# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001193125-26-276829
**Filing Date:** 2026-6
**Character Count:** 84289
**Document Hash:** f64554e49075da3444598d629cbebd21
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-276829.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001193125-26-276829

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**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:** 261105153

**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 Emerging Markets Equity Research ETF (Series ID: S000095885)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000264667 | T. Rowe Price Emerging Markets Equity Research ETF | TEMR            |

?xml version='1.0' encoding='ASCII'? Emerging Markets Equity Research ETF_MEX

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

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

T. Rowe Price Exchange-Traded Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026

------

#### 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](g155297g91h27.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026

# Emerging Markets Equity Research ETF (TEMR)

# Principal Listing Exchange: NYSE Arca, Inc.
This semi-annual shareholder report contains important information about Emerging Markets Equity Research ETF (the "fund") for the period of March 11, 2026 to April 30, 2026. 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** |
| Emerging Markets Equity Research ETF | $6 | 0.40% |

---

## What are some fund statistics?

### **Fund Statistics** 
* Total Net Assets (000s)$21,542

* Number of Portfolio Holdings263

* Portfolio Turnover Rate71.3%

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

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

---

| | |
|:---|:---|
| Information Technology | 36.3% |
| Financials | 20.3 |
| Consumer Discretionary | 9.3 |
| Industrials & Business Services | 7.3 |
| Communication Services | 6.5 |
| Materials | 6.5 |
| Energy | 4.1 |
| Health Care | 3.2 |
| Consumer Staples | 2.6 |
| Other | 3.9 |

---

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

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing | 15.7% |
| Samsung Electronics | 6.9 |
| SK Hynix | 4.2 |
| Tencent Holdings | 3.9 |
| Alibaba Group Holding | 3 |
| Delta Electronics | 1.6 |
| China Construction Bank | 1.5 |
| MediaTek | 1.2 |
| HDFC Bank | 1 |
| Hon Hai Precision Industry | 0.9 |

---

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.

Emerging Markets Equity Research ETF (TEMR)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g155297g35a35.jpg)

Principal Listing Exchange: NYSE Arca, Inc.

202506-4610402

ETF1252-053 06/26

------

#### 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.

------

![](g155297img8c69dc4d1.gif)

#### Financial Statements and Other Information
April 30, 2026

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp;TEMR | &nbsp;&nbsp;&nbsp;&nbsp;Emerging Markets Equity Research ETF |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more insights from T. Rowe Price investment professionals, go to **troweprice.com**. |

---

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![](g155297imgd7aa3da42.gif)

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

Unaudited

&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL HIGHLIGHTS&nbsp;&nbsp;&nbsp;&nbsp;

For a share outstanding throughout the period

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;3/11/26<sup>(1)</sup><br> Through |
|  | &nbsp;&nbsp;4/30/26 |
| **NET ASSET VALUE** |  |
| Beginning of period | &nbsp;&nbsp;$25.00 |
| Investment activities |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 |
| &nbsp;&nbsp;&nbsp;Total from investment activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 |
| **NET ASSET VALUE** |  |
| **End of period** | &nbsp;&nbsp;**$26.93** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Total return, based on NAV<sup>(3)(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.72%** |
| 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;0.40%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses after<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84%<sup>(5)</sup> |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.3% |
| Net assets, end of period<br> (in thousands) | &nbsp;&nbsp;$21542 |

---

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

<sup>(5)</sup> Annualized

<sup>(6)</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 EMERGING MARKETS EQUITY RESEARCH ETF

