# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001999371-26-004318
**Filing Date:** 2026-2
**Character Count:** 19982
**Document Hash:** 1a173c43f75dd5cdb76ae07b20f9f94b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-004318.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001999371-26-004318

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-235450
- **FILM NUMBER:** 26681481

**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 Capital Appreciation Equity ETF (Series ID: S000079834)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000241222 | T. Rowe Price Capital Appreciation Equity ETF | TCAF            |

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| | |
|:---|:---|
| ![](cfx497k001.jpg) |  |
| **SUMMARY Prospectus**<br> March 1, 2026 | **SUMMARY Prospectus**<br> March 1, 2026 |
|  | T. ROWE PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp;TCAF | Capital Appreciation Equity ETF |
| Principal U.S. Listing Exchange: NYSE Arca, Inc. Exchange-traded fund (ETF) shares are not individually redeemable.<br>The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated March 1, 2026, as amended or supplemented, and Statement of Additional Information, dated March 1, 2026, as amended or supplemented. | Principal U.S. Listing Exchange: NYSE Arca, Inc. Exchange-traded fund (ETF) shares are not individually redeemable.<br>The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.<br>Before you invest, you may want to review the fund's prospectus, which contains more information about the fund and its risks. You can find the fund's prospectus, shareholder reports, and other information about the fund online at **troweprice.com/prospectus**. You can also get this information at no cost by calling **1-800-638-5660**, by sending an e-mail request to **info@troweprice.com**, or by contacting your financial intermediary. This Summary Prospectus incorporates by reference the fund's prospectus, dated March 1, 2026, as amended or supplemented, and Statement of Additional Information, dated March 1, 2026, as amended or supplemented. |
| ![](cfx497k002.jpg) | ![](cfx497k002.jpg) |

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SUMMARY<sub>1</sub>

**Investment Objective(s)**

The fund seeks to provide long-term capital growth.

**Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. **You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below.**

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| | |
|:---|:---|
| **Fees and Expenses of the Fund** | |
| **Annual fund operating expenses<br> (expenses that you pay each year as a<br> percentage of the value of your investment)** | **Annual fund operating expenses<br> (expenses that you pay each year as a<br> percentage of the value of your investment)** |
| &nbsp;&nbsp;Management fees | 0.31% |
| &nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;**Total annual fund operating expenses** | **0.31** |

---

**Example** This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund's fees and expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $32 | $100 | $174 | $393 |

---

**Portfolio Turnover** The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund's shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 29.3% of the average value of its portfolio.

**Investments, Risks, and Performance** 

**Principal Investment Strategies**

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. Any derivatives that provide exposure to the investment focus suggested by the fund's name, or to one or more market risk factors associated with the investment focus suggested by the fund's name, are counted (as applicable) toward compliance with the fund's 80% investment policy.

The fund takes a core approach to stock selection, which does not emphasize either a growth or value style of investing. The fund may purchase the stocks of companies of any size, but typically focuses on large U.S. companies. The portfolio is typically constructed in a "bottom up" manner, an approach that focuses more on evaluations of individual stocks than on analysis of overall economic trends and market cycles. In selecting stocks, the adviser evaluates a number of characteristics about the companies, such as management, risk-adjusted return potential, market position, and/or stock valuation.

<u>T. ROWE PRICE</u> <u>2</u>

Sector allocations are largely the result of the fund's focus on stock selection. At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the information technology sector.

The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.

**Principal Risks** 

As with any fund, there is no guarantee that the fund will achieve its objective(s). The fund's share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund, which may be even greater in unfavorable or uncertain market conditions, are summarized as follows:

**Market conditions:** The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund's holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as the coronavirus pandemic) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns.

**Large-cap stocks:** Securities issued by large-cap companies tend to be less volatile than securities issued by small- and mid-cap companies. However, large-cap companies may not be able to attain the high growth rates of successful small- and mid-cap companies, especially during strong economic periods, and may be unable to respond as quickly to competitive challenges.

**Stock investing:** Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. The value of stocks held by the fund may decline due to general weakness or volatility in the stock markets in which the fund invests or because of factors that affect a particular company or industry.

**Nondiversification:** As a nondiversified fund, the fund has the ability to invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund.

SUMMARY<sub>3</sub>

As a result, poor performance by a single issuer could adversely affect fund performance more than if the fund were invested in a larger number of issuers. The fund's share price can be expected to fluctuate more than that of a similar fund that is more broadly diversified.

**Sector exposure:** Issuers in the same economic sector may be similarly affected by economic or market events, making the fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

**Information technology sector:** Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources, or personnel.

**Authorized Participant:** Only Authorized Participants may engage in creation or redemption transactions directly with the fund. The fund has a limited number of institutions that may act as Authorized Participants. Authorized Participants have no obligation to submit creation or redemption orders, and there is no assurance that Authorized Participants will establish or maintain an active trading market for shares. To the extent an Authorized Participant cannot or will not engage in creation and redemption transactions, shares may be more likely to trade at a premium or discount to the fund's NAV and to face trading halts and/or delisting. If the fund effects its creations or redemptions at least partially or fully for cash, rather than in-kind securities, the fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions.

