# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001193125-23-045915
**Filing Date:** 2023-2
**Character Count:** 127181
**Document Hash:** c66b246eaae9ffe8c42678b1e521bae6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-045915.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-045915

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Exchange-Traded Funds, Inc.
- **CENTRAL INDEX KEY:** 0001795351
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 23657389

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

## Series and Classes Contracts Data

### T. Rowe Price Blue Chip Growth ETF (Series ID: S000067974)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000217970 | T. Rowe Price Blue Chip Growth ETF | TCHP            |

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.

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(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

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(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

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(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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**Item 1. Reports to Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Report pursuant to Rule 30e-1** 

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![](g429857img39061da91.gif)

![](g429857imgf2c53e0e2.gif)

#### ANNUAL REPORT
December 31, 2022

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp;TCHP | &nbsp;&nbsp;&nbsp;&nbsp;Blue Chip Growth ETF |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more insights from T. Rowe Price investment professionals, go to **troweprice.com**. |

---

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#### INVEST WITH CONFIDENCE<sup>®</sup>

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### HIGHLIGHTS
■ The Blue Chip Growth ETF
generated a negative absolute return in the 12-month period ended December 31, 2022. The fund underperformed its benchmark, the S&P 500 Index, and also lagged the style-specific Russell 1000 Growth Index. The fund also trailed its peer group,
the Lipper Large-Cap Growth Funds Index.

■ Major U.S. stock indexes fell
sharply in 2022, the worst year for equities since the 2008 global financial crisis. Investors moved out of riskier assets in response to deteriorating macroeconomic conditions and the Federal Reserve's attempt to fight elevated inflation
through short-term interest rate increases, driving equities downward with a high degree of correlation.

■ The fund's top sector
allocations are in information technology, health care, and consumer discretionary.

■ Despite
significant macroeconomic headwinds and expectations of further volatility in the coming year, we continue to stay true to our growth targets. Given the growth rallies that have followed positive incremental news around inflation early in the third
quarter and again in November, there is reason to believe that once inflation begins to moderate in a sustained manner, many of our high-conviction holdings could experience a hard rebound.

Go Paperless

Sign up for e-delivery of your statements, confirmations, and prospectuses or shareholder reports.

![](g429857img27e9e2133.jpg)

If you invest directly with T. Rowe Price, go to **troweprice.com/paperless**.

If you invest through an investment advisor, a bank, or a brokerage firm, please contact that organization and ask if it can provide electronic documentation.

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&nbsp;&nbsp;&nbsp;&nbsp;Log in to your account at **troweprice.com** for more information.

\*Certain mutual fund accounts that are assessed an annual account service fee can also save money by switching to e-delivery.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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Market Commentary

Dear Shareholder

Nearly all major global stock and bond indexes fell sharply in 2022, as investors contended with persistently high inflation, tightening financial conditions, and slowing economic and corporate earnings growth.

Double-digit losses were common in equity markets around the world, and bond investors also faced a historically tough environment amid a sharp rise in interest rates. Value shares declined but outperformed growth stocks by a considerable margin as equity investors turned risk averse and as rising rates put downward pressure on growth stock valuations. Emerging markets stocks generally underperformed shares in developed markets. Meanwhile, the U.S. dollar strengthened versus most currencies during the period, which weighed on returns for U.S. investors in international securities.

Within the S& P 500 Index, energy was a rare bright spot, gaining more than 60% as oil prices jumped in response to Russia's invasion of Ukraine and concerns over commodity supply shortages. Defensive shares, such as utilities, consumer staples, and health care, held up relatively well and finished the year with roughly flat returns. Conversely, communication services, consumer discretionary, and information technology shares suffered the largest declines.

Elevated inflation remained a leading concern for investors throughout the period, although there were signs that price increases were moderating by year-end. November's consumer price index data showed headline inflation rising 7.1% on a 12-month basis, the lowest level since December 2021 but still well above the Federal Reserve's 2% long-term target.

In response to the high inflation readings, global central banks tightened monetary policy, and investors focused on communications from central bank officials on how high rates would have to go. The Fed, which at the end of 2021 had forecast that it would only need to raise interest rates 0.75 percentage point in all of 2022, raised its short-term lending benchmark from near zero in March to a target range of 4.25% to 4.50% by December and indicated that additional hikes are likely.

Bond yields increased considerably across the U.S. Treasury yield curve as the Fed tightened monetary policy, with the yield on the benchmark 10-year U.S. Treasury note climbing from 1.52% at the start of the period to 3.88% at the end of the year. Significant inversions in the yield curve, which are often considered a warning sign of a coming recession, occurred during the period as shorter-maturity Treasuries experienced the largest yield increases. The sharp

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increase in yields led to historically weak results across the fixed income market, with the Bloomberg U.S. Aggregate Bond Index delivering its worst year on record. (Bond prices and yields move in opposite directions.)

As the period came to an end, the economic backdrop appeared mixed. Although manufacturing gauges have drifted toward contraction levels, the U.S. jobs market remained resilient, and corporate and household balance sheets appeared strong. Meanwhile, the housing market has weakened amid rising mortgage rates.

The past year has been a trying time for investors as few sectors remained untouched by the broad headwinds that markets faced, and volatility may continue in the near term as central banks tighten policy amid slowing economic growth. However, in our view, there continue to be opportunities for selective investors focused on fundamentals. Valuations in most global equity markets have improved markedly, although U.S. equities still appear relatively expensive by historical standards, while bond yields have reached some of the most attractive levels since the 2008 global financial crisis.

We believe this environment makes skilled active management a critical tool for identifying risks and opportunities, and our investment teams will continue to use fundamental research to identify securities that can add value to your portfolio over the long term.

Thank you for your continued confidence in T. Rowe Price.

Sincerely,

![](g429857imgcf6fbb184.jpg)

Robert Sharps

*CEO and President*

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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Management's Discussion of Fund Performance

#### INVESTMENT OBJECTIVE
The fund seeks to provide long-term capital growth. Income is a secondary objective.

#### FUND COMMENTARY

#### How did the fund perform in the past 12 months?
The Blue Chip Growth ETF returned -37.88% (based on net asset value) and -37.82% (at market price) in the 12-month period ended December 31, 2022. The fund underperformed its benchmark, the S&P 500 Index, and also lagged the style-specific Russell 1000 Growth Index. The fund also trailed its peer group, the Lipper Large-Cap Growth Funds Index. (*Past performance cannot guarantee future results*.)

#### What factors influenced the fund's performance?
Major U.S. stock indexes fell sharply in 2022, the worst year for equities since the

#### PERFORMANCE COMPARISON

---

| | | |
|:---|:---|:---|
|  | Total Return | Total Return |
| Periods Ended 12/31/22 | 6 Months | 12 months |
| Blue Chip Growth ETF (Based on Net Asset Value) | -6.32% | -37.88% |
| Blue Chip Growth ETF (At Market Price)\* | -6.14 | -37.82 |
| S&P 500 Index | &nbsp;&nbsp;2.31 | -18.11 |
| Lipper Large-Cap Growth Funds Index | -1.59 | -32.03 |
| Russell 1000 Growth Index | -1.48 | -29.14 |

---

\*Market returns are based on the midpoint of the bid/ask spread at market close (typically, 4 p.m. ET) and do not represent returns an investor would have received if shares were traded at other times.<br>

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2008 global financial crisis. Investors moved out of riskier assets in response to deteriorating macroeconomic conditions and the Federal Reserve's attempt to fight elevated inflation through short-term interest rate increases, driving equities downward with a high degree of correlation. Several of our high-conviction ideas finished the year significantly lower, particularly names in digital advertising, where the degree of cyclicality was greater than initially thought, as evidenced by deteriorating demand in response to worsening economic conditions. However, there were select bright spots in the portfolio as some of our holdings weathered the market downturn admirably.