------

April 30, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **ARGENTINA 0.2%** | **ARGENTINA 0.2%** | **ARGENTINA 0.2%** |
| **Common Stocks 0.2%** |  |  |
| Grupo Financiero Galicia, ADR (USD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;17 |
| Vista Energy, ADR (USD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;25 |
| **Total Argentina (Cost $39)** |  | &nbsp;&nbsp;&nbsp;**42** |
| **BRAZIL 4.2%** | **BRAZIL 4.2%** | **BRAZIL 4.2%** |
| **Common Stocks 4.2%** |  |  |
| Axia Energia, ADR (USD) | &nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;35 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;6377 | &nbsp;&nbsp;&nbsp;23 |
| Banco BTG Pactual | &nbsp;&nbsp;&nbsp;6140 | &nbsp;&nbsp;&nbsp;74 |
| Cia de Saneamento Basico do Estado de Sao Paulo, ADR (USD) | &nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;43 |
| CPFL Energia | &nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;15 |
| Embraer, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;31 |
| Energisa | &nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;19 |
| Equatorial | &nbsp;&nbsp;&nbsp;3965 | &nbsp;&nbsp;&nbsp;34 |
| Itau Unibanco Holding, ADR (USD) | 17452 | 152 |
| Localiza Rent a Car | &nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;29 |
| NU Holdings, Class A (USD) (1) | &nbsp;&nbsp;&nbsp;8639 | 125 |
| Petroleo Brasileiro - Petrobras, ADR (USD) | &nbsp;&nbsp;&nbsp;8409 | 185 |
| Raia Drogasil | &nbsp;&nbsp;&nbsp;9378 | &nbsp;&nbsp;&nbsp;41 |
| Rede D'Or Sao Luiz | &nbsp;&nbsp;&nbsp;4686 | &nbsp;&nbsp;&nbsp;36 |
| Vale, ADR (USD) | &nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;30 |
| WEG | &nbsp;&nbsp;&nbsp;4168 | &nbsp;&nbsp;&nbsp;38 |
| **Total Brazil (Cost $869)** |  | **910** |
| **CANADA 0.4%** | **CANADA 0.4%** | **CANADA 0.4%** |
| **Common Stocks 0.4%** |  |  |
| Aris Mining (1) | &nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;45 |
| DPM Metals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;33 |
| **Total Canada (Cost $88)** |  | &nbsp;&nbsp;&nbsp;**78** |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **CHILE 0.1%** | **CHILE 0.1%** | **CHILE 0.1%** |
| **Common Stocks 0.1%** |  |  |
| Banco de Chile, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;31 |
| **Total Chile (Cost $33)** |  | &nbsp;&nbsp;&nbsp;**31** |
| **CHINA 22.6%** | **CHINA 22.6%** | **CHINA 22.6%** |
| **Common Stocks 22.6%** |  |  |
| Alibaba Group Holding (HKD) | &nbsp;&nbsp;&nbsp;38700 | 638 |
| Atour Lifestyle Holdings, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;24 |
| Bank of China, Class H (HKD) | &nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;23 |
| BeOne Medicines (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;75 |
| BYD, Class H (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;82 |
| CGN Power, Class H (HKD) | &nbsp;&nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;17 |
| China Construction Bank, Class H (HKD) | 295000 | 333 |
| China Hongqiao Group (HKD) | &nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;53 |
| China International Capital, Class H (HKD) | &nbsp;&nbsp;&nbsp;15600 | &nbsp;&nbsp;&nbsp;41 |
| China Jushi, Class A | &nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;43 |
| China Life Insurance, Class H (HKD) | &nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;55 |
| China Merchants Bank, Class H (HKD) | &nbsp;&nbsp;&nbsp;18000 | 109 |
| China Pacific Insurance Group, Class H (HKD) | &nbsp;&nbsp;&nbsp;29600 | 129 |
| China Resources Beer Holdings (HKD) | &nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;41 |
| China Resources Land (HKD) | &nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;48 |
| China Resources Mixc Lifestyle Services (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;47 |
| China Shenhua Energy, Class H (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;56 |
| China Tower, Class H (HKD) | &nbsp;&nbsp;&nbsp;14500 | &nbsp;&nbsp;&nbsp;21 |
| China Yangtze Power, Class A | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;17 |
| Contemporary Amperex Technology, Class H (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;47 |
| CRRC, Class H (HKD) | &nbsp;&nbsp;&nbsp;46000 | &nbsp;&nbsp;&nbsp;31 |
| CSPC Pharmaceutical Group (HKD) | &nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;22 |
| ENN Energy Holdings (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;16 |
| Geely Automobile Holdings (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;27 |
| Hongfa Technology, Class A | &nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;51 |
| Hua Hong Semiconductor, Class H (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;74 |

---

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Industrial & Commercial Bank of China, Class H (HKD) | 117000 | 105 |
| Innovent Biologics (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;35 |
| JD Health International (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;25 |
| Jiangsu Hengrui Pharmaceuticals, Class H (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;80 |
| Jiangsu Zhongtian Technology, Class A | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;37 |
| Kunlun Energy (HKD) | &nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;17 |
| Kweichow Moutai, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;20 |
| Li Auto, Class A (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;23 |
| Luckin Coffee, ADR (USD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;23 |
| Luxshare Precision Industry, Class A | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;52 |
| Meituan, Class B (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;20 |
| Midea Group, Class H (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;21 |
| MINISO Group Holding (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;16 |
| Muyuan Foods, Class H (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;28 |
| NetEase (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;6000 | 140 |
| New Oriental Education & Technology Group (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;16 |
| PDD Holdings, ADR (USD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;1597 | 160 |
| PICC Property & Casualty, Class H (HKD) | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;25 |
| Ping An Bank, Class A | &nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;&nbsp;65 |
| Pop Mart International Group (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;12 |
| Sany Heavy Equipment International Holdings (HKD) | &nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;68 |
| Shenzhen Inovance Technology, Class A | &nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;42 |
| Shenzhou International Group Holdings (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;21 |
| Suzhou TFC Optical Communication, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;18 |
| Tencent Holdings (HKD) | &nbsp;&nbsp;&nbsp;13700 | 832 |
| Tongcheng Travel (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;20 |
| Trip.com Group (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;78 |
| Wanhua Chemical Group, Class A | &nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;88 |
| Weichai Power, Class H (HKD) | &nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;70 |
| WuXi AppTec, Class H (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;60 |
| Wuxi Biologics Cayman (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;28 |
| WuXi XDC Cayman (HKD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;30 |
| Xiaomi, Class B (HKD) (1) | &nbsp;&nbsp;&nbsp;29000 | 109 |

