# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001193125-26-018801
**Filing Date:** 2026-1
**Character Count:** 260414
**Document Hash:** a72a509ff03093a99e5cad827ca1f41a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018801.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018801

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 26549925

**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 Total Return ETF (Series ID: S000072798)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000229339 | T. Rowe Price Total Return ETF | TOTR            |

?xml version='1.0' encoding='ASCII'? Total Return ETF_TRX_ETF988-051

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

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

T. Rowe Price Exchange-Traded Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

------

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

![Image](g93974g92l55.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

# Total Return ETF (TOTR)

# Principal Listing Exchange: NYSE Arca, Inc.
This semi-annual shareholder report contains important information about Total Return ETF (the "fund") for the period of June 1, 2025 to November 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at www.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or by contacting your intermediary.

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

---

| | | |
|:---|:---|:---|
| Fund name | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Total Return ETF | $16 | 0.31% |

---

## What are some fund statistics?

### **Fund Statistics** 
* Total Net Assets (000s)$544,052

* Number of Portfolio Holdings1,428

* Portfolio Turnover Rate80.2%

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

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

---

| | |
|:---|:---|
| U.S. Government & Agency Mortgage-Backed Securities | 24.2% |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 24.1 |
| Corporate Bonds | 20.1 |
| Asset-Backed Securities | 13.9 |
| Non-U.S. Government Mortgage-Backed Securities | 8.0 |
| Bank Loans | 6.5 |
| Foreign Government Obligations & Municipalities | 4.8 |
| Bond Funds | 0.5 |
| Municipal Securities | 0.3 |
| Short-Term and Other | (2.4) |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 12.8% |
| U.S. Treasury Notes | 11.3 |
| Federal Home Loan Mortgage | 8.4 |
| Federal National Mortgage Assn. | 7.7 |
| Government National Mortgage Assn. | 4.8 |
| UMBS, TBA | 3.3 |
| Hungary Government Bonds | 1.3 |
| Carvana Auto Receivables Trust | 0.9 |
| Bank5 | 0.7 |
| Colombian TES | 0.7 |

---

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.

Total Return ETF (TOTR)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g93974g13b67.jpg)

Principal Listing Exchange: NYSE Arca, Inc.

202506-4610402

ETF988-053 01/26

------

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

#### Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant's annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant's most recent fiscal half-year.

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

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

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

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

(b) Not applicable.

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

------

![](g93974img9ab069611.gif)

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

---

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

---

------

![](g93974imgcdc203082.gif)

------

T. ROWE PRICE TOTAL RETURN ETF

------

Unaudited

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  |  | &nbsp;&nbsp;9/28/21<sup>(1)</sup><br> Through |
|  | 11/30/25 | &nbsp;&nbsp;5/31/25 | &nbsp;&nbsp;5/31/24 | &nbsp;&nbsp;5/31/23 | &nbsp;&nbsp;5/31/22 |
| **NET ASSET VALUE** |  |  |  |  |  |
| Beginning of period | $40.00 | &nbsp;&nbsp;$39.69 | &nbsp;&nbsp;$41.07 | &nbsp;&nbsp;$44.30 | &nbsp;&nbsp;$50.00 |
| Investment activities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.74) |
| &nbsp;&nbsp;&nbsp;Total from investment activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.96) |
| Distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| &nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.74) |
| **NET ASSET VALUE** |  |  |  |  |  |
| **End of period** | **$40.91** | &nbsp;&nbsp;**$40.00<sup>(4)</sup>** | &nbsp;&nbsp;**$39.69** | &nbsp;&nbsp;**$41.07** | &nbsp;&nbsp;**$44.30** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

Unaudited

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  |  | &nbsp;&nbsp;9/28/21<sup>(1)</sup><br> Through |
|  | 11/30/25 | &nbsp;&nbsp;5/31/25 | &nbsp;&nbsp;5/31/24 | &nbsp;&nbsp;5/31/23 | &nbsp;&nbsp;5/31/22 |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Total return, based on NAV<sup>(3)(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.69%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3.33)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10.08)%** |
| Ratios to average net<br> assets:<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross expenses before<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses after<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42%<sup>(6)</sup> |
| Portfolio turnover rate<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456.8% |
| Portfolio turnover rate, excluding mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.1% |
| Net assets, end of period<br> (in thousands) | $544052 | &nbsp;&nbsp;$550045 | &nbsp;&nbsp;$113130 | &nbsp;&nbsp;$28750 | &nbsp;&nbsp;$19933 |

---

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

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

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

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

<sup>(4)</sup> Net asset value and Total return include adjustments made in accordance with U.S. generally accepted accounting principles for financial reporting purposes and may differ from the net asset value and total returns for shareholder transactions.

