3.54%, 5/1/28 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;144 |
| JPMorgan Chase, VR, 3.782%, 2/1/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;483 |
| JPMorgan Chase, VR, 4.203%, 7/23/29 (3) | 2180 | 2185 |
| JPMorgan Chase, VR, 4.586%, 4/26/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;211 |
| JPMorgan Chase, 4.95%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| JPMorgan Chase, VR, 4.979%, 7/22/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| JPMorgan Chase, VR, 5.04%, 1/23/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;394 |
| JPMorgan Chase, VR, 5.299%, 7/24/29 (3) | 1350 | 1389 |
| JPMorgan Chase, VR, 5.336%, 1/23/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;311 |
| JPMorgan Chase, 5.50%, 10/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;780 |
| JPMorgan Chase, VR, 6.087%, 10/23/29 (3) | 1790 | 1883 |
| Manufacturers & Traders Trust, VR, 4.762%, 7/6/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;857 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Morgan Stanley, VR, 1.512%, 7/20/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Morgan Stanley, VR, 1.593%, 5/4/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Morgan Stanley, VR, 2.475%, 1/21/28 (3) | 1840 | 1803 |
| Morgan Stanley, 3.125%, 7/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| Morgan Stanley, VR, 3.622%, 4/1/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Morgan Stanley, VR, 4.21%, 4/20/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
| Morgan Stanley, VR, 4.431%, 1/23/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| Morgan Stanley, VR, 4.889%, 7/20/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| Morgan Stanley, VR, 5.173%, 1/16/30 (3) | 1360 | 1395 |
| Morgan Stanley, VR, 5.297%, 4/20/37 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;265 |
| Morgan Stanley, VR, 5.32%, 7/19/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;268 |
| Morgan Stanley, VR, 5.449%, 7/20/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| Morgan Stanley, VR, 5.652%, 4/13/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| Morgan Stanley, VR, 5.656%, 4/18/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;161 |
| Morgan Stanley, VR, 5.831%, 4/19/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Morgan Stanley, VR, 6.342%, 10/18/33 (3) | 1150 | 1264 |
| Morgan Stanley, VR, 6.407%, 11/1/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Morgan Stanley, 7.25%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| Morgan Stanley Private Bank, VR, 4.734%, 7/18/31 (3) | 2150 | 2185 |
| PNC Financial Services, VR, 4.758%, 1/26/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;180 |
| PNC Financial Services Group, VR, 4.626%, 6/6/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| PNC Financial Services Group, VR, 6.037%, 10/28/33 (3) | 2500 | 2697 |
| Royal Bank of Canada, 2.30%, 11/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Royal Bank of Canada, 5.20%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;617 |
| Santander Holdings USA, VR, 2.49%, 1/6/28 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;371 |
| Santander Holdings USA, 3.244%, 10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;536 |
| Santander Holdings USA, VR, 6.174%, 1/9/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;749 |
| Santander Holdings USA, VR, 6.499%, 3/9/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Santander Holdings USA, VR, 6.565%, 6/12/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| Santander UK Group Holdings, VR, 4.32%, 9/22/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;903 |
| Skandinaviska Enskilda Banken, 5.125%, 3/5/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| State Street, VR, 2.203%, 2/7/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| State Street, VR, 4.421%, 5/13/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;429 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| State Street, 5.272%, 8/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| State Street, VR, 5.684%, 11/21/29 (3) | 1400 | &nbsp;&nbsp;&nbsp;1463 |
| Toronto-Dominion Bank, VR, 3.625%, 9/15/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Toronto-Dominion Bank, 5.264%, 12/11/26 | 1570 | &nbsp;&nbsp;&nbsp;1590 |
| Toronto-Dominion Bank, 5.523%, 7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| Toronto-Dominion Bank, 5.532%, 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| UBS, 5.65%, 9/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| UBS Group, VR, 1.364%, 1/30/27 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| US Bancorp, VR, 4.967%, 7/22/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| US Bancorp, VR, 5.85%, 10/21/33 (3) | 1700 | &nbsp;&nbsp;&nbsp;1814 |
| US Bancorp, VR, 6.787%, 10/26/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| Wells Fargo, VR, 2.393%, 6/2/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 |
| Wells Fargo, VR, 2.879%, 10/30/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 |
| Wells Fargo, VR, 3.526%, 3/24/28 (3) | 1520 | &nbsp;&nbsp;&nbsp;1507 |
| Wells Fargo, VR, 3.584%, 5/22/28 (3) | 1600 | &nbsp;&nbsp;&nbsp;1587 |
| Wells Fargo, 3.90%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 |
| Wells Fargo, VR, 4.808%, 7/25/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| Wells Fargo, VR, 5.605%, 4/23/36 (3) | 2500 | &nbsp;&nbsp;&nbsp;2627 |
| Wells Fargo, VR, 5.707%, 4/22/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 |
| Wells Fargo, VR, 6.303%, 10/23/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 |
| Wells Fargo Bank, 5.254%, 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 |
| Westpac Banking, 3.35%, 3/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 |
| Westpac Banking, VR, 4.322%, 11/23/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Westpac Banking, VR, 5.405%, 8/10/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
|  |  | 89017 |
| **Brokerage Asset Managers Exchanges 0.1%** |  |  |
| Charles Schwab, VR, 6.196%, 11/17/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
| Intercontinental Exchange, 1.85%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Intercontinental Exchange, 5.20%, 6/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 |
| Intercontinental Exchange, 5.25%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Nasdaq, 5.95%, 8/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
|  |  | 1387 |
| **Finance Companies 0.1%** |  |  |
| AerCap Ireland Capital, 2.45%, 10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;147 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.85%, 10/29/41 | 1750 | 1445 |
| Avolon Holdings Funding, 6.375%, 5/4/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;157 |
|  |  | 1749 |
| **Insurance 2.0%** |  |  |
| Aetna, 3.875%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Aetna, 6.625%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;813 |
| Aetna, 6.75%, 12/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| American International Group, 3.875%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Aon, 3.875%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| Arthur J Gallagher, 4.85%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Arthur J Gallagher, 5.45%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;953 |
| Arthur J Gallagher, 6.75%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Athene Global Funding, 4.86%, 8/27/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| Athene Global Funding, 5.033%, 7/17/30 (1) | 2115 | 2139 |
| Berkshire Hathaway Finance, 5.75%, 1/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;261 |
| Centene, 2.45%, 7/15/28 | 1550 | 1444 |
| Centene, 2.50%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Centene, 3.00%, 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;536 |
| Centene, 4.25%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| Chubb INA Holdings, 5.00%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;718 |
| Corebridge Financial, 3.65%, 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Corebridge Financial, 3.85%, 4/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| Corebridge Financial, 3.90%, 4/5/32 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;647 |
| Corebridge Financial, VR, 6.875%, 12/15/52 (3) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
| Corebridge Global Funding, 4.25%, 8/21/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;451 |
| Corebridge Global Funding, 4.65%, 8/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Elevance Health, 2.25%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Elevance Health, 4.101%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Elevance Health, 4.55%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Elevance Health, 4.65%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Elevance Health, 6.10%, 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;587 |
| Enact Holdings, 6.25%, 5/28/29 | 1509 | 1580 |
| Fidelity National Financial, 4.50%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| First American Financial, 5.45%, 9/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;484 |
| Fortitude Group Holdings, 6.25%, 4/1/30 (1) | 2200 | 2282 |
| Globe Life, 4.55%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;363 |
| Globe Life, 5.85%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;716 |
| Health Care Service, 2.20%, 6/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Humana, 4.95%, 10/1/44 | 1270 | 1128 |
| Humana, 5.375%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| Humana, 5.75%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Humana, 5.95%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Jackson Financial, 3.125%, 11/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;510 |
| Jackson National Life Global Funding, 4.70%, 6/5/28 (1) | 2260 | 2280 |
| Jackson National Life Global Funding, 4.90%, 1/13/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| Marsh & McLennan, 5.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| Marsh & McLennan, 5.75%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;364 |
| MassMutual Global Funding II, 5.10%, 4/9/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| MetLife, 5.30%, 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| MetLife, 5.875%, 2/6/41 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| MetLife, 6.375%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| MetLife, 10.75%, 8/1/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| MGIC Investment, 5.25%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| New York Life Insurance, 3.75%, 5/15/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Principal Financial Group, 2.125%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| Principal Financial Group, 3.70%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;191 |
| Progressive, 2.45%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;157 |
| Progressive, 6.25%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Prudential Financial, VR, 5.125%, 3/1/52 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Prudential Financial, VR, 6.00%, 9/1/52 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;125 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Reinsurance Group of America, 5.75%, 9/15/34 | 1060 | &nbsp;&nbsp;&nbsp;1106 |
| RGA Global Funding, 4.35%, 8/25/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 |
| Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Travelers, 5.35%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| UnitedHealth Group, 2.00%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| UnitedHealth Group, 3.50%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 |
| UnitedHealth Group, 3.85%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| UnitedHealth Group, 3.875%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| UnitedHealth Group, 4.20%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 |
| UnitedHealth Group, 4.20%, 1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| UnitedHealth Group, 4.25%, 1/15/29 | 1940 | &nbsp;&nbsp;&nbsp;1951 |
| UnitedHealth Group, 4.95%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| UnitedHealth Group, 4.95%, 5/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| UnitedHealth Group, 5.00%, 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| UnitedHealth Group, 5.35%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| UnitedHealth Group, 5.75%, 7/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| UnitedHealth Group, 5.80%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
|  |  | 30849 |
| **Real Estate Investment Trusts 1.1%** |  |  |
| Alexandria Real Estate Equities, 3.95%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Alexandria Real Estate Equities, 4.00%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| American Homes 4 Rent, 5.50%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 |
| AvalonBay Communities, 2.95%, 5/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| Boston Properties, 2.75%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 |
| Boston Properties, 3.25%, 1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Boston Properties, 4.50%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| Brixmor Operating Partnership, 3.90%, 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Brixmor Operating Partnership, 4.05%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Brixmor Operating Partnership, 4.125%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 |
| Brixmor Operating Partnership, 4.85%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| Camden Property Trust, 4.10%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| Camden Property Trust, 5.85%, 11/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Cousins Properties, 5.375%, 2/15/32 | 540 | 550 |
| Cousins Properties, 5.875%, 10/1/34 | 460 | 478 |
| Digital Realty Trust, 4.45%, 7/15/28 | 240 | 242 |
| Essex Portfolio, 2.65%, 3/15/32 | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;31 |
| Essex Portfolio, 4.50%, 3/15/48 | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;17 |
| Extra Space Storage, 4.00%, 6/15/29 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;15 |
| Healthcare Realty Holdings, 2.00%, 3/15/31 | 120 | 104 |
| Healthpeak Properties, 2.125%, 12/1/28 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;14 |
| Healthpeak Properties, 2.875%, 1/15/31 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;14 |
| Invitation Homes Operating Partnership, 4.15%, 4/15/32 | 120 | 116 |
| Kilroy Realty, 4.25%, 8/15/29 | 150 | 147 |
| Kilroy Realty, 4.75%, 12/15/28 | 240 | 240 |
| Kilroy Realty, 6.25%, 1/15/36 | 240 | 248 |
| Mid-America Apartments, 1.10%, 9/15/26 | 120 | 117 |
| Mid-America Apartments, 3.95%, 3/15/29 | 660 | 656 |
| Mid-America Apartments, 5.30%, 2/15/32 | 180 | 188 |
| Physicians Realty, 2.625%, 11/1/31 | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;13 |
| Prologis, 4.00%, 9/15/28 | 735 | 736 |
| Public Storage, 1.95%, 11/9/28 | 555 | 524 |
| Public Storage, 5.35%, 8/1/53 | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;39 |
| Public Storage Operating, 1.85%, 5/1/28 | 380 | 361 |
| Public Storage Operating, 5.125%, 1/15/29 | 700 | 721 |
| Realty Income, 3.00%, 1/15/27 | 900 | 889 |
| Realty Income, 3.25%, 1/15/31 | 120 | 114 |
| Realty Income, 3.95%, 8/15/27 | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;25 |
| Realty Income, 4.125%, 10/15/26 | 140 | 140 |
| Realty Income, 4.625%, 11/1/25 | 240 | 240 |
| Realty Income, 5.125%, 2/15/34 | 200 | 205 |
| Realty Income, 5.625%, 10/13/32 | 430 | 456 |
| Regency Centers, 3.60%, 2/1/27 | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;40 |
| Rexford Industrial Realty, 2.15%, 9/1/31 | 120 | 105 |
| Simon Property Group, 1.375%, 1/15/27 | 240 | 232 |
| Simon Property Group, 2.65%, 2/1/32 | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;63 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Simon Property Group, 3.25%, 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| Simon Property Group, 3.80%, 7/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Simon Property Group, 4.75%, 9/26/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| UDR, 4.40%, 1/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| Ventas Realty, 3.00%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Ventas Realty, 4.40%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 |
| Ventas Realty, 5.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Ventas Realty, 5.625%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| Welltower OP, 2.80%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
| Welltower OP, 4.125%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| Welltower OP, 4.25%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 |
| Welltower OP, 5.125%, 7/1/35 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp;1331 |
| WP Carey, 4.25%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
|  |  | &nbsp;&nbsp;&nbsp;16857 |
| Total Financial Institutions |  | 139859 |
| **INDUSTRIAL 14.8%** |  |  |
| **Basic Industry 0.7%** |  |  |
| Air Products & Chemicals, 2.80%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Air Products & Chemicals, 4.60%, 2/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| Air Products & Chemicals, 4.75%, 2/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| AngloGold Ashanti Holdings, 3.375%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 |
| ArcelorMittal, 4.55%, 3/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| ArcelorMittal, 6.00%, 6/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| ArcelorMittal, 6.55%, 11/29/27 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| ArcelorMittal, 6.80%, 11/29/32 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;1149 |
| ArcelorMittal, 7.00%, 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| BHP Billiton Finance USA, 4.90%, 2/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| BHP Billiton Finance USA, 5.10%, 9/8/28 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp;1573 |