---

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Xpeng, Class A (HKD) (1) | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Yankershop Food, Class A | &nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Yankuang Energy Group, Class H (HKD) | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Yum China Holdings (HKD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Yunnan Aluminium, Class A | &nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Zhongji Innolight, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Zijin Mining Group, Class H (HKD) | 28000 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| **Total China (Cost $4,978)** |  | **4867** |
| **COLOMBIA 0.1%** | **COLOMBIA 0.1%** | **COLOMBIA 0.1%** |
| **Common Stocks 0.1%** |  |  |
| Grupo Cibest, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| **Total Colombia (Cost $33)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30** |
| **CZECH REPUBLIC 0.1%** | **CZECH REPUBLIC 0.1%** | **CZECH REPUBLIC 0.1%** |
| **Common Stocks 0.1%** |  |  |
| CEZ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| **Total Czech Republic (Cost $14)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14** |
| **FINLAND 0.1%** | **FINLAND 0.1%** | **FINLAND 0.1%** |
| **Common Stocks 0.1%** |  |  |
| Amer Sports (USD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| **Total Finland (Cost $22)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23** |
| **GREECE 0.4%** | **GREECE 0.4%** | **GREECE 0.4%** |
| **Common Stocks 0.4%** |  |  |
| Eurobank | &nbsp;&nbsp;&nbsp;5088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| National Bank of Greece | &nbsp;&nbsp;&nbsp;2872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Piraeus Bank | &nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| **Total Greece (Cost $87)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90** |
| **HONG KONG 0.7%** | **HONG KONG 0.7%** | **HONG KONG 0.7%** |
| **Common Stocks 0.7%** |  |  |
| AIA Group | &nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp;103 |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Futu Holdings, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;39 |
| **Total Hong Kong (Cost $142)** |  | **142** |
| **HUNGARY 0.5%** | **HUNGARY 0.5%** | **HUNGARY 0.5%** |
| **Common Stocks 0.5%** |  |  |
| OTP Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | 104 |
| **Total Hungary (Cost $85)** |  | **104** |
| **INDIA 10.4%** | **INDIA 10.4%** | **INDIA 10.4%** |
| **Common Stocks 10.3%** |  |  |
| Adani Ports & Special Economic Zone | &nbsp;&nbsp;&nbsp;3226 | &nbsp;&nbsp;&nbsp;57 |
| Apollo Hospitals Enterprise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;27 |
| AU Small Finance Bank | &nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;21 |
| Axis Bank, GDR (USD) | &nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;91 |
| Bajaj Finance | &nbsp;&nbsp;&nbsp;7590 | &nbsp;&nbsp;&nbsp;76 |
| Bharat Electronics | &nbsp;&nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;44 |
| Bharti Airtel | &nbsp;&nbsp;&nbsp;6440 | 129 |
| Cholamandalam Investment & Finance | &nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;29 |
| Coal India | &nbsp;&nbsp;&nbsp;4191 | &nbsp;&nbsp;&nbsp;21 |
| Cummins India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;49 |
| Divi's Laboratories | &nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;98 |
| Eternal (1) | 16061 | &nbsp;&nbsp;&nbsp;42 |
| Godrej Consumer Products | &nbsp;&nbsp;&nbsp;3849 | &nbsp;&nbsp;&nbsp;44 |
| HDFC Bank, ADR (USD) | &nbsp;&nbsp;&nbsp;8422 | 214 |
| Hindalco Industries | &nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;45 |
| Hindustan Aeronautics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;17 |
| Hindustan Unilever | &nbsp;&nbsp;&nbsp;2785 | &nbsp;&nbsp;&nbsp;66 |
| Hyundai Motor India | &nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;41 |
| ICICI Bank, ADR (USD) | &nbsp;&nbsp;&nbsp;6665 | 177 |
| Infosys, ADR (USD) | &nbsp;&nbsp;&nbsp;7009 | &nbsp;&nbsp;&nbsp;87 |
| InterGlobe Aviation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;17 |
| Kotak Mahindra Bank | 18057 | &nbsp;&nbsp;&nbsp;73 |
| Larsen & Toubro, GDR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;33 |
| Mahindra & Mahindra, GDR (USD) | &nbsp;&nbsp;&nbsp;1311 | &nbsp;&nbsp;&nbsp;43 |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| MakeMyTrip (USD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| NTPC | &nbsp;&nbsp;&nbsp;15777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Polycab India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Power Grid Corp of India | &nbsp;&nbsp;&nbsp;18140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Reliance Industries, GDR (USD) (2) | &nbsp;&nbsp;&nbsp;&nbsp;3063 | &nbsp;&nbsp;&nbsp;&nbsp;186 |
