# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001193125-26-018844
**Filing Date:** 2026-1
**Character Count:** 128814
**Document Hash:** 936762a4112ed356acd31ca076ba30c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018844.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018844

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 26549955

**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 Floating Rate ETF (Series ID: S000077050)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237190 | T. Rowe Price Floating Rate ETF | TFLR            |

?xml version='1.0' encoding='ASCII'? Floating Rate ETF_FRX_ETF1047-051

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: May 31

Date of reporting period: November 30, 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](g89244g23f43.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

# Floating Rate ETF (TFLR)

# Principal Listing Exchange: NYSE Arca, Inc.
This semi-annual shareholder report contains important information about Floating Rate ETF (the "fund") for the period of June 1, 2025 to November 30, 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 six months ?** (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** |
| Floating Rate ETF | $31 | 0.61% |

---

## What are some fund statistics?

### **Fund Statistics** 
* Total Net Assets (000s)$429,315

* Number of Portfolio Holdings355

* Portfolio Turnover Rate21.7%

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

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

---

| | |
|:---|:---|
| Bank Loans | 85.4% |
| Corporate Bonds | 7.8 |
| Preferred Stocks | 0.1 |
| Short-Term and Other | 6.7 |

---

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

---

| | |
|:---|:---|
| Cloud Software Group | 2.0% |
| Alera Group | 1.9 |
| Truist Insurance Holdings | 1.7 |
| HUB International | 1.6 |
| Ellucian Holdings | 1.6 |
| Asurion | 1.6 |
| Applied Systems | 1.5 |
| TransDigm | 1.5 |
| UKG | 1.4 |
| OneDigital Borrower | 1.4 |

---

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Floating Rate ETF (TFLR)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g89244g53t54.jpg)

Principal Listing Exchange: NYSE Arca, Inc.

202506-4610402

ETF1047-053 01/26

------

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

#### Item 2. Code of Ethics.
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 is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### 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.

------

![](g89244imgf5971b751.gif)

#### Financial Statements and Other Information
November 30, 2025

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp;TFLR | &nbsp;&nbsp;&nbsp;&nbsp;Floating Rate ETF |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more insights from T. Rowe Price investment professionals, go to **troweprice.com**. |

---

------

![](g89244img6530d5f22.gif)

------

T. ROWE PRICE FLOATING RATE ETF

------

Unaudited

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  | &nbsp;&nbsp;11/16/22<sup>(1)</sup><br> Through |
|  | &nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;5/31/25 | &nbsp;&nbsp;5/31/24 | &nbsp;&nbsp;5/31/23 |
| **NET ASSET VALUE** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;$51.11 | &nbsp;&nbsp;$51.44 | &nbsp;&nbsp;$49.71 | &nbsp;&nbsp;$50.00 |
| Investment activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| &nbsp;&nbsp;&nbsp;Total from investment activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 |
| Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) |
| &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;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) |
| **NET ASSET VALUE** |  |  |  |  |
| **End of period** | &nbsp;&nbsp;**$51.11<sup>(4)</sup>** | &nbsp;&nbsp;**$51.11** | &nbsp;&nbsp;**$51.44** | &nbsp;&nbsp;**$49.71** |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

Unaudited

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  | &nbsp;&nbsp;11/16/22<sup>(1)</sup><br> Through |
|  | &nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;5/31/25 | &nbsp;&nbsp;5/31/24 | &nbsp;&nbsp;5/31/23 |
| **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;**3.56%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.25%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.28%** |
| 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;0.61%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%<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;0.61%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.09%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%<sup>(6)</sup> |
| Portfolio turnover rate<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6% |
| Net assets, end of period<br> (in thousands) | &nbsp;&nbsp;$429315 | $305385 | $151734 | &nbsp;&nbsp;$28583 |

---

&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> Net asset value and Total return include adjustments made in accordance with U.S. generally accepted accounting principles for financial reporting purposes and may differ from the net asset value and total returns for shareholder transactions.

<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> Portfolio turnover excludes securities received or delivered through in-kind share transactions.

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

------

T. ROWE PRICE FLOATING RATE ETF

------

November 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ASSET-BACKED SECURITIES 0.0%** | **ASSET-BACKED SECURITIES 0.0%** | **ASSET-BACKED SECURITIES 0.0%** |
| **Miscellaneous 0.0%** |  |  |
| Frontier Issuer, Series 2024-1, Class C, 11.16%, 6/20/54 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| **Total Asset-Backed Securities<br> (Cost $28)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28** |
| **BANK LOANS 85.4% (2)** | **BANK LOANS 85.4% (2)** | **BANK LOANS 85.4% (2)** |
| **Aerospace & Defense 2.9%** |  |  |
| Bleriot US Bidco, FRN, 3M TSFR + 2.50%, 6.502%, 10/31/30 | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 |
| Brown Group Holding, FRN, 3M TSFR + 2.75%, 6.602%, 7/1/31 | 2350 | &nbsp;&nbsp;&nbsp;2360 |
| Dynasty Acquisition, B-1, FRN, 1M TSFR + 2.00%, 5.916%, 10/31/31 | 1643 | &nbsp;&nbsp;&nbsp;1647 |
| Dynasty Acquisition, B-2, FRN, 1M TSFR + 2.00%, 5.916%, 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
| Kaman, FRN, 6M TSFR + 2.50%, 6.378%, 2/26/32 | &nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 |
| Kaman, FRN, 3M TSFR + 2.50%, 6.427%, 2/26/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| KKR Apple Bidco, FRN, 1M TSFR + 2.50%, 6.416%, 9/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |
| TransDigm, FRN, 3M TSFR + 2.25%, 6.252%, 3/22/30 | 1057 | &nbsp;&nbsp;&nbsp;1058 |
| TransDigm, FRN, 3M TSFR + 2.50%, 6.502%, 2/28/31 | 3097 | &nbsp;&nbsp;&nbsp;3101 |
| TransDigm, FRN, 3M TSFR + 2.50%, 6.502%, 1/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| TransDigm, FRN, 3M TSFR + 2.50%, 6.502%, 8/19/32 | 1745 | &nbsp;&nbsp;&nbsp;1748 |
|  |  | 12612 |
| **Airlines 0.6%** |  |  |
| American Airlines, FRN, 3M TSFR + 2.25%, 6.134%, 4/20/28 | 2438 | &nbsp;&nbsp;&nbsp;2435 |
| American Airlines, FRN, 3M TSFR + 3.25%, 7.134%, 5/28/32 | &nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
|  |  | &nbsp;&nbsp;&nbsp;2635 |
| **Automotive 2.9%** |  |  |
| American Axle & Manufacturing, FRN, 1M TSFR + 3.25%, 9/20/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Autokiniton US Holdings, FRN, 1M TSFR + 4.00%, 8.030%, 4/6/28 (4) | 2506 | &nbsp;&nbsp;&nbsp;2484 |
| Belron Finance, FRN, 3M TSFR + 2.25%, 6.120%, 10/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 |
| Clarios Global, FRN, 1M TSFR + 2.50%, 6.416%, 5/6/30 | 1125 | &nbsp;&nbsp;&nbsp;1125 |
| Clarios Global, FRN, 1M TSFR + 2.75%, 6.666%, 1/28/32 | 3000 | &nbsp;&nbsp;&nbsp;3008 |
| Mavis Tire Express Services, FRN, 1M TSFR + 3.00%, 6.916%, 5/4/28 | 2441 | &nbsp;&nbsp;&nbsp;2447 |
| Tenneco, FRN, 3M TSFR + 5.00%, 8.989%, 11/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 |
| Wand NewCo 3, FRN, 1M TSFR + 2.50%, 6.416%, 1/30/31 | 1341 | &nbsp;&nbsp;&nbsp;1340 |
|  |  | 12384 |
| **Banking 0.0%** |  |  |
| Chrysaor Bidco Sarl 2025 USD Term Loan B, FRN, 3M TSFR + 3.25%, 10/30/31 (4) | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| **Broadcasting 3.3%** |  |  |
| Clear Channel Outdoor Holdings, FRN, 1M TSFR + 4.00%, 8.030%, 8/21/28 (4) | 1253 | &nbsp;&nbsp;&nbsp;1254 |
| CMG Media, FRN, 3M TSFR + 3.50%, 7.602%, 6/18/29 (4) | 2935 | &nbsp;&nbsp;&nbsp;2677 |
| EW Scripps, FRN, 1M TSFR + 3.35%, 7.423%, 11/30/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 |
| EW Scripps, FRN, 1M TSFR + 5.75%, 9.823%, 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| Gray Television, FRN, 1M TSFR + 5.25%, 9.123%, 6/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| iHeartCommunications, FRN, 1M TSFR + 5.78%, 9.805%, 5/1/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 |
| Neptune Bidco US, FRN, 3M TSFR + 5.00%, 9.012%, 4/11/29 | 3289 | &nbsp;&nbsp;&nbsp;3206 |
| Nexstar Broadcasting, FRN, 1M TSFR + 2.50%, 6.416%, 6/28/32 (4) | 1029 | &nbsp;&nbsp;&nbsp;1030 |
| Sinclair Television Group, FRN, 3M TSFR + 3.30%, 7.402%, 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
| Townsquare Media, FRN, 3M TSFR + 5.00%, 8.878%, 2/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| Univision Communications, FRN, 1M TSFR + 3.25%, 7.280%, 1/31/29 | 1692 | &nbsp;&nbsp;&nbsp;1674 |
| Univision Communications, FRN, 1M TSFR + 3.50%, 7.416%, 1/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Univision Communications, FRN, 3M TSFR + 4.25%, 8.252%, 6/24/29 | &nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
|  |  | 14014 |
| **Building Products 1.3%** |  |  |
| Chamberlain Group, FRN, 1M TSFR + 3.00%, 6.666%, 9/8/32 | 1430 | &nbsp;&nbsp;&nbsp;1433 |
| CP Atlas Buyer, FRN, 1M TSFR + 5.25%, 9.166%, 7/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 |
| MI Windows & Doors, FRN, 1M TSFR + 2.75%, 6.666%, 3/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 |
| Quikrete Holdings, FRN, 1M TSFR + 2.25%, 6.166%, 1/30/32 | 2425 | &nbsp;&nbsp;&nbsp;2427 |
|  |  | &nbsp;&nbsp;&nbsp;5324 |
| **Cable Operators 0.9%** |  |  |
| Cable One, FRN, 1M TSFR + 2.00%, 6.030%, 5/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| CSC Holdings, FRN, 3M TSFR + 1.50%, 8.500%, 4/15/27 | 1761 | &nbsp;&nbsp;&nbsp;1564 |
| DirecTV Financing, FRN, 3M TSFR + 5.50%, 9.340%, 2/17/31 (4) | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 |
| DirecTV Financing, FRN, 3M TSFR + 5.25%, 9.352%, 8/2/29 | &nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 |
| Radiate Holdco, FRN, (1.50% PIK and 1M TSFR + 3.50% cash), 4.515%, 9/25/29 (4)(5) | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| Radiate Holdco, Closing Date Term Loan, FRN, 1M TSFR + 4.00%, 6/26/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Radiate Holdco, Delayed Draw Term Commitment, FRN, 1M TSFR + 4.00%, 6/26/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
|  |  | &nbsp;&nbsp;&nbsp;3926 |
| **Chemicals 1.1%** |  |  |
| Nouryon Finance, FRN, 6M TSFR + 3.25%, 7.036%, 4/3/28 | 1961 | &nbsp;&nbsp;&nbsp;1954 |
| Nouryon Finance, FRN, 3M TSFR + 3.25%, 7.162%, 4/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Qnity Electronics, FRN, 6M TSFR + 2.00%, 5.698%, 11/1/32 | 1280 | &nbsp;&nbsp;&nbsp;1283 |
| W.R. Grace, FRN, 3M TSFR + 3.00%, 7.002%, 8/19/32 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
| Windsor Holdings III, FRN, 1M TSFR + 2.75%, 6.666%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 |
|  |  | &nbsp;&nbsp;&nbsp;4893 |