Communication services detracted the most from relative performance as a one-two punch in the form of Apple iOS privacy changes and a macro-related decrease in advertising spending weighed on select digital advertising platforms. These twin developments sent shares of Meta Platforms lower, as did the company's announcement of a material step-up in investment around its metaverse initiative, which was seemingly the opposite of what investors hoped to hear regarding cost discipline. Shares of Snap Inc. also suffered as a result of slowing demand for its online ad platform and signal loss from privacy policy changes. Additionally, increasing competitive pressures in the short-form video space began to erode the company's engagement metrics, weighing further on the stock. (Please refer to our portfolio of investments for a complete list of holdings and the amount each represents in the portfolio.)

The information technology (IT) sector was also a source of weakness for the portfolio as inflation fears and rising rates led businesses to rein in spending. Shares of Atlassian fell after the company announced disappointing quarterly earnings in November; investors reacted negatively to its slower-than-expected seat expansions as well as company management's reduction in cloud growth guidance for 2023. ServiceNow was also pressured by enterprises applying additional scrutiny to IT budgets, elongating the company's sales cycle and pushing deals out into future quarters.

Consumer discretionary also hurt returns as deteriorating consumer demand exerted an outsized effect on the sector. Shares of Amazon.com, one of our largest holdings, traded lower in response to deceleration within both its e-commerce and Amazon Web Services (AWS) segments as consumer confidence and enterprise cloud spending softened due to macro concerns. The company also disappointed in terms of cost-control efforts that fell short of targets, with its bloated logistics footprint continuing to weigh on profitability. The automobiles industry was a further source of pain in the sector. Shares of Carvana fell amid a challenging backdrop that included supply constraints, affordability concerns for consumers given rising used car prices and higher financing rates, and concerns around the company's liquidity runway. Electric

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vehicle (EV) manufacturer Tesla also came under significant pressure as weakening consumer spending weighed on near-term demand for EVs. On the positive side, our overweight position in Ross Stores contributed as the off-price retailer appeared to receive support from heightened expectations of an economic downturn and projections that it may benefit from changing consumer behavior.

Several of our best ideas in 2022 were in the health care sector. An overweight exposure to Eli Lilly added value as the pharmaceutical giant benefited from increased optimism around its treatments for obesity and Alzheimer's, both of which have significant commercial opportunities. Managed care was a source of strength during the year as investors rotated into the space, thanks to its defensive characteristics and solid fundamentals. One of our largest positions, UnitedHealth Group, finished the year higher. Investors rewarded the firm for significant improvements in health care utilization trends and robust growth in its Optum segment.

#### How is the fund positioned?
Communication services was a large source of selling activity during the year, particularly in the digital advertising space. We sold shares of Alphabet in order to manage position size amid reduced near-term risk/reward trade-off. The core Google Search business continues to benefit from "safest port in the storm" appeal, demonstrating impressive resilience amid the broad macro-related digital advertising slowdown; however, that resilience was overshadowed by a lack of urgency with respect to establishing adequate cost controls needed to preserve near-term earnings power. We also curtailed our position in Meta Platforms due to near-term weakness in advertising demand and concerns regarding capital allocation. Meta remains one of two leading platforms that we expect to benefit from a multi-decade transition from offline to online advertising and in our view offers investors a rare combination of scale, growth, and profitability at an attractive valuation with multiple catalysts that include a collection of under-monetized surfaces and social commerce initiatives.

Consumer discretionary remains one of our largest sector allocations; however, we were net sellers in the sector during the year. We scaled back our position in Amazon.com amid worsening macroeconomic conditions and weakening e-commerce trends, as well as rising cost-control concerns. Despite disappointing recent results, we believe the long-term growth runways for both its e-commerce and AWS businesses are still very much intact, while the advertising business remains exceptionally well positioned in an otherwise shaky digital marketing landscape, thanks to its closed loop system.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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Conversely, we found buying opportunities in the financials sector, particularly the insurance industry, which we believe should provide some defensive characteristics and grow earnings despite broader economic headwinds. We added shares of Chubb and Marsh & McLennan. We expect both to provide strong, double-digit earnings growth in the coming years, with the former benefiting from a rising property and casualty insurance pricing cycle and rising interest rates that boost investment income, while the latter benefits from a consolidated industry structure, highly recurring revenues, and predictable costs.

The portfolio's second-largest sector weight is health care, where we continue to emphasize select managed care names positioned to benefit from industry consolidation and the increasing focus on providing cost-effective solutions. During the year, we added to our stake in UnitedHealth Group; we believe the managed care giant's ability to provide steady growth is underappreciated by the

#### SECTOR DIVERSIFICATION

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| | | |
|:---|:---|:---|
|  | Percent of Net Assets | Percent of Net Assets |
|  | 6/30/22 | 12/31/22 |
| Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;43.8% | &nbsp;&nbsp;&nbsp;&nbsp;46.7% |
| Health Care | &nbsp;&nbsp;&nbsp;&nbsp;13.5 | &nbsp;&nbsp;&nbsp;&nbsp;16.9 |
| Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;19.3 | &nbsp;&nbsp;&nbsp;&nbsp;14.7 |
| Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;17.4 | &nbsp;&nbsp;&nbsp;&nbsp;12.6 |
| Financials | &nbsp;&nbsp;&nbsp;&nbsp;3.3 | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Industrials and Business Services | &nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Energy | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.0 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
| Other and Reserves | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| **Total** | **100.0%** | **100.0%** |

---

Historical weightings reflect current industry/sector classifications.<br>

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market. We view the company as well positioned, thanks to its leadership in the fast-growing Medicare Advantage market, as well as its Optum business, which captures a larger share of health care spending by providing services like value-based care delivery, analytics, and prescriptions in a cost-effective manner that results in better outcomes for patients. Additionally, we initiated a position in Elevance Health, a diversified U.S. managed care company that operates Blue Cross Blue Shield insurance plans across multiple states and has a sizable and growing business from Medicaid and Medicare Advantage plans. We think Elevance offers an attractive mix of company-specific growth drivers while operating in a structurally growing industry, all at a compelling valuation when considering the company's room for improving returns and long runway for growth.

#### What is portfolio management's outlook?
Signs of cooling inflation are a welcomed sight, but labor markets remain tight, likely forcing the Fed to maintain a "higher for longer" posture. We expect continued volatility in 2023 as the effects of Fed actions take hold and they assess their course of action; however, with many of our companies already having taken their medicine in the form of earnings revisions, and an eventual unwinding of economic tightening to come, the worst is likely behind us with better days ahead for growth stocks.