| SBI Life Insurance | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Shriram Finance | &nbsp;&nbsp;&nbsp;&nbsp;4097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| State Bank of India | &nbsp;&nbsp;&nbsp;&nbsp;2278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Swiggy (1) | &nbsp;&nbsp;&nbsp;&nbsp;9721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Tata Consultancy Services | &nbsp;&nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Tata Steel | &nbsp;&nbsp;&nbsp;16580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Titan | &nbsp;&nbsp;&nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| UltraTech Cement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Varun Beverages | &nbsp;&nbsp;&nbsp;&nbsp;5321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
|  |  | 2225 |
| **Exchange-Traded Funds 0.1%** |  |  |
| iShares MSCI India ETF (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| **Total India (Cost $2,243)** |  | **2252** |
| **INDONESIA 0.4%** | **INDONESIA 0.4%** | **INDONESIA 0.4%** |
| **Common Stocks 0.4%** |  |  |
| Bank Central Asia | 161200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Bank Mandiri Persero | 102300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| **Total Indonesia (Cost $95)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**81** |
| **KUWAIT 0.4%** | **KUWAIT 0.4%** | **KUWAIT 0.4%** |
| **Common Stocks 0.4%** |  |  |
| Gulf Bank KSCP | &nbsp;&nbsp;&nbsp;24787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| National Bank of Kuwait | &nbsp;&nbsp;&nbsp;20438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| **Total Kuwait (Cost $86)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85** |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **MALAYSIA 0.4%** | **MALAYSIA 0.4%** | **MALAYSIA 0.4%** |
| **Common Stocks 0.4%** |  |  |
| CIMB Group Holdings | 47300 | &nbsp;&nbsp;&nbsp;91 |
| **Total Malaysia (Cost $97)** |  | &nbsp;&nbsp;&nbsp;**91** |
| **MEXICO 1.9%** | **MEXICO 1.9%** | **MEXICO 1.9%** |
| **Common Stocks 1.9%** |  |  |
| America Movil, ADR (USD) | &nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;43 |
| Arca Continental | &nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;29 |
| Cemex, ADR (USD) | &nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;&nbsp;40 |
| Fomento Economico Mexicano, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;57 |
| Grupo Aeroportuario del Pacifico, Class B | &nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;27 |
| Grupo Aeroportuario del Sureste, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;17 |
| Grupo Financiero Banorte, Class O | &nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;20 |
| Grupo Mexico, Series B | 12431 | 136 |
| Industrias Penoles (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;14 |
| Wal-Mart de Mexico | 11497 | &nbsp;&nbsp;&nbsp;36 |
| **Total Mexico (Cost $411)** |  | **419** |
| **NETHERLANDS 0.1%** | **NETHERLANDS 0.1%** | **NETHERLANDS 0.1%** |
| **Common Stocks 0.1%** |  |  |
| Prosus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;16 |
| **Total Netherlands (Cost $18)** |  | &nbsp;&nbsp;&nbsp;**16** |
| **PERU 0.8%** | **PERU 0.8%** | **PERU 0.8%** |
| **Common Stocks 0.8%** |  |  |
| Credicorp (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;81 |
| Southern Copper (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;86 |
| **Total Peru (Cost $181)** |  | **167** |
| **PHILIPPINES 0.6%** | **PHILIPPINES 0.6%** | **PHILIPPINES 0.6%** |
| **Common Stocks 0.6%** |  |  |
| BDO Unibank | 22770 | &nbsp;&nbsp;&nbsp;43 |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| International Container Terminal Services | &nbsp;&nbsp;&nbsp;6810 | &nbsp;&nbsp;&nbsp;79 |
| **Total Philippines (Cost $131)** |  | **122** |
| **POLAND 0.7%** | **POLAND 0.7%** | **POLAND 0.7%** |
| **Common Stocks 0.7%** |  |  |
| Bank Polska Kasa Opieki | &nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;66 |
| ORLEN | &nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;39 |
| Powszechny Zaklad Ubezpieczen | &nbsp;&nbsp;&nbsp;2177 | &nbsp;&nbsp;&nbsp;38 |
| **Total Poland (Cost $136)** |  | **143** |
| **PORTUGAL 0.1%** | **PORTUGAL 0.1%** | **PORTUGAL 0.1%** |
| **Common Stocks 0.1%** |  |  |
| Jeronimo Martins | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;15 |
| **Total Portugal (Cost $16)** |  | &nbsp;&nbsp;&nbsp;**15** |
| **QATAR 0.4%** | **QATAR 0.4%** | **QATAR 0.4%** |
| **Common Stocks 0.4%** |  |  |
| Qatar National Bank | 17070 | &nbsp;&nbsp;&nbsp;81 |
| **Total Qatar (Cost $85)** |  | &nbsp;&nbsp;&nbsp;**81** |
| **SAUDI ARABIA 2.6%** | **SAUDI ARABIA 2.6%** | **SAUDI ARABIA 2.6%** |