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

<sup>(6)</sup> Annualized

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

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

------

T. ROWE PRICE TOTAL RETURN ETF

------

November 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ASSET-BACKED SECURITIES 13.9%** | **ASSET-BACKED SECURITIES 13.9%** | **ASSET-BACKED SECURITIES 13.9%** |
| **Car Loan 4.7%** |  |  |
| Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class A2, 4.97%, 9/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| ARI Fleet Lease Trust, Series 2025-A, Class B, 4.70%, 1/17/34 (1) | 1000 | 1011 |
| Avis Budget Rental Car Funding AESOP, Series 2022-5A, Class C, 6.24%, 4/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Avis Budget Rental Car Funding AESOP, Series 2023-2A, Class C, 6.18%, 10/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Avis Budget Rental Car Funding AESOP, Series 2023-2A, Class D, 7.26%, 10/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| Avis Budget Rental Car Funding AESOP, Series 2023-3A, Class D, 7.32%, 2/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| Avis Budget Rental Car Funding AESOP, Series 2024-3A, Class B, 5.58%, 12/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;371 |
| Avis Budget Rental Car Funding AESOP, Series 2025-3A, Class B, 4.46%, 2/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| Bayview Opportunity Master Fund VII, Series 2024-CAR1, Class B, FRN, SOFR30A + 1.30%, 5.372%, 12/26/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| CarMax Auto Owner Trust, Series 2022-4, Class D, 8.08%, 4/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;176 |
| CarMax Auto Owner Trust, Series 2023-3, Class C, 5.61%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;193 |
| CarMax Auto Owner Trust, Series 2024-1, Class C, 5.47%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| CarMax Auto Owner Trust, Series 2024-2, Class D, 6.42%, 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| CarMax Auto Owner Trust, Series 2024-3, Class D, 5.67%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| CarMax Select Receivables Trust, Series 2024-A, Class B, 5.35%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| CarMax Select Receivables Trust, Series 2024-A, Class C, 5.62%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;179 |
| CarMax Select Receivables Trust, Series 2025-A, Class B, 5.01%, 9/16/30 | 1400 | 1418 |
| Carvana Auto Receivables Trust, Series 2021-P1, Class D, 1.82%, 12/10/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Carvana Auto Receivables Trust, Series 2022-N1, Class D, 4.13%, 12/11/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Carvana Auto Receivables Trust, Series 2022-P1, Class C, 3.30%, 4/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Carvana Auto Receivables Trust, Series 2023-N1, Class C, 5.92%, 7/10/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;744 |
| Carvana Auto Receivables Trust, Series 2023-N3, Class B, 6.45%, 5/10/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;337 |
| Carvana Auto Receivables Trust, Series 2024-N1, Class B, 5.63%, 5/10/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Carvana Auto Receivables Trust, Series 2024-N1, Class C, 5.80%, 5/10/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
| Carvana Auto Receivables Trust, Series 2024-N2, Class B, 5.67%, 9/10/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Carvana Auto Receivables Trust, Series 2024-N2, Class C, 5.82%, 9/10/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| Carvana Auto Receivables Trust, Series 2024-N3, Class B, 4.67%, 12/10/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;311 |
| Carvana Auto Receivables Trust, Series 2025-N1, Class A3, 4.91%, 8/10/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;589 |
| Carvana Auto Receivables Trust, Series 2025-N1, Class B, 5.05%, 5/12/31 (1) | 1177 | 1191 |
| Carvana Auto Receivables Trust, Series 2025-P1, Class C, 5.34%, 8/11/31 | 1340 | 1362 |
| Carvana Auto Receivables Trust, Series 2025-P3, Class B, 4.48%, 10/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| Chase Auto Credit Linked Notes, Series 2025-1, Class B, 4.753%, 2/25/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;436 |
| Drive Auto Receivables Trust, Series 2025-2, Class B, 4.14%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;230 |
| Enterprise Fleet Financing, Series 2023-1, Class A3, 5.42%, 10/22/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Enterprise Fleet Financing, Series 2025-3, Class A3, 4.46%, 9/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Exeter Automobile Receivables Trust, Series 2023-1A, Class D, 6.69%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Exeter Automobile Receivables Trust, Series 2025-2A, Class B, 4.92%, 9/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;788 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Exeter Automobile Receivables Trust, Series 2025-4A, Class B, 4.40%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;191 |
| Exeter Automobile Receivables Trust, Series 2025-4A, Class C, 4.57%, 6/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;687 |
| Exeter Select Automobile Receivables Trust, Series 2025-2, Class B, 4.63%, 11/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| Exeter Select Automobile Receivables Trust, Series 2025-2, Class C, 4.91%, 12/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;440 |
| Exeter Select Automobile Receivables Trust, Series 2025-3, Class B, 4.42%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;651 |
| Exeter Select Automobile Receivables Trust, Series 2025-3, Class C, 5.00%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;734 |
| Ford Credit Auto Lease Trust, Series 2023-B, Class C, 6.43%, 4/15/27 | 1420 | 1429 |
| Ford Credit Auto Lease Trust, Series 2023-B, Class D, 6.97%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class B, 5.31%, 5/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp;547 |
| GM Financial Automobile Leasing Trust, Series 2025-1, Class B, 4.89%, 2/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;480 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-1, Class B, 5.03%, 9/18/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class B, 5.72%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class C, 5.92%, 2/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class B, 5.73%, 6/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| GMF Floorplan Owner Revolving Trust, Series 2025-1A, Class C, 4.88%, 3/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;805 |
| GMF Floorplan Owner Revolving Trust, Series 2025-2A, Class C, 4.96%, 3/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;830 |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.153%, 5/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-2, Class B1, 5.442%, 10/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B1, 4.957%, 3/21/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;730 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class B, 5.79%, 4/25/29 (1) | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;15 |
| Navistar Financial Dealer Note Master Owner Trust, Series 2024-1, Class C, 6.13%, 4/25/29 (1) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;25 |
| Navistar Financial Dealer Note Master Owner Trust II, Series 2025-1, Class B, 4.42%, 9/25/30 (1) | &nbsp;&nbsp;111 | &nbsp;&nbsp;111 |
| Navistar Financial Dealer Note Master Owner Trust II, Series 2025-1, Class C, 4.72%, 9/25/30 (1) | &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;55 |
| Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class C, 5.933%, 12/15/33 (1) | 129 | 130 |
| Santander Bank Auto Credit-Linked Notes, Series 2024-A, Class B, 5.622%, 6/15/32 (1) | 170 | 172 |
| Santander Bank Auto Credit-Linked Notes, Series 2024-B, Class B, 4.965%, 1/18/33 (1) | 461 | 464 |
| Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74%, 10/16/28 | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;11 |
| Santander Drive Auto Receivables Trust, Series 2022-6, Class C, 4.96%, 11/15/28 | &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;28 |
| Santander Drive Auto Receivables Trust, Series 2025-2, Class B, 4.87%, 5/15/31 | 675 | 682 |
| Santander Drive Auto Receivables Trust, Series 2025-2, Class C, 5.06%, 5/15/31 | 675 | 683 |
| SBNA Auto Lease Trust, Series 2025-A, Class A4, 4.87%, 7/20/29 (1) | 705 | 713 |
| Securitized Term Auto Receivables Trust, Series 2025-A, Class B, 5.038%, 7/25/31 (1) | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;43 |
| SFS Auto Receivables Securitization Trust, Series 2024-1A, Class B, 5.38%, 1/21/31 (1) | 170 | 174 |
| SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, 5.51%, 1/20/32 (1) | &nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;15 |
| SFS Auto Receivables Securitization Trust, Series 2025-1A, Class C, 5.20%, 10/20/32 (1) | 385 | 395 |
| Toyota Lease Owner Trust, Series 2025-A, Class A4, 4.81%, 6/20/29 (1) | 610 | 618 |
| US Bank, Series 2023-1, Class B, 6.789%, 8/25/32 (1) | &nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;59 |
| Wheels Fleet Lease Funding 1, Series 2025-1A, Class A1, 4.57%, 1/18/40 (1) | 775 | 780 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Wheels Fleet Lease Funding 1, Series 2025-1A, Class C, 5.08%, 1/18/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 |
|  |  | 25596 |
| **Other Asset-Backed Securities 9.2%** |  |  |
| AMSR Trust, Series 2021-SFR2, Class C, 1.877%, 8/17/38 (1) | 1445 | &nbsp;&nbsp;&nbsp;1413 |
| AMSR Trust, Series 2021-SFR2, Class A, 1.527%, 8/17/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| AMSR Trust, Series 2021-SFR4, Class A, 2.117%, 12/17/38 (1) | 1779 | &nbsp;&nbsp;&nbsp;1741 |
| Amur Equipment Finance Receivables X, Series 2022-1A, Class D, 2.91%, 8/21/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Amur Equipment Finance Receivables XI, Series 2022-2A, Class A2, 5.30%, 6/21/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Amur Equipment Finance Receivables XIII, Series 2024-1A, Class B, 5.37%, 1/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| ARES LX CLO, Series 2021-60A, Class C, FRN, 3M TSFR + 2.21%, 6.096%, 7/18/34 (1) | 1500 | &nbsp;&nbsp;&nbsp;1503 |
| Auxilior Term Funding, Series 2024-1A, Class A3, 5.49%, 7/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| Bain Capital Credit, Series 2022-3A, Class BR, FRN, 3M TSFR + 1.63%, 5.512%, 7/17/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 |
| Barings CLO, Series 2021-3A, Class B1R, FRN, 3M TSFR + 1.63%, 5.514%, 1/18/35 (1) | 1150 | &nbsp;&nbsp;&nbsp;1152 |
| Battalion CLO XII, Series 2018-12A, Class CRR, FRN, 3M TSFR + 1.55%, 5.402%, 5/17/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
| Battalion CLO XV, Series 2020-15A, Class CR, FRN, 3M TSFR + 1.90%, 5.782%, 1/17/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| Battalion CLO XV, Series 2020-15A, Class BR, FRN, 3M TSFR + 1.50%, 5.382%, 1/17/33 (1) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |
| Benefit Street Partners CLO, Series 2021-23A, Class B1R, FRN, 3M TSFR + 1.55%, 5.408%, 4/25/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| CCG Receivables Trust, Series 2025-1, Class A2, 4.48%, 10/14/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| CCG Receivables Trust, Series 2025-1, Class C, 4.89%, 10/14/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| Chenango Park CLO, Series 2018-1A, Class BR, FRN, 3M TSFR + 1.80%, 5.705%, 4/15/30 (1) | 1235 | &nbsp;&nbsp;&nbsp;1236 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| CIFC Funding, Series 2016-1A, Class D1R3, FRN, 3M TSFR + 2.30%, 6.17%, 10/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;248 |
| Clarus Capital Funding, Series 2024-1A, Class A2, 4.71%, 8/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Clarus Capital Funding, Series 2024-1A, Class B, 4.79%, 8/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Cologix Canadian Issuer, Series 2022-1CAN, Class A2, 4.94%, 1/25/52 (CAD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Crown Point CLO 7, Series 2018-7A, Class AR, FRN, 3M TSFR + 1.23%, 5.499%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| CyrusOne Data Centers Issuer I, Series 2024-2A, Class A2, 4.50%, 5/20/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;221 |
| Dell Equipment Finance Trust, Series 2024-1, Class D, 6.12%, 9/23/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Dell Equipment Finance Trust, Series 2024-1, Class C, 5.73%, 3/22/30 (1) | 1610 | 1635 |
| Dell Equipment Finance Trust, Series 2024-2, Class B, 4.82%, 8/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Dell Equipment Finance Trust, Series 2024-2, Class D, 5.29%, 2/24/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Dext ABS, Series 2025-1, Class C, 5.39%, 8/15/35 (1) | 1340 | 1366 |
| DLLAA, Series 2023-1A, Class A3, 5.64%, 2/22/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| DLLAA, Series 2023-1A, Class A4, 5.73%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| DLLST, Series 2024-1A, Class A4, 4.93%, 4/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Dryden 93 CLO, Series 2021-93A, Class BR, FRN, 3M TSFR + 1.70%, 5.605%, 1/15/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Elara HGV Timeshare Issuer, Series 2023-A, Class A, 6.16%, 2/25/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Elara HGV Timeshare Issuer, Series 2023-A, Class C, 7.30%, 2/25/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| FOCUS Brands Funding, Series 2017-1A, Class A2II, 5.093%, 4/30/47 (1) | 1350 | 1343 |
| FOCUS Brands Funding, Series 2022-1, Class A2, 7.206%, 7/30/52 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Frontier Issuer, Series 2023-1, Class C, 11.50%, 8/20/53 (1) | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| Frontier Issuer, Series 2024-1, Class A2, 6.19%, 6/20/54 (1) | &nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;645 |
| Frontier Issuer, Series 2024-1, Class C, 11.16%, 6/20/54 (1) | 1230 | 1378 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Harbor Park CLO, Series 2018-1A, Class CR2, FRN, 3M TSFR + 1.65%, 5.534%, 1/20/31 (1) | 1120 | 1119 |
| Hardee's Funding, Series 2020-1A, Class A2, 3.981%, 12/20/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;763 |
| Hardee's Funding, Series 2021-1A, Class A2, 2.865%, 6/20/51 (1) | &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;183 |
| Hardee's Funding, Series 2024-1A, Class A2, 7.253%, 3/20/54 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Hilton Grand Vacations Trust, Series 2020-AA, Class C, 6.42%, 2/25/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Home Partners of America Trust, Series 2022-1, Class A, 3.93%, 4/17/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| Home Partners of America Trust, Series 2022-1, Class D, 4.73%, 4/17/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;142 |
| HPEFS Equipment Trust, Series 2023-2A, Class C, 6.48%, 1/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| HPEFS Equipment Trust, Series 2023-2A, Class D, 6.97%, 7/21/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| HPEFS Equipment Trust, Series 2024-1A, Class C, 5.33%, 5/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31 (1) | 1600 | 1620 |
| HPEFS Equipment Trust, Series 2024-2A, Class B, 5.35%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| HPEFS Equipment Trust, Series 2024-2A, Class D, 5.82%, 4/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Jack in the Box Funding, Series 2022-1A, Class A2I, 3.445%, 2/26/52 (1) | 1536 | 1495 |
| Jamestown CLO XV, Series 2020-15A, Class A1R, FRN, 3M TSFR + 1.37%, 5.275%, 7/15/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| KKR CLO 43, Series 2022-43A, Class BR, FRN, 3M TSFR + 2.50%, 6.405%, 1/15/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;300 |
| Madison Park Funding, Series 2019-35A, Class CR, FRN, 3M TSFR + 2.16%, 6.046%, 4/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;255 |
| Madison Park Funding LX, Series 2022-60A, Class BR, FRN, 3M TSFR + 1.75%, 5.608%, 10/25/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;316 |
| Madison Park Funding LXI, Series 2023-61A, Class B, FRN, 3M TSFR + 2.40%, 6.284%, 1/20/37 (1) | 1400 | 1408 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Madison Park Funding XXIV, Series 2016-24A, Class CR2, FRN, 3M TSFR + 2.05%, 5.934%, 10/20/29 (1) | 1625 | 1626 |
| Madison Park Funding XXX, Series 2018-30A, Class BR, FRN, 3M TSFR + 1.75%, 5.644%, 7/16/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;701 |
| MMAF Equipment Finance, Series 2020-A, Class A4, 1.40%, 8/9/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| MVW Owner Trust, Series 2020-1A, Class C, 4.21%, 10/20/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| MVW Owner Trust, Series 2023-1A, Class C, 6.54%, 10/20/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| MVW Owner Trust, Series 2023-1A, Class B, 5.42%, 10/20/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Neuberger Berman Loan Advisers, Series 2021-43A, Class AR, FRN, 3M TSFR + 1.05%, 4.932%, 7/17/36 (1) | 1380 | 1379 |
| New Residential Mortgage Loan Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.35%, 7/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;463 |
| NMEF Funding, Series 2025-A, Class A2, 4.72%, 7/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp;312 |
| Northwoods Capital XIV-B, Series 2018-14BA, Class AR, FRN, 3M TSFR + 1.25%, 5.558%, 11/13/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;134 |
| OCP CLO, Series 2017-13A, Class B1R2, FRN, 3M TSFR + 1.70%, 5.57%, 11/26/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Octagon Investment Partners 47, Series 2020-1A, Class A2R2, FRN, 3M TSFR + 1.55%, 5.407%, 1/22/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;330 |
| Octagon Investment Partners 47, Series 2020-1A, Class BR2, FRN, 3M TSFR + 1.70%, 5.557%, 1/22/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;326 |
| Octane Receivables Trust, Series 2023-1A, Class A, 5.87%, 5/21/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Octane Receivables Trust, Series 2023-3A, Class C, 6.74%, 8/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Octane Receivables Trust, Series 2024-RVM1, Class A, 5.01%, 1/22/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;931 |
| Octane Receivables Trust, Series 2025-RVM1, Class B, 4.83%, 12/20/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;346 |
| Octane Receivables Trust, Series 2025-RVM1, Class C, 5.26%, 12/20/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;708 |
| OZLM Funding II, Series 2012-2A, Class BR4, FRN, 3M TSFR + 1.75%, 5.588%, 7/30/37 (1) | 1270 | 1273 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Palmer Square CLO, Series 2021-1A, Class A1AR, FRN, 3M TSFR + 1.15%, 5.034%, 4/20/38 (1) | 1335 | 1334 |
| PEAC Solutions Receivables, Series 2025-1A, Class A2, 4.94%, 10/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;337 |
| Post Road Equipment Finance, Series 2024-1A, Class A2, 5.59%, 11/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Post Road Equipment Finance, Series 2024-1A, Class C, 5.81%, 10/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Progress Residential Trust, Series 2021-SFR8, Class E1, 2.382%, 10/17/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;626 |
| Progress Residential Trust, Series 2025-SFR2, Class A, 3.305%, 4/17/42 (1) | 1630 | 1557 |
| RR 34, Series 2024-34RA, Class A2AR, FRN, 3M TSFR + 1.70%, 5.605%, 10/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| SCF Equipment Leasing, Series 2024-1A, Class D, 6.58%, 6/21/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| SCF Equipment Trust, Series 2022-1A, Class B, 3.22%, 10/21/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| SEB Funding, Series 2024-1A, Class A2, 7.386%, 4/30/54 (1) | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| Shackleton CLO, Series 2019-14A, Class BRR, FRN, 3M TSFR + 1.55%, 5.434%, 7/20/34 (1) | 1010 | 1010 |
| Sierra Timeshare Receivables Funding, Series 2022-3A, Class B, 6.32%, 7/20/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Signal Peak CLO 5, Series 2018-5A, Class BR, FRN, 3M TSFR + 2.20%, 6.058%, 4/25/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Sonic Capital, Series 2020-1A, Class A2I, 3.845%, 1/20/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;304 |
| SOUND POINT CLO XXII, Series 2019-1A, Class BRR, FRN, 3M TSFR + 1.65%, 5.534%, 1/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Symphony CLO XVI, Series 2015-16A, Class ARR, FRN, 3M TSFR + 1.20%, 5.456%, 10/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| TPIC SPV I, Series 2024-1A, Class A1, Acquisition Date: 12/10/24, Cost $280, 7.131%, 11/30/44 (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| Tricon American Homes, Series 2019-SFR1, Class D, 3.198%, 3/17/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943%, 7/17/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;740 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Tricon Residential Trust, Series 2024-SFR2, Class A, 4.75%, 6/17/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Tricon Residential Trust, Series 2024-SFR2, Class D, 6.00%, 6/17/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| Trinitas CLO VII, Series 2017-7A, Class A1R2, FRN, 3M TSFR + 1.06%, 4.918%, 1/25/35 (1) | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 |
| Verdant Receivables, Series 2023-1A, Class A2, 6.24%, 1/13/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Verdant Receivables, Series 2024-1A, Class A2, 5.68%, 12/12/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Verizon Master Trust, Series 2024-6, Class C, 4.67%, 8/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 |
| Verizon Master Trust, Series 2025-3, Class C, 4.90%, 3/20/30 | 1500 | &nbsp;&nbsp;&nbsp;1510 |
| Wingspire Equipment Finance, Series 2025-1A, Class A2, 4.33%, 9/20/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Wingspire Equipment Finance, Series 2025-1A, Class C, 4.76%, 9/20/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Zaxbys Funding, Series 2021-1A, Class A2, 3.238%, 7/30/51 (1) | 1245 | &nbsp;&nbsp;&nbsp;1172 |
|  |  | 50015 |
| **Student Loan 0.0%** |  |  |
| Navient Private Education Refi Loan Trust, Series 2019-CA, Class B, 3.67%, 2/15/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| **Total Asset-Backed Securities<br> (Cost $75,065)** |  | **75756** |
| **BANK LOANS 6.5% (4)** | **BANK LOANS 6.5% (4)** | **BANK LOANS 6.5% (4)** |
| **FINANCIAL INSTITUTIONS 1.4%** |  |  |
| **Brokerage Asset Managers Exchanges 0.2%** |  |  |
| Advisor Group, FRN, 1M TSFR + 3.00%, 6.916%, 7/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| Edelman Financial Center, FRN, 1M TSFR + 5.25%, 9.166%, 10/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| HighTower Holdings, FRN, 3M TSFR + 2.75%, 6.651%, 2/3/32 | &nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Jane Street Group, FRN, 3M TSFR + 2.00%, 5.822%, 12/15/31 | 262 | &nbsp;&nbsp;&nbsp;&nbsp;259 |
| RFS Opco, FRN, 3M TSFR + 4.75%, 8.752%, 4/4/31 (2) | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| RFS Opco, FRN, 3M TSFR + 4.75%, 8.752%, 4/4/31 (2) | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| RFS Opco, FRN, 3M TSFR + 1.00%, 1.00%, 4/4/31 (2)(5) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
|  |  | 1025 |
| **Finance Companies 0.0%** |  |  |
| Insignia Financial, FRN, 1M TSFR + 4.50%, 11/25/32 (2)(6) | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| **Insurance 1.2%** |  |  |
| Acrisure, FRN, 1M TSFR + 3.25%, 7.166%, 6/20/32 | 219 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Alera Group, FRN, 1M TSFR + 3.25%, 7.166%, 5/30/32 | 145 | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| Alera Group, FRN, 1M TSFR + 5.50%, 9.416%, 5/30/33 | 820 | &nbsp;&nbsp;&nbsp;&nbsp;840 |
| Alliant Holdings Intermediate, FRN, 1M TSFR + 2.50%, 6.416%, 9/19/31 | 767 | &nbsp;&nbsp;&nbsp;&nbsp;767 |
| Asurion, FRN, 1M TSFR + 5.25%, 9.28%, 1/31/28 | 505 | &nbsp;&nbsp;&nbsp;&nbsp;483 |