| Celanese US Holdings, 1.40%, 8/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| Celanese US Holdings, 6.665%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Freeport-McMoRan, 4.125%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Freeport-McMoRan, 4.625%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Freeport-McMoRan, 5.45%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 |
| Nutrien, 4.00%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| Nutrien, 4.20%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 |
| Nutrien, 5.40%, 6/21/34 (4) | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
| Reliance, 2.15%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
| Southern Copper, 5.25%, 11/8/42 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| Southern Copper, 5.875%, 4/23/45 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Southern Copper, 7.50%, 7/27/35 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Steel Dynamics, 3.25%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| Steel Dynamics, 5.375%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| Suzano Austria GmbH, 2.50%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Suzano Austria GmbH, 3.125%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| Suzano Austria GmbH, 3.75%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| Vale, 5.625%, 9/11/42 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| WRKCo, 4.90%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 |
| Yara International, 7.378%, 11/14/32 (1)(4) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
|  |  | 11046 |
| **Capital Goods 1.4%** |  |  |
| AGCO, 5.45%, 3/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| Amphenol, 5.05%, 4/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Boeing, 2.70%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| Boeing, 2.80%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
| Boeing, 5.04%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| Boeing, 6.259%, 5/1/27 | 1560 | &nbsp;&nbsp;&nbsp;1605 |
| Boeing, 6.858%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
| Boeing, 6.875%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| CRH America Finance, 5.50%, 1/9/35 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
| CRH SMW Finance DAC, 5.125%, 1/9/30 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| Ferguson Enterprises, 5.00%, 10/3/34 | 1250 | &nbsp;&nbsp;&nbsp;1258 |
| General Dynamics, 3.75%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| General Dynamics, 4.25%, 4/1/40 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 |
| General Electric Captial, 6.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 |
| Howmet Aerospace, 3.00%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Howmet Aerospace, 5.90%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 |
| Howmet Aerospace, 5.95%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 |
| John Deere Capital, 1.75%, 3/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| John Deere Capital, 2.35%, 3/8/27 | 1520 | &nbsp;&nbsp;&nbsp;1489 |
| John Deere Capital, 2.65%, 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| John Deere Capital, 4.40%, 9/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| John Deere Capital, 4.50%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| John Deere Capital, 4.95%, 7/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| John Deere Capital, 5.10%, 4/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| Johnson Controls International / Tyco Fire & Security Finance, 1.75%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Johnson Controls International / Tyco Fire & Security Finance, 5.50%, 4/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| L3Harris Technologies, 5.25%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 |
| L3Harris Technologies, 5.40%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 |
| Lockheed Martin, 4.75%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
| Northrop Grumman, 3.85%, 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Northrop Grumman, 5.25%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| Owens Corning, 3.95%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |
| Owens Corning, 5.70%, 6/15/34 (4) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Parker-Hannifin, 4.50%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Regal Rexnord, 6.30%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Regal Rexnord, 6.40%, 4/15/33 | 1280 | &nbsp;&nbsp;&nbsp;1370 |
| Republic Services, 2.375%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 |
| Republic Services, 5.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 |
| RTX, 4.125%, 11/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 |
| RTX, 4.50%, 6/1/42 | 1450 | &nbsp;&nbsp;&nbsp;1322 |
| Stanley Black & Decker, 4.25%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
| Stanley Black & Decker, 5.20%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| Waste Connections, 3.20%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Waste Connections, 5.00%, 3/1/34 | 1220 | &nbsp;&nbsp;&nbsp;1247 |
| Westinghouse Air Brake Technologies, 4.70%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 |
|  |  | 21192 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Communications 2.2%** |  |  |
| America Movil SAB de CV, 6.375%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| American Tower, 5.80%, 11/15/28 | 1450 | 1509 |
| AppLovin, 5.50%, 12/1/34 | 1080 | 1108 |
| AT&T, 2.25%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;302 |
| AT&T, 2.75%, 6/1/31 | 2500 | 2281 |
| AT&T, 3.50%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| AT&T, 4.55%, 11/1/32 | 1215 | 1202 |
| AT&T, 5.40%, 2/15/34 | 1300 | 1341 |
| Charter Communications Operating, 2.80%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;220 |
| Charter Communications Operating, 3.70%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| Charter Communications Operating / Charter Communications Operating Capital, 6.384%, 10/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;372 |
| Comcast, 2.35%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;255 |
| Comcast, 2.65%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Comcast, 2.80%, 1/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| Comcast, 2.887%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Comcast, 3.30%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;773 |
| Comcast, 5.30%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| Comcast, 5.65%, 6/15/35 (4) | &nbsp;&nbsp;&nbsp;&nbsp;980 | 1027 |
| Comcast, 7.05%, 3/15/33 | 1000 | 1142 |
| Crown Castle, 2.10%, 4/1/31 | 1800 | 1579 |
| Crown Castle, 4.80%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;496 |
| Crown Castle International, 2.25%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| Crown Castle International, 2.90%, 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;834 |
| Crown Castle International, 3.70%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Crown Castle International, 4.45%, 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Meta Platforms, 5.60%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Netflix, 4.375%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Netflix, 4.90%, 8/15/34 (4) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;247 |
| Netflix, 5.875%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| NTT Finance, 4.876%, 7/16/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;881 |
| Orange, 5.375%, 1/13/42 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;239 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Rogers Communications, 3.625%, 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Rogers Communications, 4.50%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;178 |
| Rogers Communications, 5.00%, 2/15/29 | 2645 | 2746 |
| Sprint Capital, 6.875%, 11/15/28 | 1000 | 1073 |
| Sprint Capital, 8.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;328 |
| Take-Two Interactive Software, 4.95%, 3/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;590 |
| Take-Two Interactive Software, 5.60%, 6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;501 |
| Telefonica Emisiones, 7.045%, 6/20/36 | 1060 | 1195 |
| Time Warner Cable, 5.50%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;595 |
| Time Warner Cable, 6.55%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;543 |
| Time Warner Cable, 6.75%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| Time Warner Cable, 7.30%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| T-Mobile USA, 2.25%, 2/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| T-Mobile USA, 2.25%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| T-Mobile USA, 2.55%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| T-Mobile USA, 2.875%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| T-Mobile USA, 3.375%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;875 |
| T-Mobile USA, 3.40%, 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;589 |
| T-Mobile USA, 3.50%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| T-Mobile USA, 3.75%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;392 |
| T-Mobile USA, 4.375%, 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;881 |
| T-Mobile USA, 4.80%, 7/15/28 (4) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| T-Mobile USA, 5.15%, 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| TWDC Enterprises 18, 1.85%, 7/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| TWDC Enterprises 18, 7.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;503 |
| Verizon Communications, 2.355%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Verizon Communications, 2.65%, 11/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;501 |
| Verizon Communications, 4.00%, 3/22/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Verizon Communications, 4.329%, 9/21/28 | 1300 | 1308 |
| Walt Disney, 2.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Walt Disney, 2.65%, 1/13/31 | 1040 | &nbsp;&nbsp;&nbsp;&nbsp;969 |
| Walt Disney, 3.375%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;219 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Walt Disney, 6.20%, 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
|  |  | 34251 |
| **Consumer Cyclical 1.6%** |  |  |
| Amazon.com, 3.875%, 8/22/37 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| American Honda Finance, 4.55%, 7/9/27 | 2450 | &nbsp;&nbsp;&nbsp;2469 |
| AutoZone, 1.65%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| AutoZone, 3.75%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| AutoZone, 5.05%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Best Buy, 1.95%, 10/1/30 (4) | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
| Best Buy, 4.45%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| CBRE Services, 2.50%, 4/1/31 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| CBRE Services, 5.95%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
| Cummins, 5.45%, 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| Darden Restaurants, 3.85%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Dollar General, 5.20%, 7/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| Dollar General, 5.50%, 11/1/52 (4) | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
| eBay, 1.40%, 5/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| eBay, 2.60%, 5/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| eBay, 4.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
| Ford Motor, 4.346%, 12/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 |
| Ford Motor, 4.75%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| Ford Motor, 6.625%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| Ford Motor, 7.40%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 |
| Ford Motor, 7.45%, 7/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Ford Motor Credit, 4.271%, 1/9/27 | 1320 | &nbsp;&nbsp;&nbsp;1312 |
| Ford Motor Credit, 7.122%, 11/7/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| General Motors, 5.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| General Motors, 6.25%, 10/2/43 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
| General Motors Financial, 1.50%, 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| General Motors Financial, 2.35%, 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 |
| General Motors Financial, 2.40%, 4/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| General Motors Financial, 4.00%, 10/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 |
| General Motors Financial, 4.35%, 1/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| General Motors Financial, 5.00%, 4/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;242 |
| General Motors Financial, 5.40%, 4/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| General Motors Financial, 5.80%, 6/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| General Motors Financial, 5.80%, 1/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;521 |
| GLP Capital / GLP Financing II, 5.625%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| Home Depot, 4.95%, 6/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;553 |
| Home Depot, 5.40%, 6/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Home Depot, 5.875%, 12/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Home Depot, 5.95%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| Hyundai Capital America, 4.90%, 6/23/28 (1) | 2890 | 2929 |
| Hyundai Capital America, 5.35%, 3/19/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Hyundai Capital America, 5.50%, 3/30/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Las Vegas Sands, 3.50%, 8/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| Las Vegas Sands, 5.90%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| Las Vegas Sands, 6.00%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Lowe's, 5.00%, 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Lowe's Cos, 4.45%, 4/1/62 | 1370 | 1095 |
| O'Reilly Automotive, 3.60%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| O'Reilly Automotive, 3.90%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;282 |
| PACCAR Financial, 5.20%, 11/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| Ross Stores, 1.875%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;254 |
| Starbucks, 2.55%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;295 |
| Starbucks, 4.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Starbucks, 4.90%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;175 |
| TJX, 1.60%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| TJX, 2.25%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Toyota Motor Credit, 1.90%, 4/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| Toyota Motor Credit, 3.20%, 1/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Toyota Motor Credit, 3.65%, 1/8/29 | 1140 | 1129 |
| Toyota Motor Credit, 4.60%, 10/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Toyota Motor Credit, 4.65%, 1/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Toyota Motor Credit, 4.80%, 1/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| Toyota Motor Credit, 5.05%, 5/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Toyota Motor Credit, 5.25%, 9/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;1003 |
| Tractor Supply, 1.75%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| Uber Technologies, 5.35%, 9/15/54 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Volkswagen Group of America Finance, 4.95%, 8/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
|  |  | 24541 |
| **Consumer Non-Cyclical 3.3%** |  |  |
| Abbott Laboratories, 1.40%, 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Abbott Laboratories, 3.75%, 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
| Abbott Laboratories, 4.75%, 11/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| Abbott Laboratories, 6.15%, 11/30/37 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| AbbVie, 2.95%, 11/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| AbbVie, 3.20%, 5/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| AbbVie, 3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| AbbVie, 4.05%, 11/21/39 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
| AbbVie, 4.50%, 5/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
| AbbVie, 4.55%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| AbbVie, 4.80%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| AbbVie, 5.05%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 |
| Amgen, 1.65%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 |
| Amgen, 3.15%, 2/21/40 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Amgen, 4.40%, 2/22/62 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| Amgen, 5.15%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| Amgen, 5.75%, 3/2/63 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 |
| Anheuser-Busch InBev Finance, 4.90%, 2/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Anheuser-Busch InBev Worldwide, 4.95%, 1/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
| Anheuser-Busch InBev Worldwide, 5.45%, 1/23/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Anheuser-Busch InBev Worldwide, 5.55%, 1/23/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Anheuser-Busch InBev Worldwide, 8.20%, 1/15/39 | 1320 | &nbsp;&nbsp;&nbsp;1703 |
| AstraZeneca, 1.375%, 8/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| AstraZeneca, 4.00%, 1/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |
| AstraZeneca, 4.00%, 9/18/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Astrazeneca Finance, 1.75%, 5/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| Astrazeneca Finance, 4.85%, 2/26/29 | 1020 | &nbsp;&nbsp;&nbsp;1046 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Astrazeneca Finance, 4.875%, 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| Astrazeneca Finance, 4.875%, 3/3/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Astrazeneca Finance, 5.00%, 2/26/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| BAT Capital, 3.557%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;532 |