The views expressed reflect the opinions of T. Rowe Price as of the date of this report and are subject to change based on changes in market, economic, or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### RISKS OF INVESTING IN THE FUND

#### RISKS OF STOCK INVESTING
The fund's share price can fall because of weakness in the stock markets, a particular industry, or specific holdings. Stock markets can decline for many reasons, including adverse political or economic developments, changes in investor psychology, or heavy institutional selling. The prospects for an industry or company may deteriorate because of a variety of factors, including disappointing earnings or changes in the competitive environment. In addition, the investment manager's assessment of companies held in a fund may prove incorrect, resulting in losses or poor performance even in rising markets.

#### RISKS OF GROWTH INVESTING
Growth stocks can be volatile for several reasons. Since these companies usually invest a high portion of earnings in their businesses, they may lack the dividends of value stocks that can cushion stock prices in a falling market. Also, earnings disappointments often lead to sharply falling prices because investors buy growth stocks in anticipation of superior earnings growth.

#### BENCHMARK INFORMATION
Note: Portions of the mutual fund information contained in this report was supplied by Lipper, a Refinitiv Company, subject to the following: Copyright 2023© Refinitiv. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Note: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. Russell<sup>®</sup> is a trademark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. The LSE Group is not responsible for the formatting or configuration of this material or for any inaccuracy in T. Rowe Price's presentation thereof.

Note: The S& P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI") and has been licensed for use by T. Rowe Price. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); T. Rowe Price is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### PORTFOLIO HIGHLIGHTS

#### TWENTY-FIVE LARGEST ISSUERS

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| | |
|:---|:---|
|  | Percent of<br> Net Assets |
|  | 12/31/22 |
| Microsoft | &nbsp;&nbsp;13.4% |
| Apple | &nbsp;&nbsp;&nbsp;9.9 |
| Alphabet | &nbsp;&nbsp;&nbsp;7.9 |
| Amazon.com | &nbsp;&nbsp;&nbsp;6.9 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;5.2 |
| Visa | &nbsp;&nbsp;&nbsp;3.9 |
| MasterCard | &nbsp;&nbsp;&nbsp;3.2 |
| NVIDIA | &nbsp;&nbsp;&nbsp;2.8 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;2.5 |
| ServiceNow | &nbsp;&nbsp;&nbsp;2.4 |
| Intuitive Surgical | &nbsp;&nbsp;&nbsp;1.9 |
| Intuit | &nbsp;&nbsp;&nbsp;1.8 |
| Meta Platforms | &nbsp;&nbsp;&nbsp;1.8 |
| Danaher | &nbsp;&nbsp;&nbsp;1.7 |
| ASML Holding | &nbsp;&nbsp;&nbsp;1.5 |
| Ross Stores | &nbsp;&nbsp;&nbsp;1.4 |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;1.3 |
| Synopsys | &nbsp;&nbsp;&nbsp;1.3 |
| Tesla | &nbsp;&nbsp;&nbsp;1.2 |
| Dollar General | &nbsp;&nbsp;&nbsp;1.2 |
| Chubb | &nbsp;&nbsp;&nbsp;1.2 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;1.2 |
| Humana | &nbsp;&nbsp;&nbsp;1.1 |
| Netflix | &nbsp;&nbsp;&nbsp;1.1 |
| T-Mobile US | &nbsp;&nbsp;&nbsp;1.1 |
| **Total** | **78.9%** |

---

Note: The information shown does not reflect any exchange-traded funds (ETFs), cash reserves, or collateral for securities lending that may be held in the portfolio.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### GROWTH OF $10,000
This chart shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The result is compared with benchmarks, which include a broad-based market index and may also include a peer group average or index. Market indexes do not include expenses, which are deducted from fund returns as well as mutual fund averages and indexes.

#### <sup>Blue Chip Growth ETF</sup>
![](g429857img912c5cc45.jpg)

Note: See the Average Annual Compound Total Return table.

\*Since 8/31/20.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### AVERAGE ANNUAL COMPOUND TOTAL RETURN

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| | | |
|:---|:---|:---|
| Periods Ended 12/31/22 | One Year | &nbsp;&nbsp;Since <br> Inception<br> 8/4/20 |
| Blue Chip Growth ETF (Based on Net Asset Value) | -37.88% | &nbsp;&nbsp;-7.72% |
| Blue Chip Growth ETF (At Market Price) | -37.82 | &nbsp;&nbsp;-7.68 |

---

*The fund's performance information represents only past performance and is not necessarily an indication of future results. Current performance may be lower or higher than the performance data cited. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Market returns are based on the midpoint of the bid/ask spread at market close (typically, 4 p.m. ET) and do not represent returns an investor would have received if shares were traded at other times. For the most recent month-end performance, please visit our website (troweprice.com).*

This table shows how the fund would have performed each year if its actual (or cumulative) returns had been earned at a constant rate. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares. When assessing performance, investors should consider both short- and long-term returns.

#### PREMIUM/DISCOUNT INFORMATION
The frequency at which the daily market prices were at a discount or premium to the fund's net asset value is available on the fund's website (troweprice.com).

#### EXPENSE RATIO

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| | |
|:---|:---|
| Blue Chip Growth ETF | *0.57%* |

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The expense ratio shown is as of the fund's most recent prospectus. This number may vary from the expense ratio shown elsewhere in this report because it is based on a different time period and, if applicable, includes acquired fund fees and expenses but does not include fee or expense waivers.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### FUND EXPENSE EXAMPLE
As a shareholder, you may incur two types of costs: (1) transaction costs, such as brokerage commissions on purchases and sales, and (2) ongoing costs, including management fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in the fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period.

#### Actual Expenses
The first line of the following table (Actual) provides information about actual account values and expenses based on the fund's actual returns. You may use the information on this line, together with your account balance, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number on the first line under the heading "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The information on the second line of the table (Hypothetical) is based on hypothetical account values and expenses derived from the fund's actual expense ratio and an assumed 5% per year rate of return before expenses (not the fund's actual return). You may compare the ongoing costs of investing in the fund with other funds by contrasting this 5% hypothetical example and the 5% hypothetical examples that appear in the shareholder reports of the other funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

You should also be aware that the expenses shown in the table highlight only your ongoing costs and do not reflect any transaction costs, such as brokerage commissions paid on purchases and sales of shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. To the extent a fund charges transaction costs, however, the total cost of owning that fund is higher.

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#### FUND EXPENSE EXAMPLE (continued)

#### <sup>Blue Chip Growth ETF</sup>

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| | | | |
|:---|:---|:---|:---|
|  | Beginning <br> Account Value<br> 7/1/22 | &nbsp;&nbsp;Ending <br> Account Value<br> 12/31/22 | &nbsp;&nbsp;Expenses Paid<br> During Period\*<br> 7/1/22 to 12/31/22 |
| Actual | $1000.00 | &nbsp;&nbsp;$936.80 | &nbsp;&nbsp;$2.78 |
| Hypothetical (assumes 5% return before expenses) | &nbsp;&nbsp;1000.00 | &nbsp;&nbsp;1022.33 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 |

---

\* Expenses are equal to the fund's annualized expense ratio for the 6-month period (0.57%), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (184), and divided by the days in the year (365) to reflect the half-year period.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Year <br> Ended |  | &nbsp;&nbsp;8/4/20 <sup>(1)</sup><br> Through |
|  | &nbsp;&nbsp;12/31/22 | &nbsp;&nbsp;12/31/21 | &nbsp;&nbsp;12/31/20 |
| **NET ASSET VALUE** |  |  |  |
| Beginning of period | &nbsp;&nbsp;$33.16 | &nbsp;&nbsp;$28.07 | $25.00 |
| Investment activities |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss<sup>(2) (3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 |
| &nbsp;&nbsp;&nbsp;Total from investment activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **NET ASSET VALUE** |  |  |  |
| **End of period** | &nbsp;&nbsp;**$20.60** | &nbsp;&nbsp;**$33.16** | **$28.07** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Total return, based on NAV<sup>(3) (4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(37.88)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.28%** |
| Ratios to average net<br> assets:<sup>(3)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross expenses before<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses after<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% <sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)% <sup>(5)</sup> |
| Portfolio turnover rate<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.0% |
| Net assets, end of period<br> (in thousands) | &nbsp;&nbsp;$260314 | &nbsp;&nbsp;$271879 | $65833 |

---

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

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

<sup>(3)</sup> See Note 6 for details to expense-related arrangements with Price Associates.

<sup>(4)</sup> Total return reflects the rate that an investor would have earned on an investment in the fund during each period, assuming reinvestment of all distributions. Total return is not annualized for periods less than one year.

<sup>(5)</sup> Annualized

<sup>(6)</sup> Portfolio turnover excludes securities received or delivered through in-kind share transactions.

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

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

December 31, 2022

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** | **COMMON STOCKS 99.5%** |
| **COMMUNICATION SERVICES 12.6%** | **COMMUNICATION SERVICES 12.6%** | **COMMUNICATION SERVICES 12.6%** |
| **Entertainment 1.9%** |  |  |
| Netflix (1) | &nbsp;&nbsp;&nbsp;&nbsp;9545 | &nbsp;&nbsp;&nbsp;&nbsp;2815 |
| Sea, ADR (1) | &nbsp;&nbsp;&nbsp;23425 | &nbsp;&nbsp;&nbsp;&nbsp;1219 |
| Spotify Technology (1) | &nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Walt Disney (1) | &nbsp;&nbsp;&nbsp;&nbsp;9861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
|  |  | &nbsp;&nbsp;&nbsp;**4981** |
| **Interactive Media & Services 9.6%** |  |  |
| Alphabet, Class A (1) | &nbsp;&nbsp;&nbsp;29212 | &nbsp;&nbsp;&nbsp;&nbsp;2578 |
| Alphabet, Class C (1) | 202336 | &nbsp;&nbsp;&nbsp;17953 |
| Meta Platforms, Class A (1) | &nbsp;&nbsp;&nbsp;38068 | &nbsp;&nbsp;&nbsp;&nbsp;4581 |
|  |  | **25112** |
| **Wireless Telecommunication Services 1.1%** |  |  |
| T-Mobile US (1) | &nbsp;&nbsp;&nbsp;20067 | &nbsp;&nbsp;&nbsp;&nbsp;2809 |
|  |  | &nbsp;&nbsp;&nbsp;**2809** |
| Total Communication Services |  | &nbsp;&nbsp;&nbsp;32902 |
| **CONSUMER DISCRETIONARY 14.7%** | **CONSUMER DISCRETIONARY 14.7%** | **CONSUMER DISCRETIONARY 14.7%** |
| **Automobiles 1.3%** |  |  |
| Tesla (1) | &nbsp;&nbsp;&nbsp;26339 | &nbsp;&nbsp;&nbsp;&nbsp;3244 |
|  |  | &nbsp;&nbsp;&nbsp;**3244** |
| **Hotels Restaurants & Leisure 1.8%** |  |  |
| Booking Holdings (1) | &nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;2031 |
| Chipotle Mexican Grill (1) | &nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp;2581 |
|  |  | &nbsp;&nbsp;&nbsp;**4612** |
| **Internet & Direct Marketing Retail 7.1%** |  |  |
| Amazon.com (1) | 214201 | &nbsp;&nbsp;&nbsp;17993 |

---

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| DoorDash, Class A (1) | 11239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 |
|  |  | **18542** |
| **Multiline Retail 1.2%** |  |  |
| Dollar General | 12856 | &nbsp;&nbsp;&nbsp;&nbsp;3166 |
|  |  | &nbsp;&nbsp;&nbsp;**3166** |
| **Specialty Retail 1.6%** |  |  |
| Carvana (1) | &nbsp;&nbsp;&nbsp;7511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Ross Stores | 30719 | &nbsp;&nbsp;&nbsp;&nbsp;3566 |
| TJX | &nbsp;&nbsp;&nbsp;8346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 |
|  |  | &nbsp;&nbsp;&nbsp;**4266** |
| **Textiles, Apparel & Luxury Goods 1.7%** |  |  |
| Lululemon Athletica (1) | &nbsp;&nbsp;&nbsp;6060 | &nbsp;&nbsp;&nbsp;&nbsp;1941 |
| NIKE, Class B | 21679 | &nbsp;&nbsp;&nbsp;&nbsp;2537 |
|  |  | &nbsp;&nbsp;&nbsp;**4478** |
| Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;38308 |
| **FINANCIALS 5.2%** | **FINANCIALS 5.2%** | **FINANCIALS 5.2%** |
| **Capital Markets 3.2%** |  |  |
| Charles Schwab | 30409 | &nbsp;&nbsp;&nbsp;&nbsp;2532 |
| Goldman Sachs Group | 10004 | &nbsp;&nbsp;&nbsp;&nbsp;3435 |
| MSCI | &nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |
| S&P Global | &nbsp;&nbsp;&nbsp;5707 | &nbsp;&nbsp;&nbsp;&nbsp;1911 |
|  |  | &nbsp;&nbsp;&nbsp;**8379** |
| **Insurance 2.0%** |  |  |
| Chubb | 14235 | &nbsp;&nbsp;&nbsp;&nbsp;3140 |
| Marsh & McLennan | 12063 | &nbsp;&nbsp;&nbsp;&nbsp;1996 |
|  |  | &nbsp;&nbsp;&nbsp;**5136** |
| Total Financials |  | &nbsp;&nbsp;&nbsp;13515 |

---

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **HEALTH CARE 16.9%** | **HEALTH CARE 16.9%** | **HEALTH CARE 16.9%** |
| **Health Care Equipment & Supplies 3.1%** |  |  |
| Align Technology (1) | &nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 |
| Intuitive Surgical (1) | 18614 | &nbsp;&nbsp;&nbsp;&nbsp;4939 |
| Stryker | &nbsp;&nbsp;&nbsp;8880 | &nbsp;&nbsp;&nbsp;&nbsp;2171 |
| Teleflex | &nbsp;&nbsp;&nbsp;2292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 |
|  |  | &nbsp;&nbsp;&nbsp;**8023** |
| **Health Care Providers & Services 7.0%** |  |  |
| Elevance Health | &nbsp;&nbsp;&nbsp;3480 | &nbsp;&nbsp;&nbsp;&nbsp;1785 |
| Humana | &nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp;3004 |
| UnitedHealth Group | 25511 | &nbsp;&nbsp;&nbsp;13525 |
|  |  | **18314** |
| **Health Care Technology 0.3%** |  |  |
| Veeva Systems, Class A (1) | &nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**708** |
| **Life Sciences Tools & Services 2.9%** |  |  |
| Danaher | 16625 | &nbsp;&nbsp;&nbsp;&nbsp;4413 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp;3026 |
|  |  | &nbsp;&nbsp;&nbsp;**7439** |
| **Pharmaceuticals 3.6%** |  |  |
| AstraZeneca, ADR | 16498 | &nbsp;&nbsp;&nbsp;&nbsp;1119 |
| Eli Lilly | 17913 | &nbsp;&nbsp;&nbsp;&nbsp;6553 |
| Zoetis | 11921 | &nbsp;&nbsp;&nbsp;&nbsp;1747 |
|  |  | &nbsp;&nbsp;&nbsp;**9419** |
| Total Health Care |  | &nbsp;&nbsp;&nbsp;43903 |
| **INDUSTRIALS & BUSINESS SERVICES 2.1%** | **INDUSTRIALS & BUSINESS SERVICES 2.1%** | **INDUSTRIALS & BUSINESS SERVICES 2.1%** |
| **Commercial Services & Supplies 0.3%** |  |  |
| Cintas | &nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**588** |

---

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Industrial Conglomerates 1.3%** |  |  |
| General Electric | 12725 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
| Roper Technologies | &nbsp;&nbsp;&nbsp;5313 | &nbsp;&nbsp;&nbsp;&nbsp;2296 |
|  |  | &nbsp;&nbsp;&nbsp;**3362** |
| **Professional Services 0.1%** |  |  |
| TransUnion | &nbsp;&nbsp;&nbsp;5652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**321** |
| **Road & Rail 0.4%** |  |  |
| Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;3673 | &nbsp;&nbsp;&nbsp;&nbsp;1042 |
|  |  | &nbsp;&nbsp;&nbsp;**1042** |
| Total Industrials & Business Services |  | &nbsp;&nbsp;&nbsp;&nbsp;5313 |
| **INFORMATION TECHNOLOGY 46.7%** | **INFORMATION TECHNOLOGY 46.7%** | **INFORMATION TECHNOLOGY 46.7%** |
| **Electronic Equipment, Instruments & Components 0.2%** |  |  |
| TE Connectivity | &nbsp;&nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**578** |
| **IT Services 8.9%** |  |  |
| Affirm Holdings (1) | 13393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 |
| Block, Class A (1) | 15486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 |
| Mastercard, Class A | 24067 | &nbsp;&nbsp;&nbsp;&nbsp;8369 |
| MongoDB (1) | &nbsp;&nbsp;&nbsp;6114 | &nbsp;&nbsp;&nbsp;&nbsp;1203 |
| PayPal Holdings (1) | &nbsp;&nbsp;&nbsp;8278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 |
| Shopify, Class A (1) | 32988 | &nbsp;&nbsp;&nbsp;&nbsp;1145 |
| Snowflake (1) | &nbsp;&nbsp;&nbsp;4218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 |
| Visa, Class A | 48540 | &nbsp;&nbsp;&nbsp;10085 |
|  |  | **23100** |
| **Semiconductors & Semiconductor Equipment 7.3%** |  |  |
| Advanced Micro Devices (1) | 36485 | &nbsp;&nbsp;&nbsp;&nbsp;2363 |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;6940 | &nbsp;&nbsp;&nbsp;&nbsp;3792 |
| Lam Research | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 |

---

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Marvell Technology | &nbsp;&nbsp;&nbsp;24523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 |
| Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;4198 | &nbsp;&nbsp;&nbsp;&nbsp;1484 |
| NVIDIA | &nbsp;&nbsp;&nbsp;50251 | &nbsp;&nbsp;&nbsp;&nbsp;7344 |
| Taiwan Semiconductor Manufacturing, ADR | &nbsp;&nbsp;&nbsp;12070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
| Texas Instruments | &nbsp;&nbsp;&nbsp;11394 | &nbsp;&nbsp;&nbsp;&nbsp;1883 |
|  |  | &nbsp;&nbsp;**19081** |
| **Software 20.4%** |  |  |
| Atlassian, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;8250 | &nbsp;&nbsp;&nbsp;&nbsp;1062 |
| Bill.Com Holdings (1) | &nbsp;&nbsp;&nbsp;&nbsp;9728 | &nbsp;&nbsp;&nbsp;&nbsp;1060 |
| Confluent, Class A (1) | &nbsp;&nbsp;&nbsp;15292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
| Crowdstrike Holdings, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;3307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 |
| Datadog, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;6286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 |
| Fortinet (1) | &nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 |
| HashiCorp, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Intuit | &nbsp;&nbsp;&nbsp;11796 | &nbsp;&nbsp;&nbsp;&nbsp;4591 |
| Microsoft | 145846 | &nbsp;&nbsp;&nbsp;34977 |
| Paycom Software (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 |
| ServiceNow (1) | &nbsp;&nbsp;&nbsp;15978 | &nbsp;&nbsp;&nbsp;&nbsp;6204 |
| Synopsys (1) | &nbsp;&nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp;&nbsp;3317 |
|  |  | &nbsp;&nbsp;**53020** |
| **Technology Hardware, Storage & Peripherals 9.9%** |  |  |
| Apple | 199253 | &nbsp;&nbsp;&nbsp;25889 |
|  |  | &nbsp;&nbsp;**25889** |
| Total Information Technology |  | 121668 |
| **MATERIALS 1.3%** | **MATERIALS 1.3%** | **MATERIALS 1.3%** |
| **Chemicals 1.3%** |  |  |
| Linde | &nbsp;&nbsp;&nbsp;&nbsp;5179 | &nbsp;&nbsp;&nbsp;&nbsp;1689 |
| Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;6914 | &nbsp;&nbsp;&nbsp;&nbsp;1641 |
| Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;3330 |

---

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
| **Real Estate Management & Development 0.0%** |  |  |
| Opendoor Technologies, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| **Total Common Stocks (Cost $311,966)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**258973** |
| **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** |
| **Money Market Funds 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.12% (2) | 1286844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 |
| **Total Short-Term Investments (Cost $1,287)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1287** |
| **Total Investments in Securities<br> 100.0% of Net Assets (Cost $313,253)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$260260** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Non-income producing. |
| (2) | Seven-day yield |
| ADR | American Depositary Receipts |

---

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

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

December 31, 2022

#### STATEMENT OF ASSETS AND LIABILITIES

------

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value (cost $313,253) | &nbsp;&nbsp;$260260 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
| Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261046 |
| **Liabilities** |  |
| Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 |
| Investment management and administrative fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$**260314** |
| **Net assets consists of:** |  |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(98211) |
| Paid-in capital applicable to 12,635,000 shares of $0.0001 par value<br> capital stock outstanding; 4,000,000,000 shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358525 |
| **NET ASSETS** | &nbsp;&nbsp;**$260314** |
| **NET ASSET VALUE PER SHARE** | &nbsp;&nbsp;**$20.60** |

---

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

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

#### STATEMENT OF OPERATIONS

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Year <br> Ended |
|  | &nbsp;&nbsp;12/31/22 |
| **Investment Income (Loss)** |  |
| Dividend income (net of foreign taxes of $7) | &nbsp;&nbsp;$1207 |
| Investment management and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 |
| Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |
| **Realized and Unrealized Gain / Loss** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41582) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6510 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35072) |
| Change in net unrealized gain / loss on securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85623) |
| Net realized and unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120695) |
| **DECREASE IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(120895)** |

---

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

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

#### STATEMENT OF CHANGES IN NET ASSETS

------

($000s)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Year <br> Ended |  |
|  | &nbsp;&nbsp;12/31/22 | &nbsp;&nbsp;12/31/21 |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(412) |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3457) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28182 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24313 |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |
| Capital share transactions\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181783 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68879) | &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;Increase in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181783 |
| **Net Assets** |  |  |
| Increase (decrease) during period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206046 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65833 |
| **End of period** | &nbsp;&nbsp;**$260314** | &nbsp;&nbsp;**$271879** |
| \*Share information |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2770) | &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;Increase in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5855 |

---

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

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### NOTES TO FINANCIAL STATEMENTS

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&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 Blue Chip Growth ETF (the fund) is a non-diversified, open-end management investment company established by the corporation. The fund seeks to provide long-term capital growth. Income is a secondary objective.

The fund is considered an actively-managed exchange-traded fund (ETF) that does not disclose its portfolio holdings daily, which is different from a traditional ETF and may create additional risks. In order to provide market participants with information on the fund's investments, the fund publishes a "Proxy Portfolio" on its website daily. A Proxy Portfolio is a basket of securities that is designed to closely track the daily performance of the fund's portfolio holdings. While the Proxy Portfolio includes some of the fund's holdings, it is not the fund's actual portfolio. The fund does disclose its full portfolio holdings on a quarterly basis, similar to mutual funds.

#### NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

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

#### Investment Transactions, Investment Income, and Distributions
Investment transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Dividends received from other investment companies are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income and capital gain distributions are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Proceeds from litigation payments, if any, are included in net realized gain (loss) or change in net unrealized

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gain/loss from securities. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid annually. A capital gain distribution, if any, may also be declared and paid by the fund annually. Dividends and distributions cannot be automatically reinvested in additional shares of the fund.

#### Capital Share Transactions
The fund issues and redeems shares at its net asset value (NAV) only with Authorized Participants and only in large blocks of 5,000 shares (each, a "Creation Unit"). The fund's NAV per share is computed at the close of the New York Stock Exchange (NYSE). 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. (NYSE Arca) 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). The fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m. Eastern time) on each day that the NYSE Arca is open.

#### New Accounting Guidance
In June 2022, the FASB issued Accounting Standards Update (ASU), ASU 2022-03, Fair Value Measurement (Topic 820) – Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments under this ASU are effective for fiscal years beginning after December 15, 2023; however, the fund opted to early adopt, as permitted, effective December 1, 2022. Adoption of the guidance did 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.

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#### NOTE 2 – VALUATION

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

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

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

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

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

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

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

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

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

#### Valuation Inputs
On December 31, 2022, all of the fund's financial instruments were classified as Level 1, based on the inputs used to determine their fair values.

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#### NOTE 3 – OTHER INVESTMENT TRANSACTIONS
Purchases and sales of portfolio securities excluding in-kind transactions and short-term securities aggregated $43,688,000 and $43,422,000, respectively, for the year ended December 31, 2022. Portfolio securities received or delivered through in-kind transactions aggregated $176,684,000 and $68,118,000, respectively, for the year ended December 31, 2022.

#### NOTE 4 – 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.

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

Capital accounts within the financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The permanent book/tax adjustments, if any, have no impact on results of operations or net assets and relate primarily to the current net operating loss, wash sales and redemptions in kind.

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

---

| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | &nbsp;&nbsp;**December 31** | &nbsp;&nbsp;**December 31** |
|  | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| Ordinary income (including short-term capital gains, if any) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50 |

---

At December 31, 2022, the tax-basis cost of investments, (including derivatives, if any) and gross unrealized appreciation and depreciation were as follows:

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---

| | |
|:---|:---|
| ($000s) |  |
| Cost of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$313727 |
| Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5138 |
| Unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58605) |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;$(53467) |

---

At December 31, 2022, the tax-basis components of accumulated net earnings (loss) were as follows:

---

| | |
|:---|:---|
| ($000s) |  |
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53467) |
| Loss carryforwards and deferrals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44744) |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(98211) |

---

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement purposes versus for tax purposes; these differences will reverse in a subsequent reporting period. The temporary differences relate primarily to the deferral of losses from wash sales. The loss carryforwards and deferrals primarily relate to capital loss carryforwards. Capital loss carryforwards are available indefinitely to offset future realized capital gains.

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

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#### 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 all-inclusive annual fee equal to 0.57% of the fund's average daily net assets. The fee is computed daily and paid monthly. The all-inclusive fee covers investment management services and ordinary, recurring operating expenses, but does not cover interest and borrowing expenses; taxes; brokerage commissions and other transaction costs; fund proxy expenses; and nonrecurring expenses and extraordinary expenses.

As of December 31, 2022, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 600,000 shares of the fund, representing 5% of the fund's net assets.

The fund may participate in securities purchase and sale transactions with other funds or accounts advised by Price Associates (cross trades), in accordance with procedures adopted by the fund's Board and Securities and Exchange Commission rules, which require, among other things, that such purchase and sale cross trades be effected at the independent current market price of the security. During the year ended December 31, 2022, the aggregate value of purchases and sales cross trades with other funds or accounts advised by Price Associates was less than 1% of the fund's net assets as of December 31, 2022.

Price Associates has voluntarily agreed to reimburse the fund from its own resources on a monthly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the year ended December 31, 2022, this reimbursement amounted to $1,000, which is included in Net realized gain (loss) on Securities in the Statement of Operations.

#### NOTE 7 – OTHER MATTERS
Unpredictable events such as environmental or natural disasters, war, terrorism, pandemics, outbreaks of infectious diseases, and similar public health threats may significantly affect the economy and the markets and issuers in which the fund invests. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks.

Since 2020, a novel strain of coronavirus (COVID-19) has resulted in disruptions to global business activity and caused significant volatility and declines in global financial markets.

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In February 2022, Russian forces entered Ukraine and commenced an armed conflict leading to economic sanctions being imposed on Russia and certain of its citizens, creating impacts on Russian-related stocks and debt and greater volatility in global markets.

These are recent examples of global events which may have a negative impact on the values of certain portfolio holdings or the fund's overall performance. Management is actively monitoring the risks and financial impacts arising from these events.

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T. ROWE PRICE BLUE CHIP GROWTH ETF

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

#### To the Board of Directors of T. Rowe Price Exchange-Traded Funds, Inc. and Shareholders of T. Rowe Price Blue Chip Growth ETF

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of T. Rowe Price Blue Chip Growth ETF (one of the funds constituting T. Rowe Price Exchange-Traded Funds, Inc., referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the years ended December 31, 2022 and 2021, and for the period August 4, 2020 (Inception) through December 31, 2020 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year ended December 31, 2022, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the years ended December 31, 2022 and 2021, and for the period August 4, 2020 (Inception) through December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

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

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Baltimore, Maryland

February 16, 2023

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

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#### INFORMATION ON PROXY VOTING POLICIES, PROCEDURES, AND RECORDS
A description of the policies and procedures used by T. Rowe Price funds and portfolios to determine how to vote proxies relating to portfolio securities is available in each fund's Statement of Additional Information. You may request this document by calling 1-800-638-5660 or by accessing the SEC's website, sec.gov.

The description of our proxy voting policies and procedures is also available on our corporate website. To access it, please visit the following Web page:

https://www.troweprice.com/corporate/en/utility/policies.html

Scroll down to the section near the bottom of the page that says, "Proxy Voting Policies." Click on the Proxy Voting Policies link in the shaded box.

Each fund's most recent annual proxy voting record is available on our website and through the SEC's website. To access it through T. Rowe Price, visit the website location shown above, and scroll down to the section near the bottom of the page that says, "Proxy Voting Records." Click on the Proxy Voting Records link in the shaded box.

#### HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS
The fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT is available electronically on the SEC's website (sec.gov).

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

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

As required by the Liquidity Rule, at a meeting held on July 25, 2022, the Board was presented with an annual assessment prepared by the LRC, on behalf of the Adviser, that addressed the operation of the Liquidity Program and assessed its adequacy and effectiveness of implementation, including any material changes to the Liquidity Program and the determination of each fund's Highly Liquid Investment Minimum (HLIM). The annual assessment included consideration of the following factors, as applicable: the fund's investment strategy and liquidity of portfolio investments during normal and reasonably foreseeable stressed conditions, including whether the investment strategy is appropriate for an open-end fund, the extent to which the strategy involves a relatively concentrated portfolio or large positions in particular issuers, and the use of borrowings for investment purposes and derivatives; short-term and long-term cash flow projections covering both normal and reasonably foreseeable stressed conditions; and holdings of cash and cash equivalents, as well as available borrowing arrangements.

For the fund and other T. Rowe Price funds, the annual assessment incorporated a report related to a fund's holdings, shareholder and portfolio concentration, any borrowings during the period, cash flow projections, and other relevant data for the period of April 1, 2021, through March 31, 2022. The report described the methodology for classifying a fund's investments (including any derivative transactions) into one of four liquidity

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categories, as well as the percentage of a fund's investments assigned to each category. It also explained the methodology for establishing a fund's HLIM and noted that the LRC reviews the HLIM assigned to each fund no less frequently than annually.

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

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#### ABOUT THE FUND'S DIRECTORS AND OFFICERS
Your fund is overseen by a Board of Directors (Board) that meets regularly to review a wide variety of matters affecting or potentially affecting the fund, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs. The Board elects the fund's officers, who are listed in the final table. The directors who are also employees or officers of T. Rowe Price are considered to be "interested" directors as defined in Section 2(a)(19) of the 1940 Act because of their relationships with T. Rowe Price and its affiliates. The business address of each director and officer is 100 East Pratt Street, Baltimore, Maryland 21202. The Statement of Additional Information includes additional information about the fund directors and is available without charge by calling a T. Rowe Price representative at 1-800-638-5660.<br>

#### INDEPENDENT DIRECTORS<sup>(a)</sup>

---

| | |
|:---|:---|
| **Name <br> (Year of Birth)<br> Year Elected<br> [Number of T. Rowe Price<br> Portfolios Overseen]** | **Principal Occupation(s) and Directorships of Public Companies and<br> Other Investment Companies During the Past Five Years** |
| Teresa Bryce Bazemore<br> (1959)<br> 2020<br> [205] | President and Chief Executive Officer, Federal Home Loan<br> Bank of San Francisco (2021 to present); President, Radian Guaranty<br> (2008 to 2017); Chief Executive Officer, Bazemore Consulting LLC<br> (2018 to 2021); Director, Chimera Investment Corporation (2017 to<br> 2021); Director, First Industrial Realty Trust (2020 to present);<br> Director, Federal Home Loan Bank of Pittsburgh (2017 to 2019) |
| Ronald J. Daniels<sup>(b)</sup><br> (1959)<br> 2018<br> [0] | President, The Johns Hopkins University and Professor, Political<br> Science Department, The Johns Hopkins University (2009 to present);<br> Director, Lyndhurst Holdings (2015 to present); Director, BridgeBio<br> Pharma, Inc. (2020 to present) |
| Bruce W. Duncan<br> (1951)<br> 2020<br> [205] | President, Chief Executive Officer, and Director, CyrusOne, Inc. (2020 to<br> 2021); Chief Executive Officer and Director (2009 to 2016), Chair of the<br> Board (2016 to 2020), and President (2009 to 2016), First Industrial<br> Realty Trust, owner and operator of industrial properties; Chair of the<br> Board (2005 to 2016) and Director (1999 to 2016), Starwood Hotels &<br> Resorts, a hotel and leisure company; Member, Investment Company<br> Institute Board of Governors (2017 to 2019); Member, Independent<br> Directors Council Governing Board (2017 to 2019); Senior Advisor, KKR<br> (2018 to present); Director, Boston Properties (2016 to present);<br> Director, Marriott International, Inc. (2016 to 2020) |
| Robert J. Gerrard, Jr.<br> (1952)<br> 2020<br> [205] | Advisory Board Member, Pipeline Crisis/Winning Strategies, a<br> collaborative working to improve opportunities for young African<br> Americans (1997 to 2016); Chair of the Board, all funds (July 2018 to<br> present) |

---

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#### INDEPENDENT DIRECTORS<sup>(a)</sup> (continued)

---

| | |
|:---|:---|
| **Name <br> (Year of Birth)<br> Year Elected<br> [Number of T. Rowe Price<br> Portfolios Overseen]** | **Principal Occupation(s) and Directorships of Public Companies and<br> Other Investment Companies During the Past Five Years** |
| Paul F. McBride<br> (1956)<br> 2020<br> [205] | Advisory Board Member, Vizzia Technologies (2015 to present); Board<br> Member, Dunbar Armored (2012 to 2018) |
| Kellye L. Walker<sup>(c)</sup><br> (1966)<br> 2021<br> [205] | Executive Vice President and Chief Legal Officer, Eastman Chemical<br> Company (April 2020 to present); Executive Vice President and Chief<br> Legal Officer, Huntington Ingalls Industries, Inc. (January 2015 to March<br> 2020); Director, Lincoln Electric Company (October 2020 to present) |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>All information about the independent directors was current as of December 31, 2021, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>Effective April 27, 2022, Mr. Daniels resigned from his role as an independent director of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(c)</sup>Effective November 8, 2021, Ms. Walker was appointed as an independent director of the Price Funds.<br>

#### INTERESTED DIRECTORS<sup>(a)</sup>

---

| | |
|:---|:---|
| **Name <br> (Year of Birth)<br> Year Elected<br> [Number of T. Rowe Price<br> Portfolios Overseen]** | **Principal Occupation(s) and Directorships of Public Companies and<br> Other Investment Companies During the Past Five Years** |
| David Oestreicher<br> (1967)<br> 2020<br> [205] | Director, Vice President, and Secretary, T. Rowe Price, T. Rowe Price<br> Investment Services, Inc., T. Rowe Price Retirement Plan Services,<br> Inc., and T. Rowe Price Services, Inc.; Director and Secretary,<br> T. Rowe Price Investment Management, Inc. (Price Investment<br> Management); Vice President and Secretary, T. Rowe Price<br> international (Price International); Vice President, T. Rowe Price Hong<br> Kong (Price Hong Kong), T. Rowe Price Japan (Price Japan), and<br> T. Rowe Price Singapore (Price Singapore); General Counsel, Vice<br> President, and Secretary, T. Rowe Price Group, Inc.; Chair of the<br> Board, Chief Executive Officer, President, and Secretary, T. Rowe<br> Price Trust Company; Principal Executive Officer and Executive Vice<br> President, all funds |

---

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

#### INTERESTED DIRECTORS<sup>(a)</sup> (continued)

---

| | |
|:---|:---|
| **Name <br> (Year of Birth)<br> Year Elected<br> [Number of T. Rowe Price<br> Portfolios Overseen]** | **Principal Occupation(s) and Directorships of Public Companies and<br> Other Investment Companies During the Past Five Years** |
| Robert W. Sharps, CFA, CPA<sup>(b)</sup><br> (1971)<br> 2020<br> [0] | Director and Vice President, T. Rowe Price; Director, Price Investment<br> Management; Chief Executive Officer and President, T. Rowe Price<br> Group, Inc.; Vice President, T. Rowe Price Trust Company |
| Eric L. Veiel, CFA<br> (1972)<br> 2022<br> [205] | Director and Vice President, T. Rowe Price; Vice President, T. Rowe<br> Price Group, Inc., and T. Rowe Price Trust Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup>All information about the interested directors was current as of January 1, 2022, unless otherwise indicated, except for the number of portfolios overseen, which is current as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(b)</sup>Effective February 3, 2022, Mr. Sharps resigned from his role as an interested director of the Price Funds.<br>

#### OFFICERS

---

| | |
|:---|:---|
| **Name (Year of Birth)<br> Position Held With Exchange-Traded<br> Funds, Inc.** | **Principal Occupation(s)** |
| Armando (Dino) Capasso (1974)<br> Chief Compliance Officer | Chief Compliance Officer and Vice President, T. Rowe Price and Price Investment Management; Vice President, T. Rowe Price Group, Inc.; formerly, Chief Compliance Officer, PGIM Investments LLC and AST Investment Services, Inc. (ASTIS) (to 2022); Chief Compliance Officer, PGIM Retail Funds complex and Prudential Insurance Funds (to 2022); Vice President and Deputy Chief Compliance Officer, PGIM Investments LLC and ASTIS (to 2019); Senior Vice President and Senior Counsel, Pacific Investment Management Company LLC (to 2017) |
| Timothy Coyne (1967)<br> Executive Vice President | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Alan S. Dupski, CPA (1982)<br> Principal Financial Officer, Vice<br> President, and Treasurer | Vice President, Price Investment Management, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Joseph B. Fath, CPA (1971)<br> Executive Vice President | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |

---

------

T. ROWE PRICE BLUE CHIP GROWTH ETF

------

#### OFFICERS (continued)

---

| | |
|:---|:---|
| **Name (Year of Birth)<br> Position Held With Exchange-Traded<br> Funds, Inc.** | **Principal Occupation(s)** |
| Gary J. Greb (1961)<br> Vice President | Vice President, Price Investment Management, T. Rowe Price, Price International, and T. Rowe Price Trust Company |
| Paul Greene II (1978)<br> Executive Vice President | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Cheryl Hampton, CPA (1969)<br> Vice President | Vice President, T. Rowe Price; formerly, Tax Director, Invesco Ltd. (to 2021); Vice President, Oppenheimer Funds, Inc. (to 2019) |
| Ann M. Holcomb, CFA (1972)<br> Executive Vice President | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Thomas J. Huber, CFA (1966)<br> Executive Vice President | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Benjamin Kersse, CPA (1989)<br> Vice President | Vice President, T. Rowe Price |
| Paul J. Krug, CPA (1964)<br> Vice President | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| John D. Linehan, CFA (1965)<br> Executive Vice President | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Jason Nogueira, CFA (1974)<br> Executive Vice President | Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |
| Fran M. Pollack-Matz (1961)<br> Vice President and Secretary | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Investment Services, Inc., and T. Rowe Price Services, Inc. |
| Jason Benjamin Polun, CFA (1974)<br> Executive Vice President | Vice President, T. Rowe Price, T. Rowe Price Group, Inc., and T. Rowe Price Trust Company |
| Shannon H. Rauser (1987)<br> Assistant Secretary | Assistant Vice President, T. Rowe Price |
| Megan Warren (1968)<br> Vice President | OFAC Sanctions Compliance Officer and Vice President, Price Investment Management; Vice President, T. Rowe Price, T. Rowe Price Group, Inc., T. Rowe Price Retirement Plan Services, Inc., T. Rowe Price Services, Inc., and T. Rowe Price Trust Company |
| Thomas H. Watson (1977)<br> Executive Vice President | Director and Vice President, T. Rowe Price Trust Company; Vice President, T. Rowe Price and T. Rowe Price Group, Inc. |

---

Unless otherwise noted, officers have been employees of T. Rowe Price or T. Rowe Price International for at least 5 years.

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![](g429857imgf2c53e0e2.gif)

100 East Pratt Street

Baltimore, MD 21202

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.

202302-2582040

T. Rowe Price Investment Services, Inc.

ETF785-050 2/23

------

**Item 1. (b) Notice pursuant to Rule 30e-3.** 

Not applicable.

**Item 2. Code of Ethics.** 

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

**Item 3. Audit Committee Financial Expert.** 

The registrant's Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.** 

(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2022</u> | <u>2021</u> |
|  Audit Fees | $25028 | $21358 |
|  Audit-Related Fees |  |  |
|  Tax Fees | 4448 | 4688 |
|  All Other Fees |  |  |

---

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

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

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

------

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

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

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,037,000 and $3,732,000, respectively.

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

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. 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 11. 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.

------

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

(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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

(a)(1) [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d429857dex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp; (2) [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.](d429857dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(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.](d429857dex99906ce.htm)

------

**SIGNATURES** 

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

---

| | |
|:---|:---|
| T. Rowe Price Exchange-Traded Funds, Inc. | T. Rowe Price Exchange-Traded Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 16, 2023 |

---

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 | February 16, 2023 |
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 16, 2023 |

---

## Ex-99.Cert

**Item 13. (a)(2)** 

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Blue Chip
Growth 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: February 16, 2023 | <u>/s/ David Oestreicher</u> |
|  | 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 Blue Chip
Growth 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: February 16, 2023 | <u>/s/ Alan S. Dupski</u> |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 13. (b)** 

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

Name of Issuer: T. Rowe Price Blue Chip Growth 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;&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;&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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: February 16, 2023 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

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

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

**TRADED FUNDS** 

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

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

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

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

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

**II. Purpose of the Price Funds S-O Code.** The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish standards that are reasonably designed to deter wrongdoing and to promote:

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

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

**Compliance.** Compliance with applicable governmental laws, rules and regulations.

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

**Accountability.** Accountability for adherence to the Price Funds S-O Code.

------

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

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

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

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

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

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

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

**Handling of Specific Types of Conflicts.** Each Covered Officer (and close family members) must not:

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

------

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

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

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

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

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

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

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

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

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

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

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

------

communications made by the Price Funds.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Annual Disclosures.** Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for T. Rowe Price Group.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Violations/Investigations.** The following procedures will be followed in

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investigating and enforcing the Price Funds S-O Code:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a recommendation to the appropriate Price Funds Board regarding the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code.

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

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

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

Adoption Date: 10/22/03

Last Revised: 05/11/2022 (Exhibit B revised)

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## Exhibit A
**Persons Covered by the Price Funds and** 

**Price ETFs S-O Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

## Exhibit B
Dino Capasso, Chief Compliance Officer