---

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T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Consumer Products 0.8%** |  |  |
| 19th Holdings Golf, FRN, 1M TSFR + 3.25%, 7.134%, 2/7/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| ABG Intermediate Holdings 2, FRN, 1M TSFR + 2.25%, 6.166%, 12/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;538 |
| Essential Home, FRN, 1M TSFR + 3.25%, 9/27/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;736 |
| Life Time Fitness, FRN, 1M TSFR + 2.00%, 5.784%, 11/5/31 | &nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;870 |
| Peloton Interactive, FRN, 1M TSFR + 5.50%, 9.416%, 5/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp;717 |
|  |  | 3284 |
| **Container 1.4%** |  |  |
| Albea Beauty Holdings, FRN, 3M EURIBOR + 5.00%, 7.000%, 12/31/27 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| Charter NEX US, FRN, 1M TSFR + 2.75%, 6.709%, 11/29/30 (4) | 4016 | 4031 |
| Proampac PG Borrower, FRN, 3M TSFR + 4.00%, 7.893%, 9/15/28 | 1716 | 1717 |
|  |  | 5941 |
| **Energy 2.3%** |  |  |
| Brazos Delaware II, FRN, 1M TSFR + 2.50%, 6.472%, 2/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
| CPPIB OVM Member US, FRN, 3M TSFR + 2.50%, 6.502%, 8/20/31 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;566 |
| Deep Blue Operating I, FRN, 1M TSFR + 2.75%, 6.593%, 10/1/32 (4) | 1250 | 1252 |
| Epic Crude Services, FRN, 3M TSFR + 2.50%, 6.340%, 10/15/31 | 1142 | 1145 |
| Goodnight Water Solutions, FRN, 1M TSFR + 4.00%, 7.916%, 6/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;393 |
| Hilcorp Energy I, FRN, 1M TSFR + 2.00%, 5.959%, 2/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| M6 ETX Holdings II Midco, FRN, 1M TSFR + 2.50%, 6.416%, 4/1/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;793 |
| NGL Energy Partners, FRN, 1M TSFR + 3.50%, 7.416%, 2/3/31 (4) | 2360 | 2369 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| NorthRiver Midstream Finance, FRN, 3M TSFR + 2.25%, 6.235%, 8/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 |
| Prairie ECI Acquiror, FRN, 1M TSFR + 3.75%, 7.666%, 8/1/29 | 1572 | &nbsp;&nbsp;&nbsp;1581 |
|  |  | &nbsp;&nbsp;&nbsp;9837 |
| **Entertainment & Leisure 3.3%** |  |  |
| AMC Entertainment Holdings, FRN, 1M TSFR + 7.00%, 10.960%, 1/4/29 | 2790 | &nbsp;&nbsp;&nbsp;2795 |
| Cinemark USA, FRN, 3M TSFR + 2.25%, 6.191%, 5/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| Crown Finance US, FRN, 1M TSFR + 4.50%, 8.343%, 12/2/31 (4) | 3171 | &nbsp;&nbsp;&nbsp;3167 |
| Delta 2 (LUX), FRN, 3M TSFR + 2.00%, 6.002%, 9/10/31 (4) | 1385 | &nbsp;&nbsp;&nbsp;1385 |
| EOC Borrower, FRN, 1M TSFR + 3.00%, 6.916%, 3/24/32 | 2718 | &nbsp;&nbsp;&nbsp;2728 |
| TKO Worldwide Holdings, FRN, 3M TSFR + 2.00%, 5.868%, 11/21/31 (4) | 3837 | &nbsp;&nbsp;&nbsp;3849 |
| United Talent Agency, FRN, 1M TSFR + 3.50%, 7.459%, 6/10/32 (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
|  |  | 14254 |
| **Financial 16.9%** |  |  |
| Acrisure, FRN, 1M TSFR + 3.00%, 6.916%, 11/6/30 | 2131 | &nbsp;&nbsp;&nbsp;2128 |
| Acrisure, FRN, 1M TSFR + 3.25%, 7.166%, 6/20/32 | 2438 | &nbsp;&nbsp;&nbsp;2435 |
| Advisor Group, FRN, 1M TSFR + 3.00%, 6.916%, 7/30/32 | 2837 | &nbsp;&nbsp;&nbsp;2842 |
| Alera Group, FRN, 1M TSFR + 3.25%, 7.166%, 5/30/32 (4) | 4015 | &nbsp;&nbsp;&nbsp;4030 |
| Alera Group, FRN, 1M TSFR + 5.50%, 9.416%, 5/30/33 | 4185 | &nbsp;&nbsp;&nbsp;4288 |
| Alliant Holdings Intermediate, FRN, 1M TSFR + 2.50%, 6.416%, 9/19/31 | 4229 | &nbsp;&nbsp;&nbsp;4229 |
| AmWINS Group, FRN, 3M TSFR + 2.25%, 6.252%, 1/30/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| Apollo Commercial Real Estate Finance, FRN, 1M TSFR + 3.25%, 7.209%, 6/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| Aretec Group, FRN, 1M TSFR + 3.00%, 8/9/30 (4) | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 |
| BCPE Pequod Buyer, FRN, 1M TSFR + 3.00%, 6.916%, 11/25/31 | 1656 | &nbsp;&nbsp;&nbsp;1660 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Blackstone Mortgage Trust, FRN, 1M TSFR + 3.00%, 6.916%, 12/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;641 |
| Chicago US Midco III, FRN, 3M TSFR + 1.00%, 1.000%, 10/30/32 (3)(4)(6) | &nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| Chicago US Midco III, FRN, 1M TSFR + 2.50%, 6.416%, 10/9/32 (4)(6) | 1088 | 1090 |
| Citadel Securities, FRN, 1M TSFR + 2.00%, 5.916%, 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| Citco Funding, FRN, 3M TSFR + 2.75%, 6.806%, 4/27/28 | &nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;268 |
| Claros Mortgage Trust, FRN, 1M TSFR + 4.50%, 8.516%, 8/9/26 (6) | &nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Edelman Financial Center, FRN, 1M TSFR + 3.00%, 6.916%, 4/7/28 | 1732 | 1740 |
| Edelman Financial Center, FRN, 1M TSFR + 5.25%, 9.166%, 10/6/28 | 2524 | 2523 |
| EP Wealth Advisors, FRN, 3M TSFR + 3.00%, 6.894%, 10/18/32 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;631 |
| Focus Financial Partners, FRN, 1M TSFR + 2.50%, 6.416%, 9/15/31 (4) | 5301 | 5300 |
| GEN II Fund Services, FRN, 3M TSFR + 2.75%, 6.752%, 11/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;353 |
| GTCR Everest Borrower, FRN, 3M TSFR + 2.75%, 6.752%, 9/5/31 | 1397 | 1401 |
| HighTower Holdings, FRN, 3M TSFR + 2.75%, 6.651%, 2/3/32 | 3578 | 3574 |
| HUB International, FRN, 3M TSFR + 2.25%, 6.120%, 6/20/30 | 5882 | 5903 |
| Insignia Financial, FRN, 1M TSFR + 4.50%, 11/25/32 (4)(6) | 1315 | 1299 |
| Jane Street Group, FRN, 3M TSFR + 2.00%, 5.822%, 12/15/31 | 2314 | 2290 |
| Jones DesLauriers Insurance Management, FRN, 3M TSFR + 2.75%, 6.590%, 3/15/30 (4) | &nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp;801 |
| KREF Holdings X, FRN, 1M TSFR + 2.50%, 6.459%, 3/5/32 | &nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;609 |
| OneDigital Borrower, FRN, 1M TSFR + 3.00%, 6.916%, 7/2/31 (4) | 3386 | 3383 |
| OneDigital Borrower, FRN, 1M TSFR + 5.25%, 9.166%, 7/2/32 (4) | 2735 | 2752 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Orion Advisor Solutions, FRN, 3M TSFR + 3.25%, 6.717%, 9/24/30 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 |
| RFS Opco, FRN, 3M TSFR + 1.00%, 1.000%, 4/4/31 (3)(6) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 |
| RFS Opco, Amendment No.1 Delayed Draw Term Loan, FRN, 3M TSFR + 4.75%, 8.752%, 4/4/31 (6) | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| RFS Opco, Closing Date Term Loan, FRN, 3M TSFR + 4.75%, 8.752%, 4/4/31 (6) | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| Ryan Specialty Group, FRN, 1M TSFR + 2.00%, 5.916%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| Sedgwick Claims Management Services, FRN, 1M TSFR + 2.50%, 6.416%, 7/31/31 | 4791 | &nbsp;&nbsp;&nbsp;4799 |
| Speed Midco 3, FRN, 6M TSFR + 2.50%, 6.288%, 10/7/32 (6) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 |
| Truist Insurance Holdings, FRN, 3M TSFR + 2.75%, 6.752%, 5/6/31 (4) | 2315 | &nbsp;&nbsp;&nbsp;2314 |
| Truist Insurance Holdings, FRN, 3M TSFR + 4.75%, 8.752%, 5/6/32 | 4853 | &nbsp;&nbsp;&nbsp;4906 |
| USI, FRN, 3M TSFR + 2.25%, 6.252%, 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| USI, FRN, 3M TSFR + 2.25%, 6.252%, 9/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  |  | 72627 |
| **Food 1.1%** |  |  |
| 1440 Food Topco, FRN, 1M TSFR + 5.00%, 8.916%, 10/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| Celsius Holdings, FRN, 3M TSFR + 2.50%, 6.476%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
| Chobani, FRN, 1M TSFR + 2.25%, 6.166%, 10/28/32 | 1347 | &nbsp;&nbsp;&nbsp;1355 |
| Primo Brands, FRN, 3M TSFR + 2.25%, 6.252%, 3/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 |
| Sazerac, FRN, 1M TSFR + 2.50%, 6.480%, 7/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| Simply Good Foods USA, FRN, 1M TSFR + 2.00%, 5.916%, 3/17/30 | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