| BAT Capital, 4.39%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;229 |
| BAT Capital, 4.70%, 4/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| BAT Capital, 7.079%, 8/2/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| BAT Capital, 7.081%, 8/2/53 | 1100 | 1251 |
| Becton Dickinson, 4.874%, 2/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;183 |
| Biogen, 3.15%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Bristol-Myers Squibb, 3.40%, 7/26/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Cencora, 2.70%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;256 |
| Cencora, 4.85%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;990 |
| Cigna Group, 4.90%, 12/15/48 | 3110 | 2770 |
| CommonSpirit Health, 2.782%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Conagra Brands, 5.00%, 8/1/30 (4) | 2000 | 2025 |
| CVS Health, 1.30%, 8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| CVS Health, 1.875%, 2/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| CVS Health, 2.875%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| CVS Health, 3.00%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;198 |
| CVS Health, 3.25%, 8/15/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| CVS Health, 4.125%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;565 |
| CVS Health, 4.875%, 7/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;695 |
| CVS Health, 5.00%, 1/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| CVS Health, 5.00%, 9/15/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;325 |
| CVS Health, 5.125%, 7/20/45 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| CVS Health, 5.40%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;745 |
| CVS Health, 5.70%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| CVS Health, 5.875%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;375 |
| CVS Health, 6.00%, 6/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;845 |
| CVS Health, 6.125%, 9/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| CVS Health, 6.25%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;247 |
| Eli Lilly, 4.70%, 2/9/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;242 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Eli Lilly, 5.10%, 2/9/64 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;161 |
| Eli Lilly, 5.20%, 8/14/64 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| Estee Lauder, 5.00%, 2/14/34 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;648 |
| Hackensack Meridian Health, 4.211%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Haleon US Capital, 3.375%, 3/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;615 |
| HCA, 4.125%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| HCA, 4.375%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| HCA, 5.875%, 2/1/29 | 2150 | 2240 |
| Icon Investments Six DAC, 5.849%, 5/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;533 |
| IQVIA, 6.25%, 2/1/29 | 1095 | 1151 |
| Kaiser Foundation Hospitals, 2.81%, 6/1/41 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;935 |
| Kaiser Foundation Hospitals, 3.002%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| Kenvue, 4.90%, 3/22/33 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;555 |
| Kenvue, 5.00%, 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;718 |
| Kenvue, 5.10%, 3/22/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Kenvue, 5.20%, 3/22/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| Kraft Heinz Foods, 5.20%, 3/15/32 (4) | 3000 | 3076 |
| Kroger, 2.65%, 10/15/26 | 1550 | 1529 |
| Kroger, 5.00%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Mars, 4.75%, 4/20/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Mars, 5.00%, 3/1/32 (1) | 2000 | 2050 |
| McKesson, 1.30%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| McKesson, 4.90%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| MedStar Health, 3.626%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Memorial Sloan-Kettering Cancer Center, 4.20%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Merck, 5.15%, 5/17/63 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| Northwell Healthcare, 3.979%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| NYU Langone Hospitals, 4.368%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Pfizer Investment Enterprises, 4.45%, 5/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| Providence St Joseph Health Obligated Group, 2.532%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| Revvity, 3.30%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;478 |
| Reynolds American, 5.70%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;656 |
| Reynolds American, 7.25%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;276 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Smithfield Foods, 5.20%, 4/1/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Solventum, 5.40%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
| Stanford Health Care, 3.795%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Sutter Health, 3.695%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| Takeda Pharmaceutical, 5.00%, 11/26/28 | 1160 | &nbsp;&nbsp;&nbsp;1185 |
| Tyson Foods, 3.55%, 6/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 |
| Tyson Foods, 4.35%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Tyson Foods, 5.40%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| Wyeth, 5.95%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| Wyeth, 6.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Zoetis, 4.15%, 8/17/28 | 2890 | &nbsp;&nbsp;&nbsp;2902 |
|  |  | 49714 |
| **Energy 2.9%** |  |  |
| Boardwalk Pipelines, 3.40%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| BP Capital Markets America, 3.41%, 2/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| BP Capital Markets America, 3.543%, 4/6/27 | 1080 | &nbsp;&nbsp;&nbsp;1074 |
| BP Capital Markets America, 3.937%, 9/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 |
| BP Capital Markets America, 4.812%, 2/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
| BP Capital Markets America, 4.989%, 4/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 |
| BP Capital Markets America, 5.227%, 11/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 |
| Cameron LNG, 3.701%, 1/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Canadian Natural Resources, 2.95%, 7/15/30 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Cheniere Corpus Christi Holdings, 5.125%, 6/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
| Cheniere Energy, 4.625%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| Cheniere Energy Partners, 4.50%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Cheniere Energy Partners, 5.95%, 6/30/33 | 1000 | &nbsp;&nbsp;&nbsp;1055 |
| Chevron USA, 4.30%, 10/15/30 | 1725 | &nbsp;&nbsp;&nbsp;1737 |
| Continental Resources, 4.375%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| Continental Resources, 4.90%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| Coterra Energy, 3.90%, 5/15/27 | 1350 | &nbsp;&nbsp;&nbsp;1343 |
| Coterra Energy, 4.375%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Devon Energy, 4.75%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| Devon Energy, 5.20%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Devon Energy, 7.95%, 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Enbridge, 1.60%, 10/4/26 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;998 |
| Enbridge, 5.625%, 4/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Enbridge, 5.90%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Enbridge, 6.70%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Enbridge, VR, 7.375%, 3/15/55 (3) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| Enbridge Energy Partners, 5.50%, 9/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Energy Transfer, 4.95%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Energy Transfer, 5.55%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Energy Transfer, 5.60%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Energy Transfer, 6.50%, 2/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Enterprise Products Operating, 4.15%, 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Enterprise Products Operating, 4.30%, 6/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;715 |
| Enterprise Products Operating, 4.60%, 1/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;584 |
| Enterprise Products Operating, 4.85%, 1/31/34 | 1020 | 1033 |
| Enterprise Products Operating, VR, 5.25%, 8/16/77 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Enterprise Products Operating, 5.35%, 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| Enterprise Products Operating, VR, 5.375%, 2/15/78 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| Enterprise Products Operating, 5.95%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| Enterprise Products Operating, 6.65%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| EOG Resources, 4.40%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;969 |
| Expand Energy, 4.75%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
| Expand Energy, 5.375%, 2/1/29 | 1060 | 1060 |
| Expand Energy, 5.375%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Halliburton, 2.92%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;472 |
| Hess, 5.60%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;648 |
| Hess, 7.125%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| HF Sinclair, 5.75%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;521 |
| HF Sinclair, 6.25%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;585 |
| Marathon Petroleum, 5.70%, 3/1/35 (4) | 2500 | 2585 |
| MPLX, 4.80%, 2/15/31 | 1635 | 1650 |
| MPLX, 5.50%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| MPLX, 5.65%, 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;330 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Occidental Petroleum, 5.375%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Occidental Petroleum, 6.125%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;527 |
| Occidental Petroleum, 6.45%, 9/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Occidental Petroleum, 7.875%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;366 |
| Occidental Petroleum, 7.95%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| Occidental Petroleum, 8.50%, 7/15/27 | 1260 | 1321 |
| ONEOK, 4.85%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| ONEOK, 5.375%, 6/1/29 | 1280 | 1318 |
| ONEOK, 5.55%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;719 |
| ONEOK, 5.60%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| ONEOK, 6.625%, 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| Ovintiv, 6.50%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Ovintiv, 7.375%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Patterson-UTI Energy, 3.95%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Patterson-UTI Energy, 5.15%, 11/15/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;557 |
| Patterson-UTI Energy, 7.15%, 10/1/33 (4) | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;627 |
| Sabine Pass Liquefaction, 4.20%, 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Sabine Pass Liquefaction, 4.50%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Sabine Pass Liquefaction, 5.00%, 3/15/27 | 1280 | 1281 |
| Sabine Pass Liquefaction, 5.875%, 6/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Schlumberger Investment, 4.50%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;241 |
| Shell Finance US, 2.375%, 11/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;557 |
| Shell Finance US, 2.75%, 4/6/30 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;980 |
| Shell International Finance, 3.875%, 11/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Shell International Finance, 6.375%, 12/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
| South Bow USA Infrastructure Holdings, 4.911%, 9/1/27 | 1080 | 1087 |
| South Bow USA Infrastructure Holdings, 5.026%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| South Bow USA Infrastructure Holdings, 5.584%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;301 |
| Spectra Energy Partners, 3.375%, 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
| Targa Resources, 5.20%, 7/1/27 | 1260 | 1279 |
| Targa Resources, 5.50%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| Targa Resources Partner, 5.00%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| Targa Resources Partners / Targa Resources Partners Finance, 5.50%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;465 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| TotalEnergies Capital, 3.883%, 10/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| TotalEnergies Capital, 5.15%, 4/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| TotalEnergies Capital, 5.275%, 9/10/54 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| TotalEnergies Capital International, 3.127%, 5/29/50 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| TransCanada PipeLines, 4.625%, 3/1/34 | 1060 | &nbsp;&nbsp;&nbsp;1035 |
| TransCanada PipeLines, 5.85%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| TransCanada PipeLines, 7.625%, 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| Transcontinental Gas Pipe Line, 4.60%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Western Midstream Operating, 5.45%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| Western Midstream Operating, 6.35%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 |
| Williams, 5.30%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 |
| Williams, 5.40%, 3/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Williams, 8.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| Williams Cos, 4.625%, 6/30/30 | 1025 | &nbsp;&nbsp;&nbsp;1032 |
| Williams Cos, 5.15%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 |
| Woodside Finance, 4.50%, 3/4/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
|  |  | 44926 |
| **Industrial Other 0.1%** |  |  |
| Cornell University, 4.835%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |
| President and Fellows of Harvard College, 4.609%, 2/15/35 (4) | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 |
| Washington University, 3.524%, 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
|  |  | &nbsp;&nbsp;&nbsp;1275 |
| **Technology 2.2%** |  |  |
| Accenture Capital, 4.05%, 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |
| Accenture Capital, 4.50%, 10/4/34 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 |
| Analog Devices, 1.70%, 10/1/28 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 |
| Analog Devices, 3.50%, 12/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 |
| Atlassian, 5.25%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Broadcom, 2.45%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
| Broadcom, 3.50%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| Broadcom, 4.00%, 4/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Broadcom, 4.60%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;841 |
| Broadcom, 5.05%, 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| Broadcom, 5.15%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
| Broadcom / Broadcom Cayman Finance, 3.50%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| Cadence Design Systems, 4.30%, 9/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| CDW, 4.25%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| CDW / CDW Finance, 2.67%, 12/1/26 | 1110 | 1089 |
| CDW / CDW Finance, 3.25%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| CDW / CDW Finance, 5.55%, 8/22/34 (4) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| Dell International / EMC, 8.10%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;984 |
| Equinix, 2.90%, 11/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| Equinix Europe 2 Financing, 5.50%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;954 |
| Fiserv, 3.20%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Fiserv, 4.20%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;901 |
| Fiserv, 5.15%, 8/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;357 |
| Fiserv, 5.375%, 8/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;817 |
| Fortinet, 2.20%, 3/15/31 | 1060 | &nbsp;&nbsp;&nbsp;&nbsp;947 |
| Foundry JV Holdco, 6.15%, 1/25/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| Intel, 1.60%, 8/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| Intel, 3.15%, 5/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| Intel, 3.75%, 3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;905 |
| Intel, 4.60%, 3/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| Intel, 4.875%, 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| Intel, 5.00%, 2/21/31 (4) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| International Business Machines, 1.70%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| International Business Machines, 4.15%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
| International Business Machines, 6.22%, 8/1/27 | 1160 | 1202 |
| Intuit, 5.125%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;361 |
| Keysight Technologies, 3.00%, 10/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Keysight Technologies, 4.60%, 4/6/27 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Keysight Technologies, 4.95%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;241 |
| Marvell Technology, 2.45%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Marvell Technology, 2.95%, 4/15/31 | 2240 | 2070 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Marvell Technology, 4.75%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Marvell Technology, 4.875%, 6/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Marvell Technology, 5.75%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Motorola Solutions, 2.30%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Motorola Solutions, 5.00%, 4/15/29 | 1090 | 1116 |
| Motorola Solutions, 5.40%, 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| NXP, 2.50%, 5/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| NXP, 3.15%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;300 |