| Asurion, FRN, 1M TSFR + 5.25%, 9.28%, 1/20/29 (6) | 675 | &nbsp;&nbsp;&nbsp;&nbsp;631 |
| Asurion, FRN, 1M TSFR + 4.25%, 8.266%, 8/19/28 | 159 | &nbsp;&nbsp;&nbsp;&nbsp;159 |
| Asurion, FRN, 1M TSFR + 4.25%, 8.166%, 9/19/30 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| HUB International, FRN, 3M TSFR + 2.25%, 6.12%, 6/20/30 | 810 | &nbsp;&nbsp;&nbsp;&nbsp;812 |
| Jones DesLauriers Insurance Management, FRN, 3M TSFR + 2.75%, 6.59%, 3/15/30 | 470 | &nbsp;&nbsp;&nbsp;&nbsp;470 |
| OneDigital Borrower, FRN, 1M TSFR + 5.25%, 9.166%, 7/2/32 (6) | 833 | &nbsp;&nbsp;&nbsp;&nbsp;838 |
| OneDigital Borrower, FRN, 1M TSFR + 3.00%, 6.916%, 7/2/31 | 434 | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| Truist Insurance Holdings, FRN, 3M TSFR + 4.75%, 8.752%, 5/6/32 | 535 | &nbsp;&nbsp;&nbsp;&nbsp;541 |
| Truist Insurance Holdings, FRN, 3M TSFR + 2.75%, 6.752%, 5/6/31 | 259 | &nbsp;&nbsp;&nbsp;&nbsp;259 |
|  |  | 6755 |
| Total Financial Institutions |  | 7869 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **INDUSTRIAL 4.8%** |  |  |
| **Basic Industry 0.0%** |  |  |
| Arsenal AIC Parent, FRN, 1M TSFR + 2.75%, 6.666%, 8/18/30 | 174 | &nbsp;&nbsp;&nbsp;&nbsp;174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;174 |
| **Capital Goods 0.8%** |  |  |
| Charter NEX US, FRN, 1M TSFR + 2.75%, 6.709%, 11/29/30 | 833 | &nbsp;&nbsp;&nbsp;&nbsp;836 |
| CPM Holdings, FRN, 1M TSFR + 4.50%, 8.343%, 9/28/28 (6) | 220 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Engineered Machinery Holdings, FRN, 3M TSFR + 6.00%, 10.263%, 5/21/29 | 566 | &nbsp;&nbsp;&nbsp;&nbsp;566 |
| Filtration Group, FRN, 1M TSFR + 2.75%, 6.666%, 10/21/28 | 514 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
| LTI Holdings, FRN, 1M TSFR + 3.75%, 7.666%, 7/29/29 | 580 | &nbsp;&nbsp;&nbsp;&nbsp;584 |
| MI Windows & Doors, FRN, 1M TSFR + 2.75%, 6.666%, 3/28/31 | 188 | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| Pro Mach Group, FRN, 1M TSFR + 2.75%, 6.666%, 10/16/32 | 265 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| Quikrete Holdings, FRN, 1M TSFR + 2.25%, 6.166%, 1/30/32 | 266 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| TK Elevator Midco GmbH, FRN, 6M TSFR + 2.75%, 6.947%, 4/30/30 | 466 | &nbsp;&nbsp;&nbsp;&nbsp;469 |
| TransDigm, FRN, 3M TSFR + 2.50%, 6.502%, 8/19/32 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
|  |  | 4161 |
| **Communications 0.8%** |  |  |
| BCPE Pequod Buyer, FRN, 1M TSFR + 3.00%, 6.916%, 11/25/31 | 274 | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| Clear Channel Outdoor Holdings, FRN, 1M TSFR + 4.00%, 8.03%, 8/21/28 | 358 | &nbsp;&nbsp;&nbsp;&nbsp;359 |
| CMG Media, FRN, 3M TSFR + 3.50%, 7.602%, 6/18/29 (6) | 396 | &nbsp;&nbsp;&nbsp;&nbsp;361 |
| Connect Finco, FRN, 1M TSFR + 4.50%, 8.416%, 9/27/29 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| CSC Holdings, FRN, 3M TSFR + 1.50%, 8.50%, 4/15/27 (6) | 501 | &nbsp;&nbsp;&nbsp;&nbsp;445 |
| DirecTV Financing, FRN, 3M TSFR + 5.50%, 9.34%, 2/17/31 (6) | 218 | &nbsp;&nbsp;&nbsp;&nbsp;216 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| EW Scripps, FRN, 1M TSFR + 5.75%, 9.823%, 6/30/28 | 166 | &nbsp;&nbsp;&nbsp;&nbsp;168 |
| EW Scripps, FRN, 1M TSFR + 3.35%, 7.423%, 11/30/29 | 253 | &nbsp;&nbsp;&nbsp;&nbsp;246 |
| iHeartCommunications, FRN, 1M TSFR + 5.78%, 5/1/29 (6) | 180 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| Lamar Media, FRN, 1M TSFR + 1.50%, 5.451%, 9/23/32 | 170 | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| Level 3 Financing, FRN, 1M TSFR + 3.25%, 7.166%, 3/29/32 | 730 | &nbsp;&nbsp;&nbsp;&nbsp;731 |
| Lumen Technologies, FRN, 1M TSFR + 6.00%, 9.916%, 6/1/28 | &nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| Radiate Holdco, FRN, (1.50% PIK and 1M TSFR + 3.50% cash), 7.53%, 9/25/29 (7) | 180 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Radiate Holdco, FRN, 1M TSFR + 4.00%, 6/26/29 (6) | &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Radiate Holdco, FRN, 1M TSFR + 4.00%, 6/26/29 (5)(6) | 118 | &nbsp;&nbsp;&nbsp;&nbsp;117 |
| Sinclair Television Group, FRN, 3M TSFR + 3.30%, 7.402%, 12/31/29 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| Townsquare Media, FRN, 3M TSFR + 5.00%, 8.878%, 2/19/30 | 163 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| Versant Media Group, FRN, 1M TSFR + 3.50%, 10/23/30 (6) | 225 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| ViaSat, FRN, 1M TSFR + 4.50%, 8.53%, 3/2/29 | 164 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
|  |  | 4297 |
| **Consumer Cyclical 0.5%** |  |  |
| Autokiniton US Holdings, FRN, 1M TSFR + 4.00%, 8.03%, 4/6/28 (6) | 389 | &nbsp;&nbsp;&nbsp;&nbsp;386 |
| Caesars Entertainment, FRN, 1M TSFR + 2.25%, 6.166%, 2/6/30 | 144 | &nbsp;&nbsp;&nbsp;&nbsp;142 |
| Clarios Global, FRN, 1M TSFR + 2.75%, 6.666%, 1/28/32 | 390 | &nbsp;&nbsp;&nbsp;&nbsp;391 |
| Delta 2 (LUX), FRN, 3M TSFR + 2.00%, 6.002%, 9/10/31 | 195 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| EG America, FRN, 3M TSFR + 3.50%, 7.322%, 2/7/28 | 263 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| EOC Borrower, FRN, 1M TSFR + 3.00%, 6.916%, 3/24/32 | 239 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| IRB Holding, FRN, 1M TSFR + 2.50%, 6.416%, 12/15/30 | 227 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| Ontario Gaming GTA, FRN, 3M TSFR + 4.25%, 8.24%, 8/1/30 | 121 | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| PetSmart, FRN, 1M TSFR + 4.00%, 7.96%, 8/18/32 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| TKO Worldwide Holdings, FRN, 3M TSFR + 2.00%, 5.868%, 11/21/31 | 428 | &nbsp;&nbsp;&nbsp;&nbsp;429 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Wand NewCo 3, FRN, 1M TSFR + 2.50%, 6.416%, 1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;280 |
|  |  | 2717 |
| **Consumer Non-Cyclical 0.5%** |  |  |
| Bausch & Lomb, FRN, 1M TSFR + 4.25%, 8.166%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;655 |
| Bausch Health, FRN, 1M TSFR + 6.25%, 10.166%, 10/8/30 | &nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp;448 |
| LifePoint Health, FRN, 3M TSFR + 3.75%, 7.655%, 5/17/31 | &nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;353 |
| Medline Borrower, FRN, 1M TSFR + 2.00%, 5.916%, 10/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| Medline Borrower, FRN, 1M TSFR + 2.00%, 5.916%, 10/23/30 | &nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;340 |
| Opal Bidco, FRN, 3M TSFR + 3.00%, 6.902%, 4/28/32 | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;659 |
| Paradigm Parent, FRN, 3M TSFR + 4.50%, 8.382%, 4/16/32 | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| Parexel International, FRN, 1M TSFR + 2.25%, 6.166%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;154 |
|  |  | 2945 |
| **Energy 0.2%** |  |  |
| Hilcorp Energy I, FRN, 1M TSFR + 2.00%, 5.959%, 2/11/30 | &nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;814 |
| Prairie ECI Acquiror, FRN, 1M TSFR + 3.75%, 7.666%, 8/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;968 |
| **Health Care 0.0%** |  |  |
| Loire Finco Luxembourg, FRN, 1M TSFR + 4.00%, 7.916%, 1/21/30 | &nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| **Industrial Other 0.1%** |  |  |
| Albion Financing 3, FRN, 3M TSFR + 3.00%, 6.868%, 5/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;260 |
| **Technology 1.8%** |  |  |
| Applied Systems, FRN, 3M TSFR + 4.50%, 8.502%, 2/23/32 | 1081 | 1100 |
| Applied Systems, FRN, 3M TSFR + 2.50%, 6.502%, 2/24/31 | &nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp;848 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Athenahealth Group, FRN, 1M TSFR + 2.75%, 6.666%, 2/15/29 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;275 |
| Avalara, FRN, 3M TSFR + 2.75%, 6.735%, 3/26/32 | 524 | &nbsp;&nbsp;&nbsp;&nbsp;526 |
| Cloud Software Group, FRN, 3M TSFR + 3.25%, 7.252%, 3/21/31 | 169 | &nbsp;&nbsp;&nbsp;&nbsp;168 |
| Cloud Software Group, FRN, 3M TSFR + 3.25%, 7.252%, 8/13/32 | 419 | &nbsp;&nbsp;&nbsp;&nbsp;418 |
| Delta TopCo, FRN, 1M TSFR + 5.25%, 9.114%, 11/29/30 | 440 | &nbsp;&nbsp;&nbsp;&nbsp;434 |
| Disco Parent, FRN, 3M TSFR + 3.25%, 7.072%, 8/6/32 (2) | 165 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Dye & Durham, FRN, 3M TSFR + 4.25%, 8.352%, 4/11/31 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Ellucian Holdings, FRN, 1M TSFR + 2.75%, 6.666%, 10/9/29 | 244 | &nbsp;&nbsp;&nbsp;&nbsp;244 |
| Ellucian Holdings, FRN, 1M TSFR + 4.75%, 8.666%, 11/22/32 | 446 | &nbsp;&nbsp;&nbsp;&nbsp;448 |
| Epicor Software, FRN, 1M TSFR + 2.50%, 6.416%, 5/30/31 | 389 | &nbsp;&nbsp;&nbsp;&nbsp;390 |
| Instructure Holdings, FRN, 3M TSFR + 5.00%, 8.841%, 11/12/32 | 274 | &nbsp;&nbsp;&nbsp;&nbsp;274 |
| Instructure Holdings, FRN, 3M TSFR + 2.75%, 6.753%, 11/13/31 | 269 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| Kaseya, FRN, 1M TSFR + 5.00%, 8.916%, 3/20/33 | 615 | &nbsp;&nbsp;&nbsp;&nbsp;603 |
| McAfee, FRN, 1M TSFR + 3.00%, 6.916%, 3/1/29 | 252 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| Neptune Bidco US, FRN, 3M TSFR + 5.00%, 9.012%, 4/11/29 | 337 | &nbsp;&nbsp;&nbsp;&nbsp;328 |
| Neptune Bidco US, FRN, 3M TSFR + 9.75%, 13.762%, 10/11/29 | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Project Alpha Intermediate Holding, FRN, 3M TSFR + 5.00%, 9.002%, 5/9/33 | 830 | &nbsp;&nbsp;&nbsp;&nbsp;804 |
| QualityTech, FRN, 1M TSFR + 3.50%, 7.506%, 11/4/31 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Sabre GLBL, FRN, 1M TSFR + 6.00%, 10.016%, 11/15/29 | 193 | &nbsp;&nbsp;&nbsp;&nbsp;175 |
| Sandisk, FRN, 3M TSFR + 3.00%, 6.857%, 2/20/32 | 293 | &nbsp;&nbsp;&nbsp;&nbsp;295 |
| UKG, FRN, 3M TSFR + 2.50%, 6.338%, 2/10/31 | 881 | &nbsp;&nbsp;&nbsp;&nbsp;880 |
| X, FRN, 6M TSFR + 6.50%, 10.448%, 10/26/29 (6) | 340 | &nbsp;&nbsp;&nbsp;&nbsp;331 |
| X, 9.50%, 10/26/29 | 330 | &nbsp;&nbsp;&nbsp;&nbsp;327 |
|  |  | 9730 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Transportation 0.1%** |  |  |
| American Airlines, FRN, 3M TSFR + 2.25%, 6.134%, 4/20/28 | 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
| Merlin Buyer, FRN, 3M TSFR + 4.00%, 12/14/28 (2)(6) | 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| Total Industrial |  | 26105 |
| **UTILITY 0.3%** |  |  |
| **Electric 0.3%** |  |  |
| Alpha Generation, FRN, 1M TSFR + 2.00%, 5.916%, 9/30/31 | 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| Cogentrix Finance Holdco I, FRN, 1M TSFR + 2.25%, 6.166%, 2/26/32 | 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| Cornerstone Generation, FRN, 3M TSFR + 3.25%, 7.093%, 8/11/32 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 |
| Talen Energy Supply, FRN, 3M TSFR + 2.50%, 6.353%, 5/17/30 | 433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| Talen Energy Supply, FRN, 3M TSFR + 2.50%, 6.353%, 12/13/31 | 193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| Talen Energy Supply, FRN, 1M TSFR + 2.00%, 10/9/32 (6) | 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
|  |  | &nbsp;&nbsp;&nbsp;1432 |
| Total Utility |  | &nbsp;&nbsp;&nbsp;1432 |
| **Total Bank Loans<br> (Cost $35,506)** |  | **35406** |
| **BOND FUNDS 0.5%** | **BOND FUNDS 0.5%** | **BOND FUNDS 0.5%** |
| **Mutual Funds 0.5%** |  |  |
| T. Rowe Price Institutional Floating Rate Fund - Z Class, 7.26% (8)(9) | 270 | &nbsp;&nbsp;&nbsp;2537 |
| **Total Bond Funds<br> (Cost $2,554)** |  | &nbsp;&nbsp;&nbsp;**2537** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **INDUSTRIAL 0.0%** |  |  |
| **Consumer Cyclical 0.0%** |  |  |
| Luxco (10) | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;16 |
|  |  | &nbsp;&nbsp;&nbsp;16 |
| Total Industrial |  | &nbsp;&nbsp;&nbsp;16 |
| **Total Common Stocks<br> (Cost $16)** |  | &nbsp;&nbsp;&nbsp;**16** |
| **CONVERTIBLE BONDS 0.1%** | **CONVERTIBLE BONDS 0.1%** | **CONVERTIBLE BONDS 0.1%** |
| **INDUSTRIAL 0.1%** |  |  |
| **Communications 0.1%** |  |  |
| Cable One, 0.001%, 3/15/26 | 195 | 191 |
| Cable One, 1.125%, 3/15/28 | 180 | 147 |
|  |  | 338 |
| **Consumer Cyclical 0.0%** |  |  |
| Rivian Automotive, 4.625%, 3/15/29 | &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;50 |
|  |  | &nbsp;&nbsp;&nbsp;50 |
| Total Industrial |  | 388 |
| **Total Convertible Bonds<br> (Cost $392)** |  | **388** |
| **CONVERTIBLE PREFERRED STOCKS 0.1%** | **CONVERTIBLE PREFERRED STOCKS 0.1%** | **CONVERTIBLE PREFERRED STOCKS 0.1%** |
| **INDUSTRIAL 0.0%** |  |  |
| **Capital Goods 0.0** |  |  |
| Boeing, 6.00%, 10/15/27 (11) | &nbsp;&nbsp;&nbsp;&nbsp;2 | 140 |
|  |  | 140 |
| Total Industrial |  | 140 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **MISCELLANEOUS 0.1%** |  |  |
| **Miscellaneous 0.1** |  |  |
| Acrisure, Series A-2 , Acquisition Date: 5/20/25, Cost $400 (2)(3)(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| Total Miscellaneous |  | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| **UTILITY 0.0%** |  |  |
| **Electric 0.0** |  |  |
| Southern, Series A, 7.125%, 12/15/28 (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Total Utility |  | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| **Total Convertible Preferred Stocks<br> (Cost $688)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**706** |
| **CORPORATE BONDS 20.1%** | **CORPORATE BONDS 20.1%** | **CORPORATE BONDS 20.1%** |
| **FINANCIAL INSTITUTIONS 5.4%** |  |  |
| **Banking 2.0%** |  |  |
| American Express, VR, 4.918%, 7/20/33 (12) | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Bank of America, VR, 1.898%, 7/23/31 (12) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| Bank of America, VR, 5.162%, 1/24/31 (12) | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;825 |
| Bank of America, VR, 5.464%, 5/9/36 (12) | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;446 |
| Bank of America, VR, 5.468%, 1/23/35 (12) | &nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;502 |
| Barclays, VR, 5.367%, 2/25/31 (12) | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| Barclays, VR, 5.785%, 2/25/36 (12) | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| CaixaBank, VR, 5.581%, 7/3/36 (1)(12) | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;477 |
| CaixaBank, VR, 6.037%, 6/15/35 (1)(12) | 1000 | 1069 |
| Citigroup, VR, 4.952%, 5/7/31 (12) | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;846 |
| Citigroup, VR, 5.174%, 9/11/36 (12) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| Citigroup, VR, 5.333%, 3/27/36 (12) | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;278 |
| Ipoteka-Bank ATIB, 6.45%, 10/9/30 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;532 |
| JPMorgan Chase, VR, 4.81%, 10/22/36 (12) | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;351 |
| Morgan Stanley, VR, 5.32%, 7/19/35 (12) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;140 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| PNC Financial Services Group, VR, 5.373%, 7/21/36 (12) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| Societe Generale, VR, 2.797%, 1/19/28 (1)(12) | 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| Societe Generale, VR, 5.50%, 4/13/29 (1)(12) | 800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 |
| Societe Generale, VR, 6.691%, 1/10/34 (1)(12) | 575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 |
| Societe Generale, 7.367%, 1/10/53 (1) | 510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 |
| Standard Chartered, VR, 6.301%, 1/9/29 (1)(12) | 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
| Toronto-Dominion Bank, 4.928%, 10/15/35 | 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| Wells Fargo, VR, 2.572%, 2/11/31 (12) | 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Wells Fargo, VR, 6.491%, 10/23/34 (12) | 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 |
|  |  | 10749 |
| **Brokerage Asset Managers Exchanges 0.5%** |  |  |
| Hightower Holding, 9.125%, 1/31/30 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| Jane Street Group, 7.125%, 4/30/31 (1) | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 |
| Jane Street Group / JSG Finance, 6.125%, 11/1/32 (1) | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| Jane Street Group / JSG Finance, 6.75%, 5/1/33 (1) | 535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| LPL Holdings, 5.15%, 6/15/30 | 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 |
| LPL Holdings, 5.65%, 3/15/35 | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| LPL Holdings, 5.75%, 6/15/35 | 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| Osaic Holdings, 6.75%, 8/1/32 (1) | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| Osaic Holdings, 8.00%, 8/1/33 (1) | 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
|  |  | &nbsp;&nbsp;&nbsp;2542 |
| **Finance Companies 0.5%** |  |  |
| Ares Strategic Income Fund, 5.45%, 9/9/28 (1) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| Blue Owl GP Stakes, 4.88%, 10/30/28, Acquisition Date: 10/9/25, Cost $430 (2)(3) | 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 |
| Golub Capital Private Credit Fund, 5.875%, 5/1/30 | 858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 |
| Midcap Financial Issuer Trust, 6.50%, 5/1/28 (1) | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 |
| Navient, 7.875%, 6/15/32 (11) | 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| Navient, 9.375%, 7/25/30 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
| Navient, 11.50%, 3/15/31 | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| OneMain Finance, 7.50%, 5/15/31 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| SLM, 5.625%, 8/1/33 | 156 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
|  |  | 3045 |
| **Financial Other 0.6%** |  |  |
| Aldar Properties PJSC, VR, 6.623%, 4/15/55 (12) | 540 | &nbsp;&nbsp;&nbsp;&nbsp;569 |
| Atlas Warehouse Lending, 4.95%, 11/15/30 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Blackstone Property Partners Europe Holdings, 1.75%, 3/12/29 (EUR) | 540 | &nbsp;&nbsp;&nbsp;&nbsp;598 |
| HA Sustainable Infrastructure Capital, 6.375%, 7/1/34 | 404 | &nbsp;&nbsp;&nbsp;&nbsp;413 |
| HA Sustainable Infrastructure Capital, VR, 8.00%, 6/1/56 (12) | 329 | &nbsp;&nbsp;&nbsp;&nbsp;335 |
| HAT Holdings I / HAT Holdings II, 3.75%, 9/15/30 (1)(11) | 405 | &nbsp;&nbsp;&nbsp;&nbsp;374 |
| HAT Holdings I / HAT Holdings II, 8.00%, 6/15/27 (1) | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Howard Hughes, 5.375%, 8/1/28 (1) | 190 | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| Inmobiliaria Vesta, 5.50%, 1/30/33 (1) | 290 | &nbsp;&nbsp;&nbsp;&nbsp;292 |
|  |  | 3063 |
| **Insurance 1.3%** |  |  |
| Acrisure / Acrisure Finance, 7.50%, 11/6/30 (1) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Alliant Holdings Intermediate / Alliant Holdings Co-Issuer, 7.00%, 1/15/31 (1) | 263 | &nbsp;&nbsp;&nbsp;&nbsp;274 |
| Alliant Holdings Intermediate / Alliant Holdings Co-Issuer, 7.375%, 10/1/32 (1) | 625 | &nbsp;&nbsp;&nbsp;&nbsp;643 |
| Aspen Insurance Holdings, 5.75%, 7/1/30 | 255 | &nbsp;&nbsp;&nbsp;&nbsp;266 |
| Centene, 4.625%, 12/15/29 | 805 | &nbsp;&nbsp;&nbsp;&nbsp;774 |
| Five Corners Funding Trust II, 2.85%, 5/15/30 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| Fortitude Group Holdings, 6.25%, 4/1/30 (1) | 420 | &nbsp;&nbsp;&nbsp;&nbsp;435 |
| GA Global Funding Trust, 5.50%, 4/1/32 (1) | 700 | &nbsp;&nbsp;&nbsp;&nbsp;713 |
| Health Care Service, 5.875%, 6/15/54 (1) | 565 | &nbsp;&nbsp;&nbsp;&nbsp;551 |
| HUB International, 7.25%, 6/15/30 (1) | 435 | &nbsp;&nbsp;&nbsp;&nbsp;455 |
| HUB International, 7.375%, 1/31/32 (1) | 425 | &nbsp;&nbsp;&nbsp;&nbsp;441 |
| Jones DesLauriers Insurance Management, 6.875%, 10/1/33 (1) | 455 | &nbsp;&nbsp;&nbsp;&nbsp;444 |
| Jones DesLauriers Insurance Management, 7.25%, 10/1/33 (CAD) (1) | 330 | &nbsp;&nbsp;&nbsp;&nbsp;236 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Jones DesLauriers Insurance Management, 8.50%, 3/15/30 (1) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| Molina Healthcare, 6.25%, 1/15/33 (1) | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
| Molina Healthcare, 6.50%, 2/15/31 (1) | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Panther Escrow Issuer, 7.125%, 6/1/31 (1) | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 |
| Reinsurance Group of America, 6.00%, 9/15/33 | 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| UnitedHealth Group, 5.30%, 6/15/35 (11) | 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| UnitedHealth Group, 5.95%, 6/15/55 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 |
| USI, 7.50%, 1/15/32 (1) | 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 |
|  |  | &nbsp;&nbsp;&nbsp;7199 |
| **Real Estate Investment Trusts 0.5%** |  |  |
| Alexandria Real Estate Equities, 2.00%, 5/18/32 | 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Alexandria Real Estate Equities, 5.25%, 5/15/36 | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Alexandria Real Estate Equities, 5.50%, 10/1/35 | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Brixmor Operating Partnership, 4.85%, 2/15/33 | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Brixmor Operating Partnership, 5.20%, 4/1/32 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| Cofinimmo, 0.875%, 12/2/30 (EUR) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| FIBRA Prologis, 5.50%, 11/26/35 (1) | 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| Kite Realty Group, 4.95%, 12/15/31 | 441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 |
| MPT Operating Partnership / MPT Finance, 0.993%, 10/15/26 (EUR) | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| MPT Operating Partnership / MPT Finance, 8.50%, 2/15/32 (1) | 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 |
| Realty Income, 5.125%, 4/15/35 | 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| Service Properties Trust, 0.001%, 9/30/27 (1) | 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| Service Properties Trust, 8.625%, 11/15/31 (1) | 480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 |
| Service Properties Trust, 8.875%, 6/15/32 | 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
|  |  | &nbsp;&nbsp;&nbsp;2980 |
| Total Financial Institutions |  | 29578 |
| **INDUSTRIAL 12.5%** |  |  |
| **Basic Industry 0.5%** |  |  |
| Arsenal AIC Parent, 11.50%, 10/1/31 (1) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| Celanese US Holdings, 6.879%, 7/15/32 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| GC Treasury Center, VR, 6.50% (1)(12)(13) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| GC Treasury Center, VR, 7.125% (1)(12)(13) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| IMCD, 3.625%, 4/30/30 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;582 |
| South32 Treasury, 4.35%, 4/14/32 (1) | 1221 | 1186 |
|  |  | 2512 |
| **Capital Goods 0.7%** |  |  |
| Axon Enterprise, 6.125%, 3/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
| Axon Enterprise, 6.25%, 3/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;171 |
| Boeing, 3.75%, 2/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| Boeing, 6.858%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;952 | 1084 |
| Holcim Finance US, 4.70%, 4/7/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Holcim Finance US, 4.95%, 4/7/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| Quikrete Holdings, 6.375%, 3/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| Quikrete Holdings, 6.75%, 3/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| Regal Rexnord, 6.05%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Regal Rexnord, 6.30%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;616 |
| TransDigm, 6.75%, 1/31/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| TransDigm, 6.875%, 12/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| TransDigm, 7.125%, 12/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;388 |
|  |  | 3601 |
| **Communications 2.6%** |  |  |
| Altice France, 6.875%, 7/15/32, Acquisition Date: 10/1/25, Cost $144 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| AT&T, 4.55%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;335 |
| Axian Telecom Holding & Management, 7.25%, 7/11/30 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| Beignet Investor, 6.581%, 5/30/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;806 |
| CCO Holdings, 4.25%, 2/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;142 |
| CCO Holdings, 4.50%, 6/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| CCO Holdings, 7.375%, 3/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;347 |
| Clear Channel Outdoor Holdings, 7.125%, 2/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| Clear Channel Outdoor Holdings, 7.50%, 6/1/29 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;161 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Clear Channel Outdoor Holdings, 7.50%, 3/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Clear Channel Outdoor Holdings, 7.75%, 4/15/28 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| CMG Media, 8.875%, 6/18/29 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;285 |
| Connect Finco / Connect US Finco, 9.00%, 9/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| CSC Holdings, 5.50%, 4/15/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;172 |
| CSC Holdings, 11.25%, 5/15/28 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| CSC Holdings, 11.75%, 1/31/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| DirecTV Financing, 10.00%, 2/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;169 |
| Directv Financing, A1, 8.875%, 2/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| DISH DBS, 5.25%, 12/1/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;312 |
| DISH DBS, 5.75%, 12/1/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| DISH DBS, 7.375%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;167 |
| EchoStar, 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;843 |
| EW Scripps, 9.875%, 8/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;336 |
| Gray Media, 9.625%, 7/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| Infrastrutture Wireless Italiane, 3.75%, 4/1/30 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;770 |
| Level 3 Financing, 4.50%, 4/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;157 |
| Level 3 Financing, 6.875%, 6/30/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;138 |
| Level 3 Financing, 7.00%, 3/31/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;451 |
| Meta Platforms, 5.50%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;453 |
| Meta Platforms, 5.625%, 11/15/55 | 1090 | 1082 |
| Meta Platforms, 5.75%, 11/15/65 | &nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;431 |
| Midas Opco Holdings, 5.625%, 8/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| NTT Finance, 5.171%, 7/16/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| NTT Finance, 5.502%, 7/16/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;324 |
| SBA Tower Trust, 4.831%, 10/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| SES, VR, 5.50%, 9/12/54 (EUR) (12) | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;517 |
| Sirius XM Radio, 4.00%, 7/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Time Warner Cable, 6.55%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;755 |
| T-Mobile USA, 4.625%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;819 |
| Univision Communications, 8.50%, 7/31/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Univision Communications, 9.375%, 8/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| VEON Holdings, 3.375%, 11/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;575 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Verizon Communications, 5.875%, 11/30/55 | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
| Viasat, 7.50%, 5/30/31 (1) | 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Warnermedia Holdings, 5.05%, 3/15/42 | 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 |
|  |  | 14368 |
| **Consumer Cyclical 1.6%** |  |  |
| Advance Auto Parts, 7.00%, 8/1/30 (1) | 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| Advance Auto Parts, 7.375%, 8/1/33 (1) | 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| Aptiv Swiss Holdings, 3.10%, 12/1/51 (11) | 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 |
| Carvana, 14.00%, 6/1/31, (14.00% PIK until 8/15/25 then 9.00% Cash to maturity) (1)(7) | 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
| CBRE Services, 4.80%, 6/15/30 | 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 |
| Clarios Global / Clarios US Finance, 6.75%, 2/15/30 (1) | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| eG Global Finance, 12.00%, 11/30/28 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
| Ferrari, 3.625%, 5/21/30 (EUR) | 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| Flutter Treasury DAC, 5.875%, 6/4/31 (1) | 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Ford Motor Credit, 5.73%, 9/5/30 | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 |
| Ford Motor Credit, 5.918%, 3/20/28 | 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
| General Motors Financial, 4.20%, 10/27/28 (11) | 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| General Motors Financial, 6.40%, 1/9/33 | 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| GLP Capital / GLP Financing II, 5.25%, 2/15/33 | 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 |
| Hyundai Capital America, 5.40%, 1/8/31 (1) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| L Brands, 6.625%, 10/1/30 (1) | &nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Lowe's Cos, 4.25%, 4/1/52 | 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| Lowe's Cos, 5.625%, 4/15/53 (11) | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Magna International, 5.875%, 6/1/35 | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Match Group Holdings II, 6.125%, 9/15/33 (1) | 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| NFL, 4.78%, 10/5/30, Acquisition Date: 6/27/25, Cost $335 (2)(3) | 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| Nissan Motor, 7.50%, 7/17/30 (1) | 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| Nissan Motor Acceptance, 5.625%, 9/29/28 (1) | &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Nissan Motor Acceptance, 6.125%, 9/30/30 (1) | 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| Ontario Gaming GTA, 8.00%, 8/1/30 (1) | 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| PetSmart / PetSmart Finance, 7.50%, 9/15/32 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Rentokil Terminix Funding, 5.00%, 4/28/30 (1) | 850 | &nbsp;&nbsp;&nbsp;&nbsp;867 |
| Rivian Holdings / Rivian / Rivian Automotive, 10.00%, 1/15/31 (1)(11) | 645 | &nbsp;&nbsp;&nbsp;&nbsp;613 |
| Six Flags Entertainment / Canada's Wonderland / Magnum Management, 6.50%, 10/1/28 | 225 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Volkswagen Group of America Finance, 4.55%, 9/11/28 (1) | 205 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Voyager Parent, 9.25%, 7/1/32 (1) | 225 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Wand NewCo 3, 7.625%, 1/30/32 (1) | 140 | &nbsp;&nbsp;&nbsp;&nbsp;147 |
| Yum! Brands, 5.375%, 4/1/32 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
|  |  | 8815 |
| **Consumer Non-Cyclical 2.4%** |  |  |
| 1261229 BC, 10.00%, 4/15/32 (1) | 440 | &nbsp;&nbsp;&nbsp;&nbsp;454 |
| AbbVie, 5.40%, 3/15/54 | 765 | &nbsp;&nbsp;&nbsp;&nbsp;761 |
| BAT Capital, 5.35%, 8/15/32 | 320 | &nbsp;&nbsp;&nbsp;&nbsp;332 |
| Bayer US Finance II, 4.70%, 7/15/64 (1) | 349 | &nbsp;&nbsp;&nbsp;&nbsp;265 |
| Bon Secours Mercy Health, 3.464%, 6/1/30 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| CHS / Community Health Systems, 10.875%, 1/15/32 (1) | 380 | &nbsp;&nbsp;&nbsp;&nbsp;409 |
| Cigna Group, 4.50%, 9/15/30 | 160 | &nbsp;&nbsp;&nbsp;&nbsp;161 |
| Cigna Group, 6.00%, 1/15/56 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;229 |
| CommonSpirit Health, 2.782%, 10/1/30 | &nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| CVS Health, 5.625%, 2/21/53 | 630 | &nbsp;&nbsp;&nbsp;&nbsp;602 |
| CVS Health, VR, 6.75%, 12/10/54 (12) | 738 | &nbsp;&nbsp;&nbsp;&nbsp;762 |
| CVS Health, VR, 7.00%, 3/10/55 (12) | 176 | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| Galderma Finance Europe, 3.50%, 3/20/30 (EUR) | 230 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| Health & Happiness H&H International Holdings, 9.125%, 7/24/28 | 850 | &nbsp;&nbsp;&nbsp;&nbsp;899 |
| Icon Investments Six DAC, 5.849%, 5/8/29 | 800 | &nbsp;&nbsp;&nbsp;&nbsp;835 |
| Icon Investments Six DAC, 6.00%, 5/8/34 | 800 | &nbsp;&nbsp;&nbsp;&nbsp;845 |
| Imperial Brands Finance, 5.625%, 7/1/35 (1) | 530 | &nbsp;&nbsp;&nbsp;&nbsp;546 |
| Imperial Brands Finance, 6.375%, 7/1/55 (1) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;310 |
| Kraft Heinz Foods, 5.00%, 6/4/42 | 173 | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| LifePoint Health, 10.00%, 6/1/32 (1)(11) | 538 | &nbsp;&nbsp;&nbsp;&nbsp;568 |
| LifePoint Health, 11.00%, 10/15/30 (1) | 495 | &nbsp;&nbsp;&nbsp;&nbsp;543 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Mars, 5.20%, 3/1/35 (1) | 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| Mars, 5.65%, 5/1/45 (1) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 |
| Medline Borrower, 6.25%, 4/1/29 (1) | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| Newell Brands, 6.625%, 5/15/32 (11) | 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Newell Brands, 8.50%, 6/1/28 (1) | 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| Organon / Organon Foreign Debt Co-Issuer, 5.125%, 4/30/31 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| Paradigm Parent & Paradigm Parent Co-Issuer, 8.75%, 4/17/32 (1) | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 |
| Solventum, 5.45%, 3/13/31 | 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 |
| Solventum, 5.90%, 4/30/54 | 434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 |
| Star Parent, 9.00%, 10/1/30 (1) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| Sutter Health, Series 2025, 5.213%, 8/15/32 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| Sutter Health, Series 2025, 5.537%, 8/15/35 | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| Tenet Healthcare, 6.00%, 11/15/33 (1) | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Tenet Healthcare, 6.875%, 11/15/31 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| Wolfspeed, 13.875%, 6/23/30, (9.88% Cash or 4.00% PIK) (1)(7) | 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
|  |  | 13052 |
| **Energy 2.4%** |  |  |
| Aethon III BR, 10.41%, 1/10/27, Acquisition Date: 9/5/25, Cost $328 (2)(3) | 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
| Breakwater Energy Holdings, 9.25%, 11/15/30 (1) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| Civitas Resources, 8.375%, 7/1/28 (1) | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| Civitas Resources, 9.625%, 6/15/33 (1) | 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 |
| Comstock Resources, 6.75%, 3/1/29 (1) | 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 |
| Crescent Energy Finance, 7.375%, 1/15/33 (1) | 410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 |
| Crescent Energy Finance, 7.625%, 4/1/32 (1) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| Diamondback Energy, 5.40%, 4/18/34 | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
| Diamondback Energy, 5.75%, 4/18/54 | 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |
| FS Luxembourg, 8.875%, 2/12/31 (1) | 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
| Harbour Energy, 6.327%, 4/1/35 (1) | 655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 |
| Hilcorp Energy, 8.375%, 11/1/33 (1) | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
| Hilcorp Energy I / Hilcorp Finance, 7.25%, 2/15/35 (1) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Matador Resources, 6.25%, 4/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| MPLX, 5.00%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
| MPLX, 6.20%, 9/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| NGL Energy Operating / NGL Energy Finance, 8.375%, 2/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| Occidental Petroleum, 6.05%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
| Occidental Petroleum, 6.20%, 3/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| Occidental Petroleum, 8.875%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 |
| Permian Resources Operating, 6.25%, 2/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| Permian Resources Operating, 9.875%, 7/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 |
| Prairie Acquiror, 9.00%, 8/1/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 |
| Raizen Fuels Finance, 6.45%, 3/5/34 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
| Range Resources, 4.75%, 2/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Sunoco, 7.25%, 5/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Tallgrass Energy Partners, 7.375%, 2/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| Targa Resources, 5.55%, 8/15/35 | 1220 | &nbsp;&nbsp;&nbsp;1250 |
| Targa Resources Partners / Targa Resources Partners Finance, 5.50%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Transcontinental Gas Pipe Line, 5.10%, 3/15/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |
| Transocean, 7.875%, 10/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Transocean, 8.25%, 5/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Transocean, 8.75%, 2/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| Transocean Aquila, 8.00%, 9/30/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Venture Global LNG, VR, 9.00% (1)(12)(13) | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
| Venture Global LNG, 9.50%, 2/1/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |
| Venture Global LNG, 9.875%, 2/1/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Venture Global Plaquemines LNG, 6.50%, 1/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Venture Global Plaquemines LNG, 6.75%, 1/15/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 |
| Venture Global Plaquemines LNG, 7.50%, 5/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| Venture Global Plaquemines LNG, 7.75%, 5/1/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| Vital Energy, 9.75%, 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
|  |  | 13036 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Industrial Other 0.1%** |  |  |
| Albion Financing 1 / Aggreko Holdings, 7.00%, 5/21/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| Booz Allen Hamilton, 5.95%, 4/15/35 (11) | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;648 |
| **Technology 2.1%** |  |  |
| Alphabet, 4.70%, 11/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;624 |
| Broadcom, 4.55%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;354 |
| Broadcom, 4.80%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;536 |
| Cloud Software Group, 8.25%, 6/30/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Cloud Software Group, 9.00%, 9/30/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| Dye & Durham, 8.625%, 4/15/29 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| Fiserv, 4.55%, 2/15/31 | 1385 | 1369 |
| Foundry JV Holdco, 6.10%, 1/25/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| Foundry JV Holdco, 6.20%, 1/25/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| Foundry JV Holdco, 6.25%, 1/25/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
| Foundry JV Holdco, 6.40%, 1/25/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| JSC Kaspi.kz, 6.25%, 3/26/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;830 |
| Marvell Technology, 5.45%, 7/15/35 (11) | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;619 |
| McAfee, 7.375%, 2/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| Minerva Merger, 6.50%, 2/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Motorola Solutions, 5.40%, 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| Neptune Bidco, 9.29%, 4/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;298 |
| Neptune Bidco, 10.375%, 5/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;546 |
| Oracle, 5.20%, 9/26/35 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;567 |
| Oracle, 5.95%, 9/26/55 (11) | 1046 | &nbsp;&nbsp;&nbsp;&nbsp;971 |
| Paychex, 5.60%, 4/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;210 |
| Sabre GLBL, 10.75%, 11/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Sabre GLBL, 11.125%, 7/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Stripe, Series A, 5.04%, 9/26/30, Acquisition Date: 9/16/25, Cost $570 (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| Synopsys, 5.70%, 4/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| UKG, 6.875%, 2/1/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;216 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| WULF Compute, 7.75%, 10/15/30 (1) | 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| X.AI / X.AI Co Issuer, 12.50%, 6/30/30 | &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
|  |  | 11225 |
| **Transportation 0.1%** |  |  |
| Avis Budget Car Rental / Avis Budget Finance, 8.25%, 1/15/30 (1)(11) | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |
| Heathrow Funding, 1.875%, 3/14/36 (EUR) | 459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 |
| Heathrow Funding, 3.875%, 1/16/38 (EUR) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 |
| Total Industrial |  | 67984 |
| **UTILITY 2.2%** |  |  |
| **Electric 1.9%** |  |  |
| AES, 5.80%, 3/15/32 | 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 |
| AES Andes, 6.25%, 3/14/32 (1) | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 |
| Alpha Generation, 6.75%, 10/15/32 (1) | 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| CFE Fibra E, 5.875%, 9/23/40 (1) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
| Chile Electricity Lux Mpc II, 5.58%, 10/20/35 (1) | 196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
| CHPE, 5.65%, 9/30/35, Acquisition Date: 8/22/25, Cost $200 (2)(3) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| Edison International, Series A, VR, 5.375% (12)(13) | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Enel Finance International, 5.00%, 9/30/35 (1) | 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
| FirstEnergy, 2.25%, 9/1/30 | &nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| FirstEnergy, 2.65%, 3/1/30 | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| FirstEnergy Transmission, 5.00%, 1/15/35 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Jersey Central Power & Light, 5.15%, 1/15/36 (1) | 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| Kentucky Utilities, 5.85%, 8/15/55 | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Louisville Gas & Electric, 5.85%, 8/15/55 | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Niagara Mohawk Power, 4.647%, 10/3/30 (1) | 355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| Niagara Mohawk Power, 5.996%, 7/3/55 (1) | 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 |
| NRG Energy, 6.00%, 1/15/36 (1) | 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 |
| Pacific Gas and Electric, 3.50%, 8/1/50 | 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 |
| Pacific Gas and Electric, 4.95%, 7/1/50 | 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Pacific Gas and Electric, 5.05%, 10/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| Pacific Gas and Electric, 5.90%, 10/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| PG&E, VR, 7.375%, 3/15/55 (12) | &nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| PSEG Power, 5.20%, 5/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Public Service Co of Oklahoma, 5.45%, 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 |
| Talen Energy Supply, 6.25%, 2/1/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| Talen Energy Supply, 6.50%, 2/1/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
| Talen Energy Supply, 8.625%, 6/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| Vistra, VR, 8.00% (1)(12)(13) | &nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
| Vistra, VR, 8.875% (1)(12)(13) | 1520 | &nbsp;&nbsp;&nbsp;&nbsp;1676 |
| Vistra Operations, 5.70%, 12/30/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Vistra Operations, 6.95%, 10/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| XPLR Infrastructure Operating Partners, 7.75%, 4/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 |
|  |  | &nbsp;&nbsp;&nbsp;10199 |
| **Natural Gas 0.3%** |  |  |
| APA Infrastructure, 5.125%, 9/16/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| APA Infrastructure, 5.75%, 9/16/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| Engie, 5.625%, 4/10/34 (1)(11) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| Southern California Gas, 5.45%, 6/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1463 |
| Total Utility |  | &nbsp;&nbsp;&nbsp;11662 |
| **Total Corporate Bonds<br> (Cost $107,180)** |  | **109224** |
| **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 4.8%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 4.8%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 4.8%** |
| **Owned No Guarantee 0.5%** |  |  |
| Petroleos Mexicanos, 8.75%, 6/2/29 | 1090 | &nbsp;&nbsp;&nbsp;&nbsp;1166 |
| Petroleos Mexicanos, 10.00%, 2/7/33 (11) | 1220 | &nbsp;&nbsp;&nbsp;&nbsp;1408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2574 |
| **Sovereign 4.3%** |  |  |
| Argentina Republic Government International Bonds, 5.00%, 7/9/35 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Argentina Republic Government International Bonds, 1.00%, 7/9/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 |
| Barbados Government International Bonds, 8.00%, 6/26/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| Brazilian Government International Bonds, 5.50%, 11/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;1433 |
| Brazilian Government International Bonds, 7.25%, 1/12/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 |
| Bulgaria Government International Bonds, 4.125%, 5/7/38 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 |
| Colombian TES, 6.25%, 7/9/36 (COP) | 22057000 | &nbsp;&nbsp;&nbsp;3765 |
| Dominican Republic International Bonds, 5.875%, 10/28/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| Eagle Funding Luxco, 5.50%, 8/17/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| Hungary Government Bonds, 7.00%, 10/24/35 (HUF) | &nbsp;&nbsp;&nbsp;2407800 | &nbsp;&nbsp;&nbsp;7313 |
| Israel Government International Bonds, 5.50%, 3/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 |
| Israel Government International Bonds, 5.625%, 2/19/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 |
| Ivory Coast Government International Bonds, 8.075%, 4/1/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
| Kuwait International Government Bonds, 4.652%, 10/9/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| Mexico Government International Bonds, 5.375%, 3/22/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Montenegro Government International Bonds, 7.25%, 3/12/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |
| Montenegro Government International Bonds, 7.25%, 3/12/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;1442 |
| Romania Government International Bonds, 5.375%, 6/7/33 (EUR) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| Romanian Government International Bonds, 5.75%, 9/16/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;1015 |
| Romanian Government International Bonds, 6.625%, 5/16/36 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
|  |  | 23532 |
| **Total Foreign Government Obligations & Municipalities<br> (Cost $25,534)** |  | **26106** |
| **MUNICIPAL SECURITIES 0.3%** | **MUNICIPAL SECURITIES 0.3%** | **MUNICIPAL SECURITIES 0.3%** |
| **Puerto Rico 0.3%** |  |  |
| Puerto Rico Commonwealth, Series A1, GO, 5.625%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Puerto Rico Commonwealth, Series A1, GO, 5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Puerto Rico Commonwealth, Series A, GO, 0.001%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Puerto Rico Commonwealth, Series CW, GO, 0.001%, 11/1/43 (14) | 2413 | 1545 |
|  |  | 1567 |
| **Texas 0.0%** |  |  |
| Port Beaumont Navigation District, Series B, 10.00%, 7/1/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| **Total Municipal Securities<br> (Cost $1,584)** |  | **1702** |
| **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 8.0%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 8.0%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 8.0%** |
| **Collateralized Mortgage Obligations 5.0%** |  |  |
| Angel Oak Mortgage Trust, Series 2021-1, Class A3, CMO, ARM, 1.217%, 1/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| Angel Oak Mortgage Trust, Series 2022-2, Class A1, CMO, ARM, 3.353%, 1/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| Angel Oak Mortgage Trust, Series 2022-6, Class A1, CMO, ARM, 4.30%, 7/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| Angel Oak Mortgage Trust, Series 2023-6, Class A2, CMO, ARM, 6.50%, 12/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| Angel Oak Mortgage Trust, Series 2025-3, Class A1, CMO, ARM, 5.42%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;618 |
| Bayview Opportunity Master Fund VI Trust, Series 2021-6, Class A5, CMO, ARM, 2.50%, 10/25/51 (1) | &nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;404 |
| Bayview Opportunity Master Funding, Series 2020-1, Class A3, CMO, ARM, 3.285%, 5/28/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Chase Home Lending Mortgage Trust, Series 2024-RPL4, Class A1B, CMO, ARM, 3.375%, 12/25/64 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Citigroup Mortgage Loan Trust, Series 2020-EXP2, Class A3, CMO, ARM, 2.50%, 8/25/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| COLT Mortgage Loan Trust, Series 2025-8, Class A1, CMO, ARM, 5.48%, 8/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;605 |
| COLT Mortgage Loan Trust, Series 2025-INV2, Class A3, CMO, ARM, 5.954%, 2/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;518 |
| Connecticut Avenue Securities Trust, Series 2025-R01, Class 1M1, CMO, ARM, FRN, SOFR30A + 1.10%, 5.172%, 1/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;725 |
| Connecticut Avenue Securities Trust, Series 2025-R02, Class 1A1, CMO, ARM, FRN, SOFR30A + 1.00%, 5.072%, 2/25/45 (1) | 1315 | 1317 |
| Cross Mortgage Trust, Series 2024-H6, Class A1, CMO, ARM, 5.129%, 9/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;191 |
| Cross Mortgage Trust, Series 2025-H4, Class A1, CMO, ARM, 5.596%, 6/25/70 (1) | 2170 | 2185 |
| Cross Mortgage Trust, Series 2025-H5, Class A1B, CMO, ARM, 5.509%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;360 |
| Deephaven Residential Mortgage Trust, Series 2021-2, Class A3, CMO, ARM, 1.26%, 4/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| EFMT, Series 2024-INV2, Class A1, CMO, ARM, 5.035%, 10/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;827 |
| EFMT, Series 2024-INV2, Class A2, CMO, ARM, 5.289%, 10/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| EFMT, Series 2025-INV1, Class A1, CMO, ARM, 5.626%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| EFMT, Series 2025-INV2, Class A1, CMO, ARM, 5.387%, 5/26/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| EFMT, Series 2025-NQM3, Class A1, CMO, ARM, 5.494%, 8/25/70 (1) | 1323 | 1331 |
| Ellington Financial Mortgage Trust, Series 2021-2, Class A3, CMO, ARM, 1.291%, 6/25/66 (1) | 1950 | 1679 |
| Ellington Financial Mortgage Trust, Series 2021-3, Class M1, CMO, ARM, 2.53%, 9/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| Freddie Mac STACR REMIC Trust, Series 2025-DNA3, Class M1, CMO, ARM, FRN, SOFR30A + 1.10%, 5.172%, 9/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;474 |
| Freddie Mac STACR REMIC Trust, Series 2025-HQA1, Class A1, CMO, ARM, FRN, SOFR30A + 0.95%, 5.022%, 2/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;135 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Freddie Mac STACR REMIC Trust, Series 2025-HQA1, Class M1, CMO, ARM, FRN, SOFR30A + 1.15%, 5.222%, 2/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| GCAT Trust, Series 2025-NQM1, Class A1, CMO, ARM, 5.373%, 11/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;404 |
| GS Mortgage-Backed Securities Trust, Series 2021-GR2, Class A4, CMO, ARM, 2.50%, 2/25/52 (1) | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| HOMES Trust, Series 2024-AFC1, Class A1, CMO, ARM, 5.224%, 8/25/59 (1) | &nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;242 |
| HOMES Trust, Series 2025-NQM2, Class A1, CMO, ARM, 5.425%, 2/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;339 |
| JP Morgan Mortgage Trust, Series 2016-3, Class B3, CMO, ARM, 3.305%, 10/25/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| JP Morgan Mortgage Trust, Series 2017-2, Class B5, CMO, ARM, 3.652%, 5/25/47 (1) | &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;285 |
| JP Morgan Mortgage Trust, Series 2017-5, Class B2, CMO, ARM, 4.828%, 10/26/48 (1) | &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| JP Morgan Mortgage Trust, Series 2020-5, Class B2, CMO, ARM, 3.571%, 12/25/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| JP Morgan Mortgage Trust, Series 2020-LTV1, Class B1A, CMO, ARM, 3.224%, 6/25/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| JP Morgan Mortgage Trust, Series 2023-DSC2, Class A1, CMO, ARM, 5.25%, 11/25/63 (1) | &nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| JP Morgan Mortgage Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.495%, 11/25/65 (1) | 1265 | 1274 |
| MFA Trust, Series 2022-INV2, Class A1, CMO, ARM, 4.95%, 7/25/57 (1) | &nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;306 |
| MFA Trust, Series 2023-INV2, Class A2, CMO, ARM, 7.177%, 10/25/58 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1, CMO, ARM, 5.443%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM5, Class A1, CMO, ARM, 5.439%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;308 |
| NYMT Loan Trust, Series 2025-INV1, Class A1, CMO, ARM, 5.402%, 4/25/60 (1) | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;714 |
| OBX Trust, Series 2020-EXP2, Class A8, CMO, ARM, 3.00%, 5/25/60 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| OBX Trust, Series 2020-EXP3, Class 1A9, CMO, ARM, 3.00%, 1/25/60 (1) | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;128 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| OBX Trust, Series 2024-HYB1, Class A1, CMO, ARM, 3.631%, 3/25/53 (1) | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| OBX Trust, Series 2025-NQM14, Class A1B, CMO, ARM, 5.162%, 7/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 |
| OBX Trust, Series 2025-NQM6, Class A1, CMO, ARM, 5.603%, 3/25/65 (1) | 1224 | &nbsp;&nbsp;&nbsp;1236 |
| RCKT Mortgage Trust, Series 2024-CES8, Class A1A, CMO, ARM, 5.49%, 11/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| RCKT Mortgage Trust, Series 2025-CES3, Class A1A, CMO, ARM, 5.553%, 3/25/55 (1) | 1188 | &nbsp;&nbsp;&nbsp;1199 |
| Santander Mortgage Asset Receivable Trust, Series 2025-NQM2, Class A1, CMO, ARM, 5.732%, 2/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 |
| Sequoia Mortgage Trust, Series 2019-5, Class B3, CMO, ARM, 3.706%, 12/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 |
| Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, CMO, ARM, 4.483%, 11/25/63 (1) | &nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| Towd Point Mortgage Trust, Series 2024-3, Class A1B, CMO, ARM, 5.005%, 7/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Towd Point Mortgage Trust, Series 2024-5, Class A1B, CMO, ARM, 4.601%, 10/25/64 (1) | 1202 | &nbsp;&nbsp;&nbsp;1202 |
| Towd Point Mortgage Trust, Series 2025-1, Class A1A, CMO, ARM, 4.788%, 6/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
| Towd Point Mortgage Trust, Series 2025-1, Class A1B, CMO, ARM, 4.788%, 6/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 |
| Verus Securitization Trust, Series 2021-1, Class A3, CMO, ARM, 1.155%, 1/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Verus Securitization Trust, Series 2021-R3, Class A1, CMO, ARM, 1.02%, 4/25/64 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Verus Securitization Trust, Series 2023-1, Class A1, CMO, ARM, 5.85%, 12/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Verus Securitization Trust, Series 2025-2, Class A1, CMO, ARM, 5.307%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 |
| Verus Securitization Trust, Series 2025-INV1, Class A3, CMO, ARM, 5.953%, 2/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
| Vista Point Securitization Trust, Series 2020-1, Class B1, CMO, ARM, 5.375%, 3/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 |
| Vista Point Securitization Trust, Series 2020-2, Class A1, CMO, ARM, 1.475%, 4/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
|  |  | 27010 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Commercial Mortgage-Backed Securities 3.0%** |  |  |
| Bank, Series 2024-BNK47, Class A5, ARM, 5.716%, 6/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;273 |
| Bank5, Series 2024-5YR10, Class AS, ARM, 5.637%, 10/15/57 | 1155 | 1193 |
| Bank5, Series 2024-5YR10, Class A3, ARM, 5.302%, 10/15/57 | 1270 | 1313 |
| Bank5, Series 2024-5YR12, Class AS, ARM, 6.122%, 12/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;331 |
| Bank5, Series 2024-5YR8, Class AS, ARM, 6.378%, 8/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;965 | 1021 |
| Benchmark Mortgage Trust, Series 2019-B12, Class A5, ARM, 3.116%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;610 |
| Benchmark Mortgage Trust, Series 2019-B13, Class A4, ARM, 2.952%, 8/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;609 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, ARM, 6.417%, 1/10/57 | &nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;801 |
| Benchmark Mortgage Trust, Series 2024-V7, Class A3, 6.228%, 5/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| BFLD Commercial Mortgage Trust, Series 2025-5MW, Class C, ARM, 5.633%, 10/10/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, 6.364%, 2/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;960 | 1010 |
| BSREP Commercial Mortgage Trust, Series 2021-DC, Class C, FRN, 1M TSFR + 1.66%, 5.623%, 8/15/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| BX Commercial Mortgage Trust, Series 2024-GPA3, Class B, ARM, FRN, 1M TSFR + 1.64%, 5.601%, 12/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| BX Commercial Mortgage Trust, Series 2024-MDHS, Class A, FRN, 1M TSFR + 1.64%, 5.60%, 5/15/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| BX Commercial Mortgage Trust, Series 2024-MDHS, Class B, FRN, 1M TSFR + 1.84%, 5.80%, 5/15/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| BX Commercial Mortgage Trust, Series 2024-SLCT, Class B, ARM, FRN, 1M TSFR + 1.79%, 5.752%, 1/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| BX Commercial Mortgage Trust, Series 2024-SLCT, Class C, ARM, FRN, 1M TSFR + 2.39%, 6.351%, 1/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;165 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| BX Trust, Series 2025-ROIC, Class B, ARM, FRN, 1M TSFR + 1.39%, 5.352%, 3/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;835 |
| BX Trust, Series 2025-TAIL, Class A, ARM, FRN, 1M TSFR + 1.40%, 5.359%, 6/15/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| BX Trust, Series 2025-VOLT, Class A, ARM, FRN, 1M TSFR + 1.70%, 5.70%, 12/15/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;615 |
| BX Trust, Series 2025-VOLT, Class B, ARM, FRN, 1M TSFR + 2.10%, 6.10%, 12/15/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;461 |
| CENT Trust, Series 2025-CITY, Class A, ARM, 5.091%, 7/10/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;656 |
| Commercial Mortgage Trust, Series 2016-CR28, Class B, ARM, 4.731%, 2/10/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| CONE Trust, Series 2024-DFW1, Class A, ARM, FRN, 1M TSFR + 1.64%, 5.601%, 8/15/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| CSAIL Commercial Mortgage Trust, Series 2016-C6, Class A5, ARM, 3.09%, 1/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| CSAIL Commercial Mortgage Trust, Series 2019-C18, Class C, ARM, 4.04%, 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| Extended Stay America Trust, Series 2025-ESH, Class C, ARM, FRN, 1M TSFR + 1.85%, 5.809%, 10/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;326 |
| Hilt Commercial Mortgage Trust, Series 2024-ORL, Class B, FRN, 1M TSFR + 1.94%, 5.90%, 5/15/37 (1) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B, ARM, 5.95%, 1/13/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;758 |
| HYT Commercial Mortgage Trust, Series 2024-RGCY, Class A, ARM, FRN, 1M TSFR + 1.84%, 5.80%, 9/15/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| ILPT Commercial Mortgage Trust, Series 2022-LPFX, Class C, ARM, 3.951%, 3/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, ARM, 6.014%, 12/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;599 |
| New Economy Assets Phase 1 Sponsor, Series 2021-1, Class B1, 2.41%, 10/20/61 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Real Estate Asset Liquidity Trust, Series 2025-1A, Class A1, ARM, 3.93%, 1/12/60 (1) | 1840 | 1321 |
| Real Estate Asset Liquidity Trust, Series 2025-1A, Class A2, ARM, 4.40%, 1/12/60 (1) | 1690 | 1211 |
| SDR Commercial Mortgage Trust, Series 2024-DSNY, Class B, FRN, 1M TSFR + 1.74%, 5.70%, 5/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| VNDO Trust, Series 2016-350P, Class D, ARM, 4.033%, 1/10/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| WB Commercial Mortgage Trust, Series 2024-HQ, Class A, ARM, 6.134%, 3/15/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | 16537 |
| **Residential Mortgage 0.0%** |  |  |
| Finance of America HECM Buyout, Series 2024-HB1, Class A1A, 4.00%, 10/1/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| **Total Non-U.S. Government Mortgage-Backed Securities<br> (Cost $43,116)** |  | **43559** |
| **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** | **PREFERRED STOCKS 0.0%** |
| **FINANCIAL INSTITUTIONS 0.0%** |  |  |
| **Insurance 0.0** |  |  |
| AH Parent, Series A, Acquisition Date: 9/27/24, Cost $246 (2)(3)(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Total Financial Institutions |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| **Total Preferred Stocks<br> (Cost $246)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**251** |
| **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 24.2%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 24.2%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 24.2%** |
| **U.S. Government Agency Obligations 19.4%** |  |  |
| Federal Home Loan Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;2.00%, 3/1/42 - 4/1/52 | 11244 | &nbsp;&nbsp;&nbsp;5730 |
| &nbsp;&nbsp;&nbsp;2.50%, 10/1/36 - 4/1/52 | 18151 | 10865 |
| &nbsp;&nbsp;&nbsp;3.00%, 1/1/33 - 6/1/52 | &nbsp;&nbsp;&nbsp;3649 | &nbsp;&nbsp;&nbsp;3303 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/47 - 6/1/52 | &nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;1513 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/37 - 10/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/1/52 - 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/52 - 10/1/55 | &nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;4354 |
| &nbsp;&nbsp;&nbsp;5.50%, 8/1/53 - 10/1/55 | &nbsp;&nbsp;&nbsp;6526 | &nbsp;&nbsp;&nbsp;6654 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/53 - 8/1/55 | &nbsp;&nbsp;&nbsp;8516 | &nbsp;&nbsp;&nbsp;&nbsp;8771 |
| &nbsp;&nbsp;&nbsp;6.50%, 9/1/54 - 9/1/55 | &nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp;2611 |
| Federal National Mortgage Assn. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 3/1/36 - 1/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
| &nbsp;&nbsp;&nbsp;2.00%, 9/1/36 - 4/1/52 | 23401 | &nbsp;&nbsp;&nbsp;13406 |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/37 - 1/1/54 | 11081 | &nbsp;&nbsp;&nbsp;&nbsp;4295 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/1/32 - 9/1/52 | &nbsp;&nbsp;&nbsp;3817 | &nbsp;&nbsp;&nbsp;&nbsp;3513 |
| &nbsp;&nbsp;&nbsp;3.50%, 5/1/35 - 8/1/53 | &nbsp;&nbsp;&nbsp;4408 | &nbsp;&nbsp;&nbsp;&nbsp;4123 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/37 - 6/1/53 | &nbsp;&nbsp;&nbsp;3967 | &nbsp;&nbsp;&nbsp;&nbsp;3813 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/1/48 - 2/1/54 | &nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp;2361 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 - 12/1/54 | &nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp;1421 |
| &nbsp;&nbsp;&nbsp;5.50%, 7/1/53 - 11/1/55 | &nbsp;&nbsp;&nbsp;4757 | &nbsp;&nbsp;&nbsp;&nbsp;4843 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/52 - 7/1/55 | &nbsp;&nbsp;&nbsp;1644 | &nbsp;&nbsp;&nbsp;&nbsp;1699 |
| &nbsp;&nbsp;&nbsp;6.50%, 1/1/53 - 8/1/55 | &nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;1798 |
| UMBS, TBA (15) |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/16/40 - 12/13/53 | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;5971 |
| &nbsp;&nbsp;&nbsp;2.50%, 12/11/55 | &nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp;4143 |
| &nbsp;&nbsp;&nbsp;3.00%, 12/11/55 | &nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;2011 |
| &nbsp;&nbsp;&nbsp;3.50%, 12/11/55 | &nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;2562 |
| &nbsp;&nbsp;&nbsp;4.00%, 12/11/55 | &nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp;1690 |
| &nbsp;&nbsp;&nbsp;4.50%, 12/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/11/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 |
|  |  | 105460 |
| **U.S. Government Obligations 4.8%** |  |  |
| Government National Mortgage Assn. |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 12/20/50 - 3/20/52 | &nbsp;&nbsp;&nbsp;6589 | &nbsp;&nbsp;&nbsp;&nbsp;4194 |
| &nbsp;&nbsp;&nbsp;2.50%, 8/20/50 - 3/20/52 | 11337 | &nbsp;&nbsp;&nbsp;&nbsp;4376 |
| &nbsp;&nbsp;&nbsp;3.00%, 11/20/46 - 6/20/52 | &nbsp;&nbsp;&nbsp;3457 | &nbsp;&nbsp;&nbsp;&nbsp;3121 |
| &nbsp;&nbsp;&nbsp;3.50%, 3/20/46 - 10/20/50 | &nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp;1477 |
| &nbsp;&nbsp;&nbsp;4.00%, 6/20/47 - 10/20/52 | &nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;2169 |
| &nbsp;&nbsp;&nbsp;4.50%, 6/20/47 - 7/20/53 | &nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp;1811 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/20/47 - 12/20/54 | &nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp;1725 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/20/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| &nbsp;&nbsp;&nbsp;6.00%, 9/20/52 - 12/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 |
| Government National Mortgage Assn., TBA (15) |  |  |
| &nbsp;&nbsp;&nbsp;4.50%, 12/18/55 | &nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;2337 |
| &nbsp;&nbsp;&nbsp;5.00%, 12/18/55 | &nbsp;&nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;1683 |
| &nbsp;&nbsp;&nbsp;5.50%, 12/18/55 | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;2222 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
|  |  | &nbsp;&nbsp;&nbsp;25989 |
| **Total U.S. Government & Agency Mortgage-Backed Securities<br> (Cost $129,010)** |  | **131449** |
| **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING</sup> MORTGAGE-BACKED) 24.1%** | **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING</sup> MORTGAGE-BACKED) 24.1%** | **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING</sup> MORTGAGE-BACKED) 24.1%** |
| **U.S. Treasury Obligations 24.1%** |  |  |
| U.S. Treasury Bonds, 1.125%, 5/15/40 (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| U.S. Treasury Bonds, 2.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| U.S. Treasury Bonds, 2.375%, 2/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| U.S. Treasury Bonds, 3.25%, 5/15/42 (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| U.S. Treasury Bonds, 3.625%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| U.S. Treasury Bonds, 3.625%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 |
| U.S. Treasury Bonds, 3.875%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| U.S. Treasury Bonds, 3.875%, 5/15/43 | &nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;1850 |
| U.S. Treasury Bonds, 4.00%, 11/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 |
| U.S. Treasury Bonds, 4.00%, 11/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| U.S. Treasury Bonds, 4.125%, 8/15/44 | 17635 | &nbsp;&nbsp;&nbsp;16533 |
| U.S. Treasury Bonds, 4.25%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
| U.S. Treasury Bonds, 4.25%, 8/15/54 | 14490 | &nbsp;&nbsp;&nbsp;13493 |
| U.S. Treasury Bonds, 4.50%, 2/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| U.S. Treasury Bonds, 4.625%, 5/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 |
| U.S. Treasury Bonds, 4.625%, 11/15/44 | &nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp;7605 |
| U.S. Treasury Bonds, 4.625%, 2/15/55 | 10195 | &nbsp;&nbsp;&nbsp;10110 |
| U.S. Treasury Bonds, 4.75%, 11/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 |
| U.S. Treasury Bonds, 4.75%, 5/15/55 (16) | &nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp;1817 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| U.S. Treasury Bonds, 4.75%, 2/15/45 (16) | &nbsp;&nbsp;&nbsp;9910 | &nbsp;&nbsp;&nbsp;10066 |
| U.S. Treasury Bonds, 5.00%, 5/15/45 | &nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;&nbsp;3570 |
| U.S. Treasury Notes, 3.50%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| U.S. Treasury Notes, 3.75%, 8/31/31 | &nbsp;&nbsp;&nbsp;2985 | &nbsp;&nbsp;&nbsp;&nbsp;2995 |
| U.S. Treasury Notes, 4.00%, 2/15/34 | &nbsp;&nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp;2127 |
| U.S. Treasury Notes, 4.00%, 2/28/30 | &nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;4184 |
| U.S. Treasury Notes, 4.00%, 3/31/30 | &nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp;4256 |
| U.S. Treasury Notes, 4.00%, 5/31/30 | &nbsp;&nbsp;&nbsp;4280 | &nbsp;&nbsp;&nbsp;&nbsp;4355 |
| U.S. Treasury Notes, 4.125%, 8/31/30 | &nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1156 |
| U.S. Treasury Notes, 4.125%, 8/15/53 | &nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp;2284 |
| U.S. Treasury Notes, 4.125%, 3/31/32 | &nbsp;&nbsp;&nbsp;3230 | &nbsp;&nbsp;&nbsp;&nbsp;3301 |
| U.S. Treasury Notes, 4.125%, 2/29/32 | 10890 | &nbsp;&nbsp;&nbsp;11128 |
| U.S. Treasury Notes, 4.375%, 8/15/43 | &nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;2920 |
| U.S. Treasury Notes, 4.375%, 1/31/32 (16) | 10905 | &nbsp;&nbsp;&nbsp;11293 |
| U.S. Treasury Notes, 4.50%, 12/31/31 | &nbsp;&nbsp;&nbsp;7475 | &nbsp;&nbsp;&nbsp;&nbsp;7793 |
| U.S. Treasury Notes, 4.875%, 10/31/30 | &nbsp;&nbsp;&nbsp;3340 | &nbsp;&nbsp;&nbsp;&nbsp;3529 |
|  |  | 131129 |
| **Total U.S. Government Agency Obligations (Excluding Mortgage-Backed)<br> (Cost $129,505)** |  | **131129** |
| **SHORT-TERM INVESTMENTS 1.1%** | **SHORT-TERM INVESTMENTS 1.1%** | **SHORT-TERM INVESTMENTS 1.1%** |
| **Money Market Funds 1.1%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.02% (9)(17) | &nbsp;&nbsp;&nbsp;5577 | &nbsp;&nbsp;&nbsp;&nbsp;5577 |
| **Total Short-Term Investments<br> (Cost $5,577)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**5577** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **SECURITIES LENDING COLLATERAL 1.2%** | **SECURITIES LENDING COLLATERAL 1.2%** | **SECURITIES LENDING COLLATERAL 1.2%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 1.2%** |  |  |
| **Money Market Funds 1.2%** |  |  |
| T. Rowe Price Treasury Reserve Fund, 3.99% (9)(17) | 6639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6639** |
| **Total Securities Lending Collateral<br> (Cost $6,639)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6639** |
| **Total Investments in Securities<br> 104.9% of Net Assets (Cost $562,612)** |  | **$570445** |

---

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

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

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $158,863 and represents 29.2% of net assets.

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

(3) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The fund may have registration rights for certain restricted securities. Any costs related to such registration are generally borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at period-end amounts to $2,936 and represents 0.2% of net assets.

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

(5) All or a portion of the position represents an unfunded commitment; a liability to fund the commitment has been recognized. The fund's total unfunded commitments at November 30, 2025, was $216 and was valued at $216 (0.0% of net assets).

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

------

T. ROWE PRICE TOTAL RETURN ETF

------

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

(8) SEC 30-day yield

(9) Affiliated Companies

(10) Non-income producing.

(11) See Note 4. All or a portion of this security is on loan at November 30, 2025.

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

(13) Perpetual security with no stated maturity date.

(14) Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the projections in the Oversight Board's Certified Fiscal Plan.

(15) To-Be-Announced purchase commitment. Total value of such securities at period-end amounts to $24,602 and represents 4.5% of net assets.

(16) At November 30, 2025, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding obligations.

(17) Seven-day yield

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

---

| | |
|:---|:---|
| 1M TSFR | One month term SOFR (Secured overnight financing rate) |
| 3M TSFR | Three month term SOFR (Secured overnight financing rate) |
| 6M TSFR | Six month term SOFR (Secured overnight financing rate) |
| 6M PLN WIBOR | Six month PLN WIBOR (Warsaw interbank offered rate) |
| ARM | Adjustable Rate Mortgage (ARM); rate shown is effective rate at period-end. The rates for certain ARMs are not based on a published reference rate and spread but may be determined using a formula based on the rates of the underlying loans. |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLO | Collateralized Loan Obligation |
| CLP | Chilean Peso |
| CMO | Collateralized Mortgage Obligation |
| CNH | Offshore China Renminbi |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |
| ETF | Exchange-Traded Fund |
| EUR | Euro |
| FRN | Floating Rate Note |
| GBP | British Pound |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

| | |
|:---|:---|
| GO | General Obligation |
| HUF | Hungarian Forint |
| ICP | Chilean Average Chamber Index |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian New Sol |
| PHP | Philippines Peso |
| PIK | Payment-in-kind |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| SOFR | Secured overnight financing rate |
| SOFR30A | 30-day Average term SOFR (Secured Overnight Financing Rate) |
| TBA | To-Be-Announced |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | U.S. Dollar |
| VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and based on current market conditions. |
| ZAR | South African Rand |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s, except for contracts)

---

| |
|:---|
| **OPTIONS WRITTEN 0.0%** |
| **OTC Options Written 0.0%** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Contracts** | **Notional<br> Amount** | **$ Value** |
| UBS AG | iShares iBoxx $ High Yield Corporate Bond ETF, Call, 12/19/25 @ $81.00 | 169 | 1369 | &nbsp;&nbsp;&nbsp;(3) |
| UBS AG | iShares iBoxx $ High Yield Corporate Bond ETF, Put, 12/19/25 @ $79.00 | 169 | 1369 | &nbsp;&nbsp;&nbsp;(2) |
| Wells Fargo | iShares iBoxx $ High Yield Corporate Bond ETF, Call, 12/19/25 @ $80.00 | 168 | 1361 | (11) |
| Wells Fargo | iShares iBoxx $ High Yield Corporate Bond ETF, Put, 12/19/25 @ $80.00 | 168 | 1361 | &nbsp;&nbsp;&nbsp;(5) |
| Total OTC Options Written (Premiums $(19)) | Total OTC Options Written (Premiums $(19)) | Total OTC Options Written (Premiums $(19)) | Total OTC Options Written (Premiums $(19)) | (21) |
| **Total Options Written (Premiums $(19))** | **Total Options Written (Premiums $(19))** | **Total Options Written (Premiums $(19))** | **Total Options Written (Premiums $(19))** | **(21)** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

**SWAPS 1.0%** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| **BILATERAL SWAPS 0.4%** | **BILATERAL SWAPS 0.4%** | **BILATERAL SWAPS 0.4%** | **BILATERAL SWAPS 0.4%** | **BILATERAL SWAPS 0.4%** |
| **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** |
| Goldman Sachs, Protection Sold (Relevant Credit: Carvana Co., Caa1\*), Receive 5.00% Quarterly, Pay upon credit default, 12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| Goldman Sachs, Protection Sold (Relevant Credit: Markit CDX.NA.IG.S45, 5 Year Index), Receive 1.00% Quarterly, Pay upon credit default, 12/20/30 | 65925 | 2570 | 2451 | 119 |
| JP Morgan, Protection Sold (Relevant Credit: Carvana Co., Caa1\*), Receive 5.00% Quarterly, Pay upon credit default, 12/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— |
| **Total Bilateral Credit Default Swaps, Protection Sold** | **Total Bilateral Credit Default Swaps, Protection Sold** |  | **2453** | **119** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| **Total Return Swaps (0.1)%** | **Total Return Swaps (0.1)%** | **Total Return Swaps (0.1)%** | **Total Return Swaps (0.1)%** | **Total Return Swaps (0.1)%** |
| JP Morgan, Receive Underlying Reference: Apollo Debt Solutions BDC At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | 510 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;(3) | 6 |
| JP Morgan, Receive Underlying Reference: ARES Capital Corp. At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | 839 | 10 | &nbsp;&nbsp;&nbsp;1 | 9 |
| JP Morgan, Receive Underlying Reference: ARES Strategic Income Fund At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | 190 | &nbsp;&nbsp;&nbsp;1 |  | 1 |
| JP Morgan, Receive Underlying Reference: Bain Capital Specialty Finance, Inc. At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | 174 | &nbsp;&nbsp;&nbsp;3 |  | 3 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| JP Morgan, Receive Underlying Reference: Blackstone Secured Lending Fund At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;2 |  | &nbsp;&nbsp;&nbsp;2 |
| JP Morgan, Receive Underlying Reference: Blue Owl Capital Corp. At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | 1295 | 10 | &nbsp;&nbsp;(3) | 13 |
| JP Morgan, Receive Underlying Reference: Blue Owl Credit Income Corp. At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | 1293 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;5 |
| JP Morgan, Receive Underlying Reference: Carlyle Secured Lending, Inc. At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;1 |  | &nbsp;&nbsp;&nbsp;1 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| JP Morgan, Receive Underlying Reference: Goldman Sachs Private Credit Corp. At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| JP Morgan, Receive Underlying Reference: Hercules Capital, Inc. At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| JP Morgan, Receive Underlying Reference: HPS Corporate Lending Fund At Maturity, Pay Variable 4.12% (SOFR + 0.48%) At Maturity, 2/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Morgan Stanley, Pay Underlying Reference: iBoxx USD Liquid High Yield Index At Maturity, Receive Variable 4.12% (SOFR + 0.00%) Quarterly, 12/20/25 | 5550 | (360) |  | (360) |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Upfront<br> Payments/<br> $(Receipts)** | **Unrealized<br> $ Gain/(Loss)** |
| Morgan Stanley, Pay Underlying Reference: iBoxx USD Liquid Leveraged Loans Total Return Index At Maturity, Receive Variable 4.12% (SOFR + 0.00%) Quarterly, 3/20/26 | 5600 | (33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(33) |
| **Total Bilateral Total Return Swaps** | **Total Bilateral Total Return Swaps** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** | **(346)** |
| **Total Bilateral Swaps** | **Total Bilateral Swaps** |  | **2445** | **(227)** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Initial<br> $ Value** | **Unrealized<br> $ Gain/(Loss)** |
| **CENTRALLY CLEARED SWAPS 0.6%** | **CENTRALLY CLEARED SWAPS 0.6%** | **CENTRALLY CLEARED SWAPS 0.6%** | **CENTRALLY CLEARED SWAPS 0.6%** | **CENTRALLY CLEARED SWAPS 0.6%** |
| **Credit Default Swaps, Protection Bought 0.1%** | **Credit Default Swaps, Protection Bought 0.1%** | **Credit Default Swaps, Protection Bought 0.1%** | **Credit Default Swaps, Protection Bought 0.1%** | **Credit Default Swaps, Protection Bought 0.1%** |
| Protection Bought (Relevant Credit: iTraxx Europe Sub Financials S44), Pay 1.00% Quarterly, Receive upon credit default, 12/20/30 (EUR) | 46650 | (180) | &nbsp;&nbsp;&nbsp;59 | (239) |
| Protection Bought (Relevant Credit: Markit CDX.EM.HY.S44, 5 Year Index), Pay 1.00% Quarterly, Receive upon credit default, 12/20/30 | 14029 | &nbsp;&nbsp;684 | 880 | (196) |
| **Total Centrally Cleared Credit Default Swaps, Protection Bought** | **Total Centrally Cleared Credit Default Swaps, Protection Bought** | **Total Centrally Cleared Credit Default Swaps, Protection Bought** | **Total Centrally Cleared Credit Default Swaps, Protection Bought** | **(435)** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Initial<br> $ Value** | **Unrealized<br> $ Gain/(Loss)** |
| **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** | **Credit Default Swaps, Protection Sold 0.5%** |
| Protection Sold (Relevant Credit: iTraxx Europe Senior Financials S44), Receive 1.00% Quarterly, Pay upon credit default, 12/20/30 (EUR) | 70000 | 1829 | 1599 | 230 |
| Protection Sold (Relevant Credit: Markit CDX.EM.S44, 5 Year Index), Receive 1.00% Quarterly, Pay upon credit default, 12/20/30 | 16817 | &nbsp;&nbsp;&nbsp;(233) | &nbsp;&nbsp;&nbsp;(349) | 116 |
| Protection Sold (Relevant Credit: Markit CDX.NA.HY.S45, 5 Year Index), Receive 5.00% Quarterly, Pay upon credit default, 12/20/30 | 16340 | 1378 | 1166 | 212 |
| Protection Sold (Relevant Credit: Oracle Corp., Baa2\*), Receive 1.00% Quarterly, Pay upon credit default, 12/20/30 | &nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;(50) |
| Protection Sold (Relevant Credit: SES SA, Ba1\*), Receive 1.00% Quarterly, Pay upon credit default, 12/20/30 (EUR) | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;(68) | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **517** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Initial<br> $ Value** | **Unrealized<br> $ Gain/(Loss)** |
| **Interest Rate Swaps 0.1%** | **Interest Rate Swaps 0.1%** | **Interest Rate Swaps 0.1%** | **Interest Rate Swaps 0.1%** | **Interest Rate Swaps 0.1%** |
| 2 Year Interest Rate Swap, Receive Fixed 4.52% Semi-annual, Pay Variable 4.60% (ICP) Semi-annual, 10/02/27 (CLP) | 14359001 | &nbsp;&nbsp;&nbsp;&nbsp;17 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| 2 Year Interest Rate Swap, Receive Fixed 4.53% Semi-annual, Pay Variable 4.60% (ICP) Semi-annual, 10/01/27 (CLP) | 12951818 | &nbsp;&nbsp;&nbsp;&nbsp;18 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| 5 Year Interest Rate Swap, Pay Fixed 4.22% Semi-annual, Receive Variable 4.08% (6M PLN WIBOR) Semi-annual, 7/22/30 (PLN) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25723 | (104) |  | &nbsp;&nbsp;&nbsp;(104) |
| 5 Year Interest Rate Swap, Pay Fixed 4.23% Semi-annual, Receive Variable 4.08% (6M PLN WIBOR) Semi-annual, 7/21/30 (PLN) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26490 | (110) |  | &nbsp;&nbsp;&nbsp;(110) |
| **Total Centrally Cleared Interest Rate Swaps** | **Total Centrally Cleared Interest Rate Swaps** | **Total Centrally Cleared Interest Rate Swaps** | **Total Centrally Cleared Interest Rate Swaps** | &nbsp;&nbsp;&nbsp;**(179)** |
| **Total Centrally Cleared Swaps** | **Total Centrally Cleared Swaps** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(97)** |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **$248** |
| **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **$151** |

---

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

\* Credit ratings as of November 30, 2025. Ratings shown are from Moody's Investors Service and if Moody's does not rate a security, then Standard & Poor's (S&P) is used. Fitch is used for securities that are not rated by either Moody's or S&P.

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

**FORWARD CURRENCY EXCHANGE CONTRACTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Bank of America | 1/16/26 | MXN | 15620 | USD | 840 | $9 |
| Bank of America | 1/23/26 | CHF | 1932 | USD | 2440 | &nbsp;&nbsp;&nbsp;(21) |
| Bank of America | 1/16/26 | USD | 845 | MXN | 15620 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Bank of America | 2/20/26 | USD | 2735 | GBP | 2075 | &nbsp;&nbsp;&nbsp;(14) |
| Barclays Bank | 1/15/26 | TRY | 61465 | USD | 1361 | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| Barclays Bank | 12/2/25 | USD | 174 | IDR | 2895243 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Barclays Bank | 12/5/25 | COP | 1090798 | USD | 291 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Barclays Bank | 3/6/26 | USD | 287 | COP | 1090798 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Barclays Bank | 2/20/26 | USD | 2719 | GBP | 2075 | &nbsp;&nbsp;&nbsp;(30) |
| Barclays Bank | 12/2/25 | IDR | 2895243 | USD | 174 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Canadian Imperial Bank of Commerce | 1/16/26 | USD | 1876 | HUF | 635130 | &nbsp;&nbsp;&nbsp;(50) |
| CBI Geneva | 12/2/25 | USD | 21 | TWD | 653 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank | 3/12/26 | EGP | 70985 | USD | 1352 | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| Citibank | 1/16/26 | USD | 1867 | HUF | 635130 | &nbsp;&nbsp;&nbsp;(59) |
| Citibank | 12/2/25 | USD | 825 | SGD | 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Citibank | 12/2/25 | EGP | 11761 | USD | 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Citibank | 12/2/25 | TWD | 11264 | USD | 358 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Citibank | 2/3/26 | USD | 361 | TWD | 11264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Citibank | 12/2/25 | USD | 247 | EGP | 11761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Citibank | 12/2/25 | USD | 359 | TWD | 11264 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Colonial Savings & Loan | 12/2/25 | USD | 42 | TWD | 1293 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Deutsche Bank | 12/2/25 | BRL | 6885 | USD | 1224 | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| Deutsche Bank | 12/2/25 | BRL | 3442 | USD | 614 | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| Deutsche Bank | 12/2/25 | BRL | 3442 | USD | 618 | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| Deutsche Bank | 1/16/26 | USD | 935 | HUF | 318044 | &nbsp;&nbsp;&nbsp;(29) |
| Deutsche Bank | 12/2/25 | USD | 1269 | CNH | 9005 | &nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Deutsche Bank | 12/2/25 | USD | 216 | EGP | 10260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Deutsche Bank | 2/3/26 | EGP | 10260 | USD | 211 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Deutsche Bank | 12/2/25 | IDR | 4928520 | USD | 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Deutsche Bank | 2/3/26 | USD | 294 | IDR | 4928520 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Deutsche Bank | 2/3/26 | USD | 1120 | CNH | 7915 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Deutsche Bank | 12/2/25 | CNH | 7915 | USD | 1116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Deutsche Bank | 12/2/25 | EGP | 10260 | USD | 215 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Deutsche Bank | 12/2/25 | USD | 296 | IDR | 4928520 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Deutsche Bank | 12/2/25 | USD | 645 | BRL | 3442 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Deutsche Bank | 12/2/25 | USD | 645 | BRL | 3442 | $— |
| Deutsche Bank | 12/2/25 | USD | 1291 | BRL | 6885 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs | 12/2/25 | USD | 477 | THB | 15549 | &nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Goldman Sachs | 12/2/25 | USD | 432 | BRL | 2328 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Goldman Sachs | 2/3/26 | BRL | 2328 | USD | 426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Goldman Sachs | 2/20/26 | USD | 4071 | EUR | 3520 | &nbsp;&nbsp;&nbsp;(29) |
| Goldman Sachs | 12/2/25 | KRW | 764025 | USD | 519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Goldman Sachs | 2/3/26 | USD | 520 | KRW | 764025 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Goldman Sachs | 2/3/26 | INR | 24217 | USD | 270 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Goldman Sachs | 12/2/25 | USD | 272 | INR | 24217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Goldman Sachs | 12/2/25 | USD | 521 | KRW | 764025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Goldman Sachs | 12/2/25 | INR | 24217 | USD | 271 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs | 12/2/25 | BRL | 2328 | USD | 436 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| HSBC Bank | 12/2/25 | USD | 529 | MYR | 2229 | &nbsp;&nbsp;&nbsp;(10) |
| HSBC Bank | 12/2/25 | THB | 13582 | USD | 418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| HSBC Bank | 2/3/26 | USD | 420 | THB | 13582 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| HSBC Bank | 12/2/25 | USD | 367 | GBP | 278 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| HSBC Bank | 2/3/26 | GBP | 278 | USD | 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| JPMorgan Chase | 12/2/25 | MYR | 6 | USD | 1 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | USD | 3 | EGP | 153 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | MYR | 34 | USD | 8 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | EGP | 54 | USD | 1 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | USD | 2584 | BRL | 13770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| JPMorgan Chase | 12/2/25 | EUR | 602 | USD | 699 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| JPMorgan Chase | 12/2/25 | USD | 30 | EGP | 1402 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | JPY | 82165 | USD | 530 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| JPMorgan Chase | 12/2/25 | USD | 377 | MYR | 1565 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| JPMorgan Chase | 12/2/25 | CLP | 153830 | USD | 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| JPMorgan Chase | 2/3/26 | USD | 164 | CLP | 153830 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| JPMorgan Chase | 12/2/25 | PHP | 1852 | USD | 31 | $— |
| JPMorgan Chase | 2/3/26 | USD | 31 | PHP | 1852 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 2/3/26 | EGP | 467 | USD | 10 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 2/3/26 | USD | 2 | MYR | 9 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | EGP | 153 | USD | 3 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | EGP | 1402 | USD | 29 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | USD | 1 | EGP | 54 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | USD | 166 | CLP | 153830 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase | 12/2/25 | BRL | 13770 | USD | 2582 | &nbsp;&nbsp;&nbsp;— |
| Morgan Stanley | 2/20/26 | USD | 540 | EUR | 463 | &nbsp;&nbsp;&nbsp;— |
| Morgan Stanley | 2/20/26 | USD | 550 | EUR | 475 | &nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Morgan Stanley | 2/3/26 | COP | 1179537 | USD | 307 | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Morgan Stanley | 12/2/25 | USD | 310 | COP | 1179537 | &nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Morgan Stanley | 12/2/25 | COP | 1179537 | USD | 315 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| NatWest Markets PLC | 12/2/25 | SGD | 957 | USD | 734 | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Royal Bank of Canada | 1/23/26 | USD | 4049 | CHF | 3220 | &nbsp;&nbsp;&nbsp;16 |
| Royal Bank of Canada | 12/2/25 | USD | 304 | TWD | 9365 | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Royal Bank of Canada | 12/2/25 | USD | 591 | KRW | 844057 | &nbsp;&nbsp;&nbsp;17 |
| Royal Bank of Canada | 12/2/25 | INR | 27276 | USD | 310 | &nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Royal Bank of Canada | 2/6/26 | CLP | 792915 | USD | 840 | &nbsp;&nbsp;&nbsp;14 |
| Royal Bank of Canada | 3/6/26 | USD | 295 | COP | 1123086 | &nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 12/5/25 | COP | 1123085 | USD | 299 | &nbsp;&nbsp;&nbsp;— |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Royal Bank of Canada | 2/6/26 | USD | 260 | CLP | 241365 | $— |
| Royal Bank of Canada | 3/6/26 | USD | 291 | COP | 1127405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Royal Bank of Canada | 12/5/25 | COP | 1127405 | USD | 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Royal Bank of Canada | 3/6/26 | USD | 369 | COP | 1418276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Royal Bank of Canada | 12/5/25 | COP | 1418276 | USD | 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Royal Bank of Canada | 12/2/25 | KRW | 844057 | USD | 576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Royal Bank of Canada | 12/2/25 | TWD | 9365 | USD | 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 12/2/25 | USD | 305 | INR | 27276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 12/2/25 | USD | 707 | EUR | 609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 1/5/26 | EUR | 609 | USD | 708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Royal Bank of Canada | 12/5/25 | COP | 2414902 | USD | 648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| Royal Bank of Canada | 3/6/26 | USD | 640 | COP | 2414902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Royal Bank of Canada | 1/26/26 | USD | 4128 | CAD | 5750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Societe Generale SA | 12/5/25 | USD | 3960 | COP | 15527577 | &nbsp;&nbsp;&nbsp;(173) |
| Societe Generale SA | 12/2/25 | COP | 41266 | USD | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Societe Generale SA | 12/2/25 | PEN | 568 | USD | 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Societe Generale SA | 12/2/25 | COP | 1169012 | USD | 301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Societe Generale SA | 12/2/25 | USD | 169 | PEN | 568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Societe Generale SA | 12/2/25 | USD | 11 | COP | 41266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Societe Generale SA | 12/2/25 | USD | 312 | COP | 1169012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| Standard Chartered | 1/26/26 | USD | 2829 | CAD | 3940 | $1 |
| Standard Chartered | 12/2/25 | USD | 36 | PHP | 2099 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Standard Chartered | 12/2/25 | MYR | 657 | USD | 159 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Standard Chartered | 2/3/26 | USD | 749 | MYR | 3097 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Standard Chartered | 12/2/25 | MYR | 3097 | USD | 748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| State Street | 12/18/25 | ILS | 9 | USD | 3 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 1/16/26 | USD | 937 | HUF | 317611 | &nbsp;&nbsp;&nbsp;(26) |
| State Street | 1/16/26 | USD | 2082 | HUF | 709455 | &nbsp;&nbsp;&nbsp;(69) |
| State Street | 12/2/25 | USD | 3 | COP | 10230 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | PEN | 225 | USD | 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 12/2/25 | CLP | 2508 | USD | 3 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 1/16/26 | HUF | 168546 | USD | 504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| State Street | 12/2/25 | USD | 2 | JPY | 298 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/1/25 | USD | 36 | CAD | 50 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 1 | EUR | 1 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 145 | JPY | 22317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| State Street | 12/2/25 | NZD | 248 | USD | 143 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | AUD | 25 | USD | 16 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | ZAR | 2590 | USD | 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| State Street | 12/2/25 | TRY | 14947 | USD | 347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| State Street | 12/2/25 | USD | 319 | CHF | 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| State Street | 12/2/25 | HUF | 75144 | USD | 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| State Street | 12/2/25 | USD | 2 | SEK | 23 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 218 | CZK | 4585 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| State Street | 12/2/25 | GBP | 215 | USD | 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| State Street | 12/2/25 | NOK | 544 | USD | 54 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 154 | ILS | 498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 12/2/25 | USD | 40 | PLN | 146 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | MXN | 6753 | USD | 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| State Street | 12/2/25 | USD | 8 | SGD | 10 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | THB | 321 | USD | 10 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 20 | CZK | 428 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | CLP | 1694 | USD | 2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | CHF | 1 | USD | 1 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | CNH | 84 | USD | 12 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| State Street | 12/2/25 | ILS | 5 | USD | 2 | $— |
| State Street | 12/2/25 | GBP | 1 | USD | 1 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 20 | NZD | 35 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | TRY | 182 | USD | 4 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | PEN | 43 | USD | 13 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | COP | 39163 | USD | 10 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | TRY | 438 | USD | 10 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | COP | 90930 | USD | 24 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 2 | CNH | 12 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | NZD | 4 | USD | 2 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 2 | CHF | 1 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 86 | PLN | 315 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 2 | MXN | 46 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | CLP | 23251 | USD | 25 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 80 | CZK | 1683 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 16 | HUF | 5355 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 1 | THB | 33 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 2 | SGD | 3 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 2 | ZAR | 29 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/20/26 | USD | 120 | EUR | 102 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 2/20/26 | USD | 158 | EUR | 136 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 15 | NZD | 26 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | CHF | 282 | USD | 354 | &nbsp;&nbsp;&nbsp;(3) |
| State Street | 12/1/25 | CAD | 5 | USD | 4 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | CNH | 1018 | USD | 143 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 12/2/25 | USD | 39 | AUD | 60 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | GBP | 58 | USD | 76 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | CZK | 2502 | USD | 120 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | HUF | 22873 | USD | 69 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 12/2/25 | CLP | 41234 | USD | 44 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 124 | MXN | 2280 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/18/25 | USD | 3 | ILS | 9 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 102 | NOK | 1036 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 222 | ILS | 729 | &nbsp;&nbsp;&nbsp;(2) |
| State Street | 12/2/25 | USD | 96 | ZAR | 1650 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/2/25 | TRY | 710 | USD | 17 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | PLN | 856 | USD | 234 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | THB | 1679 | USD | 52 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | SEK | 2750 | USD | 290 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 12/2/25 | SGD | 121 | USD | 93 | &nbsp;&nbsp;&nbsp;— |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| State Street | 12/2/25 | USD | 40 | COP | 150604 | $— |
| State Street | 12/2/25 | USD | 28 | PEN | 95 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | PHP | 247 | USD | 4 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | AUD | 35 | USD | 23 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 23 | AUD | 35 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | NZD | 191 | USD | 107 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| State Street | 12/2/25 | USD | 107 | NZD | 191 | &nbsp;&nbsp;&nbsp;(2) |
| State Street | 12/2/25 | USD | 380 | JPY | 59550 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 2/3/26 | JPY | 59550 | USD | 383 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 2/20/26 | USD | 278 | EUR | 239 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/2/25 | USD | 33 | CHF | 27 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | CHF | 27 | USD | 33 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | HUF | 92662 | USD | 278 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| State Street | 12/2/25 | ILS | 1222 | USD | 374 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 108 | PLN | 395 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/2/25 | USD | 382 | TRY | 16277 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/2/25 | USD | 285 | SEK | 2727 | &nbsp;&nbsp;&nbsp;(4) |
| State Street | 2/3/26 | USD | 375 | ILS | 1222 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | MXN | 4427 | USD | 238 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| State Street | 12/2/25 | USD | 280 | HUF | 92662 | &nbsp;&nbsp;&nbsp;(2) |
| State Street | 2/3/26 | USD | 48 | NOK | 492 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/2/25 | NOK | 492 | USD | 48 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 2/3/26 | PLN | 395 | USD | 108 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 12/2/25 | USD | 53 | ZAR | 911 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/2/25 | CZK | 4194 | USD | 200 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 12/2/25 | USD | 239 | MXN | 4427 | &nbsp;&nbsp;&nbsp;(3) |
| State Street | 2/3/26 | ZAR | 911 | USD | 52 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| State Street | 2/3/26 | TRY | 16277 | USD | 363 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| State Street | 2/3/26 | USD | 200 | CZK | 4194 | &nbsp;&nbsp;&nbsp;(1) |
| State Street | 2/3/26 | SEK | 2727 | USD | 286 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| State Street | 2/3/26 | SEK | 33 | USD | 3 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 22 | TWD | 678 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 2 | THB | 62 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 4 | SGD | 5 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 22 | KRW | 32416 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | INR | 422 | USD | 5 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | ZAR | 20 | USD | 1 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | EUR | 8 | USD | 9 | &nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | GBP | 4 | USD | 5 | &nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 4 | CNH | 28 | &nbsp;&nbsp;&nbsp;— |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| State Street | 2/3/26 | BRL | 72 | USD | 13 | $— |
| State Street | 2/3/26 | NZD | 3 | USD | 2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | PLN | 6 | USD | 2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | ILS | 6 | USD | 2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 3 | CZK | 53 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | HUF | 1135 | USD | 3 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 2 | IDR | 30017 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | JPY | 585 | USD | 4 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | MXN | 53 | USD | 3 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | CLP | 6032 | USD | 6 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | USD | 1 | NOK | 11 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | COP | 31478 | USD | 8 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | PEN | 11 | USD | 3 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 2/3/26 | TRY | 1089 | USD | 24 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 1/2/26 | USD | 33 | CAD | 46 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 5 | BRL | 25 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | BRL | 17 | USD | 3 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 121 | IDR | 2033277 | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| State Street | 12/2/25 | USD | 35 | INR | 3113 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 57 | BRL | 303 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 7 | BRL | 37 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 1 | INR | 123 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | INR | 177 | USD | 2 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | KRW | 92510 | USD | 63 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 11 | KRW | 16539 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | KRW | 12221 | USD | 9 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| State Street | 12/2/25 | USD | 6 | KRW | 8160 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Toronto Dominion | 12/2/25 | USD | 237 | CLP | 222517 | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Toronto Dominion | 2/20/26 | USD | 5363 | EUR | 4600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Toronto Dominion | 1/26/26 | USD | 4103 | CAD | 5750 | &nbsp;&nbsp;&nbsp;(24) |
| Toronto Dominion | 12/2/25 | CLP | 222517 | USD | 240 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS | 12/5/25 | COP | 383355 | USD | 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| UBS | 12/5/25 | COP | 851900 | USD | 209 | &nbsp;&nbsp;&nbsp;&nbsp;18 |
| UBS | 12/5/25 | COP | 760321 | USD | 187 | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| UBS | 12/5/25 | COP | 1412024 | USD | 345 | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| UBS | 1/23/26 | CHF | 1288 | USD | 1625 | &nbsp;&nbsp;&nbsp;(12) |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

(Amounts in 000s)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** | **Receive** |  | **Deliver** |  | **Unrealized<br> Gain/(Loss)** |
| UBS | 3/6/26 | USD | 316 | COP | 1211998 | $(2) |
| UBS | 12/5/25 | COP | 1211998 | USD | 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| UBS | 12/5/25 | COP | 1277726 | USD | 336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| UBS | 3/6/26 | USD | 331 | COP | 1277726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| UBS | 2/20/26 | USD | 4088 | EUR | 3520 | &nbsp;&nbsp;&nbsp;&nbsp;(12) |
| UBS | 12/5/25 | COP | 1277726 | USD | 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| UBS | 3/6/26 | USD | 330 | COP | 1277726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Vickers Da Costa | 12/2/25 | TWD | 47 | USD | 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Wells Fargo | 12/2/25 | BRL | 1338 | USD | 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Wells Fargo | 12/2/25 | BRL | 1338 | USD | 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Wells Fargo | 3/6/26 | USD | 312 | COP | 1178062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Wells Fargo | 12/5/25 | COP | 1178062 | USD | 317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Wells Fargo | 12/2/25 | USD | 219 | PEN | 741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Wells Fargo | 2/3/26 | PEN | 741 | USD | 218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Wells Fargo | 12/2/25 | USD | 251 | BRL | 1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Wells Fargo | 12/2/25 | USD | 251 | BRL | 1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Wells Fargo | 12/2/25 | PEN | 741 | USD | 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **Net unrealized gain (loss) on open forward<br> currency exchange contracts** | **$(146)** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Gain (Loss)** |
| Short, 8 Euro BOBL contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1099) | $— |
| Short, 50 Euro BTP contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;(6916) | &nbsp;&nbsp;&nbsp;(158) |
| Long, 1 Euro BUXL thirty year bond contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Long, 2 Euro OAT contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Short, 19 Euro SCHATZ contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;(2374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Short, 7 Euro-Bund ten year contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;(1046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Long, 24 Mini ten year JGB contracts | 12/25 | &nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp;(22) |
| Short, 22 Government of Canada five year bond contracts | 03/26 | &nbsp;&nbsp;&nbsp;&nbsp;(1780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Short, 18 Government of Canada ten year bond contracts | 03/26 | &nbsp;&nbsp;&nbsp;&nbsp;(1563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Long, 100 U.S. Treasury Notes ten year contracts | 03/26 | &nbsp;&nbsp;&nbsp;11332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Short, 194 Ultra U.S. Treasury Bonds contracts | 03/26 | &nbsp;&nbsp;(23311) | &nbsp;&nbsp;&nbsp;(151) |
| Long, 111 Ultra U.S. Treasury Notes ten year contracts | 03/26 | &nbsp;&nbsp;&nbsp;12856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Short, 4 Long Gilt contracts | 03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| Long, 815 U.S. Treasury Notes five year contracts | 03/26 | &nbsp;&nbsp;&nbsp;89416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Long, 484 U.S. Treasury Notes two year contracts | 03/26 | 101115 | &nbsp;&nbsp;&nbsp;&nbsp;(27) |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | &nbsp;&nbsp;&nbsp;&nbsp;**222** |
| **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **$(61)** |

---

------

T. ROWE PRICE TOTAL RETURN ETF

------

#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the six months ended November 30, 2025. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Institutional Floating Rate Fund - Z Class | $(10) | $17 | $175 |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;181++ |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;—++ |
| Totals | $(10)# | $17 | $356+ |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 5/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 11/30/25** |
| T. Rowe Price Institutional Floating Rate Fund - Z Class | $5600 | 175 | 3255 | $2537 |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;&nbsp;18333 | &nbsp;&nbsp;&nbsp;&nbsp;¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $14,753^ |

---

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

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 4. |
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $356 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $14,770. |

---

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

------

T. ROWE PRICE TOTAL RETURN ETF

------

November 30, 2025 Unaudited

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

------

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value (cost $562,612) | &nbsp;&nbsp;$570445 |
| Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31279 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 |
| Bilateral swap premiums paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 |
| Unrealized gain on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
| Unrealized gain on bilateral swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| Variation margin receivable on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| Foreign currency (cost $1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;609971 |
| **Liabilities** |  |
| Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57870 |
| Obligation to return securities lending collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 |
| Unrealized loss on forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| Unrealized loss on bilateral swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
| Investment management and administrative fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 |
| Variation margin payable on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Options written (premiums $19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Bilateral swap premiums received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65919 |
| **NET ASSETS** | &nbsp;&nbsp;**$544052** |
| **Net Assets Consists of:** |  |
| Total distributable earnings (loss) | &nbsp;&nbsp;$1795 |
| Paid-in capital applicable to 13,300,000 shares of $0.0001 par value<br> capital stock outstanding; 4,000,000,000 shares of the Corporation authorized | &nbsp;&nbsp;&nbsp;&nbsp;542257 |
| **NET ASSETS** | &nbsp;&nbsp;**$544052** |
| **NET ASSET VALUE PER SHARE** | &nbsp;&nbsp;**$40.91** |

---

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

------

T. ROWE PRICE TOTAL RETURN ETF

------

Unaudited

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

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended |
|  | &nbsp;&nbsp;11/30/25 |
| **Investment Income (Loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$14534 |
| &nbsp;&nbsp;&nbsp;Dividend | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;14921 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;Investment management and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;14061 |
| **Realized and Unrealized Gain / Loss** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| &nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716 |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;(1051) |
| &nbsp;&nbsp;&nbsp;Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;Forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 |
| Change in net unrealized gain / loss |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;11843 |
| &nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(892) |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(619) |
| &nbsp;&nbsp;&nbsp;TBA Sales Commitments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
| &nbsp;&nbsp;&nbsp;Forward currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) |
| &nbsp;&nbsp;&nbsp;Other assets and liabilities denominated in foreign currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;10148 |
| Net realized and unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;13221 |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;**$27282** |

---

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

------

T. ROWE PRICE TOTAL RETURN ETF

------

Unaudited

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

------

($000s)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |
|  | &nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;5/31/25 |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$14061 | &nbsp;&nbsp;$12466 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2855) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019) |
| &nbsp;&nbsp;&nbsp;Increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8592 |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | &nbsp;&nbsp;&nbsp;&nbsp;(14801) | &nbsp;&nbsp;&nbsp;&nbsp;(12501) |
| Capital share transactions\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp;457787 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(25592) | &nbsp;&nbsp;&nbsp;&nbsp;(16963) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;(18474) | &nbsp;&nbsp;&nbsp;&nbsp;440824 |
| **Net Assets** |  |  |
| Increase (decrease) during period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5993) | &nbsp;&nbsp;&nbsp;&nbsp;436915 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;550045 | &nbsp;&nbsp;&nbsp;&nbsp;113130 |
| **End of period** | &nbsp;&nbsp;**$544052** | &nbsp;&nbsp;**$550045** |
| \*Share information (000s) |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11325 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10900 |

---

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

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T. ROWE PRICE TOTAL RETURN ETF

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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 Total Return ETF (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks to maximize total return through income and, secondarily, capital appreciation.

#### NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

#### New Accounting Guidance
In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied

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prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the fund's financial statements.

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

#### NOTE 2 – VALUATION

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

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

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

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

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

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Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

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

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

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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. Listed options, and OTC options with a listed equivalent, are valued at the mean of the closing bid and asked prices and exchange-traded options on futures contracts are valued at closing settlement prices. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers. Forward currency exchange contracts are valued using the prevailing forward exchange rate. Futures contracts are valued at closing settlement prices. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$334333 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$334333 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;107361 | &nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp;109224 |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35406 |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75756 |
| Bond Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2537 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;15059 | &nbsp;&nbsp;&nbsp;&nbsp;552007 | &nbsp;&nbsp;&nbsp;&nbsp;3379 | &nbsp;&nbsp;&nbsp;&nbsp;570445 |
| Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213 |
| Forward Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Total | &nbsp;&nbsp;$15154 | &nbsp;&nbsp;$555754 | &nbsp;&nbsp;$3379 | &nbsp;&nbsp;$574287 |
| **Liabilities** |  |  |  |  |
| Options Written | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21 |
| Swaps\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 |
| Forward Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |
| Total | &nbsp;&nbsp;$378 | &nbsp;&nbsp;$1793 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2171 |

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

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

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

#### NOTE 3 – DERIVATIVE INSTRUMENTS
During the six months ended November 30, 2025, the fund invested in derivative instruments. As defined by GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variable; it requires little or no initial investment and permits or requires net settlement or delivery of cash or other assets. The fund invests in derivatives only if the expected risks and rewards are consistent with its investment objectives, policies, and overall risk profile, as described in its prospectus and Statement of Additional Information. The fund may use derivatives for a variety of purposes and may use them to establish both long and short positions within the fund's portfolio. Potential uses include to hedge against declines in principal value, increase yield, invest in an asset with greater efficiency and at a lower cost than is possible through direct investment, to enhance return, or to adjust portfolio duration and credit exposure. The risks associated with the use of derivatives are different from, and potentially much greater than, the risks associated with investing directly in the instruments on which the derivatives are based.

The fund values its derivatives at fair value and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting, even for derivatives employed as economic hedges. Generally, the fund accounts for its derivatives on a gross basis. It does not offset the fair value of derivative liabilities against the fair value of derivative assets on its financial statements, nor does it offset the fair value of derivative instruments against the right to reclaim or obligation to return collateral. The following table summarizes the fair value of the fund's derivative instruments held as of November 30, 2025, and the related location on the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

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---

| | | |
|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Location on Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Fair Value\*** |
| **Assets** |  |  |
| Interest rate derivatives | &nbsp;&nbsp;Futures and Centrally Cleared Swaps | &nbsp;&nbsp;$130 |
| Foreign exchange derivatives | &nbsp;&nbsp;Forwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 |
| Credit derivatives | &nbsp;&nbsp;Bilateral Swaps and Premiums and Centrally Cleared Swaps | &nbsp;&nbsp;&nbsp;&nbsp;3178 |
| Total |  | &nbsp;&nbsp;$3842 |
| **Liabilities** |  |  |
| Interest rate derivatives | &nbsp;&nbsp;Futures and Centrally Cleared Swaps | &nbsp;&nbsp;$592 |
| Foreign exchange derivatives | &nbsp;&nbsp;Forwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| Credit derivatives | &nbsp;&nbsp;Bilateral Swaps, Centrally Cleared Swaps and Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
| Total |  | &nbsp;&nbsp;$2171 |

---

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

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

Additionally, the amount of gains and losses on derivative instruments recognized in fund earnings during the six months ended November 30, 2025, and the related location on the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (000s) | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** | &nbsp;&nbsp;**Location of Gain (Loss) on Statement of Operations** |
|  | &nbsp;&nbsp;**Securities^** | &nbsp;&nbsp;**Options<br> Written** | &nbsp;&nbsp;**Futures** | &nbsp;&nbsp;**Forward<br> Currency<br> Exchange<br> Contracts** | &nbsp;&nbsp;**Swaps** | &nbsp;&nbsp;**Total** |
| **Realized Gain<br> (Loss)** |  |  |  |  |  |  |
| Interest rate<br> derivatives | &nbsp;&nbsp;$(637) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3672 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1937) | &nbsp;&nbsp;$1098 |
| Foreign exchange<br> derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 |
| Equity derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) |
| Inflation derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) |
| **Total** | &nbsp;&nbsp;$(1067) | &nbsp;&nbsp;$117 | &nbsp;&nbsp;$3716 | &nbsp;&nbsp;$(36) | &nbsp;&nbsp;$(1051) | &nbsp;&nbsp;$1679 |
| **Change in<br> Unrealized Gain<br> (Loss)** |  |  |  |  |  |  |
| Interest rate<br> derivatives | &nbsp;&nbsp;$133 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(892) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$48 | &nbsp;&nbsp;$(711) |
| Foreign exchange<br> derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699) |
| Equity derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| Inflation derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| **Total** | &nbsp;&nbsp;$270 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(892) | &nbsp;&nbsp;$(189) | &nbsp;&nbsp;$(619) | &nbsp;&nbsp;$(1430) |

---

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

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<br> ^ Options purchased are reported as securities.

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

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

MNAs provide the ability to offset amounts the fund owes a counterparty against amounts the counterparty owes the fund (net settlement). Both ISDAs and FX letters generally allow termination of transactions and net settlement upon the occurrence of contractually specified events, such as failure to pay or bankruptcy. In addition, ISDAs specify other events, such as Additional Termination Events, the occurrence of which would allow one of the parties to terminate. For example, a downgrade in credit rating of a counterparty below a specified rating would allow the fund to terminate, while a decline in the fund's net assets of more than a specified percentage would allow the counterparty to terminate. Upon termination, all transactions with that counterparty would be liquidated and a net termination amount settled. ISDAs typically include collateral agreements, such as a CSA, whereas FX letters do not. Collateral requirements are determined daily based on the net aggregate unrealized gain or loss on all bilateral derivatives with a counterparty, subject to minimum transfer amounts that typically range from $100,000 to $250,000. Any additional collateral required due to changes in security values is typically transferred the next business day.

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Collateral may be in the form of cash, debt securities issued by the U.S. government or related agencies, or equity securities, although other securities may be used depending on the terms outlined in the applicable MNA. Cash posted by the fund is reflected as cash deposits in the accompanying financial statements and generally is restricted from withdrawal by the fund; securities posted by the fund are so noted in the accompanying Portfolio of Investments; both remain in the fund's assets. Collateral pledged by counterparties is not included in the fund's assets because the fund does not obtain effective control over those assets. For bilateral derivatives, collateral posted or received by the fund is held in a segregated account at the fund's custodian. While typically not sold in the same manner as equity or fixed income securities, exchange-traded or centrally cleared derivatives may be closed out only on the exchange or clearinghouse where the contracts were cleared, and OTC and bilateral derivatives may be unwound with counterparties or transactions assigned to other counterparties to allow the fund to exit the transaction. This ability is subject to the liquidity of underlying positions. As of November 30, 2025, securities valued at $270,000 had been pledged or posted by the fund to counterparties for bilateral derivatives. As of November 30, 2025, collateral pledged by counterparties to the fund for bilateral derivatives consisted of $2,520,000 cash and securities valued at $62,000. As of November 30, 2025, securities valued at $7,086,000 had been posted by the fund for exchange-traded and/or centrally cleared derivatives.

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

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meet the terms of the agreements; that anticipated currency movements will not occur, thereby reducing the fund's total return; and the potential for losses in excess of the fund's initial investment. During the six months ended November 30, 2025, the volume of the fund's activity in forwards, based on underlying notional amounts, was generally between 16% and 23% of net assets.

#### Futures Contracts
The fund is subject to interest rate risk and equity price risk in the normal course of pursuing its investment objectives and uses futures contracts to help manage such risks. The fund may enter into futures contracts to manage exposure to interest rate and yield curve movements, security prices, foreign currencies, and mortgage prepayments; as an efficient means of adjusting exposure to all or part of a target market; as a cash management tool; or to adjust portfolio duration. A futures contract provides for the future sale by one party and purchase by another of a specified amount of a specific underlying financial instrument at an agreed-upon price, date, time, and place. The fund currently invests only in exchange-traded futures, which generally are standardized as to maturity date, underlying financial instrument, and other contract terms. Payments are made or received by the fund each day to settle daily fluctuations in the value of the contract (variation margin), which reflect changes in the value of the underlying financial instrument. Variation margin is recorded as unrealized gain or loss until the contract is closed. The value of a futures contract included in net assets is the amount of unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded on the accompanying Statement of Operations. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates, and potential losses in excess of the fund's initial investment. During the six months ended November 30, 2025, the volume of the fund's activity in futures, based on underlying notional amounts, was generally between 31% and 48% of net assets.

#### Options
The fund is subject to interest rate risk, credit risk and equity price risk in the normal course of pursuing its investment objectives and uses options to help manage such risks. The fund may use options to manage exposure to security prices, interest rates, foreign currencies, and credit quality; as an efficient means of adjusting exposure to all or a part of a target market; to enhance income; as a cash management tool; or to adjust credit exposure. The fund may buy or sell options that can be settled either directly with the counterparty (OTC options) or

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through a central clearinghouse (exchange-traded options). Options are included in net assets at fair value, options purchased are included in Investments in Securities, and options written are separately reflected as a liability on the accompanying Statement of Assets and Liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses on the accompanying Statement of Operations; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as realized gain or loss on the accompanying Statement of Operations. In return for a premium paid, call and put options on futures give the holder the right, but not the obligation, to purchase or sell, respectively, a position in a particular futures contract at a specified exercise price. In return for a premium paid, call and put index options give the holder the right, but not the obligation, to receive cash equal to the difference between the value of the reference index on the exercise date and the exercise price of the option. In return for a premium paid, options on swaps give the holder the right, but not the obligation, to enter a specified swap contract on predefined terms. The exercise price of an option on a credit default swap is stated in terms of a specified spread that represents the cost of credit protection on the reference asset, including both the upfront premium to open the position and future periodic payments. The exercise price of an interest rate swap is stated in terms of a fixed interest rate; generally, there is no upfront payment to open the position. Risks related to the use of options include possible illiquidity of the options markets; trading restrictions imposed by an exchange or counterparty; possible failure of counterparties to meet the terms of the agreements; movements in the underlying asset values, interest rates and credit ratings; and, for options written, the potential for losses to exceed any premium received by the fund. During the six months ended November 30, 2025, the volume of the fund's activity in options, based on underlying notional amounts, was generally between 1% and 69% of net assets.

#### Swaps
The fund is subject to interest rate risk, credit risk and inflation risk in the normal course of pursuing its investment objectives and uses swap contracts to help manage such risks. The fund may use swaps in an effort to manage both long and short exposure to changes in interest rates, inflation rates, and credit quality; to adjust overall exposure to certain markets; to enhance total return or protect the value of portfolio securities; to serve as a cash management tool; or to adjust portfolio duration and credit exposure. Swap agreements can be settled either directly with the counterparty (bilateral swap) or through a central clearinghouse (centrally cleared swap). Fluctuations in the fair value of a contract are reflected in unrealized gain or loss and are reclassified to realized gain or loss on the

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accompanying Statement of Operations upon contract termination or cash settlement. Net periodic receipts or payments required by a contract increase or decrease, respectively, the value of the contract until the contractual payment date, at which time such amounts are reclassified from unrealized to realized gain or loss on the accompanying Statement of Operations. For bilateral swaps, cash payments are made or received by the fund on a periodic basis in accordance with contract terms; unrealized gain on contracts and premiums paid are reflected as assets and unrealized loss on contracts and premiums received are reflected as liabilities on the accompanying Statement of Assets and Liabilities. For bilateral swaps, premiums paid or received are amortized over the life of the swap and are recognized as realized gain or loss on the accompanying Statement of Operations. For centrally cleared swaps, payments are made or received by the fund each day to settle the daily fluctuation in the value of the contract (variation margin). Accordingly, the value of a centrally cleared swap included in net assets is the unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities.

Interest rate swaps are agreements to exchange cash flows based on the difference between specified interest rates applied to a notional principal amount for a specified period of time. Risks related to the use of interest rate swaps include the potential for unanticipated movements in interest or currency rates, the possible failure of a counterparty to perform in accordance with the terms of the swap agreements, potential government regulation that could adversely affect the fund's swap investments, and potential losses in excess of the fund's initial investment.

Credit default swaps are agreements where one party (the protection buyer) agrees to make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as certain defaults and bankruptcies related to an underlying credit instrument, or issuer or index of such instruments. Upon occurrence of a specified credit event, the protection seller is required to pay the buyer the difference between the notional amount of the swap and the value of the underlying credit, either in the form of a net cash settlement or by paying the gross notional amount and accepting delivery of the relevant underlying credit. For credit default swaps where the underlying credit is an index, a specified credit event may affect all or individual underlying securities included in the index and will be settled based upon the relative weighting of the affected underlying security(ies) within the index. Generally, the payment risk for the seller of protection is inversely related to the current market price or credit rating of the underlying credit or the market value of the contract relative to the

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notional amount, which are indicators of the markets' valuation of credit quality. As of November 30, 2025, the notional amount of protection sold by the fund totaled $184,622,000 (33.9% of net assets), which reflects the maximum potential amount the fund could be required to pay under such contracts. Risks related to the use of credit default swaps include the possible inability of the fund to accurately assess the current and future creditworthiness of underlying issuers, the possible failure of a counterparty to perform in accordance with the terms of the swap agreements, potential government regulation that could adversely affect the fund's swap investments, and potential losses in excess of the fund's initial investment.

Zero-coupon inflation swaps are agreements to exchange cash flows, on the contract's maturity date, based on the difference between a predetermined fixed rate and the cumulative change in the consumer price index, both applied to a notional principal amount for a specified period of time. Risks related to the use of zero-coupon inflation swaps include the potential for unanticipated movements in inflation rates, the possible failure of a counterparty to perform in accordance with the terms of the swap agreements, potential government regulation that could adversely affect the fund's swap investments, and potential losses in excess of the fund's initial investment.

Total return swaps are agreements in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset (reference asset), such as an index, equity security, fixed income security or commodity-based exchange-traded fund, which includes both the income it generates and any change in its value. Risks related to the use of total return swaps include the potential for unfavorable changes in the reference asset, the possible failure of a counterparty to perform in accordance with the terms of the swap agreements, potential government regulation that could adversely affect the fund's swap investments, and potential losses in excess of the fund's initial investment.

During the six months ended November 30, 2025, the volume of the fund's activity in swaps, based on underlying notional amounts, was generally between 47% and 66% of net assets.

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

#### 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 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.

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

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

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

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

#### TBA Purchase, Sale Commitments and Forward Settling Mortgage Obligations
The fund enters into to-be-announced (TBA) purchase or sale commitments (collectively, TBA transactions), pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or delivered by the fund are not identified at the trade date; however, the securities must meet specified terms, including rate and mortgage term, and be within industry-accepted "good delivery" standards. The fund may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities.

To mitigate counterparty risk, the fund has entered into Master Securities Forward Transaction Agreements (MSFTA) with counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are

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determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments and other forward settling mortgage obligations with a particular counterparty (collectively, MSFTA Transactions). At any time, the fund's risk of loss from a particular counterparty related to its MSFTA Transactions is the aggregate unrealized gain on appreciated MSFTA Transactions in excess of unrealized loss on depreciated MSFTA Transactions and collateral received, if any, from such counterparty. As of November 30, 2025, securities valued at $60,000 had been posted by the fund to counterparties for MSFTA Transactions.

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

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

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

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

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

#### Securities Lending
The fund may lend its securities to approved borrowers to earn additional income. Its securities lending activities are administered by a lending agent in accordance with a securities lending agreement. Security loans generally do not have stated maturity dates, and the fund may recall a security at any time. The fund receives collateral in the form of cash or U.S. government securities. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities; any additional collateral required due to changes in security values is delivered to the fund the next business day. Cash collateral is invested in accordance with investment guidelines approved by fund management. Additionally, the lending agent indemnifies the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities, collateral investments decline in value, and the lending agent fails to perform. Securities lending revenue consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower, compensation to the lending agent, and other administrative costs. In accordance with GAAP, investments made with cash collateral are reflected in the accompanying financial statements, but collateral received in the form of securities is not. At November 30, 2025, the value of loaned securities was $7,579,000; the aggregate value of collateral was $7,730,000 and consisted of cash collateral and related investments of $6,639,000 and U.S. government securities of $1,091,000.

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#### Other
Purchases and sales of portfolio securities excluding in-kind transactions and short-term and U.S. government securities aggregated $121,365,000 and $97,021,000, respectively, for the six months ended November 30, 2025. Purchases and sales of U.S. government securities, excluding in-kind transactions and short-term securities, aggregated $325,091,000 and $344,640,000, respectively, for the six months ended November 30, 2025.

#### NOTE 5 – FEDERAL INCOME TAXES
Generally, no provision for federal income taxes is required since the fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. Distributions determined in accordance with federal income tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

The fund intends to retain realized gains to the extent of available capital loss carryforwards. Net realized capital losses may be carried forward indefinitely to offset future realized capital gains. As of May 31, 2025, the fund had $6,033,000 of available capital loss carryforwards.

At November 30, 2025, the cost of investments (including derivatives, if any) for federal income tax purposes was $568,546,000. Net unrealized gain aggregated $6,885,000 at period-end, of which $11,708,000 related to appreciated investments and $4,823,000 related to depreciated investments.

#### NOTE 6 – RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). The investment management and administrative agreement between the fund and Price Associates provides for an annual all-inclusive fee equal to 0.31% of the fund's average daily net assets. The fee is computed daily and paid monthly. The

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all-inclusive fee covers investment management services and ordinary, recurring operating expenses, but does not cover interest and borrowing expenses; taxes; brokerage commissions and other transaction costs; fund proxy expenses; and nonrecurring and extraordinary expenses.

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

Mutual funds, trusts, and other accounts managed by Price Associates or its affiliates (collectively, Price Funds and accounts) may invest in the fund. No Price Fund or account may invest for the purpose of exercising management or control over the fund. At November 30, 2025, approximately 79% of the fund's outstanding shares were held by Price Funds and accounts.

The fund may invest its cash reserves in certain open-end management investment companies managed by Price Associates and considered affiliates of the fund: the T. Rowe Price Government Reserve Fund or the T. Rowe Price Treasury Reserve Fund, organized as money market funds (together, the Price Reserve Funds). The Price Reserve Funds are offered as short-term investment options to mutual funds, trusts, and other accounts managed by Price Associates or its affiliates and are not available for direct purchase by members of the public. Effective November 12, 2025, cash collateral from securities lending, if any, is invested in the T. Rowe Price Treasury Reserve Fund. Prior to November 12, 2025, cash collateral from securities lending, if any, was invested in the T. Rowe Price Government Reserve Fund. The Price Reserve Funds pay no investment management fees.

The fund may also invest in certain other T. Rowe Price funds (Price Funds) as a means of gaining efficient and cost-effective exposure to certain markets. The fund does not invest for the purpose of exercising management or control; however, investments by the fund may represent a significant portion of an underlying Price Fund's net assets. Each underlying Price Fund is an open-end management investment company managed by Price Associates and is considered an affiliate of the fund. To ensure that the fund does not incur duplicate management fees (paid by the underlying Price Fund(s) and the fund), Price Associates has agreed to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset that portion of management fees paid by each underlying Price Fund related to the fund's investment therein. Annual

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management fee rates and amounts waived related to investments in the underlying Price Fund(s) for the six months ended November 30, 2025, are as follows:

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| | | |
|:---|:---|:---|
| (000s) | &nbsp;&nbsp;**Effective<br> Management<br> Fee Rate** | &nbsp;&nbsp;**Management<br> Fee Waived** |
| T. Rowe Price Institutional Floating Rate Fund - Z Class | &nbsp;&nbsp;0.55% | &nbsp;&nbsp;$— |

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As of November 30, 2025, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 1,841,110 shares of the fund, representing 14% of the fund's net assets.

The fund may participate in securities purchase and sale transactions with other funds or accounts advised by Price Associates (cross trades), in accordance with procedures adopted by the fund's Board and Securities and Exchange Commission rules, which require, among other things, that such purchase and sale cross trades be effected at the independent current market price of the security. During the six months ended November 30, 2025, the fund had no purchases or sales cross trades with other funds or accounts advised by Price Associates.

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

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

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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.

#### 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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![](g93974img9ab069611.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.

ETF988-051 01/26

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

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

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

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#### 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.

(2) Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

(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.](d93974dex99cert.htm)

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

(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.](d93974dex99906ce.htm)

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

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

---

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 | January 16, 2026 |

---

---

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

---

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Total Return
ETF;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: January 16, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Total Return
ETF;

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Item 19. (b)** 

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

Name of Issuer: T. Rowe Price Total Return ETF

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

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

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

---

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

---