| Snacking Investments Bidco, FRN, 3M TSFR + 3.00%, 6.838%, 10/29/32 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 |
|  |  | &nbsp;&nbsp;&nbsp;4847 |
| **Gaming 1.3%** |  |  |
| Caesars Entertainment, FRN, 1M TSFR + 2.25%, 6.166%, 2/6/30 (4) | 1069 | &nbsp;&nbsp;&nbsp;1057 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Caesars Entertainment, FRN, 1M TSFR + 2.25%, 6.166%, 2/6/31 | 1355 | 1339 |
| Light & Wonder International, FRN, 1M TSFR + 2.25%, 6.209%, 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;599 |
| Ontario Gaming GTA, FRN, 3M TSFR + 4.25%, 8.240%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;527 |
| Playtika Holding, FRN, 1M TSFR + 2.75%, 6.780%, 3/13/28 | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| Spectacle Gary Holdings, FRN, 3M TSFR + 4.25%, 8.402%, 12/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;951 |
| Voyager Parent, FRN, 3M TSFR + 4.75%, 8.752%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;830 |
|  |  | 5488 |
| **Health Care 7.1%** |  |  |
| Amneal Pharmaceuticals, FRN, 1M TSFR + 3.50%, 7.416%, 8/2/32 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;292 |
| Argent Finco, FRN, 1M TSFR + 2.50%, 11/19/32 (4)(6) | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;722 |
| Athenahealth Group, FRN, 1M TSFR + 2.75%, 6.666%, 2/15/29 | 1357 | 1354 |
| Bausch & Lomb, FRN, 1M TSFR + 4.25%, 8.166%, 1/15/31 | 1378 | 1385 |
| Bausch Health, FRN, 1M TSFR + 6.25%, 10.166%, 10/8/30 | 1761 | 1737 |
| Ceva Sante Animale, FRN, 3M TSFR + 2.75%, 6.593%, 11/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;209 |
| Concentra Health Services, FRN, 1M TSFR + 2.00%, 5.916%, 7/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp;587 |
| Dechra Pharmaceuticals Holdings, FRN, 6M TSFR + 3.25%, 7.447%, 1/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;370 |
| Global Medical Response, FRN, 3M TSFR + 3.50%, 7.384%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;638 |
| Hanger, FRN, 1M TSFR + 3.50%, 5.766%, 10/23/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Hanger, FRN, 1M TSFR + 3.50%, 7.416%, 10/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;486 |
| Heartland Dental, FRN, 1M TSFR + 3.75%, 7.666%, 8/25/32 (4) | 1140 | 1144 |
| Inception Holdco, FRN, 3M TSFR + 3.25%, 7.252%, 4/18/31 | &nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;840 |
| IVC Acquisition, FRN, 3M TSFR + 3.75%, 7.752%, 12/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;578 |
| LifePoint Health, FRN, 3M TSFR + 3.75%, 7.655%, 5/17/31 | 1416 | 1420 |
| Loire Finco Luxembourg, FRN, 1M TSFR + 4.00%, 7.916%, 1/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;532 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Medline Borrower, FRN, 1M TSFR + 2.00%, 5.916%, 10/23/28 | 2314 | &nbsp;&nbsp;&nbsp;2317 |
| Medline Borrower, FRN, 1M TSFR + 2.00%, 5.916%, 10/23/30 (4) | 3737 | &nbsp;&nbsp;&nbsp;3741 |
| Opal Bidco, FRN, 3M TSFR + 3.00%, 6.902%, 4/28/32 (4) | 3970 | &nbsp;&nbsp;&nbsp;3995 |
| Paradigm Parent, FRN, 3M TSFR + 4.50%, 8.382%, 4/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
| Parexel International, FRN, 1M TSFR + 2.25%, 6.166%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| QuidelOrtho, FRN, 3M TSFR + 4.00%, 8.002%, 8/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 |
| SAM Bidco SAS, FRN, 3M TSFR + 4.00%, 8.002%, 12/13/27 | &nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 |
| Star Parent, FRN, 3M TSFR + 4.00%, 8.002%, 9/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
| Surgery Center Holdings, FRN, 1M TSFR + 2.50%, 6.416%, 12/19/30 (4) | 3177 | &nbsp;&nbsp;&nbsp;3182 |
| Team Health Holdings, FRN, 3M TSFR + 4.50%, 8.340%, 6/30/28 (4) | 1343 | &nbsp;&nbsp;&nbsp;1344 |
| US Renal Care, FRN, 1M TSFR + 5.00%, 9.030%, 6/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| Waystar Technologies, FRN, 1M TSFR + 2.00%, 5.916%, 10/22/29 | 1012 | &nbsp;&nbsp;&nbsp;1013 |
|  |  | 30591 |
| **Information Technology 14.8%** |  |  |
| Applied Systems, FRN, 3M TSFR + 2.50%, 6.502%, 2/24/31 | 4374 | &nbsp;&nbsp;&nbsp;4388 |
| Applied Systems, FRN, 3M TSFR + 4.50%, 8.502%, 2/23/32 | 2135 | &nbsp;&nbsp;&nbsp;2173 |
| Avalara, FRN, 3M TSFR + 2.75%, 6.735%, 3/26/32 | 2643 | &nbsp;&nbsp;&nbsp;2651 |
| Central Parent, FRN, 3M TSFR + 3.25%, 7.252%, 7/6/29 | &nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 |
| Cloud Software Group, FRN, 3M TSFR + 3.25%, 7.252%, 3/21/31 (4) | 1458 | &nbsp;&nbsp;&nbsp;1454 |
| Cloud Software Group, FRN, 3M TSFR + 3.25%, 7.252%, 8/13/32 | 3117 | &nbsp;&nbsp;&nbsp;3109 |
| Cloudera, FRN, 1M TSFR + 3.75%, 7.766%, 10/8/28 | &nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |
| Cloudera, FRN, 1M TSFR + 6.00%, 10.016%, 10/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| CommScope, FRN, 1M TSFR + 4.75%, 8.666%, 12/17/29 (4) | 1135 | &nbsp;&nbsp;&nbsp;1140 |
| ConnectWise, FRN, 3M TSFR + 3.50%, 7.763%, 9/29/28 | &nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 |
| Delivery Hero, FRN, 3M TSFR + 5.00%, 8.843%, 12/12/29 | 1196 | &nbsp;&nbsp;&nbsp;1198 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Delta TopCo, FRN, 1M TSFR + 2.75%, 6.617%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;341 |
| Delta TopCo, FRN, 1M TSFR + 5.25%, 9.154%, 11/29/30 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;611 |
| Disco Parent, FRN, 3M TSFR + 3.25%, 7.072%, 8/6/32 (6) | 1190 | 1194 |
| Dye & Durham, FRN, 3M TSFR + 4.25%, 8.352%, 4/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;576 |
| ECI Macola Max Holding, FRN, 3M TSFR + 2.75%, 6.752%, 5/9/30 | &nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;968 |
| Ellucian Holdings, FRN, 1M TSFR + 2.75%, 6.666%, 10/9/29 (4) | 4017 | 4026 |
| Ellucian Holdings, FRN, 1M TSFR + 4.75%, 8.666%, 11/22/32 | 2933 | 2948 |
| Epicor Software, FRN, 1M TSFR + 2.50%, 6.416%, 5/30/31 | 5315 | 5329 |
| Fleet Midco I, FRN, 6M TSFR + 2.50%, 6.542%, 2/21/31 (6) | 1632 | 1635 |
| Go Daddy Operating, FRN, 1M TSFR + 1.75%, 5.666%, 11/9/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| IGT Holding IV AB, FRN, 3M TSFR + 3.00%, 6.951%, 9/1/31 (6) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Javelin Buyer, FRN, 3M TSFR + 5.00%, 8.822%, 12/6/32 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;608 |
| Kaseya, FRN, 1M TSFR + 3.00%, 6.916%, 3/20/32 | &nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;818 |
| Kaseya, FRN, 1M TSFR + 5.00%, 8.916%, 3/20/33 | 2125 | 2085 |
| McAfee, FRN, 1M TSFR + 3.00%, 6.916%, 3/1/29 | 3144 | 2897 |
| MH Sub I, FRN, 1M TSFR + 4.25%, 8.166%, 12/31/31 | 1032 | &nbsp;&nbsp;&nbsp;&nbsp;839 |
| MH Sub I, FRN, 3M TSFR + 4.25%, 8.252%, 5/3/28 | 1441 | 1299 |
| MH Sub I, FRN, 3M TSFR + 6.25%, 10.090%, 2/23/29 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;852 |
| ORION US Finco, FRN, 3M TSFR + 3.50%, 7.427%, 10/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;933 |
| ORION US Finco, FRN, 3M TSFR + 5.50%, 9.427%, 5/20/33 (4) | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;578 |
| Polaris Newco, FRN, 3M EURIBOR + 4.00%, 6.074%, 6/2/28 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;626 |
| Project Alpha Intermediate Holding, FRN, 3M TSFR + 5.00%, 9.002%, 5/9/33 | 2287 | 2216 |
| Proofpoint, FRN, 1M TSFR + 3.00%, 6.916%, 8/31/28 | 1945 | 1952 |
| RealPage, FRN, 3M TSFR + 3.00%, 7.263%, 4/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;261 |
| RealPage, FRN, 3M TSFR + 3.75%, 7.752%, 4/24/28 | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp;649 |
| Red Planet Borrower, FRN, 1M TSFR + 4.00%, 7.916%, 9/8/32 (4) | 1295 | 1294 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Sandisk, FRN, 3M TSFR + 3.00%, 6.857%, 2/20/32 | 1116 | &nbsp;&nbsp;&nbsp;1122 |
| SolarWinds Holdings, FRN, 3M TSFR + 4.00%, 8.026%, 4/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| SS&C Technologies, FRN, 1M TSFR + 2.00%, 5.916%, 5/9/31 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| Trio Bidco, FRN, 3M TSFR + 0.50%, 0.500%, 10/29/32 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |
| Trio Bidco, FRN, 3M TSFR + 4.00%, 7.840%, 10/29/32 (4) | 1511 | &nbsp;&nbsp;&nbsp;1507 |
| X, 6M TSFR + 9.50%, 9.500%, 10/26/29 (4) | 3155 | &nbsp;&nbsp;&nbsp;3125 |
| X, FRN, 6M TSFR + 6.50%, 10.448%, 10/26/29 (4) | 2736 | &nbsp;&nbsp;&nbsp;2662 |
| X.AI, FRN, 6M TSFR + 7.25%, 11.122%, 6/28/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
|  |  | 63351 |
| **Manufacturing 5.5%** |  |  |
| Alliance Laundry Systems, FRN, 3M TSFR + 2.25%, 6.107%, 8/19/31 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| CPM Holdings, FRN, 1M TSFR + 4.50%, 8.343%, 9/28/28 (4) | 1380 | &nbsp;&nbsp;&nbsp;1373 |
| Engineered Machinery Holdings, FRN, 3M TSFR + 3.25%, 11/22/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 |
| Engineered Machinery Holdings, FRN, 3M TSFR + 3.25%, 7.090%, 11/26/32 (4) | 3483 | &nbsp;&nbsp;&nbsp;3496 |
| Engineered Machinery Holdings, FRN, 3M TSFR + 6.00%, 10.263%, 5/21/29 | 1750 | &nbsp;&nbsp;&nbsp;1750 |
| Filtration Group, FRN, 1M TSFR + 2.75%, 6.666%, 10/21/28 | 4161 | &nbsp;&nbsp;&nbsp;4184 |
| LTI Holdings, FRN, 1M TSFR + 3.75%, 7.666%, 7/29/29 | 4645 | &nbsp;&nbsp;&nbsp;4670 |
| Madison IAQ, FRN, 3M TSFR + 2.75%, 6.637%, 11/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| Madison IAQ, FRN, 6M TSFR + 2.50%, 6.702%, 6/21/28 | 1366 | &nbsp;&nbsp;&nbsp;1370 |
| Madison Safety & Flow, FRN, 1M TSFR + 2.50%, 6.416%, 9/26/31 | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| Merlin Buyer, FRN, 3M TSFR + 4.00%, 12/14/28 (4)(6) | &nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 |
| Pro Mach Group, FRN, 1M TSFR + 2.75%, 6.666%, 10/16/32 | 2017 | &nbsp;&nbsp;&nbsp;2026 |
| Recess Holdings, FRN, 3M TSFR + 3.75%, 7.615%, 2/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| Titan Acquisition, FRN, 3M TSFR + 3.75%, 7.665%, 2/15/29 (4) | 1985 | &nbsp;&nbsp;&nbsp;1994 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Watlow Electric Manufacturing, FRN, 3M TSFR + 3.00%, 6.840%, 3/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 |
|  |  | 23504 |
| **Metals & Mining 0.2%** |  |  |
| Arsenal AIC Parent, FRN, 1M TSFR + 2.75%, 6.666%, 8/18/30 | &nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 |
| **Other Telecommunications 2.2%** |  |  |
| Frontier Communications, FRN, 1M TSFR + 2.50%, 6.459%, 7/1/31 | 1859 | &nbsp;&nbsp;&nbsp;1856 |
| Level 3 Financing, FRN, 1M TSFR + 3.25%, 7.166%, 3/29/32 (4) | 4010 | &nbsp;&nbsp;&nbsp;4015 |
| Lumen Technologies, FRN, 1M TSFR + 2.35%, 6.380%, 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
| Lumen Technologies, FRN, 1M TSFR + 2.35%, 6.380%, 4/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 |
| Lumen Technologies, FRN, 1M TSFR + 6.00%, 9.916%, 6/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
| QualityTech, FRN, 1M TSFR + 3.50%, 7.506%, 11/4/31 | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |
| Windstream Services, FRN, 1M TSFR + 4.00%, 7.916%, 10/6/32 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
| Zayo Group Holdings, FRN, (7.77% PIK and 1M TSFR + 3.00% Cash), 7.037%, 3/11/30 (4)(5) | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 |
|  |  | &nbsp;&nbsp;&nbsp;9379 |
| **Restaurants 0.6%** |  |  |
| Dave & Buster's, FRN, 3M TSFR + 3.25%, 7.125%, 6/29/29 | &nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 |
| IRB Holding, FRN, 1M TSFR + 2.50%, 6.416%, 12/15/30 | 1659 | &nbsp;&nbsp;&nbsp;1659 |
|  |  | &nbsp;&nbsp;&nbsp;2485 |
| **Retail 1.1%** |  |  |
| Boots Group Bidco, FRN, 1M TSFR + 3.50%, 7.416%, 8/30/32 | 1640 | &nbsp;&nbsp;&nbsp;1650 |
| Evergreen Acqco 1, FRN, 3M TSFR + 3.00%, 7.026%, 9/17/32 | &nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 |
| LSF9 Atlantis Holdings, FRN, 3M TSFR + 3.75%, 7.752%, 3/29/29 | 1070 | &nbsp;&nbsp;&nbsp;1070 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Petco Health & Wellness, FRN, 3M TSFR + 3.25%, 7.513%, 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;354 |
| PetSmart, FRN, 1M TSFR + 4.00%, 7.960%, 8/18/32 | 1168 | 1157 |
|  |  | 4691 |
| **Satellites 0.7%** |  |  |
| Connect Finco, FRN, 1M TSFR + 4.50%, 8.416%, 9/27/29 (4) | 1894 | 1881 |
| Iridium Satellite, FRN, 1M TSFR + 2.25%, 6.166%, 9/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;489 |
| ViaSat, FRN, 1M TSFR + 4.50%, 8.530%, 3/2/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| ViaSat, FRN, 1M TSFR + 4.50%, 8.574%, 5/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;414 |
|  |  | 3037 |
| **Services 7.8%** |  |  |
| AAL Delaware Holdco, FRN, 1M TSFR + 2.75%, 6.666%, 7/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;597 |
| Albion Financing 3, FRN, 3M TSFR + 3.00%, 6.868%, 5/21/31 | 1720 | 1728 |
| Allied Universal Holdco, FRN, 1M TSFR + 3.25%, 7.166%, 8/20/32 (4) | 4930 | 4948 |
| Anticimex, FRN, 3M TSFR + 2.90%, 6.950%, 11/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;904 |
| Ascend Learning, FRN, 1M TSFR + 3.00%, 6.916%, 12/11/28 | 1352 | 1351 |
| Boost Newco Borrower, FRN, 3M TSFR + 2.00%, 6.002%, 1/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;936 |
| Clearwater Analytics, FRN, 6M TSFR + 2.25%, 6.460%, 4/21/32 | &nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;575 |
| Crown Subsea Communications Holding, FRN, 1M TSFR + 3.50%, 7.416%, 1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| Dayforce, FRN, 3M TSFR + 2.00%, 10/7/32 (4) | 1690 | 1685 |
| Dayforce, FRN, 3M TSFR + 2.00%, 5.840%, 3/1/31 (6) | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;900 |
| EG America, FRN, 3M TSFR + 3.50%, 7.322%, 2/7/28 | 1315 | 1319 |
| Fortress Intermediate 3, FRN, 1M TSFR + 3.00%, 6.784%, 6/27/31 | 1128 | 1125 |
| Fugue Finance, FRN, 3M TSFR + 2.75%, 6.544%, 1/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;291 |
| Genuine Financial Holdings, FRN, 1M TSFR + 3.25%, 7.166%, 9/27/30 | &nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp;542 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Instructure Holdings, FRN, 3M TSFR + 2.75%, 6.753%, 11/13/31 (4) | 1817 | &nbsp;&nbsp;&nbsp;1820 |
| Instructure Holdings, FRN, 3M TSFR + 5.00%, 8.841%, 11/12/32 (4) | 1465 | &nbsp;&nbsp;&nbsp;1465 |
| Mermaid Bidco, FRN, 3M TSFR + 3.25%, 7.151%, 7/3/31 | 1333 | &nbsp;&nbsp;&nbsp;1334 |
| Project Boost Purchaser, FRN, 3M TSFR + 2.75%, 6.668%, 7/16/31 | 1360 | &nbsp;&nbsp;&nbsp;1360 |
| Renaissance Holding, FRN, 1M TSFR + 4.00%, 7.916%, 4/5/30 | 1311 | &nbsp;&nbsp;&nbsp;1133 |
| Sabre GLBL, FRN, 1M TSFR + 5.00%, 9.016%, 6/30/28 | &nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 |
| Sabre GLBL, FRN, 1M TSFR + 6.00%, 10.016%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 |
| Shift4 Payments, FRN, 3M TSFR + 2.50%, 6.502%, 6/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 |
| Staples, FRN, 3M TSFR + 5.75%, 9.604%, 9/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 |
| TK Elevator Midco GmbH, FRN, 6M TSFR + 2.75%, 6.947%, 4/30/30 (4) | &nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
| UKG, FRN, 3M TSFR + 2.50%, 6.338%, 2/10/31 | 5799 | &nbsp;&nbsp;&nbsp;5794 |
| Wash Multifamily Parent, FRN, 1M TSFR + 3.25%, 7.166%, 8/9/32 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
|  |  | 33529 |
| **Utilities 3.7%** |  |  |
| Alpha Generation, FRN, 1M TSFR + 2.00%, 5.916%, 9/30/31 | 2258 | &nbsp;&nbsp;&nbsp;2261 |
| Cogentrix Finance Holdco I, FRN, 1M TSFR + 2.25%, 6.166%, 2/26/32 | 1713 | &nbsp;&nbsp;&nbsp;1722 |
| Compass Power Generation, FRN, 1M TSFR + 3.25%, 7.166%, 4/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| Constellation Renewables, FRN, 3M TSFR + 2.00%, 5.822%, 12/15/27 | 1233 | &nbsp;&nbsp;&nbsp;1237 |
| Cornerstone Generation, FRN, 3M TSFR + 3.25%, 7.093%, 8/11/32 | 2130 | &nbsp;&nbsp;&nbsp;2150 |
| Hamilton Projects Acquiror, FRN, 1M TSFR + 2.50%, 6.416%, 5/30/31 (4) | 1092 | &nbsp;&nbsp;&nbsp;1099 |