| NXP, 3.40%, 5/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| NXP / NXP Funding, 5.55%, 12/1/28 | 1330 | 1376 |
| NXP / NXP Funding / NXP USA, 4.30%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| Oracle, 2.875%, 3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Oracle, 3.60%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Oracle, 6.90%, 11/9/52 | 1490 | 1591 |
| Qorvo, 4.375%, 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp;940 |
| RELX Capital, 3.00%, 5/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| RELX Capital, 4.00%, 3/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| Salesforce, 1.50%, 7/15/28 | 1350 | 1269 |
| Salesforce, 1.95%, 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Salesforce, 2.70%, 7/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| ServiceNow, 1.40%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
| Teledyne Technologies, 1.60%, 4/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Teledyne Technologies, 2.25%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| Teledyne Technologies, 2.75%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;801 |
| Texas Instruments, 3.875%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;169 |
| VeriSign, 4.75%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;880 |
| Verisk Analytics, 4.50%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;693 |
| Visa, 1.90%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;438 |
| Visa, 2.70%, 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;702 |
| Visa, 4.30%, 12/14/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| VMware, 1.40%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;220 |
| VMware, 1.80%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| VMware, 3.90%, 8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;159 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Western Digital, 2.85%, 2/1/29 | 1330 | &nbsp;&nbsp;&nbsp;&nbsp;1257 |
| Western Digital, 3.10%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
|  |  | &nbsp;&nbsp;&nbsp;34113 |
| **Transportation 0.4%** |  |  |
| Burlington Northern Santa Fe, 5.05%, 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| Burlington Northern Santa Fe, 5.15%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| Burlington Northern Santa Fe, 5.50%, 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| Burlington Northern Santa Fe, 6.15%, 5/1/37 | 1080 | &nbsp;&nbsp;&nbsp;&nbsp;1201 |
| Canadian Pacific Railway, 1.75%, 12/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Canadian Pacific Railway, 2.875%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| Canadian Pacific Railway, 3.50%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Canadian Pacific Railway, 4.70%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Canadian Pacific Railway, 6.125%, 12/31/99 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 |
| ERAC USA Finance, 4.50%, 2/15/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| ERAC USA Finance, 4.90%, 5/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| FedEx, 4.10%, 4/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| FedEx, 4.10%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| FedEx, 4.75%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
| FedEx, 4.75%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| FedEx, 5.10%, 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| Norfolk Southern, 5.95%, 3/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 |
| Southwest Airlines, 3.00%, 11/15/26 (4) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Southwest Airlines, 5.125%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| Transurban Finance, 2.45%, 3/16/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Transurban Finance, 4.125%, 2/2/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| United Airlines Pass-Through Trust, Series 2019-1, Class AA, 4.15%, 2/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.875%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5313 |
| Total Industrial |  | 226371 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **UTILITY 1.5%** |  |  |
| **Electric 1.4%** |  |  |
| AEP Texas, 4.70%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| AES, 2.45%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;544 |
| AES, 5.80%, 3/15/32 | 1500 | 1533 |
| Ameren, 3.50%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;345 |
| Ameren, 5.00%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;819 |
| Ameren, 5.70%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;624 |
| American Electric Power, VR, 6.95%, 12/15/54 (3) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| American Electric Power, VR, 7.05%, 12/15/54 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Appalachian Power, 4.40%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;427 |
| Appalachian Power, 4.50%, 8/1/32 | 1090 | 1081 |
| Appalachian Power, 7.00%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;862 |
| Berkshire Hathaway Energy, 6.125%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| CMS Energy, VR, 3.75%, 12/1/50 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| Commonwealth Edison, 3.70%, 8/15/28 | 1640 | 1632 |
| Commonwealth Edison, 4.00%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Constellation Energy Generation, 5.60%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;647 |
| Constellation Energy Generation, 5.80%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;341 |
| Constellation Energy Generation, 6.25%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Constellation Energy Generation, 6.50%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| DTE Energy, 2.85%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;791 |
| DTE Energy, 5.10%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;461 |
| Duke Energy Florida, 5.95%, 11/15/52 | 2050 | 2179 |
| Duke Energy Indiana, 5.40%, 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Entergy Arkansas, 5.45%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Eversource Energy, 2.90%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Eversource Energy, 3.375%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| Eversource Energy, 5.95%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| FirstEnergy Transmission, 5.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Georgia Power, 4.95%, 5/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Metropolitan Edison, 4.30%, 1/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Mid-Atlantic Interstate Transmission, 4.10%, 5/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| National Grid, 5.602%, 6/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
| Nevada Power, 3.70%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 |
| New York State Electric & Gas, 5.30%, 8/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| NextEra Energy Capital Holdings, 4.685%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |
| NextEra Energy Capital Holdings, VR, 5.65%, 5/1/79 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| Niagara Mohawk Power, 4.647%, 10/3/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 |
| PacifiCorp, 2.90%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| PacifiCorp, 5.10%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| PacifiCorp, 5.75%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| PacifiCorp, 5.80%, 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| Southern, VR, 3.75%, 9/15/51 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Southern, 4.40%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| Southern California Edison, 5.15%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 |
| Southern Power, Series B, 4.90%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| Union Electric, 5.20%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Xcel Energy, 4.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Xcel Energy, 4.60%, 6/1/32 | 1410 | &nbsp;&nbsp;&nbsp;1399 |
| Xcel Energy, 5.45%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
|  |  | 20822 |
| **Natural Gas 0.1%** |  |  |
| NiSource, 1.70%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| NiSource, 3.49%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| NiSource, 3.95%, 3/30/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| NiSource, 5.65%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| NiSource, VR, 6.375%, 3/31/55 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| NiSource, VR, 6.95%, 11/30/54 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Southern California Gas, 2.95%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| Southern California Gas, 5.20%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| Southern California Gas, 5.75%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| Southern Co Gas Capital, 1.75%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Southern Co Gas Capital, 4.95%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Southern Co Gas Capital, 5.15%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2112 |
| Total Utility |  | &nbsp;&nbsp;&nbsp;22934 |
| **Total Corporate Bonds<br> (Cost $382,051)** |  | **389164** |
| **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.4%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.4%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.4%** |
| **Local Authorities 0.6%** |  |  |
| Kentucky Power Cost Recovery, 5.296%, 9/1/45 | 2415 | &nbsp;&nbsp;&nbsp;&nbsp;2477 |
| Province of Alberta, 4.50%, 1/24/34 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| Province of British Columbia Canada, 4.20%, 7/6/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Province of British Columbia Canada, 4.80%, 6/11/35 | 2619 | &nbsp;&nbsp;&nbsp;&nbsp;2687 |
| Province of Manitoba Canada, 4.30%, 7/27/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| Province of Ontario Canada, 3.70%, 9/17/29 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;2590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8310 |
| **Owned No Guarantee 0.1%** |  |  |
| Corp Nacional del Cobre de Chile, 3.75%, 1/15/31 (1) | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1146 |
| **Sovereign 0.7%** |  |  |
| Chile Government International Bonds, 5.65%, 1/13/37 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2651 |
| Eagle Funding Luxco, 5.50%, 8/17/30 (1) | 2060 | &nbsp;&nbsp;&nbsp;&nbsp;2092 |
| Panama Government International Bond, 3.298%, 1/19/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| Peruvian Government International Bond, 5.375%, 2/8/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1026 |
| Republic of Poland Government International Bond, 5.50%, 3/18/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1963 |
| United Mexican States, 4.75%, 3/8/44 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| United Mexican States, 2.659%, 5/24/31 | 2800 | &nbsp;&nbsp;&nbsp;&nbsp;2516 |
| United Mexican States, 3.50%, 2/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |
|  |  | &nbsp;&nbsp;&nbsp;11288 |
| **Total Foreign Government Obligations & Municipalities<br> (Cost $20,029)** |  | &nbsp;&nbsp;&nbsp;**20744** |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **MUNICIPAL SECURITIES 1.4%** | **MUNICIPAL SECURITIES 1.4%** | **MUNICIPAL SECURITIES 1.4%** |
| **California 0.4%** |  |  |
| Bay Area Toll Auth., Series S1, 6.918%, 4/1/40 | 1000 | 1150 |
| Bay Area Toll Auth., Series S-10, 3.176%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| California, 7.50%, 4/1/34 | 1500 | 1764 |
| California, 7.60%, 11/1/40 | 1200 | 1484 |
| California State Univ., 6.484%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| Regents of the University of California Medical Center Pooled Revenue, Series H, 6.548%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;651 |
| Regents of the University of California Medical Center Pooled Revenue, Series F, 6.583%, 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;543 |
|  |  | 5903 |
| **District Of Columbia 0.0%** |  |  |
| Metropolitan Washington Airports Auth., Dulles Toll Road, 7.462%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;271 |
| **Georgia 0.2%** |  |  |
| County of Fulton, 5.148%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| Municipal Electric Auth. of Georgia, Series A, 6.637%, 4/1/57 | 1771 | 1946 |
|  |  | 2155 |
| **Illinois 0.3%** |  |  |
| Chicago O'Hare Int'l Airport, Third Lien, 6.395%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;281 |
| Chicago Wastewater Transmission Revenue, Series B, 6.90%, 1/1/40 (5) | 2000 | 2248 |
| Cook County, GO, 6.36%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Illinois Municipal Electric Agency, 6.832%, 2/1/35 | 1070 | 1133 |
|  |  | 3689 |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Louisiana 0.0%** |  |  |
| Louisiana Local Government Environmental Facilities & CDA, Series A, 4.475%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| **Maryland 0.0%** |  |  |
| Maryland HHEFA, Series B, 4.815%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| **New York 0.0%** |  |  |
| New York City Transitional Fin. Auth., Series I-2, 5.658%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;503 |
| New York State Urban Dev. Sales Tax Revenue, Series B, 2.59%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;563 |
| **Ohio 0.2%** |  |  |
| American Municipal Power, Series B, 7.834%, 2/15/41 | 1200 | 1445 |
| American Municipal Power, Series C, 6.053%, 2/15/43 | 1500 | 1573 |
|  |  | 3018 |
| **Tennessee 0.0%** |  |  |
| Metropolitan Government of Nashville & Davidson County, Series B, 3.235%, 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| **Texas 0.3%** |  |  |
| Central Texas Regional Mobility Auth., Series E, 3.167%, 1/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Dallas / Fort Worth Int'l Airport, Series C, 2.843%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Dallas / Fort Worth Int'l Airport, Series A, 4.507%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;667 |
| Dallas / Fort Worth Int'l Airport, Series A, 5.045%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| Dallas Area Rapid Transit, 4.922%, 12/1/41 | 1955 | 1928 |
| Grand Parkway Transportation, Series B, 3.236%, 10/1/52 | 2500 | 1788 |
| Texas Natural Gas Securitization Fin., Consumer Rate Relief Bonds, 5.169%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Texas Private Activity Bond Surface Transportation, Series B, 3.922%, 12/31/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
|  |  | &nbsp;&nbsp;&nbsp;4793 |
| **Virginia 0.0%** |  |  |
| Univ. of Virginia, Series B, 2.584%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| **Wisconsin 0.0%** |  |  |
| PFA, Series B, 3.405%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Total Municipal Securities<br> (Cost $20,551)** |  | **20637** |
| **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 5.0%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 5.0%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 5.0%** |
| **Collateralized Mortgage Obligations 2.3%** |  |  |
| Angel Oak Mortgage Trust, Series 2019-5, Class A1, CMO, ARM, 2.593%, 10/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Angel Oak Mortgage Trust, Series 2021-6, Class A3, CMO, ARM, 1.714%, 9/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Angel Oak Mortgage Trust, Series 2022-6, Class A1, CMO, ARM, 4.30%, 7/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
| Angel Oak Mortgage Trust, Series 2025-3, Class A1, CMO, ARM, 5.42%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 |
| Barclays Mortgage Loan Trust, Series 2021-NQM1, Class A3, CMO, ARM, 2.189%, 9/25/51 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A20, CMO, ARM, 2.50%, 11/25/51 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| BRAVO Residential Funding Trust, Series 2021-NQM3, Class A1, CMO, ARM, 1.699%, 4/25/60 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| COLT Mortgage Loan Trust, Series 2022-3, Class A1, CMO, ARM, 3.901%, 2/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| COLT Mortgage Loan Trust, Series 2025-4, Class A1, CMO, ARM, 5.794%, 4/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 |
| COLT Mortgage Loan Trust, Series 2025-8, Class A1, CMO, ARM, 5.48%, 8/25/70 (1) | 1511 | &nbsp;&nbsp;&nbsp;1525 |
| COLT Mortgage Loan Trust, Series 2025-INV2, Class A1, CMO, ARM, 5.601%, 2/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| EFMT, Series 2025-INV1, Class A1, CMO, ARM, 5.626%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;137 |
| EFMT, Series 2025-NQM5, Class A1, CMO, ARM, 5.033%, 11/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;305 |
| Ellington Financial Mortgage Trust, Series 2020-2, Class A1, CMO, ARM, 1.178%, 10/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Ellington Financial Mortgage Trust, Series 2021-3, Class M1, CMO, ARM, 2.53%, 9/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class M1, FRN, CMO, ARM, SOFR30A + 0.85%, 5.707%, 11/25/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Freddie Mac STACR REMIC Trust, Series 2024-HQA2, Class A1, FRN, CMO, ARM, SOFR30A + 1.25%, 5.433%, 8/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;951 |
| Freddie Mac STACR REMIC Trust, Series 2025-DNA3, Class M1, FRN, CMO, ARM, SOFR30A + 1.10%, 5.283%, 9/25/45 (1) | 1737 | 1738 |
| Freddie Mac STACR REMIC Trust, Series 2025-HQA1, Class A1, FRN, CMO, ARM, SOFR30A + 0.95%, 5.133%, 2/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| GCAT, Series 2021-NQM5, Class A1, CMO, ARM, 1.262%, 7/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| GCAT Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.529%, 6/25/70 (1) | 2079 | 2097 |
| GS Mortgage-Backed Securities Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.137%, 11/25/65 (1) | 1224 | 1224 |
| HOMES Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.22%, 8/25/70 (1) | 2157 | 2163 |
| JP Morgan Mortgage Trust, Series 2019-HYB1, Class B4, CMO, ARM, 4.991%, 10/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp;851 |