| **Common Stocks 2.6%** |  |  |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;7929 | 145 |
| Dr Sulaiman Al Habib Medical Services Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;33 |
| Etihad Etisalat | &nbsp;&nbsp;&nbsp;2616 | &nbsp;&nbsp;&nbsp;45 |
| Rasan Information Technology (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;18 |
| SABIC Agri-Nutrients | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;23 |
| Saudi Arabian Oil | 15457 | 115 |
| Saudi Awwal Bank | &nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;&nbsp;38 |
| Saudi Basic Industries | &nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;46 |
| Saudi National Bank | &nbsp;&nbsp;&nbsp;9963 | 104 |
| **Total Saudi Arabia (Cost $564)** |  | **567** |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SINGAPORE 0.1%** | **SINGAPORE 0.1%** | **SINGAPORE 0.1%** |
| **Common Stocks 0.1%** |  |  |
| Seatrium | 10000 | &nbsp;&nbsp;&nbsp;19 |
| **Total Singapore (Cost $19)** |  | &nbsp;&nbsp;&nbsp;**19** |
| **SOUTH AFRICA 2.7%** | **SOUTH AFRICA 2.7%** | **SOUTH AFRICA 2.7%** |
| **Common Stocks 2.7%** |  |  |
| Absa Group | &nbsp;&nbsp;&nbsp;2349 | &nbsp;&nbsp;&nbsp;33 |
| Anglogold Ashanti | &nbsp;&nbsp;&nbsp;1403 | 130 |
| Aspen Pharmacare Holdings | &nbsp;&nbsp;&nbsp;3461 | &nbsp;&nbsp;&nbsp;29 |
| Capitec Bank Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;97 |
| Clicks Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;14 |
| FirstRand | 16294 | &nbsp;&nbsp;&nbsp;87 |
| MTN Group | &nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;46 |
| Naspers, Class N | &nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;94 |
| Valterra Platinum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;52 |
| **Total South Africa (Cost $615)** |  | **582** |
| **SOUTH KOREA 19.2%** | **SOUTH KOREA 19.2%** | **SOUTH KOREA 19.2%** |
| **Common Stocks 18.3%** |  |  |
| Celltrion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;60 |
| DB Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;21 |
| Doosan Enerbility (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;81 |
| Ecopro BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;24 |
| Hana Financial Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;48 |
| Hanwha Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;98 |
| HD Hyundai | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;33 |
| HD Hyundai Heavy Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;35 |
| HD Hyundai Marine Solution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;26 |
| HD Korea Shipbuilding & Offshore Engineering | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;28 |
| Hyosung Heavy Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;43 |
| Hyundai Mobis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | 117 |
| Hyundai Motor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;95 |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Hyundai Rotem | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Kakao | &nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| KB Financial Group, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Kia | &nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Korea Electric Power, ADR (USD) | 1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| KT&G | &nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| LG Chem | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;108 |
| LG Electronics | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| LG Energy Solution (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| NAVER | &nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| POSCO Holdings, ADR (USD) | 1229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Samsung Biologics (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Samsung C&T | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Samsung Electronics | 6671 | 1005 |
| Samsung Electronics, GDR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;283 |
| Samsung Fire & Marine Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Samsung Heavy Industries (1) | 2764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Samsung Life Insurance | &nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Shinhan Financial Group, ADR (USD) | &nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| SK | &nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| SK Hynix | 1009 | &nbsp;&nbsp;&nbsp;&nbsp;900 |
| SK Square (1) | &nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;144 |
| Woori Financial Group | 1317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  |  | 3946 |
| **Preferred Stocks 0.9%** |  |  |