| INNIO Group Holding GmbH, FRN, 3M TSFR + 2.25%, 6.135%, 11/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| MRP Buyer, FRN, 3M TSFR + 3.25%, 5.662%, 6/4/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| MRP Buyer, FRN, 3M TSFR + 3.25%, 7.252%, 6/4/32 | &nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Pike, FRN, 1M TSFR + 3.00%, 7.030%, 1/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 |
| Talen Energy Supply, FRN, 1M TSFR + 2.00%, 10/9/32 (4) | 1443 | &nbsp;&nbsp;&nbsp;&nbsp;1443 |
| Talen Energy Supply, FRN, 3M TSFR + 2.50%, 6.353%, 5/17/30 | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1203 |
| Talen Energy Supply, FRN, 3M TSFR + 2.50%, 6.353%, 12/13/31 | 2225 | &nbsp;&nbsp;&nbsp;&nbsp;2228 |
| TerraForm Power Operating, FRN, 3M TSFR + 2.00%, 6.002%, 5/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 |
|  |  | &nbsp;&nbsp;&nbsp;15828 |
| **Wireless Communications 1.6%** |  |  |
| Asurion, FRN, 1M TSFR + 3.25%, 7.280%, 7/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| Asurion, FRN, 1M TSFR + 4.00%, 8.016%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
| Asurion, FRN, 1M TSFR + 4.25%, 8.266%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| Asurion, FRN, 1M TSFR + 5.25%, 9.280%, 1/31/28 | 2010 | &nbsp;&nbsp;&nbsp;&nbsp;1921 |
| Asurion, FRN, 1M TSFR + 5.25%, 9.280%, 1/20/29 | 2891 | &nbsp;&nbsp;&nbsp;&nbsp;2702 |
| Asurion, B-12, FRN, 1M TSFR + 4.25%, 8.166%, 9/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| Asurion, B-13, FRN, 1M TSFR + 4.25%, 8.166%, 9/19/30 | &nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6951 |
| **Total Bank Loans<br> (Cost $367,746)** |  | **366417** |
| **CORPORATE BONDS 7.8%** | **CORPORATE BONDS 7.8%** | **CORPORATE BONDS 7.8%** |
| **Aerospace & Defense 0.1%** |  |  |
| TransDigm, 6.75%, 8/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 |
| **Automotive 0.8%** |  |  |
| Ford Motor Credit, FRN, SOFR + 2.95%, 7.295%, 3/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 |
| Rivian Holdings / Rivian / Rivian Automotive, 10.00%, 1/15/31 (1) | 3200 | &nbsp;&nbsp;&nbsp;&nbsp;3040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3452 |
| **Broadcasting 0.8%** |  |  |
| Gray Media, 9.625%, 7/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
| Gray Media, 10.50%, 7/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Neptune Bidco, 9.29%, 4/15/29 (1) | 780 | &nbsp;&nbsp;&nbsp;&nbsp;774 |
| Neptune Bidco, 10.375%, 5/15/31 (1) | 800 | &nbsp;&nbsp;&nbsp;&nbsp;808 |
| Univision Communications, 9.375%, 8/1/32 (1) | 545 | &nbsp;&nbsp;&nbsp;&nbsp;578 |
|  |  | 3218 |
| **Building Products 0.1%** |  |  |
| CP Atlas Buyer, 9.75%, 7/15/30 (1) | 535 | &nbsp;&nbsp;&nbsp;&nbsp;540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| **Cable Operators 0.2%** |  |  |
| CSC Holdings, 11.25%, 5/15/28 (1) | 800 | &nbsp;&nbsp;&nbsp;&nbsp;620 |
| DirecTV Financing, 10.00%, 2/15/31 (1) | 390 | &nbsp;&nbsp;&nbsp;&nbsp;387 |
|  |  | 1007 |
| **Energy 0.3%** |  |  |
| Aethon III BR, Acquisition Date: 9/5/25, Cost $328, 10.41%, 1/10/27 (6)(7)(8) | 310 | &nbsp;&nbsp;&nbsp;&nbsp;308 |
| NGL Energy Partners, 8.125%, 2/15/29 (1) | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Venture Global LNG, VR, 9.00%, (1)(9)(10) | 370 | &nbsp;&nbsp;&nbsp;&nbsp;315 |
| Venture Global LNG, 9.50%, 2/1/29 (1) | 235 | &nbsp;&nbsp;&nbsp;&nbsp;248 |
| Venture Global LNG, 9.875%, 2/1/32 (1) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| Venture Global Plaquemines LNG, 7.50%, 5/1/33 (1) | 245 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
|  |  | 1386 |
| **Entertainment & Leisure 0.0%** |  |  |
| Carnival, 7.00%, 8/15/29 (1) | 125 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| **Financial 1.3%** |  |  |
| Acrisure / Acrisure Finance, 8.50%, 6/15/29 (1) | 535 | &nbsp;&nbsp;&nbsp;&nbsp;556 |
| Alliant Holdings Intermediate, 6.75%, 4/15/28 (1) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| Aretec Group, 10.00%, 8/15/30 (1) | 238 | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| Hightower Holding, 9.125%, 1/31/30 (1) | 560 | &nbsp;&nbsp;&nbsp;&nbsp;589 |
| HUB International, 7.25%, 6/15/30 (1) | 570 | &nbsp;&nbsp;&nbsp;&nbsp;596 |
| HUB International, 7.375%, 1/31/32 (1) | 460 | &nbsp;&nbsp;&nbsp;&nbsp;478 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Jones DesLauriers Insurance Management, 8.50%, 3/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;968 |
| Navient, 9.375%, 7/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;814 |
| Ryan Specialty Group, 4.375%, 2/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| USI, 7.50%, 1/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;547 |
|  |  | 5471 |
| **Health Care 0.8%** |  |  |
| 1261229 BC, 10.00%, 4/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| CHS / Community Health Systems, 10.875%, 1/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;996 |
| LifePoint Health, 9.875%, 8/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;462 |
| LifePoint Health, 11.00%, 10/15/30 (1) | 1685 | 1849 |
|  |  | 3606 |
| **Information Technology 1.1%** |  |  |
| Cloud Software Group, 6.625%, 8/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;355 |
| Cloud Software Group, 8.25%, 6/30/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;654 |
| Cloud Software Group, 9.00%, 9/30/29 (1) | 2715 | 2803 |
| X.AI / X.AI Co Issuer, 12.50%, 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;772 |
|  |  | 4584 |
| **Metals & Mining 0.1%** |  |  |
| Arsenal AIC Parent, 11.50%, 10/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;362 |
| **Other Telecommunications 0.5%** |  |  |
| Level 3 Financing, 4.875%, 6/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
| Level 3 Financing, 6.875%, 6/30/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;337 |
| Level 3 Financing, 7.00%, 3/31/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp;979 |
| WULF Compute, 7.75%, 10/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;610 |
|  |  | 2240 |
| **Printing & Publishing 0.2%** |  |  |
| Getty Images, 10.50%, 11/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;393 |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Getty Images, 11.25%, 2/21/30 (1) | 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
| **Real Estate Investment Trust Securities 0.1%** |  |  |
| Service Properties Trust, 0.001%, 9/30/27 (1) | 290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| Service Properties Trust, 8.625%, 11/15/31 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 |
| **Services 0.8%** |  |  |
| Allied Universal Holdco, 7.875%, 2/15/31 (1) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| eG Global Finance, 12.00%, 11/30/28 (1) | 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
| GTCR W-2 Merger Sub, 7.50%, 1/15/31 (1) | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |
| Sabre Financial Borrower, 11.125%, 6/15/29 (1) | 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
| Sabre GLBL, 10.75%, 11/15/29 (1) | 516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| Sabre GLBL, 11.125%, 7/15/30 (1) | 408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| UKG, 6.875%, 2/1/31 (1) | 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
|  |  | &nbsp;&nbsp;&nbsp;3262 |
| **Telephones 0.0%** |  |  |
| Verizon Communications, FRN, SOFRINDX + 0.79%, 5.131%, 3/20/26 | 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
| **Utilities 0.6%** |  |  |
| NRG Energy, VR, VR, 10.25%, (1)(9)(10) | 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 |
| Talen Energy Supply, 8.625%, 6/1/30 (1) | 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 |
| Vistra, VR, 8.00%, (1)(9)(10) | 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| Vistra, VR, 8.875%, (1)(9)(10) | 920 | &nbsp;&nbsp;&nbsp;1014 |
|  |  | &nbsp;&nbsp;&nbsp;2493 |
| **Total Corporate Bonds<br> (Cost $33,534)** |  | **33536** |