| JP Morgan Mortgage Trust, Series 2023-DSC2, Class A1, CMO, ARM, 5.25%, 11/25/63 (1) | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;186 |
| JP Morgan Mortgage Trust, Series 2025-DSC2, Class A1, CMO, ARM, 5.195%, 10/25/65 (1) | 1118 | 1122 |
| JP Morgan Mortgage Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.495%, 11/25/65 (1) | 3295 | 3316 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1, CMO, ARM, 5.443%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;277 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM5, Class A1, CMO, ARM, 5.439%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
| New Residential Mortgage Loan Trust, Series 2022-INV1, Class A4, CMO, ARM, 3.00%, 3/25/52 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| New Residential Mortgage Loan Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.53%, 5/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 |
| New Residential Mortgage Loan Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.35%, 7/25/65 (1) | 2488 | &nbsp;&nbsp;&nbsp;2502 |
| NYMT Loan Trust, Series 2025-INV1, Class A1, CMO, ARM, 5.402%, 4/25/60 (1) | &nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
| OBX Trust, Series 2025-NQM15, Class A1, CMO, ARM, 5.143%, 7/27/65 (1) | 1191 | &nbsp;&nbsp;&nbsp;1195 |
| OBX Trust, Series 2025-NQM15, Class A1F, FRN, CMO, ARM, SOFR30A + 1.15%, 5.333%, 7/27/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 |
| OBX Trust, Series 2025-NQM6, Class A1, CMO, ARM, 5.603%, 3/25/65 (1) | 2314 | &nbsp;&nbsp;&nbsp;2333 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class A, ARM, 5.522%, 8/10/42 (1) | 2090 | &nbsp;&nbsp;&nbsp;2125 |
| Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, CMO, ARM, 4.427%, 11/25/63 (1) | &nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |
| Towd Point Mortgage Trust, Series 2024-2, Class A1B, CMO, ARM, 4.86%, 12/25/64 (1) | 3764 | &nbsp;&nbsp;&nbsp;3784 |
| Verus Securitization Trust, Series 2023-INV1, Class A1, CMO, ARM, 5.999%, 2/25/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Verus Securitization Trust, Series 2025-2, Class A1, CMO, ARM, 5.307%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
| Verus Securitization Trust, Series 2025-3, Class A1, CMO, ARM, 5.623%, 5/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
| Verus Securitization Trust, Series 2025-7, Class A1F, FRN, CMO, ARM, SOFR30A + 1.20%, 5.383%, 8/25/70 (1) | 1622 | &nbsp;&nbsp;&nbsp;1623 |
|  |  | 35589 |
| **Commercial Mortgage-Backed Securities 2.7%** |  |  |
| Bank, Series 2019-BN17, Class A4, ARM, 3.714%, 4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| Bank, Series 2024-BNK47, Class A5, ARM, 5.716%, 6/15/57 | 2095 | &nbsp;&nbsp;&nbsp;2233 |
| Bank5, Series 2024-5YR10, Class A3, ARM, 5.302%, 10/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Bank5, Series 2024-5YR12, Class A3, ARM, 5.902%, 12/15/57 | 1320 | 1390 |
| Bank5, Series 2024-5YR8, Class A3, ARM, 5.884%, 8/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Bank5, Series 2024-5YR8, Class AS, ARM, 6.378%, 8/15/57 | 2010 | 2110 |
| Bank5, Series 2025-5YR14, Class A3, ARM, 5.646%, 4/15/58 | 2495 | 2612 |
| BBCMS Mortgage Trust, Series 2024-5C27, Class A3, ARM, 6.014%, 7/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| BBCMS Mortgage Trust, Series 2025-C35, Class A5, ARM, 5.586%, 7/15/58 | 2285 | 2413 |
| Benchmark Mortgage Trust, Series 2019-B12, Class A5, ARM, 3.116%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;530 |
| Benchmark Mortgage Trust, Series 2019-B13, Class A4, ARM, 2.952%, 8/15/57 | 2735 | 2584 |
| Benchmark Mortgage Trust, Series 2022-B36, Class A5, ARM, 4.47%, 7/15/55 | 2255 | 2211 |
| Benchmark Mortgage Trust, Series 2023-B39, Class A5, ARM, 5.754%, 7/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;861 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, ARM, 6.417%, 1/10/57 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;724 |
| Benchmark Mortgage Trust, Series 2024-V8, Class AM, ARM, 6.628%, 7/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Benchmark Mortgage Trust, Series 2024-V8, Class A3, ARM, 6.189%, 7/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;408 |
| Benchmark Mortgage Trust, Series 2025-B41, Class A5, ARM, 5.407%, 7/15/68 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| Benchmark Mortgage Trust, Series 2025-V13, Class A4, ARM, 5.815%, 2/15/58 | 3721 | 3908 |
| Benchmark Mortgage Trust, Series 2025-V16, Class A3, ARM, 5.439%, 8/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;416 |
| Big Trust, Series 2022-BIG, Class A, ARM, FRN, 1M TSFR + 1.34%, 6.146%, 2/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, ARM, 6.364%, 2/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;515 |
| BMO Mortgage Trust, Series 2025-C12, Class A5, ARM, 5.871%, 6/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;989 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| BX Commercial Mortgage Trust, Series 2024-GPA3, Class A, ARM, FRN, 1M TSFR + 1.29%, 5.325%, 12/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| BX Commercial Mortgage Trust, Series 2024-SLCT, Class A, ARM, FRN, 1M TSFR + 1.32%, 5.356%, 1/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| BX Trust, Series 2023-LIFE, Class B, ARM, 5.391%, 2/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| BX Trust, Series 2025-ROIC, Class A, ARM, FRN, 1M TSFR + 1.14%, 5.176%, 3/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;731 |
| CENT CITY, Series 2025-CITY, Class A, ARM, 4.92%, 7/10/40 (1) | 2810 | 2846 |
| Extended Stay America Trust, Series 2025-ESH, Class A, ARM, FRN, 1M TSFR + 1.30%, 5.45%, 10/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;476 |
| Five Mortgage Trust, Series 2023-V1, Class A3, ARM, 5.668%, 2/10/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, ARM, 5.467%, 1/13/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;771 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B, ARM, 5.758%, 1/13/40 (1) | 1340 | 1385 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2016-NINE, Class A, ARM, 2.854%, 9/6/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;952 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class B, ARM, 3.377%, 1/5/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| MAD Commercial Mortgage Trust, Series 2025-11MD, Class A, ARM, 4.754%, 10/15/42 (1) | 1480 | 1478 |
| MHC Commercial Mortgage Trust, Series 2021-MHC, Class B, ARM, FRN, 1M TSFR + 1.22%, 6.019%, 4/15/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-C35, Class A5, ARM, 5.633%, 8/15/58 | 1215 | 1292 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, ARM, 6.014%, 12/15/56 | 1080 | 1169 |
| TX Trust, Series 2024-HOU, Class A, ARM, FRN, 1M TSFR + 1.59%, 5.624%, 6/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| WB Commercial Mortgage Trust, Series 2024-HQ, Class A, ARM, 5.937%, 3/15/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, ARM, 3.146%, 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;571 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Wells Fargo Commercial Mortgage Trust, Series 2025-5C6, Class A3, ARM, 5.186%, 10/15/58 | &nbsp;&nbsp;&nbsp;2955 | &nbsp;&nbsp;&nbsp;3041 |
|  |  | 41139 |
| **Total Non-U.S. Government Mortgage-Backed Securities<br> (Cost $76,150)** |  | **76728** |
| **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 25.4%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 25.4%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 25.4%** |
| **U.S. Government Agency Obligations 19.6%** |  |  |
| Federal Home Loan Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 2/1/36 - 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/36 - 4/1/52 | 10190 | &nbsp;&nbsp;&nbsp;8353 |
| &nbsp;&nbsp;&nbsp;ARM, 2.347%, 11/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/42 - 5/1/52 | 23885 | 20526 |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/32 - 6/1/52 | 21025 | 18939 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/47 - 6/1/52 | &nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;4652 |
| &nbsp;&nbsp;&nbsp;3.71%, 9/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/37 - 11/1/52 | &nbsp;&nbsp;&nbsp;9311 | &nbsp;&nbsp;&nbsp;8966 |
| &nbsp;&nbsp;&nbsp;ARM, 4.25%, 4/25/33 | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;3504 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 |
| &nbsp;&nbsp;&nbsp;ARM, 4.421%, 5/25/30 | &nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;3162 |
| &nbsp;&nbsp;&nbsp;4.43%, 2/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/1/52 - 10/1/53 | &nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;1486 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/25/28 - 12/1/54 | &nbsp;&nbsp;&nbsp;9160 | &nbsp;&nbsp;&nbsp;9236 |
| &nbsp;&nbsp;&nbsp;ARM, 5.355%, 1/25/29 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;3118 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/1/53 - 4/1/55 | 13651 | 13878 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/53 - 3/1/55 | 16487 | 16961 |
| &nbsp;&nbsp;&nbsp;6.50%, 5/1/54 - 10/1/54 | &nbsp;&nbsp;&nbsp;5415 | &nbsp;&nbsp;&nbsp;5626 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Federal National Mortgage Assn. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 10/1/36 - 1/1/42 | &nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;2460 |
| &nbsp;&nbsp;&nbsp;2.00%, 9/1/36 - 3/1/52 | 74950 | 62536 |
| &nbsp;&nbsp;&nbsp;2.50%, 7/1/30 - 5/1/52 | 30692 | 26658 |
| &nbsp;&nbsp;&nbsp;3.00%, 1/1/35 - 8/1/52 | &nbsp;&nbsp;&nbsp;6321 | &nbsp;&nbsp;&nbsp;5859 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| &nbsp;&nbsp;&nbsp;3.50%, 1/1/33 - 8/1/53 | 15865 | &nbsp;&nbsp;&nbsp;14768 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/39 - 6/1/53 | &nbsp;&nbsp;&nbsp;8308 | &nbsp;&nbsp;&nbsp;&nbsp;7952 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/41 - 1/1/55 | 10929 | &nbsp;&nbsp;&nbsp;10704 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 - 1/1/55 | &nbsp;&nbsp;&nbsp;8853 | &nbsp;&nbsp;&nbsp;&nbsp;8854 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/44 - 10/1/55 | 11929 | &nbsp;&nbsp;&nbsp;12102 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/52 - 8/1/55 | &nbsp;&nbsp;&nbsp;9911 | &nbsp;&nbsp;&nbsp;10185 |
| &nbsp;&nbsp;&nbsp;6.50%, 1/1/53 - 7/1/55 | &nbsp;&nbsp;&nbsp;7062 | &nbsp;&nbsp;&nbsp;&nbsp;7338 |
| UMBS, TBA (6) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/13/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/13/55 | &nbsp;&nbsp;&nbsp;3615 | &nbsp;&nbsp;&nbsp;&nbsp;3523 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/13/55 | &nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp;&nbsp;4766 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/15/54 | &nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  |  | 299833 |
| **U.S. Government Obligations 5.8%** |  |  |
| Government National Mortgage Assn. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 5/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;2.00%, 1/20/51 - 3/20/52 | 15251 | &nbsp;&nbsp;&nbsp;12690 |
| &nbsp;&nbsp;&nbsp;2.50%, 8/20/50 - 3/20/52 | 17243 | &nbsp;&nbsp;&nbsp;14933 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/20/45 - 4/20/52 | 10366 | &nbsp;&nbsp;&nbsp;&nbsp;9325 |
| &nbsp;&nbsp;&nbsp;3.50%, 6/20/46 - 7/20/52 | &nbsp;&nbsp;&nbsp;8785 | &nbsp;&nbsp;&nbsp;&nbsp;8192 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/20/40 - 11/20/52 | &nbsp;&nbsp;&nbsp;3970 | &nbsp;&nbsp;&nbsp;&nbsp;3789 |
| &nbsp;&nbsp;&nbsp;4.50%, 10/20/47 - 2/20/53 | &nbsp;&nbsp;&nbsp;8368 | &nbsp;&nbsp;&nbsp;&nbsp;8216 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/20/47 - 12/20/54 | &nbsp;&nbsp;&nbsp;6599 | &nbsp;&nbsp;&nbsp;&nbsp;6608 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/20/54 | &nbsp;&nbsp;&nbsp;2282 | &nbsp;&nbsp;&nbsp;&nbsp;2304 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/20/52 - 12/20/52 | &nbsp;&nbsp;&nbsp;2933 | &nbsp;&nbsp;&nbsp;&nbsp;3009 |
| Government National Mortgage Assn., TBA (6) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 11/20/55 | &nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp;&nbsp;3603 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/20/55 | &nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;2918 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/15/54 | &nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;3404 |
| &nbsp;&nbsp;&nbsp;5.50%, 11/20/55 | &nbsp;&nbsp;&nbsp;8985 | &nbsp;&nbsp;&nbsp;&nbsp;9059 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 11/15/54 | &nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1237 |
|  |  | &nbsp;&nbsp;&nbsp;89318 |
| **Total U.S. Government & Agency Mortgage-Backed Securities<br> (Cost $384,491)** |  | **389151** |
| **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING</sup> MORTGAGE-BACKED) 34.5%** | **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING</sup> MORTGAGE-BACKED) 34.5%** | **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING</sup> MORTGAGE-BACKED) 34.5%** |
| **U.S. Treasury Obligations 34.5%** |  |  |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | &nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;1171 |
| U.S. Treasury Bonds, 2.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 |
| U.S. Treasury Bonds, 2.25%, 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
| U.S. Treasury Bonds, 3.125%, 11/15/41 | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;2349 |
| U.S. Treasury Bonds, 3.375%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| U.S. Treasury Bonds, 3.625%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| U.S. Treasury Bonds, 3.625%, 5/15/53 | &nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;2652 |
| U.S. Treasury Bonds, 3.875%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| U.S. Treasury Bonds, 3.875%, 5/15/43 | &nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;2151 |
| U.S. Treasury Bonds, 4.125%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 |
| U.S. Treasury Bonds, 4.25%, 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
| U.S. Treasury Bonds, 4.25%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| U.S. Treasury Bonds, 4.50%, 11/15/54 | 54335 | &nbsp;&nbsp;&nbsp;52841 |
| U.S. Treasury Bonds, 4.625%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| U.S. Treasury Bonds, 4.625%, 2/15/55 | 11625 | &nbsp;&nbsp;&nbsp;11539 |
| U.S. Treasury Bonds, 4.625%, 11/15/44 (7) | 58860 | &nbsp;&nbsp;&nbsp;58784 |
| U.S. Treasury Bonds, 4.75%, 5/15/55 | 10700 | &nbsp;&nbsp;&nbsp;10840 |
| U.S. Treasury Bonds, 4.75%, 2/15/45 | 23100 | &nbsp;&nbsp;&nbsp;23426 |
| U.S. Treasury Bonds, 5.00%, 5/15/45 | 18505 | &nbsp;&nbsp;&nbsp;19367 |
| U.S. Treasury Notes, 1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 |
| U.S. Treasury Notes, 3.375%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
| U.S. Treasury Notes, 3.50%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| U.S. Treasury Notes, 3.50%, 9/30/29 | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;1293 |
| U.S. Treasury Notes, 3.625%, 8/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
| U.S. Treasury Notes, 3.625%, 5/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| U.S. Treasury Notes, 3.625%, 8/15/28 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;2502 |
| U.S. Treasury Notes, 3.625%, 8/31/30 | &nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;7873 |
| U.S. Treasury Notes, 3.625%, 8/31/27 | &nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp;9502 |
| U.S. Treasury Notes, 3.75%, 12/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
| U.S. Treasury Notes, 3.875%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| U.S. Treasury Notes, 3.875%, 7/31/30 | &nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;1612 |
| U.S. Treasury Notes, 3.875%, 6/30/30 | &nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;5743 |
| U.S. Treasury Notes, 3.875%, 4/30/30 | 11800 | &nbsp;&nbsp;&nbsp;11892 |
| U.S. Treasury Notes, 3.875%, 3/15/28 | 68100 | &nbsp;&nbsp;&nbsp;68547 |
| U.S. Treasury Notes, 4.00%, 2/29/28 | &nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1140 |
| U.S. Treasury Notes, 4.00%, 5/31/30 | 15400 | &nbsp;&nbsp;&nbsp;15602 |
| U.S. Treasury Notes, 4.00%, 3/31/30 | 37700 | &nbsp;&nbsp;&nbsp;38180 |
| U.S. Treasury Notes, 4.00%, 2/28/30 | 46755 | &nbsp;&nbsp;&nbsp;47354 |
| U.S. Treasury Notes, 4.125%, 11/30/29 | &nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;1983 |
| U.S. Treasury Notes, 4.25%, 2/28/29 | &nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;1371 |
| U.S. Treasury Notes, 4.25%, 5/15/35 | &nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;10034 |
| U.S. Treasury Notes, 4.25%, 2/15/28 | 24245 | &nbsp;&nbsp;&nbsp;24587 |
| U.S. Treasury Notes, 4.25%, 11/15/34 | 26070 | &nbsp;&nbsp;&nbsp;26467 |
| U.S. Treasury Notes, 4.25%, 1/31/30 | 51105 | &nbsp;&nbsp;&nbsp;52243 |
| U.S. Treasury Notes, 4.375%, 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| U.S. Treasury Notes, 4.625%, 2/15/35 | &nbsp;&nbsp;&nbsp;8740 | &nbsp;&nbsp;&nbsp;&nbsp;9118 |
| U.S. Treasury Notes, 4.75%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
|  |  | 528739 |
| **Total U.S. Government Agency Obligations (Excluding Mortgage-Backed)<br> (Cost $525,123)** |  | **528739** |
| **SHORT-TERM INVESTMENTS 3.2%** | **SHORT-TERM INVESTMENTS 3.2%** | **SHORT-TERM INVESTMENTS 3.2%** |
| **Money Market Funds 3.2%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.12% (8)(9) | 49126 | &nbsp;&nbsp;&nbsp;49126 |
| **Total Short-Term Investments<br> (Cost $49,126)** |  | &nbsp;&nbsp;&nbsp;**49126** |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **SECURITIES LENDING COLLATERAL 0.6%** | **SECURITIES LENDING COLLATERAL 0.6%** | **SECURITIES LENDING COLLATERAL 0.6%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 0.6%** |  |  |
| **Money Market Funds 0.6%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.12% (8)(9) | 8970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8970** |
| **Total Securities Lending Collateral<br> (Cost $8,970)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8970** |
| **Total Investments in Securities<br> 102.4% of Net Assets (Cost $1,550,223)** |  | **$1567401** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