| Samsung Electronics | 1810 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| **Total South Korea (Cost $3,515)** |  | **4141** |
| **TAIWAN 25.3%** | **TAIWAN 25.3%** | **TAIWAN 25.3%** |
| **Common Stocks 25.3%** |  |  |
| Accton Technology | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;147 |
| Airtac International Group | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| ASE Technology Holding, ADR (USD) | 2774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Cathay Financial Holding | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Chunghwa Telecom, ADR (USD) | &nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| CTBC Financial Holding | 49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Delta Electronics | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| E.Sun Financial Holding | 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Elite Material | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;149 |
| Far EasTone Telecommunications | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Fubon Financial Holding | 21000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Hon Hai Precision Industry, GDR (USD) | 13433 | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| Jentech Precision Industrial | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;174 |
| KGI Financial Holding | 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Lotes | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| MediaTek | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Mega Financial Holding | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Quanta Computer | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| SinoPac Financial Holdings | 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Taiwan Mobile | &nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Taiwan Semiconductor Manufacturing | 39000 | 2708 |
| Taiwan Semiconductor Manufacturing, ADR (USD) | &nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp;674 |
| Unimicron Technology | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| United Microelectronics | 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Wistron | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Yuanta Financial Holding | 22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| **Total Taiwan (Cost $4,520)** |  | **5457** |
| **THAILAND 1.6%** | **THAILAND 1.6%** | **THAILAND 1.6%** |
| **Common Stocks 1.6%** |  |  |
| Bangkok Bank | &nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Bangkok Dusit Medical Services, Class F | 23400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| CP ALL | 22800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Gulf Development | &nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| PTT | 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| PTT Exploration & Production | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Siam Cement | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Thai Oil | &nbsp;&nbsp;&nbsp;86900 | 129 |
| WHA | 306000 | &nbsp;&nbsp;&nbsp;42 |
| **Total Thailand (Cost $330)** |  | **336** |
| **TURKEY 0.5%** | **TURKEY 0.5%** | **TURKEY 0.5%** |
| **Common Stocks 0.5%** |  |  |
| Akbank TAS | &nbsp;&nbsp;&nbsp;14384 | &nbsp;&nbsp;&nbsp;23 |
| Aselsan Elektronik Sanayi Ve Ticaret | &nbsp;&nbsp;&nbsp;&nbsp;2723 | &nbsp;&nbsp;&nbsp;26 |
| BIM Birlesik Magazalar | &nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;29 |
| KOC Holding | &nbsp;&nbsp;&nbsp;&nbsp;3754 | &nbsp;&nbsp;&nbsp;17 |
| Turkcell Iletisim Hizmetleri | &nbsp;&nbsp;&nbsp;&nbsp;5595 | &nbsp;&nbsp;&nbsp;14 |
| **Total Turkey (Cost $104)** |  | **109** |
| **UNITED ARAB EMIRATES 0.5%** | **UNITED ARAB EMIRATES 0.5%** | **UNITED ARAB EMIRATES 0.5%** |
| **Common Stocks 0.5%** |  |  |
| Abu Dhabi Commercial Bank | &nbsp;&nbsp;&nbsp;17380 | &nbsp;&nbsp;&nbsp;65 |
| First Abu Dhabi Bank | &nbsp;&nbsp;&nbsp;10589 | &nbsp;&nbsp;&nbsp;51 |
| **Total United Arab Emirates (Cost $117)** |  | **116** |
| **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** |
| **Common Stocks 0.2%** |  |  |
| Glencore (1) | &nbsp;&nbsp;&nbsp;&nbsp;5841 | &nbsp;&nbsp;&nbsp;45 |
| **Total United Kingdom (Cost $41)** |  | &nbsp;&nbsp;&nbsp;**45** |
| **UNITED STATES 0.1%** | **UNITED STATES 0.1%** | **UNITED STATES 0.1%** |
| **Common Stocks 0.1%** |  |  |
| Coupang (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;17 |
| **Total United States (Cost $16)** |  | &nbsp;&nbsp;&nbsp;**17** |
| **VIETNAM 0.3%** | **VIETNAM 0.3%** | **VIETNAM 0.3%** |
| **Common Stocks 0.3%** |  |  |
| Hoa Phat Group | &nbsp;&nbsp;&nbsp;30600 | &nbsp;&nbsp;&nbsp;32 |
| Mobile World Investment | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;31 |
| **Total Vietnam (Cost $62)** |  | &nbsp;&nbsp;&nbsp;**63** |

---

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** |
| **Money Market Funds 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.60% (3) | 117889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| **Total Short-Term Investments<br> (Cost $118)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118** |
| **Total Investments<br> 99.2% of Net Assets (Cost $19,910)** |  | **$21373** |

---

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

‡ Country classifications are generally based on MSCI categories or another unaffiliated third party data provider; Shares are denominated in the currency of the country presented unless otherwise noted.

(1) Non-income producing

(2) 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 $186 and represents 0.9% of net assets.

(3) Seven-day yield

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipts |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipts |
| HKD | Hong Kong Dollar |
| USD | U.S. Dollar |

---

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

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

April 30, 2026 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 $19,910) | &nbsp;&nbsp;$21373 |
| Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Foreign currency (cost $13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;23584 |
| **Liabilities** |  |
| Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 |
| Investment management and administrative fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 |
| **NET ASSETS** | &nbsp;&nbsp;**$21542** |
| **Net Assets Consists of:** |  |
| Total distributable earnings (loss) | &nbsp;&nbsp;$1542 |
| Paid-in capital applicable to 800,000 shares of $0.0001 par value<br> capital stock outstanding; 4,000,000,000 shares of the Corporation authorized | &nbsp;&nbsp;&nbsp;&nbsp;20000 |
| **NET ASSETS** | &nbsp;&nbsp;**$21542** |
| **NET ASSET VALUE PER SHARE** | &nbsp;&nbsp;**$26.93** |

---

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

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

Unaudited

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

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;3/11/26<br> Through |
|  | &nbsp;&nbsp;4/30/26 |
| **Investment Income (Loss)** |  |
| Dividend income (net of foreign taxes of $9) | &nbsp;&nbsp;$61 |
| Investment management and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Realized and Unrealized Gain / Loss** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Change in net unrealized gain / loss on securities | &nbsp;&nbsp;&nbsp;&nbsp;1463 |
| Net realized and unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;1492 |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;**$1542** |

---

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

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

------

Unaudited

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

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;3/11/26<br> Through |
|  | &nbsp;&nbsp;4/30/26 |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$50 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 |
| &nbsp;&nbsp;&nbsp;Increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 |
| Capital share transactions\* |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;20000 |
| &nbsp;&nbsp;&nbsp;Increase in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;20000 |
| **Net Assets** |  |
| Increase during period | &nbsp;&nbsp;&nbsp;&nbsp;21542 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **End of period** | &nbsp;&nbsp;**$21542** |
| \*Share information (000s) |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| &nbsp;&nbsp;&nbsp;Increase in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |

---

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

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH 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 Emerging Markets Equity Research ETF (the fund) is a nondiversified, open-end management investment company established by the corporation. The fund incepted on March 11, 2026. The fund seeks long-term 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. 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 annually. 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 EMERGING MARKETS EQUITY RESEARCH 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 50,000 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).

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

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

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#### NOTE 2 – VALUATION

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

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

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

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

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

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

------

T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

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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
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. 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 and the last quoted sale or closing price for international securities.

The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE, if the Valuation Designee determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund's portfolio securities. Each business day, the Valuation Designee uses information from outside pricing services to evaluate the quoted prices of portfolio securities and, if appropriate, decides whether it is necessary to adjust quoted prices to reflect fair value by reviewing a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The Valuation Designee uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The Valuation Designee cannot predict how often it will use quoted prices or how often it will determine it necessary to adjust those prices to reflect fair value.

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford the greatest weight to actual prices in arm's length transactions, to the extent they

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

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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 April 30, 2026 (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** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$2867 | &nbsp;&nbsp;$18166 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21033 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &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;27 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| Total | &nbsp;&nbsp;$3012 | &nbsp;&nbsp;$18361 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21373 |

---

#### NOTE 3 – 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.

#### Emerging and Frontier Markets
The fund invests, either directly or through investments in other T. Rowe Price funds, in securities of companies located in, issued by governments of, or denominated in or linked to the currencies of emerging and frontier market

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

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countries. Emerging markets, and to a greater extent frontier markets, tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable, than those of developed countries. These markets may be subject to greater political, economic, and social uncertainty and differing accounting standards and regulatory environments that may potentially impact the fund's ability to buy or sell certain securities or repatriate proceeds to U.S. dollars. Emerging markets securities exchanges are more likely to experience delays with the clearing and settling of trades, as well as the custody of holdings by local banks, agents, and depositories. Such securities are often subject to greater price volatility, less liquidity, and higher rates of inflation than U.S. securities. Investing in frontier markets is typically significantly riskier than investing in other countries, including emerging markets.

#### 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.

#### Other
Purchases and sales of portfolio securities excluding in-kind transactions and short-term securities aggregated $34,315,000 and $14,405,000, respectively, for the period ended April 30, 2026.

#### NOTE 4 – FEDERAL INCOME TAXES
Generally, no provision for federal income taxes is required since the fund intends 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 EMERGING MARKETS EQUITY RESEARCH ETF

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At April 30, 2026, the cost of investments (including derivatives, if any) for federal income tax purposes was $19,910,000. Net unrealized gain aggregated $1,463,000 at period-end, of which $1,910,000 related to appreciated investments and $447,000 related to depreciated investments.

#### NOTE 5 – FOREIGN TAXES
The fund is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by the fund as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the fund has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

#### 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). Price Associates has entered into a sub-advisory agreement(s) with one or more of its wholly owned subsidiaries, to provide investment advisory services to the fund. The investment management agreement between the fund and Price Associates provides for an annual all-inclusive fee equal to 0.40% 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. All costs related to organization and offering of the fund are borne by Price Associates.

&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.

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

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As of April 30, 2026, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 750,000 shares of the fund, representing 94% 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 April 30, 2026, 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 Group 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 EMERGING MARKETS EQUITY RESEARCH ETF

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

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

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#### APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS
At a meeting held on July 28, 2025 (Meeting), the fund's Board of Directors (Board), including a majority of the fund's independent directors, approved the initial investment management agreement (Advisory Contract) between the fund and its investment adviser, T. Rowe Price Associates, Inc. (Adviser), as well as the initial investment subadvisory agreements (Subadvisory Contracts) that the Adviser entered into with T. Rowe Price International Ltd, T. Rowe Price Hong Kong Limited, and T. Rowe Price Singapore Private Ltd. (Subadvisers) on behalf of the fund. At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and Subadvisers and the approval of the Advisory Contract and Subadvisory Contracts. The independent directors were assisted in their evaluation of the Advisory Contract and Subadvisory Contracts by independent legal counsel from whom they received separate legal advice and with whom they met separately.

In considering and approving the Advisory Contract and Subadvisory Contracts, the Board considered the information it believed was relevant, including, but not limited to, the information discussed below. The Board considered not only the specific information presented in connection with the Meeting but also the knowledge gained over time through interaction with the Adviser and Subadvisers about various topics. The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the advisory contracts for the T. Rowe Price mutual funds and ETFs, including performance and the services and support provided to the funds and their shareholders.

#### Services Provided by the Adviser and Subadvisers
The Board considered the nature, quality, and extent of the services provided to other T. Rowe Price mutual funds and ETFs (and the nature, quality, and extent of the services expected to be provided to the fund) by the Adviser and Subadvisers. These services include, but are not limited to, directing the fund's investments in accordance with its investment program and the overall management of the fund's portfolio, as well as a variety of related activities such as financial, investment operations, and administrative services; compliance and infrastructure; maintaining the fund's records and registrations; and shareholder communications. The Board also reviewed the background and experience of the Adviser's and Subadvisers' senior management teams and investment personnel that will be involved in the management of the fund, as well as the Adviser's compliance record. The Board concluded that it was satisfied with the nature, quality, and extent of the services to be provided by the Adviser and Subadvisers.

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T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF

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#### APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT AND SUBADVISORY AGREEMENTS (continued)

#### Costs, Benefits, Economies of Scale, Fees and Expenses
Since the fund was approved for launch at the Meeting, the Board did not review information regarding the revenues received by the Adviser under the Advisory Contract and other benefits that the Adviser (and its affiliates) may have realized, or will realize, from its relationship with the fund.

Under the Advisory Contract, the fund will pay the Adviser an all-inclusive fee, which is based on the fund's average daily net assets. The all-inclusive fee includes investment management services and provides for the Adviser to pay all of the fund's ordinary, recurring operating expenses except for interest and borrowing expenses, taxes, brokerage commissions and other transaction costs, fund proxy expenses, and any nonrecurring extraordinary expenses that may arise. Under each Subadvisory Contract, the Adviser may pay the Subadviser up to 60% of the advisory fees that the Adviser receives from the fund.

The Adviser has generally implemented an all-inclusive fee structure in situations where a fixed total expense ratio is useful for purposes of providing certainty of fees and expenses for the fund's investors and such a fee structure is typically used by other ETFs offered by competitors. The all-inclusive fee rate is determined based upon an evaluation of the particular strategy and a competitive analysis of the actively managed ETF industry. In addition, the assets of the fund are included in the calculation of the group fee rate, which serves as a component of the management fee rate for many T. Rowe Price mutual funds and declines at certain asset levels based on the combined average net assets of most of the T. Rowe Price mutual funds and ETFs (including the fund). Although the fund does not have a group fee rate component to its all-inclusive fee, its assets are included in the calculation because certain resources utilized to operate the fund are shared with other T. Rowe Price funds.

In connection with its approval of the initial Advisory Contract, the Board was provided with information regarding industry trends in management fees and expenses and the Board reviewed comparisons of the fund's proposed fee structure relative to similarly managed competitor funds and T. Rowe Price funds. On the basis of the information provided and the factors considered, the Board concluded that the fee structure was reasonable and appropriate.

#### Approval of the Advisory Contract and Subadvisory Contracts
As noted, at the Meeting, the Board approved the initial Advisory Contract and Subadvisory Contracts for the fund. No single factor was considered in isolation or to be determinative to the decision. Rather, the Board concluded, in light of a weighting and balancing of all factors considered, that it was in the best interests of the fund and its future shareholders for the Board to approve the Advisory Contract and Subadvisory Contracts (including the fees to be charged for services thereunder).

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![](g155297img8c69dc4d1.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.

ETF1252-051 06/26

------

#### 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.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (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.](d155297dex99cert.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.](d155297dex99906ce.htm) |

---

------

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

---

| | |
|:---|:---|
| T. Rowe Price Exchange-Traded Funds, Inc. | T. Rowe Price Exchange-Traded Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | June 17, 2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | June 17, 2026 |
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | June 17, 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 Emerging
Markets Equity Research 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: June 17, 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 Emerging
Markets Equity Research 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: June 17, 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 Emerging Markets Equity Research 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: June 17, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: June 17, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---