---

------

T. ROWE PRICE FLOATING RATE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** | **PREFERRED STOCKS 0.1%** |
| **Financial 0.1%** |  |  |
| AH Parent, Series A, Acquisition Date: 9/27/24, Cost $246 (6)(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
| **Total Preferred Stocks<br> (Cost $355)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**361** |
| **SHORT-TERM INVESTMENTS 10.0%** | **SHORT-TERM INVESTMENTS 10.0%** | **SHORT-TERM INVESTMENTS 10.0%** |
| **Money Market Funds 10.0%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.02% (11)(12) | 42929 | &nbsp;&nbsp;&nbsp;&nbsp;42929 |
| **Total Short-Term Investments<br> (Cost $42,929)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**42929** |
| **Total Investments in Securities<br> 103.3% of Net Assets (Cost $444,592)** |  | **$443271** |

---

&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 $31,073 and represents 7.2% of net assets.

(2) Bank loan positions may involve multiple underlying tranches. In those instances, the position presented reflects the aggregate of those respective underlying tranches and the rate presented reflects the weighted average rate of the settled positions.

(3) All or a portion of the position represents an unfunded commitment; a liability to fund the commitment has been recognized. The fund's total unfunded commitments at November 30, 2025, was $537 and was valued at $536 (0.0% of net assets).

(4) All or a portion of this loan is unsettled as of November 30, 2025. The interest rate for unsettled loans will be determined upon settlement after period end.

(5) Security has the ability to pay in-kind or pay in cash. When applicable, separate rates of such payments are disclosed.

(6) See Note 2. Level 3 in fair value hierarchy.

(7) Non-income producing.

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(8) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The fund may have registration rights for certain restricted securities. Any costs related to such registration are generally borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at period-end amounts to $669 and represents 0.2% of net assets.

(9) 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.

(10) Perpetual security with no stated maturity date.

(11) Seven-day yield

(12) Affiliated Companies

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

---

| | |
|:---|:---|
| 1M TSFR | One month term SOFR (Secured overnight financing rate) |
| 3M TSFR | Three month term SOFR (Secured overnight financing rate) |
| 3M EURIBOR | Three month EURIBOR (Euro interbank offered rate) |
| 6M TSFR | Six month term SOFR (Secured overnight financing rate) |
| EUR | Euro |
| FRN | Floating Rate Note |
| PIK | Payment-in-kind |
| SOFR | Secured overnight financing rate |
| SOFRINDX | SOFR (Secured overnight financing rate) Index |
| USD | U.S. Dollar |
| 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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(Amounts in 000s)

**SWAPS 0.0%** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** | **BILATERAL SWAPS 0.0%** |
| **Credit Default Swaps, Protection Sold 0.0%** | **Credit Default Swaps, Protection Sold 0.0%** | **Credit Default Swaps, Protection Sold 0.0%** | **Credit Default Swaps, Protection Sold 0.0%** | **Credit Default Swaps, Protection Sold 0.0%** |
| Goldman Sachs, Protection Sold (Relevant Credit: Carvana Co., Caa1\*), Receive 5.00% Quarterly, Pay upon credit default, 12/20/30 | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;1 |
| JP Morgan, Protection Sold (Relevant Credit: Carvana Co., Caa1\*), Receive 5.00% Quarterly, Pay upon credit default, 12/20/30 | &nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;2 |
| **Total Bilateral Credit Default Swaps, Protection Sold** | **Total Bilateral Credit Default Swaps, Protection Sold** |  | &nbsp;&nbsp;&nbsp;**4** | &nbsp;&nbsp;&nbsp;**3** |
| **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** | **Total Return Swaps 0.0%** |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.12% (USD SOFR) Quarterly, 12/20/25 | 385 | 16 |  | 16 |

---

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(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.12% (USD SOFR) Quarterly, 12/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;725 | 20 |  | 20 |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.12% (USD SOFR) Quarterly, 12/20/25 | 1190 | &nbsp;&nbsp;&nbsp;3 |  | &nbsp;&nbsp;&nbsp;3 |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.12% (USD SOFR) Quarterly, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;725 | 19 |  | 19 |
| JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Pay Variable 4.12% (USD SOFR) Quarterly, 3/20/26 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;1 |  | &nbsp;&nbsp;&nbsp;1 |
| **Total Bilateral Total Return Swaps** | **Total Bilateral Total Return Swaps** |  | **—** | **59** |
| **Total Bilateral Swaps** | **Total Bilateral Swaps** |  | &nbsp;&nbsp;&nbsp;**4** | **62** |