‡ Par/Shares and Notional Amount are denominated in U.S. dollars unless otherwise noted.

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $139,566 and represents 9.1% of net assets.

(2) When-issued security.

(3) Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating.

(4) See Note 4. All or a portion of this security is on loan at October 31, 2025.

(5) Insured by Build America Mutual Assurance Company

(6) To-Be-Announced purchase commitment. Total value of such securities at period-end amounts to $30,307 and represents 2.0% of net assets.

(7) At October 31, 2025, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding obligations.

(8) Seven-day yield

(9) Affiliated Companies

&nbsp;&nbsp;&nbsp;&nbsp;

1M TSFR One month term SOFR (Secured overnight financing rate) <br> 3M TSFR Three month term SOFR (Secured overnight financing rate)

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | |
|:---|:---|
| ARM | Adjustable Rate Mortgage (ARM); rate shown is effective rate at period-end. The rates for certain ARMs are not based on a published reference rate and spread but may be determined using a formula based on the rates of the underlying loans. |
| CDA | Community Development Administration/Authority |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| FRN | Floating Rate Note |
| GO | General Obligation |
| HHEFA | Health & Higher Educational Facility Authority |
| PFA | Public Finance Authority/Agency |
| SOFR30A | 30-day Average term SOFR (Secured Overnight Financing Rate) |
| TBA | To-Be-Announced |
| UMBS | Uniform Mortgage-Backed Securities |
| VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and based on current market conditions. |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

(Amounts in 000s)

**SWAPS 0.1%** 

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Initial<br> $ Value** | **Unrealized<br> $ Gain/(Loss)** |
| **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** |
| **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** |
| Protection Sold (Relevant Credit: Markit CDX.NA.IG.S44 5 Year Index), Receive 1.00% Quarterly, Pay upon credit default, 6/20/30 | 50200 | 1161 | 944 | &nbsp;&nbsp;&nbsp;&nbsp;217 |
| Protection Sold (Relevant Credit: Markit CDX.NA.IG.S45 5 Year Index), Receive 1.00% Quarterly, Pay upon credit default, 12/20/30 | 19250 | &nbsp;&nbsp;&nbsp;&nbsp;447 | 429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**235** |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **$(255)** |
| **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **$(20)** |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

---

| |
|:---|
| **FUTURES CONTRACTS** |
| ($000s) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Gain (Loss)** |
| Short, 6 Ultra U.S. Treasury Bond contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;(703) | $(25) |
| Long, 58 Ultra U.S. Treasury Notes ten year contracts | 12/25 | &nbsp;&nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| Long, 519 U.S. Treasury Notes five year contracts | 12/25 | 56748 | &nbsp;&nbsp;&nbsp;(67) |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | &nbsp;&nbsp;&nbsp;&nbsp;**53** |
| **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **$(1)** |

---

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T. ROWE PRICE QM U.S. BOND ETF

------

#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the year ended October 31, 2025. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | $— | $— | $1,357++ |
| Totals | $—# | $— | $1,357+ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 10/31/24** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 10/31/25** |
| T. Rowe Price Government Reserve Fund | $3873 | ¤ | ¤ | $58096 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $58,096^ |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 4. |
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $1,357 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $58,096. |

---

The accompanying notes are an integral part of these financial statements.

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T. ROWE PRICE QM U.S. BOND ETF

------

October 31, 2025

#### &nbsp;&nbsp;&nbsp;&nbsp; STATEMENT OF ASSETS AND LIABILITIES &nbsp;&nbsp;&nbsp;&nbsp;

------

($000s, except shares and per share amounts)

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value (cost $1,550,223) | &nbsp;&nbsp;$1567401 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13401 |
| Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8026 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;1588830 |
| **Liabilities** |  |
| Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49035 |
| Obligation to return securities lending collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 |
| Investment management and administrative fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Variation margin payable on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Variation margin payable on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58127 |
| **NET ASSETS** | &nbsp;&nbsp;**$1530703** |
| **Net Assets Consists of:** |  |
| Total distributable earnings (loss) | &nbsp;&nbsp;$16137 |
| Paid-in capital applicable to 35,500,000 shares of $0.0001 par value<br> capital stock outstanding; 4,000,000,000 shares of the Corporation authorized | &nbsp;&nbsp;&nbsp;&nbsp;1514566 |
| **NET ASSETS** | &nbsp;&nbsp;**$1530703** |
| **NET ASSET VALUE PER SHARE** | &nbsp;&nbsp;**$43.12** |

---

The accompanying notes are an integral part of these financial statements.

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T. ROWE PRICE QM U.S. BOND ETF

------

#### &nbsp;&nbsp;&nbsp;&nbsp; STATEMENT OF OPERATIONS &nbsp;&nbsp;&nbsp;&nbsp;

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Year<br> Ended |
|  | &nbsp;&nbsp;10/31/25 |
| **Investment Income (Loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$39901 |
| &nbsp;&nbsp;&nbsp;Dividend | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;41272 |
| Investment management and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;40565 |
| **Realized and Unrealized Gain / Loss** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 |
| &nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 |
| Change in net unrealized gain / loss |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;21208 |
| &nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| &nbsp;&nbsp;&nbsp;TBA Sales Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;21510 |
| Net realized and unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;23169 |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;**$63734** |

---

The accompanying notes are an integral part of these financial statements.

------

T. ROWE PRICE QM U.S. BOND ETF

------

#### &nbsp;&nbsp;&nbsp;&nbsp; STATEMENT OF CHANGES IN NET ASSETS &nbsp;&nbsp;&nbsp;&nbsp;

------

($000s)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Year<br> Ended |  |
|  | &nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;10/31/24 |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$40565 | &nbsp;&nbsp;$4011 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(564) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876 |
| &nbsp;&nbsp;&nbsp;Increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10323 |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4014) |
| Capital share transactions\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1464911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53590) | &nbsp;&nbsp;&nbsp;&nbsp;(19039) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;1411321 | &nbsp;&nbsp;&nbsp;&nbsp;(13691) |
| **Net Assets** |  |  |
| Increase (decrease) during period | &nbsp;&nbsp;&nbsp;&nbsp;1434266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7382) |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96437 | &nbsp;&nbsp;&nbsp;&nbsp;103819 |
| **End of period** | &nbsp;&nbsp;**$1530703** | &nbsp;&nbsp;**$96437** |
| \*Share information (000s) |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) |

---

The accompanying notes are an integral part of these financial statements.