**ETF shares trading:** Shares of the fund are listed for trading on a national securities exchange and are bought and sold in the secondary market at market prices. The market prices of shares are expected to fluctuate in response to changes in the fund's NAV, the value of the fund's holdings, and supply and demand for shares. Disruptions to creations and redemptions, significant market volatility, potential lack of an active trading market for the shares (including through a trading halt), or other factors may widen bid-ask spreads and result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the value of the fund's holdings. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.

**New fund:** Because the fund is new, it may have more limited operating history, fewer shareholders, and less assets than funds that have been in existence for longer periods. It may be more difficult to evaluate the investment program and portfolio manager of a fund with a limited performance track record. Due to the fund's size, large shareholder purchases or redemptions could require the fund to buy or sell holdings at unfavorable times or maintain greater cash reserves than desired, create tax implications for the fund and its shareholders, and make it difficult to invest fully in accordance with the fund's investment program.

**Active management:** The fund's overall investment program and holdings selected by the fund's investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies.

<u>T. ROWE PRICE</u> <u>4</u>

**Cybersecurity breaches:** The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund's assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund's service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality.

**Performance** 

The following performance information provides some indication of the risks of investing in the fund. The fund's performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund.

**CAPITAL APPRECIATION EQUITY ETF**

Calendar Year Returns

![PerformanceBarChartData(2024:20.94, 2025:15.54)](cfx497k003.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Quarter<br> Ended | Total<br> Return |  | Quarter<br> Ended | Total<br> Return |
| Best Quarter | 3/31/24 | 9.72% | Worst Quarter | 3/31/25 | -2.71% |

---

The following table shows the average annual total returns for the fund. The fund's performance information included in the table is compared with a regulatory required index that represents an overall securities market (Russell 3000<sup>®</sup> Index). In addition, the table may also include one or more indexes that align to the fund's investment strategy.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA.

SUMMARY<sub>5</sub>

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **Average Annual Total Returns** | | |
|  | **Periods ended** | **Periods ended** | **Periods ended** |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  |  | **Since** | **Inception** |
|  | **1 Year** | **inception** | **date** |
| **Capital Appreciation Equity ETF** |  |  | **06/14/2023** |
| Returns before taxes | 15.54% | 18.61% |  |
| Returns after taxes on distributions | 15.41 | 18.48 |  |
| Returns after taxes on distributions and sale |  |  |  |
| of fund shares | 9.30 | 14.59 |  |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) | Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses, or taxes) |  |
|  | 17.15 | 20.27 <sup>a</sup> |  |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | S&P 500 Index (reflects no deduction for fees, expenses, or taxes) | S&P 500 Index (reflects no deduction for fees, expenses, or taxes) |  |
|  | 17.88 | 20.87 <sup>a</sup> |  |

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<sup>a</sup> Return since 6/14/23.

Updated performance information is available through troweprice.com.

**Management** 

**Investment Adviser** T. Rowe Price Associates, Inc. (T. Rowe Price or Price Associates)

**Investment Subadviser** T. Rowe Price Investment Management, Inc. (Price Investment Management)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp; **Title**  | &nbsp;&nbsp;**Managed<br> Fund<br> Since** | &nbsp;&nbsp;**Joined<br> Investment<br> Adviser** |
| &nbsp;&nbsp;David Giroux | &nbsp;&nbsp;Portfolio Manager and Chair of Investment Advisory Committee | &nbsp;&nbsp;2023 | &nbsp;&nbsp;1998 |
| &nbsp;&nbsp;Vivek Rajeswaran | &nbsp;&nbsp;Co-Portfolio Manager | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2012 |
| &nbsp;&nbsp;Mike Signore\* | &nbsp;&nbsp;Co-Portfolio Manager | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2015 |
| &nbsp;&nbsp;Brian Solomon | &nbsp;&nbsp;Co-Portfolio Manager | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2015 |

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\* Mr. Signore was with T. Rowe Price from 2015 to 2018 and returned in 2020.

**Purchase and Sale of Fund Shares** 

The fund issues and redeems shares at NAV only with Authorized Participants and only in large blocks of 50,000 shares (each, a "Creation Unit"). 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.

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 at NAV, shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount). You may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the fund (bid) and the lowest price a seller is willing to accept for shares of the fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). All purchases and sales are made pursuant to this prospectus. Please refer to the fund's website for additional information (troweprice.com).

<u>T. ROWE PRICE</u> <u>6</u>

**Tax Information** 

The fund declares dividends, if any, and pays them annually. A distribution may consist of ordinary dividends, capital gains, and return of capital. Sales of fund shares and distributions by the fund generally may be taxed as ordinary income or capital gains unless you invest through a tax-deferred account (in which case you will be taxed upon withdrawal from such account).

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of the fund through a broker-dealer or other financial intermediary (such as a bank), T. Rowe Price and its affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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| | |
|:---|:---|
| ![](cfx497k004.jpg) |  |
| T. Rowe Price Associates, Inc.<br> 1307 Point Street<br> Baltimore, MD 21231 | **ETF1072-045 3/1/26** |

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