---

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(Amounts in 000s)

**FORWARD CURRENCY EXCHANGE CONTRACTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Morgan Stanley | 2/20/26 | USD | 95 | EUR | 81 | $— |
| Toronto Dominion | 2/20/26 | USD | 941 | EUR | 807 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **$1** |

---

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#### 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 six months ended November 30, 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 | $— | $— | $755 |
| Totals | $—# | $— | $755+ |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 5/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 11/30/25** |
| T. Rowe Price Government Reserve Fund | $29322 | ¤ | ¤ | $42929 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $42,929^ |

---

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

---

| |
|:---|
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $755 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 $42,929. |

---

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

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November 30, 2025 Unaudited

#### &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 $444,592) | &nbsp;&nbsp;$443271 |
| Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| Unrealized gain on bilateral swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Bilateral swap premiums paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Foreign currency (cost $1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Unrealized gain on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;457260 |
| **Liabilities** |  |
| Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27200 |
| Investment management and administrative fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27945 |
| **NET ASSETS** | &nbsp;&nbsp;**$429315** |
| **Net Assets Consists of:** |  |
| Total distributable earnings (loss) | &nbsp;&nbsp;$(2912) |
| Paid-in capital applicable to 8,400,000 shares of $0.0001 par value<br> capital stock outstanding; 4,000,000,000 shares of the Corporation authorized | &nbsp;&nbsp;&nbsp;&nbsp;432227 |
| **NET ASSETS** | &nbsp;&nbsp;**$429315** |
| **NET ASSET VALUE PER SHARE** | &nbsp;&nbsp;**$51.11** |

---

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

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Unaudited

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

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended |
|  | &nbsp;&nbsp;11/30/25 |
| **Investment Income (Loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$13557 |
| &nbsp;&nbsp;&nbsp;Dividend | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
| &nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;14331 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;Investment management and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 |
| &nbsp;&nbsp;&nbsp;Interest and borrowing - related | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;13191 |
| **Realized and Unrealized Gain / Loss** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) |
| Change in net unrealized gain / loss |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;Forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416) |
| Net realized and unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(882) |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;**$12309** |

---

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

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T. ROWE PRICE FLOATING RATE ETF

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Unaudited

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

------

($000s)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |
|  | &nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;5/31/25 |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$13191 | &nbsp;&nbsp;$16712 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1175) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1713) |
| &nbsp;&nbsp;&nbsp;Increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13824 |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | &nbsp;&nbsp;&nbsp;&nbsp;(13233) | &nbsp;&nbsp;&nbsp;&nbsp;(16996) |
| Capital share transactions\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;129971 | &nbsp;&nbsp;&nbsp;&nbsp;174392 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5117) | &nbsp;&nbsp;&nbsp;&nbsp;(17569) |
| &nbsp;&nbsp;&nbsp;Increase in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;124854 | &nbsp;&nbsp;&nbsp;&nbsp;156823 |
| **Net Assets** |  |  |
| Increase during period | &nbsp;&nbsp;&nbsp;&nbsp;123930 | &nbsp;&nbsp;&nbsp;&nbsp;153651 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;305385 | &nbsp;&nbsp;&nbsp;&nbsp;151734 |
| **End of period** | &nbsp;&nbsp;**$429315** | &nbsp;&nbsp;**$305385** |
| \*Share information (000s) |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) |
| &nbsp;&nbsp;&nbsp;Increase in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025 |

---

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

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T. ROWE PRICE FLOATING RATE ETF

------

Unaudited

#### &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 Floating Rate ETF (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks high current income and, secondarily, capital appreciation.

#### 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. Proceeds from litigation payments, if any, are included in either net realized gain (loss) or change in net unrealized gain/loss from securities. 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.

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T. ROWE PRICE FLOATING RATE ETF

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#### Currency Translation
Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as provided by an outside pricing service. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective date of such transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is not bifurcated from the portion attributable to changes in market prices.

#### 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

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T. ROWE PRICE FLOATING RATE ETF

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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.

#### 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)

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T. ROWE PRICE FLOATING RATE ETF

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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 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.

Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. OTC Bulletin Board securities are valued at the mean of the closing bid and asked prices. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic 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. Forward currency exchange contracts are valued using the prevailing forward exchange rate. 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

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T. ROWE PRICE FLOATING RATE ETF

------

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.

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on November 30, 2025 (for further detail by category, please refer to the accompanying Portfolio of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Bank Loans | &nbsp;&nbsp;$— | &nbsp;&nbsp;$357036 | &nbsp;&nbsp;$9381 | &nbsp;&nbsp;$366417 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33536 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Preferred Stocks | &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;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;42929 | &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;42929 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;42929 | &nbsp;&nbsp;&nbsp;&nbsp;390292 | &nbsp;&nbsp;&nbsp;&nbsp;10050 | &nbsp;&nbsp;&nbsp;&nbsp;443271 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| Forward Currency Exchange Contracts | &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;1 | &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;1 |
| Total | &nbsp;&nbsp;$42929 | &nbsp;&nbsp;$390359 | &nbsp;&nbsp;$10050 | &nbsp;&nbsp;$443338 |

---

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T. ROWE PRICE FLOATING RATE ETF

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Following is a reconciliation of the fund's Level 3 holdings for the six months ended November 30, 2025. Gain (loss) reflects both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any, and is included on the accompanying Statement of Operations. The change in unrealized gain/loss on Level 3 instruments held at November 30, 2025, totaled $18,000 for the six months ended November 30, 2025. During the six months, transfers out of level 3 were because observable market data became available for the security.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Beginning<br> Balance<br> 5/31/25** | &nbsp;&nbsp;**Gain<br> (Loss)<br> During<br> Period** | &nbsp;&nbsp;**Total<br> Purchases** | &nbsp;&nbsp;**Total<br> Sales** | &nbsp;&nbsp;**Transfer Out of Level 3** | &nbsp;&nbsp;**Ending<br> Balance<br> 11/30/25** |
| Investment in Securities |  |  |  |  |  |  |
| Bank Loans | &nbsp;&nbsp;$10861 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$9833 | &nbsp;&nbsp;$(6452) | &nbsp;&nbsp;$(4886) | &nbsp;&nbsp;$9381 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &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;361 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &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;308 |
| Total | &nbsp;&nbsp;$11221 | &nbsp;&nbsp;$26 | &nbsp;&nbsp;$10141 | &nbsp;&nbsp;$(6452) | &nbsp;&nbsp;$(4886) | &nbsp;&nbsp;$10050 |

---

#### NOTE 3 – DERIVATIVE INSTRUMENTS
During the six months ended November 30, 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 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.

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T. ROWE PRICE FLOATING RATE ETF

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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 November 30, 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** |  |  |
| Foreign exchange derivatives | &nbsp;&nbsp;Forwards | &nbsp;&nbsp;$1 |
| Credit derivatives | &nbsp;&nbsp;Bilateral Swaps and Premiums | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| Total |  | &nbsp;&nbsp;$67 |

---

Additionally, the amount of gains and losses on derivative instruments recognized in fund earnings during the six months ended November 30, 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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T. ROWE PRICE FLOATING RATE ETF

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---

| | | | |
|:---|:---|:---|:---|
| (000s) | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** |
|  | &nbsp;&nbsp;**Forward<br> Currency<br> Exchange<br> Contracts** | &nbsp;&nbsp;**Swaps** | &nbsp;&nbsp;**Total** |
| **Realized Gain<br> (Loss)** |  |  |  |
| Foreign exchange<br> derivatives | &nbsp;&nbsp;$(35) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(35) |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **Total** | &nbsp;&nbsp;$(35) | &nbsp;&nbsp;$8 | &nbsp;&nbsp;$(27) |
| **Change in<br> Unrealized Gain<br> (Loss)** |  |  |  |
| Foreign exchange<br> derivatives | &nbsp;&nbsp;$12 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12 |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **Total** | &nbsp;&nbsp;$12 | &nbsp;&nbsp;$21 | &nbsp;&nbsp;$33 |

---

#### Counterparty Risk and Collateral
The fund invests in derivatives, such as non-cleared bilateral swaps, forward currency exchange contracts, and/or OTC options, that are transacted and settle directly with a counterparty (bilateral derivatives), and thereby may expose the fund to counterparty risk. To mitigate this risk, the fund has entered into master netting arrangements (MNAs) with certain counterparties that permit net settlement under specified conditions and, for certain counterparties, also require the exchange of collateral to cover mark-to-market exposure. MNAs may be in the form of International Swaps and Derivatives Association master agreements (ISDAs), with a Credit Support Annex (CSA), if any, that governs the collateralization process, or foreign exchange letter agreements (FX letters).

MNAs govern the ability to offset amounts the fund owes a counterparty against amounts the counterparty owes the fund (net settlement). Both ISDAs and FX letters generally allow termination of transactions and net settlement upon the occurrence of contractually specified events, such as failure to pay or bankruptcy. In addition, ISDAs specify other events, such as Additional Termination Events, the occurrence of which would allow one of the parties to terminate. For example, a downgrade in credit rating of a counterparty below a specified rating would allow

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T. ROWE PRICE FLOATING RATE ETF

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the fund to terminate, while a decline in the fund's net assets of more than a specified percentage would allow the counterparty to terminate. Upon termination, all transactions with that counterparty would be liquidated and a net termination amount determined. ISDAs typically include collateral agreements, such as a CSA, whereas FX letters do not. Collateral requirements are determined daily based on the net aggregate unrealized gain or loss on all bilateral derivatives with each counterparty, subject to minimum transfer amounts that typically range from $100,000 to $250,000. Any additional collateral required due to changes in security values is typically transferred the next business day.

Collateral may be in the form of cash or debt securities issued by the U.S. government or related agencies, although other securities may be used depending on the terms outlined in the applicable MNA. 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. Collateral pledged by counterparties is not included in the fund's assets because the fund does not obtain effective control over those assets. For bilateral derivatives, collateral posted or received by the fund is held in a segregated account at the fund's custodian. While typically not sold in the same manner as equity or fixed income securities, OTC and bilateral derivatives may be unwound with counterparties or transactions assigned to other counterparties to allow the fund to exit the transaction. This ability is subject to the liquidity of underlying positions. As of November 30, 2025, no collateral was pledged by either the fund or counterparties for bilateral derivatives.

#### Forward Currency Exchange Contracts
The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. It may use forward currency exchange contracts (forwards) primarily to protect its non-U.S. dollar-denominated securities from adverse currency movements or to increase exposure to a particular foreign currency, to shift the fund's foreign currency exposure from one country to another, or to enhance the fund's return. A forward involves an obligation to purchase or sell a fixed amount of a specific currency on a future date at a price set at the time of the contract. Although certain forwards may be settled by exchanging only the net gain or loss on the contract, most forwards are settled with the exchange of the underlying currencies in accordance with the specified terms. Forwards are valued at the unrealized gain or loss on the contract, which reflects the net amount the fund either is entitled to receive or obligated to deliver, as measured by the difference between the forward exchange rates at the date of entry into the contract and the forward rates at the reporting date. Appreciated forwards are

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T. ROWE PRICE FLOATING RATE ETF

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reflected as assets and depreciated forwards are reflected as liabilities 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 forwards include the possible failure of counterparties to meet the terms of the agreements; that anticipated currency movements will not occur, thereby reducing the fund's total return; and the potential for losses in excess of the fund's initial investment. During the six months ended November 30, 2025, the volume of the fund's activity in forwards, based on underlying notional amounts, was generally less than 1% 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 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

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T. ROWE PRICE FLOATING RATE ETF

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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 November 30, 2025, the notional amount of protection sold by the fund totaled $58,000 (0.0% 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.

Total return swaps are agreements in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset (reference asset), such as an index, equity security, fixed income security or commodity-based exchange-traded fund, which includes both the income it generates and any change in its value. Risks related to the use of total return swaps include the potential for unfavorable changes in the reference asset, 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 six months ended November 30, 2025, the volume of the fund's activity in swaps, based on underlying notional amounts, was generally less than 1% of net assets.

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T. ROWE PRICE FLOATING RATE 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.

#### Noninvestment-Grade Debt
The fund invests, either directly or through its investment in other T. Rowe Price funds, in noninvestment-grade debt, including "high yield" or "junk" bonds or leveraged loans. Noninvestment-grade debt issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. The noninvestment-grade debt market may experience sudden and sharp price swings due to a variety of factors that may decrease the ability of issuers to make principal and interest payments and adversely affect the liquidity or value, or both, of such securities. Accordingly, securities issued by such companies carry a higher risk of default and should be considered speculative.

#### 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.

#### Bank Loans
The fund invests in bank loans, which represent an interest in amounts owed by a borrower to a syndicate of lenders. Bank loans are generally noninvestment-grade and often involve borrowers whose financial condition is highly leveraged. The fund may invest in fixed and floating rate loans, which may include senior floating rate loans; secured and unsecured loans, second lien or more junior loans; and bridge loans or bridge facilities. Certain bank loans may be revolvers which are a form of senior bank debt, where the borrower can draw down the credit of the revolver when it needs cash and repays the credit when the borrower has excess cash. Certain loans may be "covenant-lite" loans, which means the loans contain fewer maintenance covenants than other loans (in some cases, none) and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. As a result of these risks, the fund's exposure to losses may be increased.

Bank loans may be in the form of either assignments or participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer, and transfer typically requires consent of both the borrower and agent. In contrast, a

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T. ROWE PRICE FLOATING RATE ETF

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loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments on a portion of a loan; however, the seller continues to hold legal title to that portion of the loan. As a result, the buyer of a loan participation generally has no direct recourse against the borrower and is exposed to credit risk of both the borrower and seller of the participation.

Bank loans often have extended settlement periods, generally may be repaid at any time at the option of the borrower, and may require additional principal to be funded at the borrowers' discretion at a later date (e.g., unfunded commitments and revolving debt instruments). Until settlement, the fund maintains liquid assets sufficient to settle its unfunded loan commitments. The fund reflects both the funded portion of a bank loan as well as its unfunded commitment in the Portfolio of Investments. However, if a credit agreement provides no initial funding of a tranche, and funding of the full commitment at a future date(s) is at the borrower's discretion and considered uncertain, a loan is reflected in the Portfolio of Investments only if, and only to the extent that, the fund has actually settled a funding commitment.

#### Other
Purchases and sales of portfolio securities excluding in-kind transactions and short-term securities aggregated $187,550,000 and $76,921,000, respectively, for the six months ended November 30, 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 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. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

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T. ROWE PRICE FLOATING RATE ETF

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The fund intends to retain realized gains to the extent of available capital loss carryforwards. Net realized capital losses may be carried forward indefinitely to offset future realized capital gains. As of May 31, 2025, the fund had $1,033,000 of available capital loss carryforwards.

At November 30, 2025, the cost of investments (including derivatives, if any) for federal income tax purposes was $444,700,000. Net unrealized loss aggregated $1,362,000 at period-end, of which $1,679,000 related to appreciated investments and $3,041,000 related to depreciated investments.

#### 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 0.59% 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.

Mutual funds, trusts, and other accounts managed by Price Associates or its affiliates (collectively, Price Funds and accounts) may invest in the fund. No Price Fund or account may invest for the purpose of exercising management or control over the fund. At November 30, 2025, less than 1% of the fund's outstanding shares were held by Price Funds and accounts.

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 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. Effective November 12, 2025, cash collateral from securities lending, if any, is invested in the T. Rowe Price Treasury Reserve Fund. Prior to November 12,

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T. ROWE PRICE FLOATING RATE ETF

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2025, cash collateral from securities lending, if any, was invested in the T. Rowe Price Government Reserve Fund. The Price Reserve Funds pay no investment management fees.

As of November 30, 2025, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 1,574,900 shares of the fund, representing 19% 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 six months ended November 30, 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.

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.

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T. ROWE PRICE FLOATING RATE ETF

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#### NOTE 8 – BORROWING
The fund, together with certain other U.S. registered floating rate and tax-free high yield funds (the U.S. borrowers) and foreign investment funds managed by Price Associates or an affiliate (collectively, the participating funds), is party to a $1.4 billion, 364-day, syndicated credit facility (the facility). Excluding commitments designated for the foreign investment funds, the U.S. borrowers can borrow up to an aggregate commitment amount of $1.25 billion, of which $1 billion is available to the U.S. floating rate borrowers and $250 million is available to the U.S. tax-free high yield borrowers, on a first-come, first-served basis. The facility provides a source of liquidity to the participating funds for temporary and emergency purposes. The participating funds are charged administrative fees and an annual commitment fee, of 0.15% of the average daily undrawn commitment. All fees allocated to the U.S. borrowers are based on the portion of the aggregate commitment available to them and on each U.S. borrower's relative net assets. Such allocated fees are reflected as either miscellaneous or interest and borrowing related expense in the accompanying Statement of Operations. Loans are generally unsecured; however, the fund must collateralize any borrowings under the facility on an equivalent basis if it has other collateralized borrowings. Interest is charged to the fund based on its borrowings at the higher of (a) Daily Simple Secured Overnight Financing Rate (SOFR) plus 0.10% per annum, (b) Federal Funds Rate, or (c) the Overnight Bank Funding Rate plus an applicable margin. At six months ended November 30, 2025, the fund had no borrowings outstanding under the facility, and the undrawn amount of the facility for the U.S. borrowers was $1,250,000,000.

#### NOTE 9 – 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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![](g89244imgf5971b751.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.

ETF1047-051 01/26

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#### 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.

#### 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.

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#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| &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.](d89244dex99cert.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.](d89244dex99906ce.htm) |

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#### 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.

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| | |
|:---|:---|
| T. Rowe Price Exchange-Traded Funds, Inc. | T. Rowe Price Exchange-Traded Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | January 16, 2026 |

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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.

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| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | January 16, 2026 |
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | January 16, 2026 |

---

## 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 Floating
Rate 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;&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;&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;&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;&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;&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;&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: January 16, 2026 | /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 Floating
Rate 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;&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;&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;&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;&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;&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;&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: January 16, 2026 | /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 Floating Rate 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: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: January 16, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---