------

T. ROWE PRICE QM U.S. BOND ETF

------

#### &nbsp;&nbsp;&nbsp;&nbsp; NOTES TO FINANCIAL STATEMENTS &nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The QM U.S. Bond ETF (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks to provide a total return that exceeds the performance of the U.S. investment-grade bond market.

#### NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

#### Basis of Preparation
The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) *Accounting Standards Codification* Topic 946 (ASC 946). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), including, but not limited to, ASC 946. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.

#### Investment Transactions, Investment Income, and Distributions
Investment transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Premiums and discounts on debt securities are amortized for financial reporting purposes. Paydown gains and losses are recorded as an adjustment to interest income. Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Dividends received from other investment companies are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capital gain distributions are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid monthly. A capital gain distribution, if any, may also be declared and paid by the fund annually. Dividends and distributions cannot be automatically reinvested in additional shares of the fund.

------

T. ROWE PRICE QM U.S. BOND ETF

------

#### Capital Transactions
The fund issues and redeems shares at its net asset value (NAV) only with Authorized Participants and only in large blocks of 25,000 shares (each, a "Creation Unit"). The fund's NAV per share is computed at the close of the New York Stock Exchange (NYSE), normally 4 p.m. Eastern time, each day the NYSE is open for business. However, the NAV per share may be calculated at a time other than the normal close of the NYSE if trading on the NYSE is restricted, if the NYSE closes earlier, or as may be permitted by the SEC. Individual fund shares may not be purchased or redeemed directly with the fund. An Authorized Participant may purchase or redeem a Creation Unit of the fund each business day that the fund is open in exchange for the delivery of a designated portfolio of in-kind securities and/or cash. When purchasing or redeeming Creation Units, Authorized Participants are also required to pay a fixed and/or variable purchase or redemption transaction fee as well as any applicable additional variable charge to defray the transaction cost to a fund.

Individual fund shares may be purchased and sold only on a national securities exchange through brokers. Shares are listed for trading on NYSE Arca, Inc. and because the shares will trade at market prices rather than NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

#### New Accounting Guidance
In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the fund's financial statements.

#### Indemnification
In the normal course of business, the fund may provide indemnification in connection with its officers and directors, service providers, and/or private company investments. The fund's maximum exposure under these arrangements is unknown; however, the risk of material loss is currently considered to be remote.

------

T. ROWE PRICE QM U.S. BOND ETF

------

#### NOTE 2 – VALUATION

#### Fair Value
The fund's financial instruments are valued at the close of the NYSE and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund's valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)

Level 3 – unobservable inputs (including the Valuation Designee's assumptions in determining fair value)

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial

------

T. ROWE PRICE QM U.S. BOND ETF

------

instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

#### Valuation Techniques
Debt securities are generally traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers. Futures contracts are valued at closing settlement prices. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford the greatest weight to actual prices in arm's length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

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T. ROWE PRICE QM U.S. BOND ETF

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#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on October 31, 2025 (for further detail by category, please refer to the accompanying Portfolio of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;1509305 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;1509305 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;49126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49126 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;58096 | &nbsp;&nbsp;&nbsp;&nbsp;1509305 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1567401 |
| Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Total | &nbsp;&nbsp;$58134 | &nbsp;&nbsp;$1509540 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1567674 |
| **Liabilities** |  |  |  |  |
| Futures Contracts\* | &nbsp;&nbsp;$92 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Includes Asset-Backed Securities, Corporate Bonds, Foreign Government Obligations & Municipalities, Municipal Securities, Non-U.S. Government Mortgage-Backed Securities, U.S. Government & Agency Mortgage-Backed Securities and U.S. Government Agency Obligations (Excluding Mortgage-Backed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* The fair value presented includes cumulative gain (loss) on open futures contracts and centrally cleared swaps; however, the net value reflected on the accompanying Portfolio of Investments is only the unsettled variation margin receivable (payable) at that date.

#### NOTE 3 – DERIVATIVE INSTRUMENTS
During the year ended October 31, 2025, the fund invested in derivative instruments. As defined by GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variable; it requires little or no initial investment and permits or requires net settlement or delivery of cash or other assets. The fund invests in derivatives only if the expected risks and rewards are consistent with its investment objectives, policies, and overall risk profile, as described in its prospectus and Statement of Additional Information. The fund may use derivatives for a variety of purposes and may use them to establish both long

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and short positions within the fund's portfolio. Potential uses include to hedge against declines in principal value, increase yield, invest in an asset with greater efficiency and at a lower cost than is possible through direct investment, to enhance return, or to adjust portfolio duration and credit exposure. The risks associated with the use of derivatives are different from, and potentially much greater than, the risks associated with investing directly in the instruments on which the derivatives are based.

The fund values its derivatives at fair value and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting, even for derivatives employed as economic hedges. Generally, the fund accounts for its derivatives on a gross basis. It does not offset the fair value of derivative liabilities against the fair value of derivative assets on its financial statements, nor does it offset the fair value of derivative instruments against the right to reclaim or obligation to return collateral. The following table summarizes the fair value of the fund's derivative instruments held as of October 31, 2025, and the related location on the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | |
|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Location on Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Fair Value\*** |
| **Assets** |  |  |
| Interest rate derivatives | &nbsp;&nbsp;Futures | &nbsp;&nbsp;$38 |
| Credit derivatives | &nbsp;&nbsp;Centrally Cleared Swaps | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| Total |  | &nbsp;&nbsp;$273 |
| **Liabilities** |  |  |
| Interest rate derivatives | &nbsp;&nbsp;Futures | &nbsp;&nbsp;$92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<br> \* The fair value presented includes cumulative gain (loss) on open futures contracts and centrally cleared swaps; however, the value reflected on the accompanying Statement of Assets and Liabilities is only the unsettled variation margin receivable (payable) at that date.

Additionally, the amount of gains and losses on derivative instruments recognized in fund earnings during the year ended October 31, 2025, and the related location on the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

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---

| | | | |
|:---|:---|:---|:---|
| ($000s) **Location of Gain (Loss) on Statement of Operations** | ($000s) **Location of Gain (Loss) on Statement of Operations** | ($000s) **Location of Gain (Loss) on Statement of Operations** | ($000s) **Location of Gain (Loss) on Statement of Operations** |
|  | &nbsp;&nbsp;**Futures** | &nbsp;&nbsp;**Swaps** | &nbsp;&nbsp;**Total** |
| **Realized Gain (Loss)** |  |  |  |
| Interest rate derivatives | &nbsp;&nbsp;$(165) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(165) |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;171 |
| Total | &nbsp;&nbsp;$(165) | &nbsp;&nbsp;$171 | &nbsp;&nbsp;$6 |
| **Change in Unrealized Gain (Loss)** |  |  |  |
| Interest rate derivatives | &nbsp;&nbsp;$79 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$79 |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| Total | &nbsp;&nbsp;$79 | &nbsp;&nbsp;$231 | &nbsp;&nbsp;$310 |

---

#### Counterparty Risk and Collateral
The fund invests in exchange-traded and/or centrally cleared derivative contracts, such as futures, exchange-traded options, and centrally cleared swaps. Counterparty risk on such derivatives is minimal because the clearinghouse provides protection against counterparty defaults. For futures and centrally cleared swaps, the fund is required to deposit collateral in an amount specified by the clearinghouse and the clearing firm (margin requirement), and the margin requirement must be maintained over the life of the contract. Each clearinghouse and clearing firm, in its sole discretion, may adjust the margin requirements applicable to the fund.

Collateral may be in the form of cash or debt securities issued by the U.S. government or related agencies. Cash posted by the fund is reflected as cash deposits in the accompanying financial statements and generally is restricted from withdrawal by the fund; securities posted by the fund are so noted in the accompanying Portfolio of Investments; both remain in the fund's assets. While typically not sold in the same manner as equity or fixed income securities, exchange-traded or centrally cleared derivatives may be closed out only on the exchange or clearinghouse where the contracts were cleared. This ability is subject to the liquidity of underlying positions. As of October 31, 2025, securities valued at $2,534,000 has been posted by the fund for exchange-traded and /or centrally cleared derivatives.

#### Futures Contracts
The fund is subject to interest rate risk in the normal course of pursuing its investment objectives and uses futures contracts to help manage such risk. The fund may enter into futures contracts to manage exposure to interest rate and yield

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curve movements, security prices, foreign currencies, and mortgage prepayments; as an efficient means of adjusting exposure to all or part of a target market; as a cash management tool; or to adjust portfolio duration. A futures contract provides for the future sale by one party and purchase by another of a specified amount of a specific underlying financial instrument at an agreed-upon price, date, time, and place. The fund currently invests only in exchange-traded futures, which generally are standardized as to maturity date, underlying financial instrument, and other contract terms. Payments are made or received by the fund each day to settle daily fluctuations in the value of the contract (variation margin), which reflect changes in the value of the underlying financial instrument. Variation margin is recorded as unrealized gain or loss until the contract is closed. The value of a futures contract included in net assets is the amount of unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded on the accompanying Statement of Operations. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates, and potential losses in excess of the fund's initial investment. During the year ended October 31, 2025, the volume of the fund's activity in futures, based on underlying notional amounts, was generally between 1% and 13% of net assets.

#### Swaps
The fund is subject to credit risk in the normal course of pursuing its investment objectives and uses swap contracts to help manage such risk. The fund may use swaps in an effort to manage both long and short exposure to changes in interest rates, inflation rates, and credit quality; to adjust overall exposure to certain markets; to enhance total return or protect the value of portfolio securities; to serve as a cash management tool; or to adjust portfolio duration and credit exposure. Swap agreements can be settled either directly with the counterparty (bilateral swap) or through a central clearinghouse (centrally cleared swap). Fluctuations in the fair value of a contract are reflected in unrealized gain or loss and are reclassified to realized gain or loss on the accompanying Statement of Operations upon contract termination or cash settlement. Net periodic receipts or payments required by a contract increase or decrease, respectively, the value of the contract until the contractual payment date, at which time such amounts are reclassified from unrealized to realized gain or loss on the accompanying Statement of Operations. For bilateral swaps, cash payments are made or received by the fund on a periodic basis in accordance with contract terms; unrealized gain on contracts and premiums paid are reflected as assets and unrealized loss on

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contracts and premiums received are reflected as liabilities on the accompanying Statement of Assets and Liabilities. For bilateral swaps, premiums paid or received are amortized over the life of the swap and are recognized as realized gain or loss on the accompanying Statement of Operations. For centrally cleared swaps, payments are made or received by the fund each day to settle the daily fluctuation in the value of the contract (variation margin). Accordingly, the value of a centrally cleared swap included in net assets is the unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities.

Credit default swaps are agreements where one party (the protection buyer) agrees to make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as certain defaults and bankruptcies related to an underlying credit instrument, or issuer or index of such instruments. Upon occurrence of a specified credit event, the protection seller is required to pay the buyer the difference between the notional amount of the swap and the value of the underlying credit, either in the form of a net cash settlement or by paying the gross notional amount and accepting delivery of the relevant underlying credit. For credit default swaps where the underlying credit is an index, a specified credit event may affect all or individual underlying securities included in the index and will be settled based upon the relative weighting of the affected underlying security(ies) within the index. Generally, the payment risk for the seller of protection is inversely related to the current market price or credit rating of the underlying credit or the market value of the contract relative to the notional amount, which are indicators of the markets' valuation of credit quality. As of October 31, 2025, the notional amount of protection sold by the fund totaled $69,450,000 (4.5% of net assets), which reflects the maximum potential amount the fund could be required to pay under such contracts. Risks related to the use of credit default swaps include the possible inability of the fund to accurately assess the current and future creditworthiness of underlying issuers, the possible failure of a counterparty to perform in accordance with the terms of the swap agreements, potential government regulation that could adversely affect the fund's swap investments, and potential losses in excess of the fund's initial investment.

During the year ended October 31, 2025, the volume of the fund's activity in swaps, based on underlying notional amounts, was generally between 1% and 5% of net assets.

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T. ROWE PRICE QM U.S. BOND ETF

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#### NOTE 4 – OTHER INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks and/or to enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund's prospectus and Statement of Additional Information.

#### Restricted Securities
The fund invests in securities that are subject to legal or contractual restrictions on resale. Prompt sale of such securities at an acceptable price may be difficult and may involve substantial delays and additional costs.

#### Collateralized Loan Obligations
The fund invests in collateralized loan obligations (CLOs) which are entities backed by a diversified pool of syndicated bank loans. The cash flows of the CLO can be split into multiple segments, called "tranches" or "classes", which will vary in risk profile and yield. The riskiest segments, which are the subordinate or "equity" tranches, bear the greatest risk of loss from defaults in the underlying assets of the CLO and serve to protect the other, more senior, tranches. Senior tranches will typically have higher credit ratings and lower yields than the securities underlying the CLO. Despite the protection from the more junior tranches, senior tranches can experience substantial losses.

#### Mortgage-Backed Securities
The fund invests in mortgage-backed securities (MBS or pass-through certificates) that represent an interest in a pool of specific underlying mortgage loans and entitle the fund to the periodic payments of principal and interest from those mortgages. MBS may be issued by government agencies or corporations, or private issuers. Most MBS issued by government agencies are guaranteed; however, the degree of protection differs based on the issuer. MBS are sensitive to changes in economic conditions that affect the rate of prepayments and defaults on the underlying mortgages; accordingly, the value, income, and related cash flows from MBS may be more volatile than other debt instruments.

#### TBA Purchase, Sale Commitments and Forward Settling Mortgage Obligations
The fund enters into to-be-announced (TBA) purchase or sale commitments (collectively, TBA transactions), pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or

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delivered by the fund are not identified at the trade date; however, the securities must meet specified terms, including rate and mortgage term, and be within industry-accepted "good delivery" standards. The fund may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities.

To mitigate counterparty risk, the fund has entered into Master Securities Forward Transaction Agreements (MSFTA) with counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments and other forward settling mortgage obligations with a particular counterparty (collectively, MSFTA Transactions). At any time, the fund's risk of loss from a particular counterparty related to its MSFTA Transactions is the aggregate unrealized gain on appreciated MSFTA Transactions in excess of unrealized loss on depreciated MSFTA Transactions and collateral received, if any, from such counterparty. As of October 31, 2025, no collateral was pledged by the fund or counterparties for MSFTA Transactions.

#### Dollar Rolls
The fund enters into dollar roll transactions, pursuant to which it sells a mortgage-backed TBA or security and simultaneously agrees to purchase a similar, but not identical, TBA with the same issuer, rate, and terms on a later date at a set price from the same counterparty. The fund may execute a "roll" to obtain better underlying mortgage securities or to enhance returns. While the fund may enter into dollar roll transactions with the intention of taking possession of the underlying mortgage securities, it may also close a contract prior to settlement or "roll" settlement to a later date if deemed to be in the best interest of shareholders. Actual mortgages received by the fund may be less favorable than those anticipated. The fund accounts for dollar roll transactions as purchases and sales, which has the effect of increasing its portfolio turnover rate.

#### When-Issued Securities
The fund enters into when-issued purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, an authorized but not yet issued security for a fixed unit price, with payment and delivery not due until issuance of the security on a scheduled future date. When-issued securities may be new securities or securities issued through a corporate action, such as a reorganization or restructuring. Until settlement, the fund maintains liquid assets sufficient to

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settle its commitment to purchase a when-issued security. Amounts realized on when-issued transactions are included in realized gain/loss on securities in the accompanying financial statements.

#### Securities Lending
The fund may lend its securities to approved borrowers to earn additional income. Its securities lending activities are administered by a lending agent in accordance with a securities lending agreement. Security loans generally do not have stated maturity dates, and the fund may recall a security at any time. The fund receives collateral in the form of cash or U.S. government securities. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities; any additional collateral required due to changes in security values is delivered to the fund the next business day. Cash collateral is invested in accordance with investment guidelines approved by fund management. Additionally, the lending agent indemnifies the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities, collateral investments decline in value, and the lending agent fails to perform. Securities lending revenue consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower, compensation to the lending agent, and other administrative costs. In accordance with GAAP, investments made with cash collateral are reflected in the accompanying financial statements, but collateral received in the form of securities is not. At October 31, 2025, the value of loaned securities was $8,764,000; the value of cash collateral and related investments was $8,970,000.

#### Other
Purchases and sales of portfolio securities excluding in-kind transactions and short-term and U.S. government securities aggregated $591,971,000 and $54,722,000, respectively, for the year ended October 31, 2025. Purchases and sales of U.S. government securities, excluding in-kind transactions and short-term securities, aggregated $1,066,222,000 and $242,365,000, respectively, for the year ended October 31, 2025.

#### NOTE 5 – FEDERAL INCOME TAXES
Generally, no provision for federal income taxes is required since the fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income

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T. ROWE PRICE QM U.S. BOND ETF

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and gains. Distributions determined in accordance with federal income tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes.

The fund files U.S. federal, state, and local tax returns as required. The fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Capital accounts within the financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The permanent book/tax adjustments, if any, have no impact on results of operations or net assets.

The tax character of distributions paid for the periods presented was as follows:

---

| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | &nbsp;&nbsp;**October 31,** | &nbsp;&nbsp;**October 31,** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| Ordinary income (including short-term capital gains, if any) | &nbsp;&nbsp;$40789 | &nbsp;&nbsp;$4014 |

---

At October 31, 2025, the tax-basis cost of investments, (including derivatives, if any) and gross unrealized appreciation and depreciation were as follows:

---

| | |
|:---|:---|
| ($000s) |  |
| Cost of investments | &nbsp;&nbsp;$1552146 |
| Unrealized appreciation | &nbsp;&nbsp;$20617 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3754) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$16863 |

---

At October 31, 2025, the tax-basis components of accumulated net earnings (loss) were as follows:

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T. ROWE PRICE QM U.S. BOND ETF

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---

| | |
|:---|:---|
| ($000s) |  |
| Undistributed ordinary income | &nbsp;&nbsp;$154 |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;16863 |
| Loss carryforwards and deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) |
| Total distributable earnings (loss) | &nbsp;&nbsp;$16137 |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to the deferral of losses from wash sales. The loss carryforwards and deferrals primarily relate to capital loss carryforwards and straddle deferrals. Capital loss carryforwards are available indefinitely to offset future realized capital gains. During the year ended October 31, 2025, the fund utilized $1,909,000 of capital loss carryforwards. Further, a portion of the fund's available capital loss carryforwards are subject to certain limitations on amount or timing of use related to an ownership change.

#### NOTE 6 – RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). The investment management and administrative agreement between the fund and Price Associates provides for an annual all-inclusive fee equal to 0.08% of the fund's average daily net assets. The fee is computed daily and paid monthly. The all-inclusive fee covers investment management services and ordinary, recurring operating expenses, but does not cover interest and borrowing expenses; taxes; brokerage commissions and other transaction costs; fund proxy expenses; and nonrecurring and extraordinary expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Investment Services, Inc. (Investment Services) serves as distributor to the fund. Pursuant to an underwriting agreement, no compensation for any distribution services provided is paid to Investment Services by the fund.

The fund may invest its cash reserves in certain open-end management investment companies managed by Price Associates and considered affiliates of the fund: the T. Rowe Price Government Reserve Fund or the T. Rowe Price Treasury Reserve Fund, organized as money market funds (together, the Price Reserve Funds). The Price Reserve Funds are offered as short-term investment

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T. ROWE PRICE QM U.S. BOND ETF

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options to mutual funds, trusts, and other accounts managed by Price Associates or its affiliates and are not available for direct purchase by members of the public. Cash collateral from securities lending, if any, is invested in the T. Rowe Price Government Reserve Fund. The Price Reserve Funds pay no investment management fees.

As of October 31, 2025, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 1,681,020 shares of the fund, representing 5% of the fund's net assets.

The fund may participate in securities purchase and sale transactions with other funds or accounts advised by Price Associates (cross trades), in accordance with procedures adopted by the fund's Board and Securities and Exchange Commission rules, which require, among other things, that such purchase and sale cross trades be effected at the independent current market price of the security. During the year ended October 31, 2025, the fund had no purchases or sales cross trades with other funds or accounts advised by Price Associates.

#### NOTE 7 – SEGMENT REPORTING
Operating segments are defined as components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Management Committee of Price Associates acts as the fund's CODM. The fund makes investments in accordance with its investment objective as outlined in the Prospectus and is considered one reportable segment because the CODM allocates resources and assesses the operating results of the fund on the whole.

The fund's revenue is derived from investments in a portfolio of securities. The CODM allocates resources and assesses performance based on the operating results of the fund, which is consistent with the results presented in the statement of operations, statement of changes in net assets and financial highlights. The CODM compares the fund's performance to its benchmark index and evaluates the positioning of the fund in relation to its investment objective. The measure of segment assets is net assets of the fund which is disclosed in the statement of assets and liabilities.

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T. ROWE PRICE QM U.S. BOND ETF

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The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The financial statements include all details of the segment assets, segment revenue and expenses; and reflect the financial results of the segment.

#### NOTE 8 – OTHER MATTERS
Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict, terrorism, geopolitical and regulatory developments (including trading and tariff arrangements), and public health epidemics or threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted. These and other similar events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks. The fund's performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.

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T. ROWE PRICE QM U.S. BOND ETF

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Board of Directors of T. Rowe Price Exchange-Traded Funds, Inc. and Shareholders of T. Rowe Price QM U.S. Bond ETF

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of T. Rowe Price QM U.S. Bond ETF (one of the funds constituting T. Rowe Price Exchange-Traded Funds, Inc., referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the years ended October 31, 2025, 2024, 2023 and 2022, and for the period September 28, 2021 (inception) through October 31, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the years ended October 31, 2025, 2024, 2023 and 2022, and for the period September 28, 2021 (inception) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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T. ROWE PRICE QM U.S. BOND ETF

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
(CONTINUED)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland

December 18, 2025

We have served as the auditor of one or more investment companies in the T. Rowe Price group of investment companies since 1973.

------

T. ROWE PRICE QM U.S. BOND ETF

------

#### TAX INFORMATION (UNAUDITED) FOR THE TAX YEAR ENDED 10/31/25
We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.

The fund's distributions to shareholders included:

For nonresident alien shareholders, $36,416,000 of income dividends are interest-related dividends.

For shareholders subject to interest expense deduction limitation under Section 163(j), $38,866,000 of the fund's income qualifies as a Section 163(j) interest dividend and can be treated as interest income for purposes of Section 163(j), subject to holding period requirements and other limitations.

#### Liquidity Risk Management Program
In accordance with Rule 22e-4 (Liquidity Rule) under the Investment Company Act of 1940, as amended, the fund has established a liquidity risk management program (Liquidity Program) reasonably designed to assess and manage the fund's liquidity risk, which generally represents the risk that the fund would not be able to meet redemption requests without significant dilution of remaining investors' interests in the fund. The fund's Board of Directors (Board) has appointed the fund's investment adviser, T. Rowe Price Associates, Inc. (Adviser), as the administrator of the Liquidity Program. As administrator, the Adviser is responsible for overseeing the day-to-day operations of the Liquidity Program and, among other things, is responsible for assessing, managing, and reviewing with the Board at least annually the liquidity risk of each T. Rowe Price fund. The Adviser has delegated oversight of the Liquidity Program to a Liquidity Risk Committee (LRC), which is a cross-functional committee composed of personnel from multiple departments within the Adviser.

The Liquidity Program's principal objectives include supporting the T. Rowe Price funds' compliance with limits on investments in illiquid assets and mitigating the risk that the fund will be unable to timely meet its redemption obligations. The Liquidity Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence the fund's liquidity and the periodic classification and reclassification of a fund's investments into categories that reflect the LRC's assessment of their relative liquidity under current market conditions. Under the Liquidity Program, every investment held by the fund is classified at least monthly into one of four liquidity categories based on estimations of the investment's ability to be sold during designated time frames in current market conditions without significantly changing the investment's market value.

As required by the Liquidity Rule, at a meeting held on July 24, 2023, the Board was presented with an annual assessment that was prepared by the LRC on behalf of the Adviser and addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including any material changes to the

------

T. ROWE PRICE QM U.S. BOND ETF

------

Liquidity Program and the determination of each fund's Highly Liquid Investment Minimum (HLIM). The annual assessment included consideration of the following factors, as applicable: the fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed conditions, including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives; short-term and long-term cash flow projections covering both normal and reasonably foreseeable stressed conditions; and holdings of cash and cash equivalents, as well as available borrowing arrangements.

For the fund and other T. Rowe Price funds, the annual assessment incorporated a report related to a fund's holdings, shareholder and portfolio concentration, any borrowings during the period, cash flow projections, and other relevant data for the period of April 1, 2022, through March 31, 2023. The report described the methodology for classifying a fund's investments (including any derivative transactions) into one of four liquidity categories, as well as the percentage of a fund's investments assigned to each category. It also explained the methodology for establishing a fund's HLIM and noted that the LRC reviews the HLIM assigned to each fund no less frequently than annually.

During the period covered by the annual assessment, the LRC has concluded, and reported to the Board, that the Liquidity Program continues to operate adequately and effectively and is reasonably designed to assess and manage the fund's liquidity risk.

------

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![](g942149img5c82751a1.gif)

1307 Point Street

Baltimore, Maryland 21231

Call 1-800-638-5660 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

T. Rowe Price Investment Services, Inc.

ETF989-050 12/25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d942149dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d942149dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d942149dex99906ce.htm) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| T. Rowe Price Exchange-Traded Funds, Inc. | T. Rowe Price Exchange-Traded Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
|  Date  | December 18, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | December 18, 2025 |
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | December 18, 2025 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price QM U.S. Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price QM U.S. Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price QM U.S. Bond ETF

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: December 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: December 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

------

standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

------

Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

------

the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer