# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001193125-26-276815
**Filing Date:** 2026-6
**Character Count:** 247244
**Document Hash:** d63215ae414fdc57f8f5b6deac41c1b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-276815.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001193125-26-276815

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 261105139

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price QM U.S. Bond ETF (Series ID: S000072797)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000229338 | T. Rowe Price QM U.S. Bond ETF | TAGG            |

?xml version='1.0' encoding='ASCII'? QM U.S. Bond ETF_QBX

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

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

T. Rowe Price Exchange-Traded Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026

------

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

![Image](g117171g50x91.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2026

# QM U.S. Bond ETF (TAGG)

# Principal Listing Exchange: NYSE Arca, Inc.
This semi-annual shareholder report contains important information about QM U.S. Bond ETF (the "fund") for the period of November 1, 2025 to April 30, 2026. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information at www.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or by contacting your intermediary.

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

---

| | | |
|:---|:---|:---|
| Fund name | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| QM U.S. Bond ETF | $4 | 0.08% |

---

## What are some fund statistics?

### **Fund Statistics** 
* Total Net Assets (000s)$1,888,901

* Number of Portfolio Holdings1,640

* Portfolio Turnover Rate61.0%

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

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

---

| | |
|:---|:---|
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 32.7% |
| Corporate Bonds | 27.7 |
| U.S. Government & Agency Mortgage-Backed Securities | 25.9 |
| Asset-Backed Securities | 6.1 |
| Non-U.S. Government Mortgage-Backed Securities | 4.2 |
| Foreign Government Obligations & Municipalities | 1.4 |
| Municipal Securities | 1 |
| Short-Term and Other | 1 |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes | 21.1% |
| U.S. Treasury Bonds | 11.6 |
| Federal National Mortgage Assn. | 10.5 |
| Federal Home Loan Mortgage | 8.6 |
| Government National Mortgage Assn. | 4.9 |
| UMBS, TBA | 1.8 |
| Benchmark Mortgage Trust | 0.6 |
| JPMorgan Chase | 0.5 |
| Bank of America | 0.5 |
| Wells Fargo | 0.5 |

---

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

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

QM U.S. Bond ETF (TAGG)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g117171g93y20.jpg)

Principal Listing Exchange: NYSE Arca, Inc.

202506-4610402

ETF989-053 06/26

------

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

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

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

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

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

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

(b) Not applicable.

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

------

![](g117171imgfab7d8311.gif)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. ROWE PRICE |
| &nbsp;&nbsp;&nbsp;&nbsp;TAGG | &nbsp;&nbsp;&nbsp;&nbsp;QM U.S. Bond ETF |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For more insights from T. Rowe Price investment professionals, go to **troweprice.com**. |

---

------

![](g117171img29aad6052.gif)

------

T. ROWE PRICE QM U.S. BOND ETF

------

Unaudited

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

For a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  |  |  | &nbsp;&nbsp;9/28/21<sup>(1)</sup><br> Through |
|  | 4/30/26 | &nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 |
| **NET ASSET VALUE** |  |  |  |  |  |  |
| Beginning of period | $43.12 | &nbsp;&nbsp;$42.39 | &nbsp;&nbsp;$39.93 | &nbsp;&nbsp;$41.11 | &nbsp;&nbsp;$49.96 | $50.00 |
| Investment activities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;Total from investment activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.97) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01)<sup>(4)</sup> |
| Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| **NET ASSET VALUE** |  |  |  |  |  |  |
| **End of period** | **$42.45** | &nbsp;&nbsp;**$43.12** | &nbsp;&nbsp;**$42.39** | &nbsp;&nbsp;**$39.93** | &nbsp;&nbsp;**$41.11** | **$49.96** |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

Unaudited

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

For a share outstanding throughout each period

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  |  |  | &nbsp;&nbsp;9/28/21<sup>(1)</sup><br> Through |
|  | 4/30/26 | &nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;10/31/24 | &nbsp;&nbsp;10/31/23 | &nbsp;&nbsp;10/31/22 | &nbsp;&nbsp;10/31/21 |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| **Total return, based on NAV<sup>(3)(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.66%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.45%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.09)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(0.08)%** |
| Ratios to average net<br> assets:<sup>(3)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gross expenses before<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net expenses after<br> waivers/payments by<br> Price Associates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29%<sup>(6)</sup> |
| Portfolio turnover rate<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.9% |
| Portfolio turnover rate, excluding mortgage dollar roll transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7% |
| Net assets, end of period<br> (in thousands) | $1888901 | &nbsp;&nbsp;$1530703 | &nbsp;&nbsp;$96437 | &nbsp;&nbsp;$103819 | &nbsp;&nbsp;$35973 | &nbsp;&nbsp;$27477 |

---

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

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

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

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

<sup>(4)</sup> The amount presented is inconsistent with the fund's results of operations because of the timing of redemptions of fund shares in relation to fluctuating market values for the investment portfolio.

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

<sup>(6)</sup> Annualized

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

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

------

T. ROWE PRICE QM U.S. BOND ETF

------

April 30, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **ASSET-BACKED SECURITIES 6.1%** | **ASSET-BACKED SECURITIES 6.1%** | **ASSET-BACKED SECURITIES 6.1%** |
| **Car Loan 2.1%** |  |  |
| Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class A2, 4.452%, 6/15/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;987 |
| Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class A2, 4.305%, 9/15/33 (1) | 1150 | 1150 |
| ARI Fleet Lease Trust, Series 2025-A, Class A3, 4.46%, 1/17/34 (1) | 1255 | 1259 |
| ARI Fleet Lease Trust, Series 2026-A, Class A2, 3.96%, 11/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;309 |
| ARI Fleet Lease Trust, Series 2026-A, Class A3, 4.09%, 11/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| Avis Budget Rental Car Funding AESOP, Series 2025-3A, Class A, 4.17%, 2/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;381 |
| Bridgecrest Lending Auto Securitization Trust, Series 2026-1, Class A3, 4.04%, 12/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;753 |
| Bridgecrest Lending Auto Securitization Trust, Series 2026-2, Class A3, 4.27%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;325 |
| CarMax Auto Owner Trust, Series 2023-3, Class B, 5.47%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| CarMax Auto Owner Trust, Series 2025-4, Class A4, 4.08%, 6/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;554 |
| Carvana Auto Receivables Trust, Series 2021-P4, Class C, 2.33%, 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Carvana Auto Receivables Trust, Series 2023-N1, Class C, 5.92%, 7/10/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;395 |
| Carvana Auto Receivables Trust, Series 2024-P4, Class A3, 4.64%, 1/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Carvana Auto Receivables Trust, Series 2024-P4, Class A4, 4.74%, 12/10/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Carvana Auto Receivables Trust, Series 2025-N1, Class A3, 4.91%, 8/10/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| Carvana Auto Receivables Trust, Series 2025-P1, Class B, 4.98%, 5/12/31 | 1550 | 1564 |
| Carvana Auto Receivables Trust, Series 2025-P2, Class A4, 4.75%, 6/10/31 | 1340 | 1348 |
| Carvana Auto Receivables Trust, Series 2025-P4, Class A4, 4.25%, 11/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;770 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Carvana Auto Receivables Trust, Series 2026-P1, Class A4, 4.35%, 7/12/32 | 3650 | 3622 |
| Carvana Auto Receivables Trust, Series 2026-P1, Class B, 4.76%, 7/12/32 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;801 |
| Chase Auto Owner Trust, Series 2025-1A, Class A3, 4.29%, 6/25/30 (1) | 1135 | 1136 |
| Drive Auto Receivables Trust, Series 2021-3, Class D, 1.94%, 6/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;630 |
| Enterprise Fleet Financing, Series 2023-2, Class A2, 5.56%, 4/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Enterprise Fleet Financing, Series 2024-4, Class A2, 4.69%, 7/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Enterprise Fleet Financing, Series 2024-4, Class A4, 4.70%, 6/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Enterprise Fleet Financing, Series 2025-3, Class A3, 4.46%, 9/20/29 (1) | 1330 | 1334 |
| Exeter Automobile Receivables Trust, Series 2025-2A, Class A3, 4.74%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;672 |
| Exeter Automobile Receivables Trust, Series 2025-4A, Class B, 4.40%, 5/15/30 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;999 |
| Exeter Automobile Receivables Trust, Series 2025-5A, Class A3, 4.24%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;535 |
| Exeter Select Automobile Receivables Trust, Series 2025-1, Class B, 4.87%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;994 |
| Exeter Select Automobile Receivables Trust, Series 2025-2, Class A3, 4.43%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;880 |
| Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85%, 8/15/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| GM Financial Automobile Leasing Trust, Series 2025-1, Class A4, 4.70%, 2/20/29 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3, 4.62%, 12/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A4, 4.73%, 8/16/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| GMF Floorplan Owner Revolving Trust, Series 2025-1A, Class B, 4.79%, 3/15/29 (1) | 1400 | 1406 |
| GMF Floorplan Owner Revolving Trust, Series 2025-2A, Class B, 4.91%, 3/15/30 (1) | 1370 | 1377 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Huntington Bank Auto Credit-Linked Notes, Series 2025-1, Class B, 4.957%, 3/21/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| Hyundai Auto Receivables Trust, Series 2026-A, Class B, 4.10%, 12/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;478 |
| Navistar Financial Dealer Note Master Owner Trust II, Series 2025-1, Class A, 4.18%, 9/25/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;764 |
| Santander Drive Auto Receivables Trust, Series 2022-3, Class C, 4.49%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A3, 4.62%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class B, 4.63%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Santander Drive Auto Receivables Trust, Series 2025-1, Class A3, 4.74%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Santander Drive Auto Receivables Trust, Series 2026-1, Class B, 4.07%, 4/15/32 | 1170 | 1157 |
| Santander Drive Auto Receivables Trust, Series 2026-1, Class A3, 3.93%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;781 |
| SBNA Auto Lease Trust, Series 2025-A, Class A3, 4.83%, 4/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;490 |
| SBNA Auto Lease Trust, Series 2025-A, Class A4, 4.87%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| SFS Auto Receivables Securitization Trust, Series 2025-1A, Class A4, 4.83%, 12/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;408 |
| SFS Auto Receivables Securitization Trust, Series 2025-1A, Class B, 5.11%, 2/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| SFS Auto Receivables Securitization Trust, Series 2026-1A, Class A4, 4.07%, 1/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp;762 |
| SFS Auto Receivables Securitization Trust, Series 2026-1A, Class B, 4.27%, 6/21/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;641 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class B, 4.47%, 7/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;414 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class A4, 4.29%, 6/20/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;905 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2026-AA, Class A4, 4.41%, 4/22/30 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;525 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2026-AA, Class B, 4.61%, 4/22/30 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;285 |
| US Bank, Series 2023-1, Class B, 6.789%, 8/25/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Wheels Fleet Lease Funding, Series 2026-1, Class A2A, 4.30%, 4/18/39 (1) | 1290 | &nbsp;&nbsp;&nbsp;1289 |
| Wheels Fleet Lease Funding 1, Series 2025-1A, Class A1, 4.57%, 1/18/40 (1) | 1244 | &nbsp;&nbsp;&nbsp;1250 |
| Wheels Fleet Lease Funding 1, Series 2025-2A, Class A1, 4.41%, 5/18/40 (1) | 3295 | &nbsp;&nbsp;&nbsp;3303 |
|  |  | 40386 |
| **Home Equity 0.1%** |  |  |
| FIGRE Trust, Series 2026-HF3, Class A1A, FRN, SOFR30A + 1.40%, 5.045%, 3/25/56 (1) | 1202 | &nbsp;&nbsp;&nbsp;1202 |
|  |  | &nbsp;&nbsp;&nbsp;1202 |
| **Other Asset-Backed Securities 3.7%** |  |  |
| Abry Liquid Credit, Series 2026-3A, Class A1, CLO, FRN, 3M TSFR + 1.23%, 4.902%, 4/20/39 (1) | 1835 | &nbsp;&nbsp;&nbsp;1830 |
| Affirm Master Trust, Series 2025-2A, Class A, 4.67%, 7/15/33 (1) | 2395 | &nbsp;&nbsp;&nbsp;2405 |
| Affirm Master Trust, Series 2026-2A, Class A, 4.67%, 4/16/35 (1) | 3155 | &nbsp;&nbsp;&nbsp;3159 |
| AGL 10, Series 2021-10A, Class A1R2, CLO, FRN, 3M TSFR + 1.17%, 4.843%, 4/15/39 (1) | 3210 | &nbsp;&nbsp;&nbsp;3206 |
| AGL 13, Series 2021-13A, Class A1R, CLO, FRN, 3M TSFR + 1.10%, 4.775%, 10/20/34 (1) | 3435 | &nbsp;&nbsp;&nbsp;3432 |
| AMSR Trust, Series 2021-SFR4, Class A, 2.117%, 12/17/38 (1) | 1586 | &nbsp;&nbsp;&nbsp;1563 |
| Anchorage Capital, Series 2026-22A, Class AR4, CLO, FRN, 3M TSFR + 1.23%, 4.809%, 1/20/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 |
| Apex Credit 13, Series 2025-13A, Class A1, CLO, FRN, 3M TSFR + 1.35%, 5.021%, 1/22/39 (1) | 2580 | &nbsp;&nbsp;&nbsp;2585 |
| Ares Loan Funding IX, Series 2025-ALF9A, Class A1, FRN, 3M TSFR + 1.18%, 4.853%, 3/31/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 |
| Atlas Senior Loan Fund XXII, Series 2023-22A, Class A1R, FRN, 3M TSFR + 1.30%, 4.978%, 4/20/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |
| Barings, Series 2021-3A, Class B1R, CLO, FRN, 3M TSFR + 1.63%, 5.305%, 1/18/35 (1) | 1695 | &nbsp;&nbsp;&nbsp;1695 |
| Barings, Series 2023-4A, Class A1R, CLO, FRN, 3M TSFR + 1.17%, 4.845%, 1/20/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Battalion XXV, Series 2024-25A, Class BR, CLO, FRN, 3M TSFR + 1.75%, 5.425%, 3/13/37 (1) | 1900 | 1902 |
| Benefit Street Partners, Series 2015-6BR, Class A1R, FRN, 3M TSFR + 1.18%, 4.855%, 4/20/38 (1) | 1260 | 1260 |
| CCG Receivables Trust, Series 2025-1, Class A2, 4.48%, 10/14/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;288 |
| Clarus Capital Funding, Series 2024-1A, Class A2, 4.71%, 8/20/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| CyrusOne Data Centers Issuer I, Series 2024-2A, Class A2, 4.50%, 5/20/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Dell Equipment Finance Trust, Series 2026-1A, Class A3, 4.32%, 12/22/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;769 |
| Dext ABS, Series 2025-1, Class A3, 4.77%, 8/15/35 (1) | 1550 | 1559 |
| DLLAA, Series 2023-1A, Class A3, 5.64%, 2/22/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| DLLAA, Series 2023-1A, Class A4, 5.73%, 10/20/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| Elara HGV Timeshare Issuer, Series 2023-A, Class A, 6.16%, 2/25/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Elara HGV Timeshare Issuer, Series 2023-A, Class B, 6.53%, 2/25/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Eldridge, Series 2025-2A, Class A1, CLO, FRN, 3M TSFR + 1.28%, 4.935%, 1/20/39 (1) | 3105 | 3107 |
| Fortress Credit BSL XIX, Series 2023-2A, Class A1R, FRN, 3M TSFR + 1.35%, 5.017%, 7/24/36 (1) | 3825 | 3827 |
| Halseypoint, Series 2022-6A, Class A1R, FRN, 3M TSFR + 1.35%, 5.025%, 1/20/38 (1) | 1285 | 1286 |
| Hilton Grand Vacations Trust, Series 2025-2A, Class A, 4.54%, 5/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;620 |
| HPEFS Equipment Trust, Series 2024-1A, Class D, 5.82%, 11/20/31 (1) | 1750 | 1764 |
| Madison Park Funding XXXV, Series 2019-35A, Class A1R2, FRN, 3M TSFR + 1.22%, 4.799%, 2/13/39 (1) | 4060 | 4061 |
| Neuberger Berman Loan Advisers, Series 2021-43A, Class AR, FRN, 3M TSFR + 1.05%, 4.73%, 7/17/36 (1) | 1250 | 1248 |
| Neuberger Berman Loan Advisers, Series 2022-48A, Class A1R, FRN, 3M TSFR + 1.09%, 4.757%, 4/25/36 (1) | 3580 | 3577 |
| NMEF Funding, Series 2025-A, Class A2, 4.72%, 7/15/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| NMEF Funding, Series 2026-A, Class A3, 4.20%, 2/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| NMEF Funding, Series 2026-A, Class B, 4.48%, 2/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Octane Receivables Trust, Series 2024-1A, Class A2, 5.68%, 5/20/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Octane Receivables Trust, Series 2024-RVM1, Class A, 5.01%, 1/22/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;694 |
| Octane Receivables Trust, Series 2025-RVM1, Class A, 4.48%, 12/20/46 (1) | 1002 | &nbsp;&nbsp;&nbsp;&nbsp;999 |
| PEAC Solutions Receivables, Series 2024-1A, Class A2, 5.79%, 6/21/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;295 |
| PEAC Solutions Receivables, Series 2025-1A, Class A2, 4.94%, 10/20/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| PEAC Solutions Receivables, Series 2026-1A, Class A3, 4.39%, 7/20/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;985 |
| Post Road Equipment Finance, Series 2025-1A, Class A2, 4.90%, 5/15/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Post Road Equipment Finance, Series 2026-1A, Class A2, 4.47%, 1/18/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;685 |
| Progress Residential Trust, Series 2022-SFR2, Class A, 2.95%, 4/17/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;626 |
| Progress Residential Trust, Series 2024-SFR5, Class A, 3.00%, 8/17/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Progress Residential Trust, Series 2025-SFR5, Class A, 3.85%, 10/17/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;473 |
| Regatta XVI Funding, Series 2019-2A, Class A1R2, FRN, 3M TSFR + 1.19%, 4.863%, 4/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;700 |
| Rockford Tower, Series 2022-1A, Class A1R, FRN, 3M TSFR + 1.20%, 4.875%, 7/20/35 (1) | 3560 | 3556 |
| SCF Equipment Trust, Series 2025-1A, Class A2, 4.82%, 7/22/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| SCF Equipment Trust, Series 2025-1A, Class A3, 5.11%, 11/21/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Sierra Timeshare Receivables Funding, Series 2025-2A, Class A, 4.72%, 4/20/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;480 |
| Signal Peak, Series 2021-10A, Class A1R, FRN, 3M TSFR + 1.19%, 4.857%, 1/24/38 (1) | 2100 | 2097 |
| Symphony 37, Series 2022-37A, Class AR2, CLO, FRN, 3M TSFR + 1.13%, 4.805%, 1/20/37 (1) | 1530 | 1527 |
| Symphony XXXI, Series 2022-31A, Class AR, CLO, FRN, 3M TSFR + 1.17%, 4.834%, 1/22/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;554 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| THL Credit Wind River, Series 2019-3A, Class AR3, FRN, 3M TSFR + 1.20%, 4.873%, 1/15/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 |
| Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943%, 7/17/38 (1) | 1362 | &nbsp;&nbsp;&nbsp;&nbsp;1354 |
| Tricon Residential Trust, Series 2022-SFR1, Class A, 3.856%, 4/17/39 (1) | 1752 | &nbsp;&nbsp;&nbsp;&nbsp;1739 |
| Trinitas VII, Series 2017-7A, Class A1R2, CLO, FRN, 3M TSFR + 1.06%, 4.727%, 1/25/35 (1) | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 |
| Verdant Receivables, Series 2023-1A, Class A2, 6.24%, 1/13/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Verdant Receivables, Series 2025-1A, Class B, 5.37%, 5/12/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Verizon Master Trust, Series 2026-1, Class A1A, 3.94%, 2/20/31 | 1795 | &nbsp;&nbsp;&nbsp;&nbsp;1789 |
| Wingspire Equipment Finance, Series 2025-1A, Class A2, 4.33%, 9/20/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
|  |  | &nbsp;&nbsp;&nbsp;70319 |
| **Student Loan 0.2%** |  |  |
| Bayview Opportunity Master Fund VII, Series 2025-EDU1, Class A, FRN, SOFR30A + 1.30%, 4.945%, 7/27/48 (1) | &nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 |
| Navient Private Education Refi Loan Trust, Series 2019-CA, Class A2, 3.13%, 2/15/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Navient Private Education Refi Loan Trust, Series 2020-A, Class A2A, 2.46%, 11/15/68 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Navient Refinance Loan Trust, Series 2026-A, Class A, 4.50%, 1/18/56 (1) | &nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| Navient Refinance Loan Trust, Series 2026-A, Class A, 5.36%, 9/15/56 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 |
| Nelnet Student Loan Trust, Series 2021-BA, Class AFX, 1.42%, 4/20/62 (1) | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
| Nelnet Student Loan Trust, Series 2021-CA, Class AFX, 1.32%, 4/20/62 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Nelnet Student Loan Trust, Series 2021-DA, Class AFX, 1.63%, 4/20/62 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2961 |
| **Total Asset-Backed Securities<br> (Cost $114,788)** |  | **114868** |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **CORPORATE BONDS 27.6%** | **CORPORATE BONDS 27.6%** | **CORPORATE BONDS 27.6%** |
| **FINANCIAL INSTITUTIONS 9.6%** |  |  |
| **Banking 5.6%** |  |  |
| Ally Financial, 2.20%, 11/2/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Ally Financial, VR, 6.848%, 1/3/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;710 |
| American Express, VR, 4.918%, 7/20/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;631 |
| Banco Bilbao Vizcaya Argentaria, 5.381%, 3/13/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| Banco Bilbao Vizcaya Argentaria, VR, 6.138%, 9/14/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;817 |
| Banco Santander, 3.49%, 5/28/30 | 3600 | 3430 |
| Banco Santander, 5.439%, 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;412 |
| Banco Santander, VR, 5.552%, 3/14/28 (3) | 1200 | 1210 |
| Banco Santander, VR, 6.527%, 11/7/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;607 |
| Bank of America, VR, 1.734%, 7/22/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;149 |
| Bank of America, VR, 1.898%, 7/23/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Bank of America, VR, 1.922%, 10/24/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| Bank of America, VR, 2.551%, 2/4/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Bank of America, VR, 2.572%, 10/20/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Bank of America, VR, 2.592%, 4/29/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;286 |
| Bank of America, VR, 2.676%, 6/19/41 (3) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;166 |
| Bank of America, VR, 2.831%, 10/24/51 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Bank of America, VR, 3.705%, 4/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| Bank of America, VR, 3.824%, 1/20/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;344 |
| Bank of America, VR, 3.846%, 3/8/37 (3) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
| Bank of America, VR, 4.078%, 4/23/40 (3) | 1040 | &nbsp;&nbsp;&nbsp;&nbsp;905 |
| Bank of America, VR, 4.244%, 4/24/38 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Bank of America, VR, 4.271%, 7/23/29 (3) | 2230 | 2218 |
| Bank of America, VR, 4.376%, 4/27/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Bank of America, VR, 4.571%, 4/27/33 (3) | 2330 | 2290 |
| Bank of America, VR, 5.819%, 9/15/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;463 |
| Bank of America, 5.875%, 2/7/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Bank of America, VR, 5.933%, 9/15/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;362 |
| Bank of America, 7.75%, 5/14/38 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;955 |
| Bank of Montreal, Series J, VR, 4.439%, 1/14/32 (3) | 1360 | 1341 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Bank of New York Mellon, VR, 3.442%, 2/7/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;805 |
| Bank of New York Mellon, VR, 3.992%, 6/13/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Bank of New York Mellon, VR, 5.606%, 7/21/39 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| Bank of New York Mellon, VR, 5.834%, 10/25/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| Bank of New York Mellon, VR, 6.317%, 10/25/29 (3) | 1110 | 1159 |
| Barclays, VR, 2.279%, 11/24/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;197 |
| Barclays, VR, 5.69%, 3/12/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;990 | 1016 |
| Barclays, VR, 7.437%, 11/2/33 (3) | 2050 | 2295 |
| BBVA Mexico Institucion De Banca Multiple Grupo Financiero BBVA Mexico, 5.25%, 9/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;712 |
| Capital One Financial, VR, 2.359%, 7/29/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Capital One Financial, 3.65%, 5/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;154 |
| Capital One Financial, 3.75%, 7/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Capital One Financial, VR, 4.927%, 5/10/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;221 |
| Capital One Financial, VR, 5.268%, 5/10/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Capital One Financial, VR, 5.884%, 7/26/35 (3) | 1260 | 1293 |
| Capital One Financial, VR, 7.149%, 10/29/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| Citigroup, VR, 2.666%, 1/29/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Citigroup, VR, 3.07%, 2/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| Citigroup, VR, 3.785%, 3/17/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| Citigroup, VR, 3.878%, 1/24/39 (3) | 1600 | 1381 |
| Citigroup, VR, 3.887%, 1/10/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| Citigroup, VR, 3.98%, 3/20/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Citigroup, 4.65%, 7/30/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Citigroup, VR, 4.91%, 5/24/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;518 |
| Citigroup, VR, 5.411%, 9/19/39 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;197 |
| Citigroup, VR, 5.449%, 6/11/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| Citigroup, 5.875%, 1/30/42 | 2115 | 2161 |
| Citigroup, VR, 6.27%, 11/17/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;278 |
| Commonwealth Bank of Australia, 4.577%, 11/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| Cooperatieve Rabobank UA, 5.25%, 5/24/41 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Credit Agricole, VR, 4.656%, 1/12/32 (1)(3) | 1320 | 1303 |
| Danske Bank, VR, 4.298%, 4/1/28 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Fifth Third Bancorp, VR, 4.566%, 4/29/32 (3) | 1780 | 1752 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Fifth Third Bancorp, VR, 4.895%, 9/6/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Fifth Third Bancorp, VR, 6.339%, 7/27/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Goldman Sachs Bank USA, VR, 5.414%, 5/21/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| Goldman Sachs Group, VR, 1.542%, 9/10/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;139 |
| Goldman Sachs Group, VR, 1.948%, 10/21/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;460 |
| Goldman Sachs Group, VR, 2.615%, 4/22/32 (3) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| Goldman Sachs Group, VR, 2.64%, 2/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;513 |
| Goldman Sachs Group, 3.50%, 11/16/26 | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;787 |
| Goldman Sachs Group, VR, 3.615%, 3/15/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;258 |
| Goldman Sachs Group, VR, 3.691%, 6/5/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;387 |
| Goldman Sachs Group, 3.80%, 3/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| Goldman Sachs Group, VR, 4.387%, 6/15/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| Goldman Sachs Group, VR, 5.727%, 4/25/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Goldman Sachs Group, VR, 5.851%, 4/25/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Goldman Sachs Group, 6.25%, 2/1/41 | 1940 | 2050 |
| Goldman Sachs Group, VR, 6.484%, 10/24/29 (3) | 1370 | 1429 |
| Goldman Sachs Group, 6.75%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| HSBC Holdings, VR, 2.013%, 9/22/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;256 |
| HSBC Holdings, VR, 3.973%, 5/22/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;822 |
| HSBC Holdings, VR, 4.041%, 3/13/28 (3) | 1200 | 1195 |
| HSBC Holdings, VR, 5.402%, 8/11/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;793 |
| HSBC Holdings, VR, 6.332%, 3/9/44 (3) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;402 |
| Huntington Bancshares, VR, 6.141%, 11/18/39 (3) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| Huntington Bancshares, VR, 6.208%, 8/21/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| ING Groep, 4.55%, 10/2/28 | 1290 | 1293 |
| ING Groep, VR, 5.55%, 3/19/35 (3) | 2500 | 2545 |
| ING Groep, VR, 6.114%, 9/11/34 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| JPMorgan Chase, VR, 1.47%, 9/22/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| JPMorgan Chase, VR, 2.182%, 6/1/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| JPMorgan Chase, VR, 2.947%, 2/24/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;376 |
| JPMorgan Chase, VR, 2.956%, 5/13/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;257 |
| JPMorgan Chase, VR, 3.109%, 4/22/51 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| JPMorgan Chase, VR, 3.54%, 5/1/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;144 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| JPMorgan Chase, VR, 3.782%, 2/1/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp;483 |
| JPMorgan Chase, VR, 4.203%, 7/23/29 (3) | 2180 | 2166 |
| JPMorgan Chase, VR, 4.586%, 4/26/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| JPMorgan Chase, 4.95%, 6/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;547 |
| JPMorgan Chase, VR, 4.979%, 7/22/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| JPMorgan Chase, VR, 5.04%, 1/23/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;392 |
| JPMorgan Chase, VR, 5.299%, 7/24/29 (3) | 1350 | 1372 |
| JPMorgan Chase, VR, 5.336%, 1/23/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;304 |
| JPMorgan Chase, 5.50%, 10/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;764 |
| JPMorgan Chase, VR, 6.087%, 10/23/29 (3) | 1790 | 1855 |
| Manufacturers & Traders Trust, VR, 4.762%, 7/6/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;852 |
| Mitsubishi UFJ Financial Group, VR, 4.505%, 1/14/32 (3) | 1935 | 1906 |
| Morgan Stanley, VR, 1.512%, 7/20/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| Morgan Stanley, VR, 1.593%, 5/4/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Morgan Stanley, VR, 2.475%, 1/21/28 (3) | 1840 | 1814 |
| Morgan Stanley, 3.125%, 7/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| Morgan Stanley, VR, 3.622%, 4/1/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Morgan Stanley, VR, 4.21%, 4/20/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;259 |
| Morgan Stanley, VR, 4.431%, 1/23/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;229 |
| Morgan Stanley, VR, 4.889%, 7/20/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Morgan Stanley, VR, 5.173%, 1/16/30 (3) | 1360 | 1378 |
| Morgan Stanley, VR, 5.297%, 4/20/37 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;260 |
| Morgan Stanley, VR, 5.32%, 7/19/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| Morgan Stanley, VR, 5.449%, 7/20/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| Morgan Stanley, VR, 5.652%, 4/13/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| Morgan Stanley, VR, 5.656%, 4/18/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;159 |
| Morgan Stanley, VR, 5.831%, 4/19/35 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Morgan Stanley, VR, 6.342%, 10/18/33 (3) | 1150 | 1231 |
| Morgan Stanley, VR, 6.407%, 11/1/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Morgan Stanley, 7.25%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| Morgan Stanley Private Bank, VR, 4.734%, 7/18/31 (3) | 2150 | 2147 |
| National Bank of Canada, VR, 4.166%, 1/20/29 (3) | 1975 | 1965 |
| Northern Trust, 4.15%, 11/19/30 | 1580 | 1567 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| PNC Financial Services Group, VR, 4.626%, 6/6/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| PNC Financial Services Group, VR, 6.037%, 10/28/33 (3) | 2500 | 2641 |
| Royal Bank of Canada, 2.30%, 11/3/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Royal Bank of Canada, 5.20%, 8/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;611 |
| Santander Holdings USA, VR, 2.49%, 1/6/28 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;374 |
| Santander Holdings USA, 3.244%, 10/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;537 |
| Santander Holdings USA, VR, 6.174%, 1/9/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;743 |
| Santander Holdings USA, VR, 6.499%, 3/9/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Santander Holdings USA, VR, 6.565%, 6/12/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;124 |
| Santander UK Group Holdings, VR, 4.32%, 9/22/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;898 |
| Skandinaviska Enskilda Banken, 5.125%, 3/5/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;232 |
| Standard Chartered, VR, 4.529%, 6/5/32 (1)(3) | 2245 | 2196 |
| Standard Chartered, VR, 5.243%, 1/13/37 (1)(3) | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;744 |
| State Street, VR, 2.203%, 2/7/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;157 |
| State Street, VR, 4.421%, 5/13/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;421 |
| State Street, 5.272%, 8/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| State Street, VR, 5.684%, 11/21/29 (3) | 1400 | 1446 |
| Toronto-Dominion Bank, VR, 3.625%, 9/15/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Toronto-Dominion Bank, 5.264%, 12/11/26 | 1570 | 1580 |
| Toronto-Dominion Bank, 5.523%, 7/17/28 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;348 |
| Toronto-Dominion Bank, 5.532%, 7/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| UBS, 5.65%, 9/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;824 |
| UBS Americas, 7.125%, 7/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;245 |
| US Bancorp, VR, 4.967%, 7/22/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| US Bancorp, VR, 5.85%, 10/21/33 (3) | 1700 | 1782 |
| US Bancorp, VR, 6.787%, 10/26/27 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| Wells Fargo, VR, 2.393%, 6/2/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;695 |
| Wells Fargo, VR, 2.879%, 10/30/30 (3) | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;694 |
| Wells Fargo, VR, 3.526%, 3/24/28 (3) | 1520 | 1508 |
| Wells Fargo, VR, 3.584%, 5/22/28 (3) | 1600 | 1586 |
| Wells Fargo, 3.90%, 5/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;393 |
| Wells Fargo, VR, 4.808%, 7/25/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;261 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Wells Fargo, VR, 5.605%, 4/23/36 (3) | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2560 |
| Wells Fargo, VR, 5.707%, 4/22/28 (3) | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 |
| Wells Fargo, VR, 6.303%, 10/23/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 |
| Wells Fargo Bank, 5.254%, 12/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 |
| Westpac Banking, 3.35%, 3/8/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 |
| Westpac Banking, VR, 4.322%, 11/23/31 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Westpac Banking, VR, 5.405%, 8/10/33 (3) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
|  |  | 105405 |
| **Brokerage Asset Managers Exchanges 0.3%** |  |  |
| BlackRock Funding, 5.25%, 3/14/54 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;2797 |
| Charles Schwab, VR, 4.914%, 11/14/36 (3) | 2395 | &nbsp;&nbsp;&nbsp;&nbsp;2335 |
| Charles Schwab, VR, 6.196%, 11/17/29 (3) | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 |
| Intercontinental Exchange, 1.85%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Intercontinental Exchange, 5.20%, 6/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 |
| Intercontinental Exchange, 5.25%, 6/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| Nasdaq, 5.95%, 8/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6467 |
| **Finance Companies 0.1%** |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.85%, 10/29/41 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;1406 |
| Avolon Holdings Funding, 6.375%, 5/4/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1709 |
| **Financial Other 0.1%** |  |  |
| Atlas Warehouse Lending, 4.625%, 11/15/28 (1) | 1665 | &nbsp;&nbsp;&nbsp;&nbsp;1644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1644 |
| **Insurance 2.3%** |  |  |
| Aetna, 3.875%, 8/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Aetna, 6.625%, 6/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 |
| Aetna, 6.75%, 12/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| American International Group, 3.875%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Arthur J Gallagher, 4.85%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Arthur J Gallagher, 5.45%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;933 |
| Arthur J Gallagher, 6.75%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Athene Global Funding, 4.86%, 8/27/26 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Athene Global Funding, 5.033%, 7/17/30 (1) | 2115 | 2096 |
| Berkshire Hathaway Finance, 5.75%, 1/15/40 (4) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;257 |
| Centene, 2.45%, 7/15/28 | 1550 | 1463 |
| Centene, 2.50%, 3/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Centene, 3.00%, 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;270 |
| Centene, 4.25%, 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;129 |
| Chubb INA Holdings, 5.00%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;703 |
| Corebridge Financial, 3.65%, 4/5/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Corebridge Financial, 3.85%, 4/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Corebridge Financial, VR, 6.875%, 12/15/52 (3) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| Corebridge Global Funding, 4.25%, 8/21/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;447 |
| Corebridge Global Funding, 4.65%, 8/20/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Elevance Health, 2.25%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Elevance Health, 4.101%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Elevance Health, 4.55%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Elevance Health, 4.65%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Elevance Health, 6.10%, 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;564 |
| Enact Holdings, 6.25%, 5/28/29 | 1509 | 1559 |
| Fidelity National Financial, 4.50%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| First American Financial, 5.45%, 9/30/34 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;473 |
| Globe Life, 4.55%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;359 |
| Globe Life, 5.85%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;703 |
| Health Care Service, 2.20%, 6/1/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Humana, 5.375%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| Humana, 5.75%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| Humana, 5.95%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Jackson Financial, 3.125%, 11/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;501 |
| Jackson National Life Global Funding, 4.70%, 6/5/28 (1) | 2260 | 2257 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Jackson National Life Global Funding, 4.90%, 1/13/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;226 |
| Marsh & McLennan, 5.00%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Marsh & McLennan, 5.75%, 11/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;357 |
| MassMutual Global Funding II, 5.10%, 4/9/27 (1) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| Met Tower Global Funding, 4.00%, 1/14/29 (1) | 1015 | 1003 |
| MetLife, 5.30%, 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| MetLife, 5.875%, 2/6/41 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| MetLife, 6.375%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| MetLife, 10.75%, 8/1/69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| MGIC Investment, 5.25%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;849 |
| New York Life Global Funding, 4.05%, 2/2/29 (1) | 2730 | 2710 |
| New York Life Insurance, 3.75%, 5/15/50 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Pacific Life Global Funding II, 4.375%, 2/3/31 (1) | 2030 | 2014 |
| Pricoa Global Funding I, 4.35%, 11/25/30 (1) | 4085 | 4038 |
| Principal Financial Group, 2.125%, 6/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| Principal Financial Group, 3.70%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| Progressive, 2.45%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;158 |
| Progressive, 6.25%, 12/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Prudential Financial, VR, 5.125%, 3/1/52 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| Prudential Financial, VR, 6.00%, 9/1/52 (3) | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Reinsurance Group of America, 5.75%, 9/15/34 | 1060 | 1083 |
| RGA Global Funding, 4.35%, 8/25/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;865 |
| RGA Global Funding, 4.60%, 11/25/30 (1) | 1220 | 1211 |
| Sammons Financial Group Global Funding, 4.80%, 12/12/30 (1) | 1295 | 1285 |
| Teachers Insurance & Annuity Association of America, 4.27%, 5/15/47 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Travelers, 5.35%, 11/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| UnitedHealth Group, 2.00%, 5/15/30 | 2810 | 2555 |
| UnitedHealth Group, 3.50%, 8/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;604 |
| UnitedHealth Group, 3.85%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| UnitedHealth Group, 3.875%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| UnitedHealth Group, 4.20%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;839 |
| UnitedHealth Group, 4.20%, 1/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| UnitedHealth Group, 4.25%, 1/15/29 | 1940 | &nbsp;&nbsp;&nbsp;1937 |
| UnitedHealth Group, 4.95%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| UnitedHealth Group, 4.95%, 5/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 |
| UnitedHealth Group, 5.00%, 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| UnitedHealth Group, 5.35%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 |
| UnitedHealth Group, 5.75%, 7/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 |
| UnitedHealth Group, 5.80%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| Willis North America, 5.15%, 3/15/36 | 2410 | &nbsp;&nbsp;&nbsp;2357 |
|  |  | 43104 |
| **Real Estate Investment Trusts 1.2%** |  |  |
| American Homes 4 Rent, 5.50%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 |
| AvalonBay Communities, 2.95%, 5/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| AvalonBay Communities, 4.35%, 12/1/30 | 2455 | &nbsp;&nbsp;&nbsp;2434 |
| Boston Properties, 2.75%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| Boston Properties, 3.25%, 1/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Boston Properties, 4.50%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 |
| Brixmor Operating Partnership, 3.90%, 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Brixmor Operating Partnership, 4.05%, 7/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Brixmor Operating Partnership, 4.125%, 5/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 |
| Brixmor Operating Partnership, 4.85%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 |
| Camden Property Trust, 4.10%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Camden Property Trust, 5.85%, 11/3/26 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
| Cousins Properties, 5.375%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| Cousins Properties, 5.875%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
| Digital Realty Trust, 4.45%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| Essex Portfolio, 2.65%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Essex Portfolio, 4.50%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Essex Portfolio, 4.875%, 2/15/36 | 1405 | &nbsp;&nbsp;&nbsp;1358 |
| Extra Space Storage, 4.00%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Healthcare Realty Holdings, 2.00%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Healthpeak Properties, 2.125%, 12/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Healthpeak Properties, 2.875%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| Invitation Homes Operating Partnership, 4.15%, 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Kilroy Realty, 4.25%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;145 |
| Kilroy Realty, 4.75%, 12/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Kilroy Realty, 6.25%, 1/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| Mid-America Apartments, 1.10%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| Mid-America Apartments, 3.95%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;652 |
| Mid-America Apartments, 5.30%, 2/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| Physicians Realty, 2.625%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Prologis, 4.00%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;730 |
| Public Storage Operating, 1.85%, 5/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;363 |
| Public Storage Operating, 1.95%, 11/9/28 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;524 |
| Public Storage Operating, 5.125%, 1/15/29 (4) | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;715 |
| Public Storage Operating, 5.35%, 8/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Realty Income, 3.00%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;892 |
| Realty Income, 3.25%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| Realty Income, 3.95%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Realty Income, 4.125%, 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| Realty Income, 5.125%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;202 |
| Realty Income, 5.625%, 10/13/32 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;448 |
| Regency Centers, 3.60%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Rexford Industrial Realty, 2.15%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| Simon Property Group, 1.375%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| Simon Property Group, 2.65%, 2/1/32 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Simon Property Group, 3.25%, 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;358 |
| Simon Property Group, 3.80%, 7/15/50 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Simon Property Group, 4.30%, 1/15/31 | 2400 | 2365 |
| Simon Property Group, 4.75%, 9/26/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Ventas Realty, 3.00%, 1/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Ventas Realty, 4.40%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;746 |
| Ventas Realty, 5.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Ventas Realty, 5.625%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Welltower OP, 2.80%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;844 |
| Welltower OP, 4.125%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Welltower OP, 4.25%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;369 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Welltower OP, 5.125%, 7/1/35 | 1310 | &nbsp;&nbsp;&nbsp;&nbsp;1312 |
| WP Carey, 4.25%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
|  |  | &nbsp;&nbsp;&nbsp;22342 |
| Total Financial Institutions |  | 180671 |
| **INDUSTRIAL 16.4%** |  |  |
| **Basic Industry 0.6%** |  |  |
| Air Products & Chemicals, 2.80%, 5/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Air Products & Chemicals, 4.60%, 2/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
| Air Products & Chemicals, 4.75%, 2/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| Anglo American Capital, 4.625%, 3/19/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |
| ArcelorMittal, 6.00%, 6/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| ArcelorMittal, 6.55%, 11/29/27 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
| ArcelorMittal, 6.80%, 11/29/32 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;1139 |
| ArcelorMittal, 7.00%, 10/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| BHP Billiton Finance USA, 4.90%, 2/28/33 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| BHP Billiton Finance USA, 5.10%, 9/8/28 | 1530 | &nbsp;&nbsp;&nbsp;&nbsp;1558 |
| Celanese US Holdings, 1.40%, 8/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Freeport-McMoRan, 4.125%, 3/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Freeport-McMoRan, 4.625%, 8/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| Freeport-McMoRan, 5.45%, 3/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 |
| Nutrien, 4.00%, 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 |
| Nutrien, 4.20%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| Nutrien, 5.40%, 6/21/34 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 |
| Reliance, 2.15%, 8/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| Southern Copper, 5.25%, 11/8/42 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Southern Copper, 5.875%, 4/23/45 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| Southern Copper, 7.50%, 7/27/35 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| Steel Dynamics, 3.25%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| Steel Dynamics, 5.375%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
| Suzano Austria GmbH, 2.50%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Suzano Austria GmbH, 3.125%, 1/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 |
| Suzano Austria GmbH, 3.75%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Vale, 5.625%, 9/11/42 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| WRKCo, 4.90%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| Yara International, 7.378%, 11/14/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  |  | 10471 |
| **Capital Goods 1.9%** |  |  |
| AGCO, 5.45%, 3/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 |
| Amphenol, 5.05%, 4/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Boeing, 2.70%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Boeing, 2.80%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 |
| Boeing, 3.60%, 5/1/34 (4) | 3800 | &nbsp;&nbsp;&nbsp;3415 |
| Boeing, 5.04%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| Boeing, 6.259%, 5/1/27 | 1560 | &nbsp;&nbsp;&nbsp;1587 |
| Boeing, 6.858%, 5/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
| Boeing, 6.875%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| Caterpillar Financial Services, 3.95%, 11/14/28 | 3325 | &nbsp;&nbsp;&nbsp;3308 |
| CNH Industrial Capital, 4.375%, 3/7/31 | 3155 | &nbsp;&nbsp;&nbsp;3092 |
| CRH America Finance, 5.50%, 1/9/35 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 |
| CRH SMW Finance DAC, 5.125%, 1/9/30 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 |
| Ferguson Enterprises, 5.00%, 10/3/34 | 1250 | &nbsp;&nbsp;&nbsp;1242 |
| GE Vernova, 4.875%, 2/4/36 | 2325 | &nbsp;&nbsp;&nbsp;2298 |
| General Dynamics, 3.75%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| General Dynamics, 4.25%, 4/1/40 | 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| General Electric Captial, 6.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 |
| Howmet Aerospace, 3.00%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Howmet Aerospace, 5.95%, 2/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
| John Deere Capital, 1.75%, 3/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| John Deere Capital, 2.35%, 3/8/27 | 1520 | &nbsp;&nbsp;&nbsp;1499 |
| John Deere Capital, 2.65%, 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| John Deere Capital, 4.40%, 9/8/31 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 |
| John Deere Capital, 4.50%, 1/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| John Deere Capital, 4.95%, 7/14/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| John Deere Capital, 5.10%, 4/11/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Johnson Controls International / Tyco Fire & Security Finance, 1.75%, 9/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Johnson Controls International / Tyco Fire & Security Finance, 5.50%, 4/19/29 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 |
| L3Harris Technologies, 5.25%, 6/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 |
| L3Harris Technologies, 5.40%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
| Lockheed Martin, 4.75%, 2/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| Northrop Grumman, 3.85%, 4/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Northrop Grumman, 5.25%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 |
| Owens Corning, 3.95%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| Owens Corning, 5.70%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 |
| Parker-Hannifin, 4.50%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Regal Rexnord, 6.30%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Regal Rexnord, 6.40%, 4/15/33 | 1280 | &nbsp;&nbsp;&nbsp;1360 |
| Republic Services, 2.375%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 |
| Republic Services, 5.00%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
| RTX, 4.125%, 11/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 |
| RTX, 4.50%, 6/1/42 | 1450 | &nbsp;&nbsp;&nbsp;1283 |
| RTX, 6.10%, 3/15/34 | 3000 | &nbsp;&nbsp;&nbsp;3228 |
| Stanley Black & Decker, 4.25%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
| Stanley Black & Decker, 5.20%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Tyco Electronics Group, 4.875%, 2/9/36 | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 |
| Waste Connections, 3.20%, 6/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Waste Connections, 5.00%, 3/1/34 | 1220 | &nbsp;&nbsp;&nbsp;1226 |
| Westinghouse Air Brake Technologies, 4.70%, 9/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 |
|  |  | 36250 |
| **Communications 2.4%** |  |  |
| America Movil SAB de CV, 6.375%, 3/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| American Tower, 5.80%, 11/15/28 | 1450 | &nbsp;&nbsp;&nbsp;1494 |
| AppLovin, 5.50%, 12/1/34 | 1080 | &nbsp;&nbsp;&nbsp;1077 |
| AT&T, 2.25%, 2/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| AT&T, 2.75%, 6/1/31 | 2500 | &nbsp;&nbsp;&nbsp;2281 |
| AT&T, 3.50%, 6/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| AT&T, 4.55%, 11/1/32 | 1215 | 1191 |
| AT&T, 5.40%, 2/15/34 | 1300 | 1323 |
| Charter Communications Operating / Charter Communications Operating Capital, 2.80%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;219 |
| Charter Communications Operating / Charter Communications Operating Capital, 3.70%, 4/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| Charter Communications Operating / Charter Communications Operating Capital, 6.384%, 10/23/35 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;363 |
| Comcast, 2.35%, 1/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;257 |
| Comcast, 2.65%, 2/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Comcast, 2.80%, 1/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Comcast, 2.887%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Comcast, 3.30%, 2/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;776 |
| Comcast, 5.30%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| Comcast, 5.65%, 6/15/35 (4) | &nbsp;&nbsp;&nbsp;&nbsp;980 | 1011 |
| Comcast, 7.05%, 3/15/33 | 1000 | 1121 |
| Crown Castle, 2.10%, 4/1/31 | 1800 | 1577 |
| Crown Castle, 2.25%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;235 |
| Crown Castle, 2.90%, 3/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;838 |
| Crown Castle, 3.70%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Crown Castle, 4.80%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;492 |
| Meta Platforms, 5.40%, 8/15/54 | 1800 | 1600 |
| Meta Platforms, 5.50%, 11/15/45 | 4490 | 4174 |
| Meta Platforms, 5.60%, 5/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;202 |
| Netflix, 4.375%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Netflix, 4.90%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;241 |
| Netflix, 5.875%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;249 |
| NTT Finance, 4.876%, 7/16/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;871 |
| Orange, 4.75%, 1/13/33 (1) | 1310 | 1294 |
| Orange, 5.375%, 1/13/42 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| Rogers Communications, 4.50%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| Rogers Communications, 5.00%, 2/15/29 | 2645 | 2666 |
| Sprint Capital, 6.875%, 11/15/28 | 1000 | 1056 |
| Sprint Capital, 8.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;321 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Take-Two Interactive Software, 4.95%, 3/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 |
| Take-Two Interactive Software, 5.60%, 6/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 |
| Telefonica Emisiones, 7.045%, 6/20/36 | 1060 | &nbsp;&nbsp;&nbsp;1170 |
| Time Warner Cable, 5.50%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |
| Time Warner Cable, 6.55%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 |
| Time Warner Cable, 6.75%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Time Warner Cable, 7.30%, 7/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| T-Mobile USA, 2.25%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| T-Mobile USA, 2.55%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 |
| T-Mobile USA, 2.875%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| T-Mobile USA, 3.375%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 |
| T-Mobile USA, 3.40%, 10/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 |
| T-Mobile USA, 3.50%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| T-Mobile USA, 3.75%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
| T-Mobile USA, 4.375%, 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 |
| T-Mobile USA, 4.80%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| T-Mobile USA, 4.95%, 11/15/35 | 1800 | &nbsp;&nbsp;&nbsp;1757 |
| T-Mobile USA, 5.00%, 2/15/36 | 1400 | &nbsp;&nbsp;&nbsp;1371 |
| T-Mobile USA, 5.15%, 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| TWDC Enterprises 18, 1.85%, 7/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| TWDC Enterprises 18, 7.00%, 3/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
| Verizon Communications, 2.355%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 |
| Verizon Communications, 2.65%, 11/20/40 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 |
| Verizon Communications, 4.00%, 3/22/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Verizon Communications, 4.329%, 9/21/28 | 1300 | &nbsp;&nbsp;&nbsp;1301 |
| Verizon Communications, 4.75%, 1/15/33 | 1200 | &nbsp;&nbsp;&nbsp;1185 |
| Walt Disney, 2.00%, 9/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 |
| Walt Disney, 2.65%, 1/13/31 | 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 |
| Walt Disney, 3.375%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 |
| Walt Disney, 6.20%, 12/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 |
|  |  | 44905 |
| **Consumer Cyclical 1.9%** |  |  |
| Airbnb, 4.65%, 3/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Amazon.com, 3.875%, 8/22/37 | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Amazon.com, 4.65%, 11/20/35 | 3100 | 3017 |
| Amazon.com, 5.65%, 3/13/46 | 1855 | 1827 |
| American Honda Finance, 4.55%, 7/9/27 | 2450 | 2453 |
| AutoZone, 1.65%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| AutoZone, 3.75%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| AutoZone, 5.05%, 7/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Best Buy, 1.95%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;823 |
| Best Buy, 4.45%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| CBRE Services, 2.50%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| CBRE Services, 4.90%, 1/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;553 |
| CBRE Services, 5.95%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;261 |
| Cummins, 5.45%, 2/20/54 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;202 |
| Daimler Truck Finance North America, 4.15%, 1/12/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;627 |
| Darden Restaurants, 3.85%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Dollar General, 5.20%, 7/5/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| Dollar General, 5.50%, 11/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| eBay, 1.40%, 5/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| eBay, 2.60%, 5/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| eBay, 4.00%, 7/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;467 |
| Ford Motor, 4.346%, 12/8/26 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;479 |
| Ford Motor, 4.75%, 1/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| Ford Motor, 6.625%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;228 |
| Ford Motor, 7.40%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;854 |
| Ford Motor, 7.45%, 7/16/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Ford Motor Credit, 4.271%, 1/9/27 | 1320 | 1313 |
| Ford Motor Credit, 7.122%, 11/7/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| General Motors, 5.00%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| General Motors, 6.25%, 10/2/43 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;930 |
| General Motors Financial, 1.50%, 6/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| General Motors Financial, 2.35%, 2/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;236 |
| General Motors Financial, 2.40%, 4/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| General Motors Financial, 4.00%, 10/6/26 | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;769 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| General Motors Financial, 4.35%, 1/17/27 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| General Motors Financial, 5.00%, 4/9/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;241 |
| General Motors Financial, 5.45%, 1/8/36 | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;164 |
| General Motors Financial, 5.80%, 6/23/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| General Motors Financial, 5.80%, 1/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| GLP Capital / GLP Financing II, 5.625%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;874 |
| Home Depot, 4.95%, 6/25/34 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;543 |
| Home Depot, 5.40%, 6/25/64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Home Depot, 5.875%, 12/16/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| Home Depot, 5.95%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| Hyundai Capital America, 4.55%, 1/8/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;601 |
| Hyundai Capital America, 4.90%, 6/23/28 (1) | 2890 | 2903 |
| Hyundai Capital America, 5.35%, 3/19/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Las Vegas Sands, 3.50%, 8/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Las Vegas Sands, 5.90%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;202 |
| Las Vegas Sands, 6.00%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Lowe's, 4.45%, 4/1/62 | 1370 | 1039 |
| Lowe's, 5.00%, 4/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| O'Reilly Automotive, 3.60%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| O'Reilly Automotive, 3.90%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;281 |
| O'Reilly Automotive, 5.00%, 8/19/34 | 1465 | 1453 |
| PACCAR Financial, Series R, 3.90%, 2/5/29 | 2695 | 2676 |
| PACCAR Financial, Series R, 4.00%, 11/7/28 | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;742 |
| PACCAR Financial, 5.20%, 11/9/26 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Ross Stores, 1.875%, 4/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;255 |
| Starbucks, 2.55%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;294 |
| Starbucks, 4.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;218 |
| Starbucks, 4.90%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;172 |
| TJX, 1.60%, 5/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| TJX, 2.25%, 9/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Toyota Motor Credit, 1.90%, 4/6/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;115 |
| Toyota Motor Credit, 3.20%, 1/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Toyota Motor Credit, 3.65%, 1/8/29 | 1140 | 1122 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Toyota Motor Credit, 4.60%, 10/10/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Toyota Motor Credit, 4.65%, 1/5/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Toyota Motor Credit, 4.80%, 1/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Toyota Motor Credit, 5.05%, 5/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Toyota Motor Credit, 5.25%, 9/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 |
| Tractor Supply, 1.75%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| Uber Technologies, 5.35%, 9/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Volkswagen Group of America Finance, 4.95%, 8/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 |
|  |  | 36412 |
| **Consumer Non-Cyclical 3.4%** |  |  |
| Abbott Laboratories, 1.40%, 6/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| Abbott Laboratories, 3.75%, 11/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 |
| Abbott Laboratories, 4.75%, 11/30/36 | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |
| Abbott Laboratories, 6.15%, 11/30/37 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
| AbbVie, 2.95%, 11/21/26 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 |
| AbbVie, 3.20%, 5/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| AbbVie, 3.20%, 11/21/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| AbbVie, 4.05%, 11/21/39 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
| AbbVie, 4.50%, 5/14/35 | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 |
| AbbVie, 4.55%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| AbbVie, 4.80%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| AbbVie, 5.05%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
| Amgen, 1.65%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 |
| Amgen, 3.15%, 2/21/40 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 |
| Amgen, 4.40%, 2/22/62 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Amgen, 5.15%, 11/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |
| Amgen, 5.75%, 3/2/63 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 |
| Anheuser-Busch InBev Worldwide, 5.45%, 1/23/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Anheuser-Busch InBev Worldwide, 8.20%, 1/15/39 | 1320 | &nbsp;&nbsp;&nbsp;1664 |
| AstraZeneca, 1.375%, 8/6/30 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| AstraZeneca, 4.00%, 1/17/29 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 |
| AstraZeneca, 4.00%, 9/18/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| Astrazeneca Finance, 1.75%, 5/28/28 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Astrazeneca Finance, 4.85%, 2/26/29 | 1020 | 1036 |
| Astrazeneca Finance, 4.875%, 3/3/28 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;223 |
| Astrazeneca Finance, 4.875%, 3/3/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Astrazeneca Finance, 5.00%, 2/26/34 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;203 |
| Augusta SpinCo, 4.656%, 3/23/31 | 1645 | 1640 |
| BAT Capital, 3.557%, 8/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;532 |
| BAT Capital, 4.39%, 8/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;227 |
| BAT Capital, 4.70%, 4/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| BAT Capital, 7.079%, 8/2/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| BAT Capital, 7.081%, 8/2/53 | 1100 | 1217 |
| Becton Dickinson, 4.874%, 2/8/29 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| Biogen, 3.15%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Cencora, 2.70%, 3/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;256 |
| Cencora, 4.85%, 12/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;981 |
| Cigna Group, 4.90%, 12/15/48 | 3110 | 2691 |
| CommonSpirit Health, 2.782%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Conagra Brands, 5.00%, 8/1/30 (4) | 2000 | 2002 |
| CVS Health, 1.30%, 8/21/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| CVS Health, 1.875%, 2/28/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| CVS Health, 2.875%, 6/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| CVS Health, 3.00%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;199 |
| CVS Health, 3.25%, 8/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| CVS Health, 4.125%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;555 |
| CVS Health, 4.875%, 7/20/35 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;686 |
| CVS Health, 5.00%, 1/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| CVS Health, 5.00%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;321 |
| CVS Health, 5.125%, 7/20/45 | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| CVS Health, 5.40%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;736 |
| CVS Health, 5.70%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| CVS Health, 5.875%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;361 |
| CVS Health, 6.00%, 6/1/63 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;806 |
| CVS Health, 6.125%, 9/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| CVS Health, 6.25%, 6/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;245 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Eli Lilly, 4.70%, 2/9/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Eli Lilly, 4.90%, 10/15/35 | 2500 | 2496 |
| Eli Lilly, 5.10%, 2/9/64 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;152 |
| Eli Lilly, 5.20%, 8/14/64 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| Estee Lauder, 5.00%, 2/14/34 (4) | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;639 |
| Hackensack Meridian Health, 4.211%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Haleon US Capital, 3.375%, 3/24/27 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;615 |
| HCA, 4.125%, 6/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;197 |
| HCA, 4.375%, 3/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| HCA, 5.875%, 2/1/29 | 2150 | 2209 |
| IQVIA, 6.25%, 2/1/29 | 1095 | 1136 |
| Kaiser Foundation Hospitals, 2.81%, 6/1/41 | 1250 | &nbsp;&nbsp;&nbsp;&nbsp;910 |
| Kaiser Foundation Hospitals, 3.002%, 6/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;536 |
| Kenvue, 4.90%, 3/22/33 | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;553 |
| Kenvue, 5.00%, 3/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;714 |
| Kenvue, 5.10%, 3/22/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Kenvue, 5.20%, 3/22/63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Keurig Dr. Pepper, 3.20%, 5/1/30 | 3500 | 3292 |
| Kraft Heinz Foods, 5.20%, 3/15/32 | 3000 | 3039 |
| Kroger, 2.65%, 10/15/26 | 1550 | 1539 |
| Kroger, 5.00%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Mars, 4.75%, 4/20/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Mars, 5.00%, 3/1/32 (1) | 2000 | 2029 |
| McCormick, 4.15%, 2/15/29 | 1140 | 1130 |
| McKesson, 1.30%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| McKesson, 4.90%, 7/15/28 (4) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;243 |
| MedStar Health, 3.626%, 8/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Memorial Sloan-Kettering Cancer Center, 4.20%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Merck, 5.15%, 5/17/63 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;205 |
| Mondelez International, 4.75%, 2/20/29 | 3400 | 3437 |
| Northwell Healthcare, 3.979%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| NYU Langone Hospitals, 4.368%, 7/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Pfizer, 4.50%, 11/15/32 | 2465 | 2441 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Pfizer Investment Enterprises, 4.45%, 5/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| Providence St Joseph Health Obligated Group, 2.532%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| Revvity, 3.30%, 9/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 |
| Reynolds American, 5.70%, 8/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 |
| Reynolds American, 7.25%, 6/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| Roche Holdings, 4.075%, 12/2/30 (1) | 1605 | &nbsp;&nbsp;&nbsp;1584 |
| Smithfield Foods, 5.20%, 4/1/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Solventum, 5.40%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| Stanford Health Care, 3.795%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Sutter Health, 3.695%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Takeda Pharmaceutical, 5.00%, 11/26/28 | 1160 | &nbsp;&nbsp;&nbsp;1175 |
| Tyson Foods, 3.55%, 6/2/27 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| Tyson Foods, 4.35%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Tyson Foods, 5.40%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| Wyeth, 5.95%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 |
| Wyeth, 6.00%, 2/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| Zoetis, 4.15%, 8/17/28 | 2890 | &nbsp;&nbsp;&nbsp;2875 |
|  |  | 63546 |
| **Energy 2.6%** |  |  |
| Boardwalk Pipelines, 3.40%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| BP Capital Markets America, 3.543%, 4/6/27 | 1080 | &nbsp;&nbsp;&nbsp;1075 |
| BP Capital Markets America, 3.937%, 9/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 |
| BP Capital Markets America, 4.812%, 2/13/33 | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| BP Capital Markets America, 4.989%, 4/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| BP Capital Markets America, 5.227%, 11/17/34 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |
| Cameron LNG, 3.701%, 1/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Canadian Natural Resources, 2.95%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Cheniere Corpus Christi Holdings, 5.125%, 6/30/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 |
| Cheniere Energy, 4.625%, 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
| Cheniere Energy Partners, 4.50%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Cheniere Energy Partners, 5.95%, 6/30/33 | 1000 | &nbsp;&nbsp;&nbsp;1049 |
| Chevron USA, 4.30%, 10/15/30 (4) | 1725 | &nbsp;&nbsp;&nbsp;1727 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Columbia Pipelines Holding, 4.999%, 11/17/32 (1) | 2580 | 2563 |
| Continental Resources, 4.375%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;308 |
| Continental Resources, 4.90%, 6/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;144 |
| Coterra Energy, 3.90%, 5/15/27 | 1350 | 1343 |
| Coterra Energy, 4.375%, 3/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Devon Energy, 4.75%, 5/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;220 |
| Devon Energy, 5.20%, 9/15/34 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Devon Energy, 7.95%, 4/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Enbridge, 1.60%, 10/4/26 | 1020 | 1009 |
| Enbridge, 4.20%, 11/20/28 | 1710 | 1699 |
| Enbridge, 5.625%, 4/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Enbridge, 5.90%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Enbridge, 6.70%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| Enbridge, VR, 7.375%, 3/15/55 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| Enbridge Energy Partners, 5.50%, 9/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Energy Transfer, 4.95%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Energy Transfer, 5.35%, 1/15/36 | 2155 | 2142 |
| Energy Transfer, 5.55%, 5/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Energy Transfer, 5.60%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Enterprise Products Operating, 4.15%, 10/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Enterprise Products Operating, 4.30%, 6/20/28 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;710 |
| Enterprise Products Operating, 4.60%, 1/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;582 |
| Enterprise Products Operating, 4.60%, 1/15/31 | 1070 | 1072 |
| Enterprise Products Operating, 4.85%, 1/31/34 | 1020 | 1019 |
| Enterprise Products Operating, VR, 5.25%, 8/16/77 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;239 |
| Enterprise Products Operating, 5.35%, 1/31/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Enterprise Products Operating, VR, 5.375%, 2/15/78 (3) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;110 |
| Enterprise Products Operating, 5.95%, 2/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;230 |
| Enterprise Products Operating, 6.65%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| EOG Resources, 4.40%, 7/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;962 |
| EOG Resources, 4.40%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;799 |
| Halliburton, 2.92%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;471 |
| Hess, 5.60%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;631 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Hess, 7.125%, 3/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Marathon Petroleum, 5.70%, 3/1/35 (4) | 2500 | 2567 |
| MPLX, 4.80%, 2/15/31 | 1635 | 1639 |
| MPLX, 5.50%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| MPLX, 5.65%, 3/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;320 |
| Occidental Petroleum, 5.375%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| Occidental Petroleum, 6.45%, 9/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Occidental Petroleum, 7.875%, 9/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;364 |
| Occidental Petroleum, 7.95%, 6/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| ONEOK, 5.375%, 6/1/29 | 1280 | 1305 |
| ONEOK, 5.55%, 11/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;714 |
| ONEOK, 5.60%, 4/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;222 |
| ONEOK, 6.625%, 9/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Ovintiv, 6.50%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Ovintiv, 7.375%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Patterson-UTI Energy, 3.95%, 2/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| Patterson-UTI Energy, 5.15%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;561 |
| Patterson-UTI Energy, 7.15%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;639 |
| Sabine Pass Liquefaction, 4.20%, 3/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Sabine Pass Liquefaction, 4.50%, 5/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Sabine Pass Liquefaction, 5.00%, 3/15/27 | 1280 | 1283 |
| Schlumberger Investment, 4.50%, 5/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| Shell Finance US, 2.375%, 11/7/29 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;554 |
| Shell Finance US, 2.75%, 4/6/30 | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;970 |
| Shell Finance US, 3.875%, 11/13/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Shell Finance US, 6.375%, 12/15/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| South Bow USA Infrastructure Holdings, 4.911%, 9/1/27 | 1080 | 1084 |
| South Bow USA Infrastructure Holdings, 5.026%, 10/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
| Spectra Energy Partners, 3.375%, 10/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;518 |
| Targa Resources, 5.20%, 7/1/27 | 1260 | 1269 |
| Targa Resources, 5.50%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;172 |
| Targa Resources Partners / Targa Resources Partners Finance, 5.00%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;203 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Targa Resources Partners / Targa Resources Partners Finance, 5.50%, 3/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 |
| TotalEnergies Capital, 3.883%, 10/11/28 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| TotalEnergies Capital, 5.15%, 4/5/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 |
| TotalEnergies Capital, 5.275%, 9/10/54 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| TotalEnergies Capital International, 3.127%, 5/29/50 | 1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 |
| TotalEnergies Capital USA, 4.569%, 1/13/33 | 1550 | &nbsp;&nbsp;&nbsp;1534 |
| TransCanada PipeLines, 4.625%, 3/1/34 | 1060 | &nbsp;&nbsp;&nbsp;1025 |
| TransCanada PipeLines, 5.85%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| TransCanada PipeLines, 7.625%, 1/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| Transcontinental Gas Pipe Line, 4.60%, 3/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Western Midstream Operating, 5.45%, 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 |
| Western Midstream Operating, 6.35%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 |
| Williams, 4.625%, 6/30/30 | 1025 | &nbsp;&nbsp;&nbsp;1024 |
| Williams, 5.15%, 3/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 |
| Williams, 5.30%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 |
| Williams, 8.75%, 3/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 |
| Woodside Finance, 4.50%, 3/4/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
|  |  | 49544 |
| **Industrial Other 0.2%** |  |  |
| Booz Allen Hamilton, 5.95%, 4/15/35 (4) | 2000 | &nbsp;&nbsp;&nbsp;2015 |
| Cornell University, 4.835%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 |
| President and Fellows of Harvard College, 4.609%, 2/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |
| Washington University, 3.524%, 4/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  |  | &nbsp;&nbsp;&nbsp;3266 |
| **Technology 2.8%** |  |  |
| Accenture Capital, 4.05%, 10/4/29 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
| Accenture Capital, 4.50%, 10/4/34 | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
| Alphabet, 4.80%, 2/15/36 | 2155 | &nbsp;&nbsp;&nbsp;2124 |
| Analog Devices, 1.70%, 10/1/28 | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |
| Analog Devices, 3.50%, 12/5/26 | &nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 |
| Broadcom, 2.45%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Broadcom, 3.50%, 2/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;168 |
| Broadcom, 4.00%, 4/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Broadcom, 4.60%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp;833 |
| Broadcom, 4.60%, 1/15/33 | 2475 | 2445 |
| Broadcom, 5.05%, 7/12/29 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;408 |
| Broadcom, 5.15%, 11/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| Broadcom / Broadcom Cayman Finance, 3.50%, 1/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;208 |
| Cadence Design Systems, 4.30%, 9/10/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| CDW / CDW Finance, 2.67%, 12/1/26 | 1110 | 1099 |
| CDW / CDW Finance, 3.25%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;248 |
| CDW / CDW Finance, 4.25%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| CDW / CDW Finance, 5.55%, 8/22/34 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;159 |
| Dell International / EMC, 8.10%, 7/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;964 |
| Equinix, 2.90%, 11/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
| Equinix Europe 2 Financing, 5.50%, 6/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;938 |
| Fidelity National Information Services, 4.80%, 3/10/31 | 1695 | 1685 |
| Fiserv, 3.20%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Fiserv, 4.20%, 10/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;900 |
| Fiserv, 5.15%, 8/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;350 |
| Fiserv, 5.375%, 8/21/28 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;811 |
| Fiserv, 5.45%, 3/2/28 | 1500 | 1519 |
| Fortinet, 2.20%, 3/15/31 | 1060 | &nbsp;&nbsp;&nbsp;&nbsp;943 |
| Foundry JV Holdco, 6.15%, 1/25/32 (1) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;210 |
| Foundry JV Holdco, 6.20%, 1/25/37 (1) | 2600 | 2741 |
| Intel, 1.60%, 8/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;244 |
| Intel, 3.15%, 5/11/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| Intel, 3.75%, 3/25/27 | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;906 |
| Intel, 4.60%, 3/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;170 |
| Intel, 4.875%, 2/10/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Intel, 5.00%, 2/21/31 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| International Business Machines, 1.70%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| International Business Machines, 4.15%, 5/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;207 |
| International Business Machines, 6.22%, 8/1/27 | 1160 | 1187 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Keysight Technologies, 3.00%, 10/30/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Keysight Technologies, 4.60%, 4/6/27 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| Keysight Technologies, 4.95%, 10/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;238 |
| Leidos, 2.30%, 2/15/31 | 2000 | 1778 |
| Marvell Technology, 2.45%, 4/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Marvell Technology, 2.95%, 4/15/31 | 2240 | 2066 |
| Marvell Technology, 4.75%, 7/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;216 |
| Marvell Technology, 4.875%, 6/22/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| Marvell Technology, 5.75%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Motorola Solutions, 2.30%, 11/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Motorola Solutions, 5.00%, 4/15/29 | 1090 | 1104 |
| Motorola Solutions, 5.40%, 4/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;162 |
| NXP / NXP Funding, 5.55%, 12/1/28 | 1330 | 1359 |
| NXP / NXP Funding / NXP USA, 2.50%, 5/11/31 | &nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| NXP / NXP Funding / NXP USA, 3.15%, 5/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;301 |
| NXP / NXP Funding / NXP USA, 3.40%, 5/1/30 (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| NXP / NXP Funding / NXP USA, 4.30%, 8/19/28 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;224 |
| Oracle, 2.875%, 3/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| Oracle, 3.60%, 4/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Oracle, 4.00%, 11/15/47 | 3135 | 2063 |
| Oracle, 5.20%, 9/26/35 (4) | 1800 | 1676 |
| Oracle, 6.90%, 11/9/52 | 1490 | 1408 |
| Qorvo, 4.375%, 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp;938 |
| RELX Capital, 3.00%, 5/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| RELX Capital, 4.00%, 3/18/29 | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;553 |
| Salesforce, 1.50%, 7/15/28 | 1350 | 1269 |
| Salesforce, 1.95%, 7/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Salesforce, 2.70%, 7/15/41 | 4580 | 3124 |
| ServiceNow, 1.40%, 9/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| Teledyne Technologies, 2.25%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Teledyne Technologies, 2.75%, 4/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp;795 |
| Texas Instruments, 1.90%, 9/15/31 (4) | 1900 | 1675 |
| Texas Instruments, 3.875%, 3/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;167 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Texas Instruments, 5.05%, 5/18/63 | 1900 | &nbsp;&nbsp;&nbsp;1685 |
| VeriSign, 4.75%, 7/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
| Visa, 1.90%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 |
| Visa, 2.70%, 4/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
| Visa, 4.30%, 12/14/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| VMware, 1.40%, 8/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| VMware, 1.80%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
|  |  | 53553 |
| **Transportation 0.6%** |  |  |
| Burlington Northern Santa Fe, 5.05%, 3/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| Burlington Northern Santa Fe, 5.15%, 9/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 |
| Burlington Northern Santa Fe, 5.50%, 3/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| Burlington Northern Santa Fe, 6.15%, 5/1/37 | 1080 | &nbsp;&nbsp;&nbsp;1176 |
| Canadian Pacific Railway, 1.75%, 12/2/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| Canadian Pacific Railway, 2.875%, 11/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
| Canadian Pacific Railway, 3.50%, 5/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Canadian Pacific Railway, 4.70%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Canadian Pacific Railway, 6.125%, 12/31/99 | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| Element Fleet Management, 4.641%, 11/24/30 (1) | 2565 | &nbsp;&nbsp;&nbsp;2545 |
| ERAC USA Finance, 4.50%, 2/15/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| ERAC USA Finance, 4.70%, 4/30/31 (1) | 2935 | &nbsp;&nbsp;&nbsp;2930 |
| ERAC USA Finance, 4.90%, 5/1/33 (1) | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| FedEx, 4.10%, 4/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| FedEx, 4.10%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| FedEx, 4.75%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 |
| FedEx, 5.10%, 1/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
| FedEx 2025 Notes, 4.75%, 11/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Norfolk Southern, 5.95%, 3/15/64 | &nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 |
| Southwest Airlines, 3.00%, 11/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 |
| Southwest Airlines, 5.125%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 |
| Sydney Airport Finance, 5.248%, 3/26/36 (1) | 1660 | &nbsp;&nbsp;&nbsp;1648 |
| Transurban Finance, 2.45%, 3/16/31 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| United Airlines Pass-Through Trust, Series 2019-1, Class AA, 4.15%, 2/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| United Airlines Pass-Through Trust, Series 2020-1, Class A, 5.875%, 4/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 |
|  |  | &nbsp;&nbsp;&nbsp;12286 |
| Total Industrial |  | 310233 |
| **UTILITY 1.6%** |  |  |
| **Electric 1.5%** |  |  |
| AEP Texas, 4.70%, 5/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Ameren, 3.50%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |
| Ameren, 5.00%, 1/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 |
| Ameren, 5.00%, 5/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 |
| Ameren, 5.70%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 |
| American Electric Power, VR, 6.95%, 12/15/54 (3) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| American Electric Power, VR, 7.05%, 12/15/54 (3)(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| Appalachian Power, 4.40%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
| Appalachian Power, 4.50%, 8/1/32 | 1090 | &nbsp;&nbsp;&nbsp;&nbsp;1069 |
| Appalachian Power, 7.00%, 4/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 |
| Berkshire Hathaway Energy, 6.125%, 4/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| CMS Energy, VR, 3.75%, 12/1/50 (3) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Commonwealth Edison, 3.70%, 8/15/28 | 1640 | &nbsp;&nbsp;&nbsp;&nbsp;1621 |
| Commonwealth Edison, 4.00%, 3/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Constellation Energy Generation, 4.40%, 1/15/31 | 1275 | &nbsp;&nbsp;&nbsp;&nbsp;1262 |
| Constellation Energy Generation, 5.80%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| Constellation Energy Generation, 6.25%, 10/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 |
| Constellation Energy Generation, 6.50%, 10/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| DTE Energy, 2.85%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 |
| DTE Energy, 5.10%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 |
| Duke Energy Florida, 4.85%, 12/1/35 | 1680 | &nbsp;&nbsp;&nbsp;&nbsp;1647 |
| Duke Energy Florida, 5.95%, 11/15/52 | 2050 | &nbsp;&nbsp;&nbsp;&nbsp;2068 |
| Duke Energy Indiana, 5.40%, 4/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Entergy Arkansas, 5.45%, 6/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Eversource Energy, 2.90%, 3/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Eversource Energy, 5.95%, 7/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 |
| FirstEnergy Transmission, 5.00%, 1/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| Georgia Power, 4.95%, 5/17/33 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| Metropolitan Edison, 4.30%, 1/15/29 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| Mid-Atlantic Interstate Transmission, 4.10%, 5/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| National Grid, 5.602%, 6/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 |
| Nevada Power, 3.70%, 5/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 |
| New York State Electric & Gas, 5.30%, 8/15/34 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| NextEra Energy Capital Holdings, 4.40%, 3/1/31 | 3575 | &nbsp;&nbsp;&nbsp;3549 |
| NextEra Energy Capital Holdings, 4.685%, 9/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 |
| NextEra Energy Capital Holdings, VR, 5.65%, 5/1/79 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Niagara Mohawk Power, 4.647%, 10/3/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 |
| Niagara Mohawk Power, 5.112%, 1/12/36 (1) | 2030 | &nbsp;&nbsp;&nbsp;1994 |
| PacifiCorp, 2.90%, 6/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| PacifiCorp, 5.10%, 2/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| PacifiCorp, 5.75%, 4/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| PacifiCorp, 5.80%, 1/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| Southern, VR, 3.75%, 9/15/51 (3) | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 |
| Southern, 4.40%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Southern California Edison, 5.15%, 6/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 |
| Southern Power, Series B, 4.90%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 |
| Union Electric, 5.20%, 4/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| Vistra Operations, 5.25%, 4/30/33 (1) | 2140 | &nbsp;&nbsp;&nbsp;2131 |
| Xcel Energy, 4.00%, 6/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
| Xcel Energy, 4.60%, 6/1/32 | 1410 | &nbsp;&nbsp;&nbsp;1388 |
| Xcel Energy, 5.45%, 8/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
|  |  | 28967 |
| **Natural Gas 0.1%** |  |  |
| NiSource, 1.70%, 2/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| NiSource, 3.49%, 5/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| NiSource, 3.95%, 3/30/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| NiSource, 5.65%, 2/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |
| NiSource, VR, 6.375%, 3/31/55 (3) | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| NiSource, VR, 6.95%, 11/30/54 (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Sempra, 5.25%, 3/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
| Southern California Gas, 2.95%, 4/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
| Southern California Gas, 5.20%, 6/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| Southern California Gas, 5.75%, 6/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| Southern Co Gas Capital, 1.75%, 1/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Southern Co Gas Capital, 4.95%, 9/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |
| Southern Co Gas Capital, 5.15%, 9/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2429 |
| Total Utility |  | &nbsp;&nbsp;&nbsp;31396 |
| **Total Corporate Bonds<br> (Cost $523,260)** |  | **522300** |
| **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.4%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.4%** | **FOREIGN GOVERNMENT OBLIGATIONS & MUNICIPALITIES 1.4%** |
| **Local Authorities 0.4%** |  |  |
| Kentucky Power Cost Recovery, 5.296%, 9/1/45 | 2369 | &nbsp;&nbsp;&nbsp;&nbsp;2395 |
| Province of Alberta, 4.50%, 1/24/34 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 |
| Province of British Columbia Canada, 4.20%, 7/6/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| Province of British Columbia Canada, 4.80%, 6/11/35 | 2619 | &nbsp;&nbsp;&nbsp;&nbsp;2650 |
| Province of Manitoba Canada, 4.30%, 7/27/33 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Province of Ontario Canada, 3.70%, 9/17/29 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;2571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8164 |
| **Owned No Guarantee 0.1%** |  |  |
| Corp Nacional del Cobre de Chile, 3.75%, 1/15/31 (1) | 1200 | &nbsp;&nbsp;&nbsp;&nbsp;1142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1142 |
| **Sovereign 0.9%** |  |  |
| Chile Government International Bonds, 5.65%, 1/13/37 | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2617 |
| Eagle Funding Luxco, 5.50%, 8/17/30 (1) | 2060 | &nbsp;&nbsp;&nbsp;&nbsp;2076 |
| Peruvian Government International Bond, 5.375%, 2/8/35 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;1009 |
| Republic of Poland Government International Bonds, 5.50%, 3/18/54 | 2000 | &nbsp;&nbsp;&nbsp;&nbsp;1861 |
| Republic of Poland Government International Bonds, 5.375%, 4/14/36 | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;1810 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Romanian Government International Bonds, 6.625%, 5/16/36 (1) | 4500 | &nbsp;&nbsp;&nbsp;4546 |
| United Mexican States, 4.75%, 3/8/44 | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| United Mexican States, 2.659%, 5/24/31 | 2800 | &nbsp;&nbsp;&nbsp;2492 |
| United Mexican States, 3.50%, 2/12/34 | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 |
| United Mexican States, 6.125%, 2/9/38 | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
|  |  | 17858 |
| **Total Foreign Government Obligations & Municipalities<br> (Cost $26,970)** |  | **27164** |
| **MUNICIPAL SECURITIES 1.0%** | **MUNICIPAL SECURITIES 1.0%** | **MUNICIPAL SECURITIES 1.0%** |
| **California 0.3%** |  |  |
| Bay Area Toll Auth., Series S-10, 3.176%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| California, GO, 7.50%, 4/1/34 | 1500 | &nbsp;&nbsp;&nbsp;1719 |
| California, GO, 7.60%, 11/1/40 | 1200 | &nbsp;&nbsp;&nbsp;1438 |
| California State Univ., 6.484%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 |
| Regents of the University of California Medical Center Pooled Revenue, Series H, 6.548%, 5/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 |
| Regents of the University of California Medical Center Pooled Revenue, Series F, 6.583%, 5/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |
|  |  | &nbsp;&nbsp;&nbsp;4613 |
| **District Of Columbia 0.0%** |  |  |
| Metropolitan Washington Airports Auth. Dulles Toll Road Revenue, 7.462%, 10/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
| **Georgia 0.1%** |  |  |
| County of Fulton, GO, 5.148%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 |
| Municipal Electric Auth. of Georgia, Series A, 6.637%, 4/1/57 | 1746 | &nbsp;&nbsp;&nbsp;1847 |
|  |  | &nbsp;&nbsp;&nbsp;2052 |
| **Illinois 0.2%** |  |  |
| Chicago O'Hare Int'l Airport, Third Lien, 6.395%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 |
| Chicago Wastewater Transmission Revenue, Series B, 6.90%, 1/1/40 (5) | 2000 | &nbsp;&nbsp;&nbsp;2183 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Cook County, GO, 6.36%, 11/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Illinois Municipal Electric Agency, 6.832%, 2/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;916 |
|  |  | 3398 |
| **Louisiana 0.0%** |  |  |
| Louisiana Local Government Environmental Facilities & CDA, Series A, 4.475%, 8/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| **Maryland 0.0%** |  |  |
| Maryland HHEFA, Series B, 4.815%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| **New York 0.0%** |  |  |
| New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series I-2, 5.658%, 5/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;491 |
| New York State Urban Dev. Sales Tax Revenue, Series B, 2.59%, 3/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;550 |
| **Ohio 0.2%** |  |  |
| American Municipal Power, Series B, 7.834%, 2/15/41 | 1200 | 1436 |
| American Municipal Power, Series C, 6.053%, 2/15/43 | 1500 | 1504 |
|  |  | 2940 |
| **Tennessee 0.0%** |  |  |
| Metropolitan Government Nashville & Davidson County HEFA, Series B, 3.235%, 7/1/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| **Texas 0.2%** |  |  |
| Dallas Area Rapid Transit, 4.922%, 12/1/41 | 1955 | 1901 |
| Dallas Fort Worth Int'l Airport, Series C, 2.843%, 11/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| Dallas Fort Worth Int'l Airport, Series A, 4.507%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;644 |
| Dallas Fort Worth Int'l Airport, Series A, 5.045%, 11/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;234 |
| Grand Parkway Transportation, Series B, 3.236%, 10/1/52 | 2500 | 1724 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Texas Natural Gas Securitization Fin., Consumer Rate Relief Bonds, 5.169%, 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Texas Private Activity Bond Surface Transportation, Series B, 3.922%, 12/31/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
|  |  | &nbsp;&nbsp;&nbsp;4603 |
| **Virginia 0.0%** |  |  |
| Univ. of Virginia, Series B, 2.584%, 11/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| **Wisconsin 0.0%** |  |  |
| PFA, Series B, 3.405%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| **Total Municipal Securities<br> (Cost $19,067)** |  | **18653** |
| **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 4.2%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 4.2%** | **NON-U.S. GOVERNMENT MORTGAGE-BACKED SECURITIES 4.2%** |
| **Collateralized Mortgage Obligations 2.2%** |  |  |
| Angel Oak Mortgage Trust, Series 2019-5, Class A1, CMO, ARM, 2.593%, 10/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Angel Oak Mortgage Trust, Series 2021-6, Class A3, CMO, ARM, 1.714%, 9/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Angel Oak Mortgage Trust, Series 2022-6, Class A1, CMO, ARM, 4.30%, 7/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 |
| Angel Oak Mortgage Trust, Series 2025-3, Class A1, CMO, ARM, 5.42%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 |
| Barclays Mortgage Loan Trust, Series 2021-NQM1, Class A3, CMO, ARM, 2.189%, 9/25/51 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Bayview MSR Opportunity Master Fund Trust, Series 2021-5, Class A20, CMO, ARM, 2.50%, 11/25/51 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| BRAVO Residential Funding Trust, Series 2021-NQM3, Class A1, CMO, ARM, 1.699%, 4/25/60 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| COLT Mortgage Loan Trust, Series 2022-3, Class A1, CMO, ARM, 4.216%, 2/25/67 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 |
| COLT Mortgage Loan Trust, Series 2025-4, Class A1, CMO, ARM, 5.794%, 4/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 |
| COLT Mortgage Loan Trust, Series 2025-8, Class A1, CMO, ARM, 5.48%, 8/25/70 (1) | 1370 | &nbsp;&nbsp;&nbsp;1376 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| COLT Mortgage Loan Trust, Series 2025-INV2, Class A1, CMO, ARM, 5.601%, 2/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| Connecticut Avenue Securities Trust, Series 2026-R02, Class 1M1, FRN, CMO, ARM, SOFR30A + 1.05%, 4.695%, 2/25/46 (1) | &nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;581 |
| Deephaven Residential Mortgage Trust, Series 2026-INV1, Class A1, CMO, ARM, 4.797%, 12/25/70 (1) | 1473 | 1464 |
| Ellington Financial Mortgage Trust, Series 2020-2, Class A1, CMO, ARM, 1.178%, 10/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Ellington Financial Mortgage Trust, Series 2021-3, Class M1, CMO, ARM, 2.53%, 9/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Ellington Financial Mortgage Trust, Series 2025-INV1, Class A1, CMO, ARM, 5.626%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;130 |
| Ellington Financial Mortgage Trust, Series 2025-INV5, Class A1, CMO, ARM, 5.077%, 12/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;361 |
| Ellington Financial Mortgage Trust, Series 2025-NQM5, Class A1, CMO, ARM, 5.033%, 11/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;278 |
| Ellington Financial Mortgage Trust, Series 2026-NQM1, Class A1F, FRN, CMO, ARM, SOFR30A + 1.20%, 4.845%, 2/25/71 (1) | &nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;858 |
| Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class M1, FRN, CMO, ARM, SOFR30A + 0.85%, 4.495%, 11/25/41 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Freddie Mac STACR REMIC Trust, Series 2024-HQA2, Class A1, FRN, CMO, ARM, SOFR30A + 1.25%, 4.895%, 8/25/44 (1) | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;841 |
| Freddie Mac STACR REMIC Trust, Series 2025-DNA3, Class M1, FRN, CMO, ARM, SOFR30A + 1.10%, 4.745%, 9/25/45 (1) | 1058 | 1058 |
| Freddie Mac STACR REMIC Trust, Series 2025-HQA1, Class A1, FRN, CMO, ARM, SOFR30A + 0.95%, 4.595%, 2/25/45 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| GCAT Trust, Series 2021-NQM5, Class A1, CMO, ARM, 1.262%, 7/25/66 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| GCAT Trust, Series 2025-NQM1, Class A1, CMO, ARM, 5.373%, 11/25/69 (1) | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;491 |
| GCAT Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.529%, 6/25/70 (1) | 1772 | 1781 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| GS Mortgage-Backed Securities Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.137%, 11/25/65 (1) | 1001 | 1001 |
| HOMES Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.22%, 8/25/70 (1) | 1871 | 1871 |
| JP Morgan Mortgage Trust, Series 2019-HYB1, Class B4, CMO, ARM, 5.088%, 10/25/49 (1) | &nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp;826 |
| JP Morgan Mortgage Trust, Series 2023-DSC2, Class A1, CMO, ARM, 5.25%, 11/25/63 (1) | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;174 |
| JP Morgan Mortgage Trust, Series 2025-DSC2, Class A1, CMO, ARM, 5.195%, 10/25/65 (1) | 1077 | 1077 |
| JP Morgan Mortgage Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.495%, 11/25/65 (1) | 2853 | 2865 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-DSC2, Class A1, CMO, ARM, 5.443%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM5, Class A1, CMO, ARM, 5.439%, 7/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| New Residential Mortgage Loan Trust, Series 2022-INV1, Class A4, CMO, ARM, 3.00%, 3/25/52 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| New Residential Mortgage Loan Trust, Series 2025-NQM3, Class A1, CMO, ARM, 5.53%, 5/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;762 |
| New Residential Mortgage Loan Trust, Series 2025-NQM4, Class A1, CMO, ARM, 5.35%, 7/25/65 (1) | 2182 | 2188 |
| New Residential Mortgage Loan Trust, Series 2025-NQM6, Class A1, CMO, ARM, 5.085%, 10/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;607 |
| NYMT Loan Trust, Series 2025-INV1, Class A1, CMO, ARM, 5.402%, 4/25/60 (1) | &nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;405 |
| NYMT Loan Trust, Series 2026-INV1, Class A1, CMO, ARM, 4.766%, 2/25/61 (1) | &nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;593 |
| OBX Trust, Series 2025-NQM15, Class A1, CMO, ARM, 5.143%, 7/27/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;958 |
| OBX Trust, Series 2025-NQM15, Class A1F, FRN, CMO, ARM, SOFR30A + 1.15%, 4.795%, 7/27/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;507 |
| OBX Trust, Series 2025-NQM6, Class A1, CMO, ARM, 5.603%, 3/25/65 (1) | 1889 | 1903 |
| OBX Trust, Series 2026-R1, Class A1, CMO, ARM, 4.884%, 1/25/63 (1) | 2613 | 2592 |
| PENN Commercial Mortgage Trust, Series 2025-P11, Class A, ARM, 5.522%, 8/10/42 (1) | 2090 | 2123 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Santander Mortgage Asset Receivable Trust, Series 2025-NQM6, Class A1, CMO, ARM, 5.138%, 11/25/65 (1) | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 |
| Sequoia Mortgage Trust, Series 2024-HYB1, Class A1A, CMO, ARM, 4.431%, 11/25/63 (1) | &nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 |
| SG Residential Mortgage Trust, Series 2026-3, Class A1, CMO, ARM, 5.188%, 4/25/66 (1) | 1305 | &nbsp;&nbsp;&nbsp;1301 |
| Towd Point Mortgage Trust, Series 2024-2, Class A1B, CMO, ARM, 4.866%, 12/25/64 (1) | 3705 | &nbsp;&nbsp;&nbsp;3736 |
| Towd Point Mortgage Trust, Series 2026-1, Class A1A, CMO, ARM, 4.106%, 1/25/66 (1) | 1635 | &nbsp;&nbsp;&nbsp;1620 |
| Verus Securitization Trust, Series 2025-2, Class A1, CMO, ARM, 5.307%, 3/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| Verus Securitization Trust, Series 2025-3, Class A1, CMO, ARM, 5.623%, 5/25/70 (1) | &nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
| Verus Securitization Trust, Series 2025-7, Class A1F, FRN, CMO, ARM, SOFR30A + 1.20%, 4.845%, 8/25/70 (1) | 1453 | &nbsp;&nbsp;&nbsp;1456 |
|  |  | 41734 |
| **Commercial Mortgage-Backed Securities 2.0%** |  |  |
| Bank, Series 2019-BN17, Class A4, ARM, 3.714%, 4/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| Bank5, Series 2024-5YR10, Class A3, ARM, 5.302%, 10/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 |
| Bank5, Series 2024-5YR8, Class A3, ARM, 5.884%, 8/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Bank5, Series 2024-5YR8, Class AS, ARM, 6.378%, 8/15/57 | 2010 | &nbsp;&nbsp;&nbsp;2085 |
| Bank5, Series 2025-5YR14, Class A3, ARM, 5.646%, 4/15/58 | 2495 | &nbsp;&nbsp;&nbsp;2576 |
| Bank5, Series 2026-5YR20, Class A3, ARM, 5.104%, 2/15/59 | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| Bank5, Series 2026-5YR21, Class A3, ARM, 5.525%, 4/15/59 | 1230 | &nbsp;&nbsp;&nbsp;1269 |
| BBCMS Mortgage Trust, Series 2024-5C27, Class A3, ARM, 6.014%, 7/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Benchmark Mortgage Trust, Series 2019-B12, Class A5, ARM, 3.116%, 8/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |
| Benchmark Mortgage Trust, Series 2019-B13, Class A4, ARM, 2.952%, 8/15/57 | 2735 | &nbsp;&nbsp;&nbsp;2584 |
| Benchmark Mortgage Trust, Series 2022-B36, Class A5, ARM, 4.47%, 7/15/55 | 2255 | &nbsp;&nbsp;&nbsp;2181 |
| Benchmark Mortgage Trust, Series 2023-B39, Class A5, ARM, 5.754%, 7/15/56 | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 |
| Benchmark Mortgage Trust, Series 2024-V5, Class AM, ARM, 6.417%, 1/10/57 | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| Benchmark Mortgage Trust, Series 2024-V8, Class AM, ARM, 6.859%, 7/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Benchmark Mortgage Trust, Series 2024-V8, Class A3, ARM, 6.189%, 7/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;402 |
| Benchmark Mortgage Trust, Series 2025-B41, Class A5, ARM, 5.407%, 7/15/68 | &nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;553 |
| Benchmark Mortgage Trust, Series 2025-V16, Class A3, ARM, 5.439%, 8/15/58 | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;410 |
| Benchmark Mortgage Trust, Series 2026-B42, Class A5, ARM, 5.10%, 3/15/59 | 2748 | 2756 |
| BMO Mortgage Trust, Series 2024-5C5, Class AS, ARM, 6.364%, 2/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;508 |
| BX Commercial Mortgage Trust, Series 2024-SLCT, Class A, ARM, FRN, 1M TSFR + 1.32%, 4.978%, 1/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| BX Commercial Mortgage Trust, Series 2026-CSMO, Class A, ARM, FRN, 1M TSFR + 1.40%, 5.055%, 2/15/43 (1) | 3650 | 3652 |
| BX Trust, Series 2023-LIFE, Class B, ARM, 5.391%, 2/15/28 (1) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| BX Trust, Series 2025-ROIC, Class A, ARM, FRN, 1M TSFR + 1.14%, 4.799%, 3/15/30 (1) | &nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp;716 |
| CENT Trust, Series 2025-CITY, Class A, ARM, 5.091%, 7/10/40 (1) | 2810 | 2823 |
| DBC Mortgage Trust, Series 2025-DBC, Class A, ARM, FRN, 1M TSFR + 1.35%, 5.005%, 11/15/42 (1) | 2505 | 2507 |
| Extended Stay America Trust, Series 2025-ESH, Class A, ARM, FRN, 1M TSFR + 1.30%, 4.955%, 10/15/42 (1) | &nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp;458 |
| Five Mortgage Trust, Series 2023-V1, Class A3, ARM, 5.668%, 2/10/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, ARM, 5.649%, 1/13/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;763 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class B, ARM, 5.95%, 1/13/40 (1) | 1340 | 1371 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2016-NINE, Class A, ARM, 2.949%, 9/6/38 (1) | &nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp;962 |
| MAD Commercial Mortgage Trust, Series 2025-11MD, Class A, ARM, 4.912%, 10/15/42 (1) | 1480 | 1473 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2025-C35, Class A5, ARM, 5.633%, 8/15/58 | 1215 | 1267 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, ARM, 6.014%, 12/15/56 | 1080 | 1146 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| TX Trust, Series 2024-HOU, Class A, ARM, FRN, 1M TSFR + 1.59%, 5.246%, 6/15/39 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| WB Commercial Mortgage Trust, Series 2024-HQ, Class A, ARM, 6.134%, 3/15/40 (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |
| Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, ARM, 3.146%, 12/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 |
|  |  | 36887 |
| **Total Non-U.S. Government Mortgage-Backed Securities<br> (Cost $78,606)** |  | **78621** |
| **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 25.9%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 25.9%** | **U.S. GOVERNMENT & AGENCY MORTGAGE-BACKED SECURITIES 25.9%** |
| **U.S. Government Agency Obligations 21.0%** |  |  |
| Federal Home Loan Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 2/1/36 - 4/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/1/36 - 4/1/52 | 24329 | 19953 |
| &nbsp;&nbsp;&nbsp;ARM, 2.347%, 11/25/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| &nbsp;&nbsp;&nbsp;2.50%, 3/1/42 - 7/1/52 | 32192 | 27306 |
| &nbsp;&nbsp;&nbsp;3.00%, 9/1/32 - 7/1/52 | 22934 | 20361 |
| &nbsp;&nbsp;&nbsp;3.50%, 10/1/47 - 7/1/52 | &nbsp;&nbsp;&nbsp;6596 | &nbsp;&nbsp;&nbsp;6036 |
| &nbsp;&nbsp;&nbsp;3.71%, 9/25/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/37 - 11/1/52 | &nbsp;&nbsp;&nbsp;8794 | &nbsp;&nbsp;&nbsp;8357 |
| &nbsp;&nbsp;&nbsp;ARM, 4.13%, 3/25/31 | &nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;1793 |
| &nbsp;&nbsp;&nbsp;ARM, 4.163%, 10/25/30 | &nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;1423 |
| &nbsp;&nbsp;&nbsp;ARM, 4.22%, 12/25/30 | &nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;2198 |
| &nbsp;&nbsp;&nbsp;ARM, 4.25%, 4/25/33 | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;3448 |
| &nbsp;&nbsp;&nbsp;4.32%, 9/25/30 - 3/25/36 | &nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;4382 |
| &nbsp;&nbsp;&nbsp;ARM, 4.34%, 9/25/30 | &nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;1328 |
| &nbsp;&nbsp;&nbsp;ARM, 4.361%, 5/25/30 | &nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;1339 |
| &nbsp;&nbsp;&nbsp;4.40%, 10/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 |
| &nbsp;&nbsp;&nbsp;ARM, 4.421%, 5/25/30 | &nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;3129 |
| &nbsp;&nbsp;&nbsp;4.43%, 2/25/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;4.50%, 11/1/52 - 10/1/53 | &nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;1405 |
| &nbsp;&nbsp;&nbsp;ARM, 4.60%, 9/25/35 | &nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;2385 |
| &nbsp;&nbsp;&nbsp;ARM, 4.85%, 1/25/30 | &nbsp;&nbsp;&nbsp;4435 | &nbsp;&nbsp;&nbsp;4518 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| &nbsp;&nbsp;&nbsp;5.00%, 11/25/28 - 11/1/55 | 10787 | &nbsp;&nbsp;&nbsp;10755 |
| &nbsp;&nbsp;&nbsp;ARM, 5.355%, 1/25/29 | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;3082 |
| &nbsp;&nbsp;&nbsp;5.50%, 4/1/53 - 12/1/55 | 22086 | &nbsp;&nbsp;&nbsp;22309 |
| &nbsp;&nbsp;&nbsp;6.00%, 2/1/53 - 1/1/56 | 12558 | &nbsp;&nbsp;&nbsp;12928 |
| &nbsp;&nbsp;&nbsp;6.50%, 5/1/54 - 10/1/54 | &nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;2456 |
| &nbsp;&nbsp;&nbsp;7.00%, 6/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 |
| Federal National Mortgage Assn. |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 10/1/36 - 1/1/42 | &nbsp;&nbsp;&nbsp;5430 | &nbsp;&nbsp;&nbsp;&nbsp;4865 |
| &nbsp;&nbsp;&nbsp;2.00%, 9/1/36 - 3/1/52 | 75474 | &nbsp;&nbsp;&nbsp;62300 |
| &nbsp;&nbsp;&nbsp;2.50%, 7/1/30 - 5/1/52 | 26919 | &nbsp;&nbsp;&nbsp;22852 |
| &nbsp;&nbsp;&nbsp;3.00%, 1/1/35 - 8/1/52 | 12634 | &nbsp;&nbsp;&nbsp;11415 |
| &nbsp;&nbsp;&nbsp;3.50%, 1/1/33 - 8/1/53 | 20851 | &nbsp;&nbsp;&nbsp;19147 |
| &nbsp;&nbsp;&nbsp;4.00%, 11/1/39 - 6/1/53 | &nbsp;&nbsp;&nbsp;7928 | &nbsp;&nbsp;&nbsp;&nbsp;7507 |
| &nbsp;&nbsp;&nbsp;4.50%, 4/1/41 - 1/1/55 | 11448 | &nbsp;&nbsp;&nbsp;11080 |
| &nbsp;&nbsp;&nbsp;5.00%, 11/1/44 - 3/1/56 | 22259 | &nbsp;&nbsp;&nbsp;22066 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/1/44 - 10/1/55 | 15216 | &nbsp;&nbsp;&nbsp;15373 |
| &nbsp;&nbsp;&nbsp;6.00%, 12/1/52 - 11/1/55 | 16224 | &nbsp;&nbsp;&nbsp;16687 |
| &nbsp;&nbsp;&nbsp;6.50%, 5/1/54 - 7/1/55 | &nbsp;&nbsp;&nbsp;4470 | &nbsp;&nbsp;&nbsp;&nbsp;4649 |
| FREMF Mortgage Trust, 4.00%, 3/25/31 | &nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;1260 |
| UMBS, TBA (6) |  |  |
| &nbsp;&nbsp;&nbsp;2.00%, 5/18/41 - 5/13/56 | &nbsp;&nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp;6264 |
| &nbsp;&nbsp;&nbsp;2.50%, 5/18/41 - 5/13/56 | &nbsp;&nbsp;&nbsp;5385 | &nbsp;&nbsp;&nbsp;&nbsp;4972 |
| &nbsp;&nbsp;&nbsp;3.00%, 5/13/56 | &nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp;2110 |
| &nbsp;&nbsp;&nbsp;3.50%, 5/13/56 | &nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;2868 |
| &nbsp;&nbsp;&nbsp;4.00%, 5/13/56 | &nbsp;&nbsp;&nbsp;4425 | &nbsp;&nbsp;&nbsp;&nbsp;4150 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/13/56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/13/56 | &nbsp;&nbsp;&nbsp;5250 | &nbsp;&nbsp;&nbsp;&nbsp;5173 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/13/56 | &nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp;1879 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/13/56 | &nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp;&nbsp;3889 |
| &nbsp;&nbsp;&nbsp;6.50%, 5/13/56 | &nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;2230 |
|  |  | 395846 |
| **U.S. Government Obligations 4.9%** |  |  |
| Government National Mortgage Assn. |  |  |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| &nbsp;&nbsp;&nbsp;1.50%, 5/20/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;2.00%, 1/20/51 - 3/20/52 | 14652 | &nbsp;&nbsp;&nbsp;12073 |
| &nbsp;&nbsp;&nbsp;2.50%, 8/20/50 - 4/20/52 | 21947 | &nbsp;&nbsp;&nbsp;18806 |
| &nbsp;&nbsp;&nbsp;3.00%, 6/20/45 - 4/20/52 | &nbsp;&nbsp;&nbsp;9882 | &nbsp;&nbsp;&nbsp;&nbsp;8805 |
| &nbsp;&nbsp;&nbsp;3.50%, 6/20/46 - 7/20/52 | &nbsp;&nbsp;&nbsp;8342 | &nbsp;&nbsp;&nbsp;&nbsp;7697 |
| &nbsp;&nbsp;&nbsp;4.00%, 10/20/40 - 11/20/52 | &nbsp;&nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;&nbsp;3567 |
| &nbsp;&nbsp;&nbsp;4.50%, 10/20/47 - 6/20/53 | 10996 | &nbsp;&nbsp;&nbsp;10682 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/20/47 - 12/20/54 | &nbsp;&nbsp;&nbsp;6213 | &nbsp;&nbsp;&nbsp;&nbsp;6201 |
| &nbsp;&nbsp;&nbsp;5.50%, 9/20/54 | &nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp;1840 |
| &nbsp;&nbsp;&nbsp;6.00%, 9/20/52 - 12/20/52 | &nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp;2512 |
| Government National Mortgage Assn., TBA (6) |  |  |
| &nbsp;&nbsp;&nbsp;4.00%, 5/20/56 | &nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp;&nbsp;3551 |
| &nbsp;&nbsp;&nbsp;4.50%, 5/20/56 | &nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;2882 |
| &nbsp;&nbsp;&nbsp;5.00%, 5/20/56 | &nbsp;&nbsp;&nbsp;3415 | &nbsp;&nbsp;&nbsp;&nbsp;3386 |
| &nbsp;&nbsp;&nbsp;5.50%, 5/20/56 | &nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp;9787 |
| &nbsp;&nbsp;&nbsp;6.00%, 5/20/56 | &nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;1239 |
|  |  | &nbsp;&nbsp;&nbsp;93058 |
| **Total U.S. Government & Agency Mortgage-Backed Securities<br> (Cost $489,268)** |  | **488904** |
| **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED)</sup> 32.7%** | **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED)</sup> 32.7%** | **<sup>U.S. GOVERNMENT AGENCY OBLIGATIONS (EXCLUDING MORTGAGE-BACKED)</sup> 32.7%** |
| **U.S. Treasury Obligations 32.7%** |  |  |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | &nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;1135 |
| U.S. Treasury Bonds, 2.00%, 8/15/51 | &nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 |
| U.S. Treasury Bonds, 2.25%, 2/15/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 |
| U.S. Treasury Bonds, 3.125%, 11/15/41 | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;2272 |
| U.S. Treasury Bonds, 3.375%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| U.S. Treasury Bonds, 3.625%, 2/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| U.S. Treasury Bonds, 3.625%, 5/15/53 | &nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;2517 |
| U.S. Treasury Bonds, 3.875%, 2/15/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| U.S. Treasury Bonds, 3.875%, 5/15/43 | &nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;2070 |
| U.S. Treasury Bonds, 4.125%, 8/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| U.S. Treasury Bonds, 4.25%, 8/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| U.S. Treasury Bonds, 4.25%, 2/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |
| U.S. Treasury Bonds, 4.375%, 5/15/40 | &nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;6844 |
| U.S. Treasury Bonds, 4.50%, 11/15/54 | 44460 | 41021 |
| U.S. Treasury Bonds, 4.625%, 5/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| U.S. Treasury Bonds, 4.625%, 11/15/55 | &nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;8015 |
| U.S. Treasury Bonds, 4.625%, 11/15/45 | &nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;8315 |
| U.S. Treasury Bonds, 4.625%, 2/15/55 | 11625 | 10949 |
| U.S. Treasury Bonds, 4.625%, 11/15/44 | 43960 | 42154 |
| U.S. Treasury Bonds, 4.75%, 11/15/53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| U.S. Treasury Bonds, 4.75%, 5/15/55 (7) | 11495 | 11051 |
| U.S. Treasury Bonds, 4.75%, 8/15/55 | 13800 | 13276 |
| U.S. Treasury Bonds, 4.75%, 2/15/45 | 23100 | 22494 |
| U.S. Treasury Bonds, 4.875%, 8/15/45 | 32820 | 32425 |
| U.S. Treasury Bonds, 5.00%, 5/15/45 | 11650 | 11697 |
| U.S. Treasury Notes, 1.25%, 8/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 |
| U.S. Treasury Notes, 3.375%, 5/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
| U.S. Treasury Notes, 3.50%, 2/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 |
| U.S. Treasury Notes, 3.50%, 9/30/29 | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;1282 |
| U.S. Treasury Notes, 3.50%, 10/15/28 | &nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;5448 |
| U.S. Treasury Notes, 3.50%, 2/28/31 | &nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;8409 |
| U.S. Treasury Notes, 3.50%, 11/30/30 | 36300 | 35534 |
| U.S. Treasury Notes, 3.50%, 12/15/28 | 52000 | 51480 |
| U.S. Treasury Notes, 3.625%, 8/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |
| U.S. Treasury Notes, 3.625%, 5/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 |
| U.S. Treasury Notes, 3.625%, 8/15/28 | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;2485 |
| U.S. Treasury Notes, 3.625%, 10/31/30 | &nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;4036 |
| U.S. Treasury Notes, 3.625%, 9/30/30 | 13990 | 13779 |
| U.S. Treasury Notes, 3.625%, 12/31/30 | 19700 | 19378 |
| U.S. Treasury Notes, 3.625%, 8/31/30 | 21580 | 21256 |
| U.S. Treasury Notes, 3.75%, 12/31/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| U.S. Treasury Notes, 3.75%, 1/31/31 | &nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;7612 |
| U.S. Treasury Notes, 3.875%, 8/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| U.S. Treasury Notes, 3.875%, 6/30/30 | &nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;5676 |
| U.S. Treasury Notes, 3.875%, 3/31/31 | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7948 |
| U.S. Treasury Notes, 3.875%, 4/30/30 | &nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp;7970 |
| U.S. Treasury Notes, 3.875%, 3/15/28 | 46400 | &nbsp;&nbsp;&nbsp;46387 |
| U.S. Treasury Notes, 4.00%, 2/29/28 | &nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;1132 |
| U.S. Treasury Notes, 4.00%, 11/15/35 | &nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp;6503 |
| U.S. Treasury Notes, 4.00%, 5/31/30 | 15400 | &nbsp;&nbsp;&nbsp;15411 |
| U.S. Treasury Notes, 4.00%, 3/31/30 | 18000 | &nbsp;&nbsp;&nbsp;18017 |
| U.S. Treasury Notes, 4.00%, 2/28/30 | 46755 | &nbsp;&nbsp;&nbsp;46803 |
| U.S. Treasury Notes, 4.125%, 11/30/29 | &nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp;1961 |
| U.S. Treasury Notes, 4.25%, 2/15/28 | &nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;1202 |
| U.S. Treasury Notes, 4.25%, 2/28/29 | &nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;1357 |
| U.S. Treasury Notes, 4.25%, 8/15/35 | &nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp;9021 |
| U.S. Treasury Notes, 4.25%, 11/15/34 | 18070 | &nbsp;&nbsp;&nbsp;17980 |
| U.S. Treasury Notes, 4.25%, 1/31/30 | 37305 | &nbsp;&nbsp;&nbsp;37666 |
| U.S. Treasury Notes, 4.375%, 12/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
|  |  | 618359 |
| **Total U.S. Government Agency Obligations (Excluding Mortgage-Backed)<br> (Cost $628,370)** |  | **618359** |
| **SHORT-TERM INVESTMENTS 3.9%** | **SHORT-TERM INVESTMENTS 3.9%** | **SHORT-TERM INVESTMENTS 3.9%** |
| **Money Market Funds 3.9%** |  |  |
| T. Rowe Price Government Reserve Fund, 3.72% (8)(9) | 72628 | &nbsp;&nbsp;&nbsp;72628 |
| **Total Short-Term Investments<br> (Cost $72,628)** |  | &nbsp;&nbsp;&nbsp;**72628** |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **SECURITIES LENDING COLLATERAL 0.4%** | **SECURITIES LENDING COLLATERAL 0.4%** | **SECURITIES LENDING COLLATERAL 0.4%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 0.4%** |  |  |
| **Money Market Funds 0.4%** |  |  |
| T. Rowe Price Treasury Reserve Fund, 3.71% (8)(9) | 6931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6931** |
| **Total Securities Lending Collateral<br> (Cost $6,931)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6931** |
| **Total Investments in Securities<br> 103.2% of Net Assets (Cost $1,959,888)** |  | **$1948428** |

---

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

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

(1) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $215,677 and represents 11.4% of net assets.

(2) When-issued security.

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

(4) See Note 4. All or a portion of this security is on loan at April 30, 2026.

(5) Insured by Build America Mutual Assurance Company

(6) To-Be-Announced purchase commitment. Total value of such securities at period-end amounts to $54,746 and represents 2.9% of net assets.

(7) At April 30, 2026, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding obligations.

(8) Seven-day yield

(9) Affiliated Companies

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

---

| | |
|:---|:---|
| 1M TSFR | One month term SOFR (Secured overnight financing rate) |
| 3M TSFR | Three month term SOFR (Secured overnight financing rate) |
| ARM | Adjustable Rate Mortgage (ARM); rate shown is effective rate at period-end. The rates for certain ARMs are not based on a published reference rate and spread but may be determined using a formula based on the rates of the underlying loans. |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

| | |
|:---|:---|
| CDA | Community Development Administration/Authority |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| FRN | Floating Rate Note |
| GO | General Obligation |
| HEFA | Health & Educational Facility Authority |
| HHEFA | Health & Higher Educational Facility Authority |
| PFA | Public Finance Authority/Agency |
| SOFR30A | 30-day Average term SOFR (Secured Overnight Financing Rate) |
| TBA | To-Be-Announced |
| UMBS | Uniform Mortgage-Backed Securities |
| VR | Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and based on current market conditions. |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

(Amounts in 000s)

**SWAPS 0.1%** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Notional<br> Amount** | **$ Value** | **Initial<br> $ Value** | **Unrealized<br> $ Gain/(Loss)** |
| **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** | **CENTRALLY CLEARED SWAPS 0.1%** |
| **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** | **Credit Default Swaps, Protection Sold 0.1%** |
| Protection Sold (Relevant Credit: Markit CDX.NA.IG.S45, 5 Year Index), Receive 1.00% Quarterly, Pay upon credit default, 12/20/30 | 67450 | 1495 | 1332 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| Protection Sold (Relevant Credit: Markit CDX.NA.IG.S46, 5 Year Index), Receive 1.00% Quarterly, Pay upon credit default, 6/20/31 | 50200 | 1113 | &nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;302 |
| **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | **Total Centrally Cleared Credit Default Swaps, Protection Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**465** |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **$(406)** |
| **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **Variation margin receivable (payable) on centrally cleared swaps** | **$59** |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

---

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

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Gain (Loss)** |
| Long, 154 Ultra U.S. Treasury Bonds contracts | 06/26 | 18312 | $(597) |
| Long, 55 Ultra U.S. Treasury Notes ten year contracts | 06/26 | &nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp;&nbsp;(179) |
| Long, 271 U.S. Treasury Notes five year contracts | 06/26 | 29602 | &nbsp;&nbsp;&nbsp;&nbsp;(378) |
| Long, 148 U.S. Treasury Notes two year contracts | 06/26 | 30710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | &nbsp;&nbsp;&nbsp;**1294** |
| **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **$85** |

---

------

T. ROWE PRICE QM U.S. BOND ETF

------

#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the six months ended April 30, 2026. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | $— | $— | $968++ |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;—++ |
| Totals | $—# | $— | $968+ |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 10/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 4/30/26** |
| T. Rowe Price Government Reserve Fund | $58096 | ¤ | ¤ | $72628 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | ¤ | ¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $79,559^ |

---

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

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees as described in Note 4. |
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $968 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $79,559. |

---

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

------

T. ROWE PRICE QM U.S. BOND ETF

------

April 30, 2026 Unaudited

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

------

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value (cost $1,959,888) | &nbsp;&nbsp;$1948428 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17195 |
| Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536 |
| Receivable for shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
| Variation margin receivable on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Variation margin receivable on centrally cleared swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;1978775 |
| **Liabilities** |  |
| Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82820 |
| Obligation to return securities lending collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 |
| Investment management and administrative fees payable | &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;89874 |
| **NET ASSETS** | &nbsp;&nbsp;**$1888901** |
| **Net Assets Consists of:** |  |
| Total distributable earnings (loss) | &nbsp;&nbsp;$(13802) |
| Paid-in capital applicable to 44,500,000 shares of $0.0001 par value<br> capital stock outstanding; 4,000,000,000 shares of the Corporation authorized | &nbsp;&nbsp;&nbsp;&nbsp;1902703 |
| **NET ASSETS** | &nbsp;&nbsp;**$1888901** |
| **NET ASSET VALUE PER SHARE** | &nbsp;&nbsp;**$42.45** |

---

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

------

T. ROWE PRICE QM U.S. BOND ETF

------

Unaudited

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

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended |
|  | &nbsp;&nbsp;4/30/26 |
| **Investment Income (Loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$38023 |
| &nbsp;&nbsp;&nbsp;Dividend | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| &nbsp;&nbsp;&nbsp;Securities lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;39004 |
| Investment management and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;38325 |
| **Realized and Unrealized Gain / Loss** |  |
| Net realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(247) |
| &nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) |
| Change in net unrealized gain / loss |  |
| &nbsp;&nbsp;&nbsp;Securities | &nbsp;&nbsp;&nbsp;&nbsp;(28638) |
| &nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1155) |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| &nbsp;&nbsp;&nbsp;Change in unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;(29563) |
| Net realized and unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;(29605) |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;**$8720** |

---

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

------

T. ROWE PRICE QM U.S. BOND ETF

------

Unaudited

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

------

($000s)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |
|  | &nbsp;&nbsp;4/30/26 | &nbsp;&nbsp;10/31/25 |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$38325 | &nbsp;&nbsp;$40565 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 |
| &nbsp;&nbsp;&nbsp;Change in net unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21510 |
| &nbsp;&nbsp;&nbsp;Increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63734 |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38659) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40789) |
| Capital share transactions\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468655 | &nbsp;&nbsp;&nbsp;&nbsp;1464911 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53590) |
| &nbsp;&nbsp;&nbsp;Increase in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388137 | &nbsp;&nbsp;&nbsp;&nbsp;1411321 |
| **Net Assets** |  |  |
| Increase during period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358198 | &nbsp;&nbsp;&nbsp;&nbsp;1434266 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1530703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96437 |
| **End of period** | &nbsp;&nbsp;**$1888901** | &nbsp;&nbsp;**$1530703** |
| \*Share information (000s) |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34475 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1250) |
| &nbsp;&nbsp;&nbsp;Increase in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33225 |

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

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Unaudited

#### &nbsp;&nbsp;&nbsp;&nbsp; NOTES TO FINANCIAL STATEMENTS &nbsp;&nbsp;&nbsp;&nbsp;

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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 QM U.S. Bond ETF (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks to provide a total return that exceeds the performance of the U.S. investment-grade bond market.

#### NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

#### NOTE 2 – VALUATION

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

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The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

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

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

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

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

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

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

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Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers. Futures contracts are valued at closing settlement prices. Assets and liabilities other than financial instruments, including short-term receivables and payables, are carried at cost, or estimated realizable value, if less, which approximates fair value.

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

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on April 30, 2026 (for further detail by category, please refer to the accompanying Portfolio of Investments):

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1868869 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1868869 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;72628 | &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;72628 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931 | &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;6931 |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;79559 | &nbsp;&nbsp;&nbsp;&nbsp;1868869 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1948428 |
| Swaps\* | &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;465 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 |
| Total | &nbsp;&nbsp;$79559 | &nbsp;&nbsp;$1869334 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1948893 |
| **Liabilities** |  |  |  |  |
| Futures Contracts\* | &nbsp;&nbsp;$1209 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1209 |

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

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

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

#### NOTE 3 – DERIVATIVE INSTRUMENTS
During the six months ended April 30, 2026, the fund invested in derivative instruments. As defined by GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variable; it requires little or no initial investment and permits or requires net settlement or delivery of cash or other assets. The fund invests in derivatives only if the expected risks and rewards are consistent with its investment objectives, policies, and overall risk profile, as described in its prospectus and Statement of Additional Information. The fund may use derivatives for a variety of purposes and may use them to establish both long and short positions within the fund's portfolio. Potential uses include to hedge against declines in principal value, increase yield, invest in an asset with greater efficiency and at a lower cost than is possible through direct investment, to enhance return, or to adjust portfolio duration and credit exposure. The risks associated with the use of derivatives are different from, and potentially much greater than, the risks associated with investing directly in the instruments on which the derivatives are based.

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The fund values its derivatives at fair value and recognizes changes in fair value currently in its results of operations. Accordingly, the fund does not follow hedge accounting, even for derivatives employed as economic hedges. Generally, the fund accounts for its derivatives on a gross basis. It does not offset the fair value of derivative liabilities against the fair value of derivative assets on its financial statements, nor does it offset the fair value of derivative instruments against the right to reclaim or obligation to return collateral. The following table summarizes the fair value of the fund's derivative instruments held as of April 30, 2026, and the related location on the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

---

| | | |
|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Location on Statement of<br> Assets and Liabilities** | &nbsp;&nbsp;**Fair Value\*** |
| **Assets** |  |  |
| Credit derivatives | &nbsp;&nbsp;Centrally Cleared Swaps | &nbsp;&nbsp;$465 |
| **Liabilities** |  |  |
| Interest rate derivatives | &nbsp;&nbsp;Futures | &nbsp;&nbsp;$1209 |

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

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

Additionally, the amount of gains and losses on derivative instruments recognized in fund earnings during the six months ended April 30, 2026, and the related location on the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:

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| | | | |
|:---|:---|:---|:---|
| (000s) **Location of Gain (Loss) on Statement of Operations** | (000s) **Location of Gain (Loss) on Statement of Operations** | (000s) **Location of Gain (Loss) on Statement of Operations** | (000s) **Location of Gain (Loss) on Statement of Operations** |
|  | &nbsp;&nbsp;**Futures** | &nbsp;&nbsp;**Swaps** | &nbsp;&nbsp;**Total** |
| **Realized Gain<br> (Loss)** |  |  |  |
| Interest rate<br> derivatives | &nbsp;&nbsp;$23 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23 |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| **Total** | &nbsp;&nbsp;$23 | &nbsp;&nbsp;$182 | &nbsp;&nbsp;$205 |
| **Change in<br> Unrealized Gain<br> (Loss)** |  |  |  |
| Interest rate<br> derivatives | &nbsp;&nbsp;$(1155) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1155) |
| Credit derivatives | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| **Total** | &nbsp;&nbsp;$(1155) | &nbsp;&nbsp;$230 | &nbsp;&nbsp;$(925) |

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

Collateral may be in the form of cash or debt securities issued by the U.S. government or related agencies. Cash posted by the fund is reflected as cash deposits in the accompanying financial statements and generally is restricted from withdrawal by the fund; securities posted by the fund are so noted in the accompanying Portfolio of Investments; both remain in the fund's assets. While typically not sold in the same manner as equity or fixed income securities, exchange-traded or centrally cleared derivatives may be closed out only on the exchange or clearinghouse where the contracts were cleared. This ability is subject to the liquidity of underlying positions. As of April 30, 2026, securities valued at $4,541,000 has been posted by the fund for exchange-traded and/or centrally cleared derivatives.

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#### Futures Contracts
The fund is subject to interest rate risk in the normal course of pursuing its investment objectives and uses futures contracts to help manage such risk. The fund may enter into futures contracts to manage exposure to interest rate and yield curve movements, security prices, foreign currencies, and mortgage prepayments; as an efficient means of adjusting exposure to all or part of a target market; as a cash management tool; or to adjust portfolio duration. A futures contract provides for the future sale by one party and purchase by another of a specified amount of a specific underlying financial instrument at an agreed-upon price, date, time, and place. The fund currently invests only in exchange-traded futures, which generally are standardized as to maturity date, underlying financial instrument, and other contract terms. Payments are made or received by the fund each day to settle daily fluctuations in the value of the contract (variation margin), which reflect changes in the value of the underlying financial instrument. Variation margin is recorded as unrealized gain or loss until the contract is closed. The value of a futures contract included in net assets is the amount of unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded on the accompanying Statement of Operations. Risks related to the use of futures contracts include possible illiquidity of the futures markets, contract prices that can be highly volatile and imperfectly correlated to movements in hedged security values and/or interest rates, and potential losses in excess of the fund's initial investment. During the six months ended April 30, 2026, the volume of the fund's activity in futures, based on underlying notional amounts, was generally between 3% and 5% of net assets.

#### Swaps
The fund is subject to credit risk in the normal course of pursuing its investment objectives and uses swap contracts to help manage such risk. The fund may use swaps in an effort to manage both long and short exposure to changes in interest rates, inflation rates, and credit quality; to adjust overall exposure to certain markets; to enhance total return or protect the value of portfolio securities; to serve as a cash management tool; or to adjust portfolio duration and credit exposure. Swap agreements can be settled either directly with the counterparty (bilateral swap) or through a central clearinghouse (centrally cleared swap). Fluctuations in the fair value of a contract are reflected in unrealized gain or loss and are reclassified to realized gain or loss on the accompanying Statement of Operations upon contract termination or cash settlement. Net periodic receipts or payments required by a contract increase or decrease, respectively, the value of the contract until the contractual payment date, at which time such amounts are reclassified

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from unrealized to realized gain or loss on the accompanying Statement of Operations. For bilateral swaps, cash payments are made or received by the fund on a periodic basis in accordance with contract terms; unrealized gain on contracts and premiums paid are reflected as assets and unrealized loss on contracts and premiums received are reflected as liabilities on the accompanying Statement of Assets and Liabilities. For bilateral swaps, premiums paid or received are amortized over the life of the swap and are recognized as realized gain or loss on the accompanying Statement of Operations. For centrally cleared swaps, payments are made or received by the fund each day to settle the daily fluctuation in the value of the contract (variation margin). Accordingly, the value of a centrally cleared swap included in net assets is the unsettled variation margin; net variation margin receivable is reflected as an asset and net variation margin payable is reflected as a liability on the accompanying Statement of Assets and Liabilities.

Credit default swaps are agreements where one party (the protection buyer) agrees to make periodic payments to another party (the protection seller) in exchange for protection against specified credit events, such as certain defaults and bankruptcies related to an underlying credit instrument, or issuer or index of such instruments. Upon occurrence of a specified credit event, the protection seller is required to pay the buyer the difference between the notional amount of the swap and the value of the underlying credit, either in the form of a net cash settlement or by paying the gross notional amount and accepting delivery of the relevant underlying credit. For credit default swaps where the underlying credit is an index, a specified credit event may affect all or individual underlying securities included in the index and will be settled based upon the relative weighting of the affected underlying security(ies) within the index. Generally, the payment risk for the seller of protection is inversely related to the current market price or credit rating of the underlying credit or the market value of the contract relative to the notional amount, which are indicators of the markets' valuation of credit quality. As of April 30, 2026, the notional amount of protection sold by the fund totaled $117,650,000 (6.2% of net assets), which reflects the maximum potential amount the fund could be required to pay under such contracts. Risks related to the use of credit default swaps include the possible inability of the fund to accurately assess the current and future creditworthiness of underlying issuers, the possible failure of a counterparty to perform in accordance with the terms of the swap agreements, potential government regulation that could adversely affect the fund's swap investments, and potential losses in excess of the fund's initial investment.

During the six months ended April 30, 2026, the volume of the fund's activity in swaps, based on underlying notional amounts, was generally between 4% and 7% of net assets.

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

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

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

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

#### TBA Purchase, Sale Commitments and Forward Settling Mortgage Obligations
The fund enters into to-be-announced (TBA) purchase or sale commitments (collectively, TBA transactions), pursuant to which it agrees to purchase or sell, respectively, mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for such securities. With TBA transactions, the particular securities to be received or

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delivered by the fund are not identified at the trade date; however, the securities must meet specified terms, including rate and mortgage term, and be within industry-accepted "good delivery" standards. The fund may enter into TBA transactions with the intention of taking possession of or relinquishing the underlying securities, may elect to extend the settlement by "rolling" the transaction, and/or may use TBA transactions to gain or reduce interim exposure to underlying securities.

To mitigate counterparty risk, the fund has entered into Master Securities Forward Transaction Agreements (MSFTA) with counterparties that provide for collateral and the right to offset amounts due to or from those counterparties under specified conditions. Subject to minimum transfer amounts, collateral requirements are determined and transfers made based on the net aggregate unrealized gain or loss on all TBA commitments and other forward settling mortgage obligations with a particular counterparty (collectively, MSFTA Transactions). At any time, the fund's risk of loss from a particular counterparty related to its MSFTA Transactions is the aggregate unrealized gain on appreciated MSFTA Transactions in excess of unrealized loss on depreciated MSFTA Transactions and collateral received, if any, from such counterparty. Collateral pledged by counterparties to the fund for MSFTA Transactions consisted of $1,000 cash as of April 30, 2026.

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

#### When-Issued Securities
The fund enters into when-issued purchase or sale commitments, pursuant to which it agrees to purchase or sell, respectively, an authorized but not yet issued security for a fixed unit price, with payment and delivery not due until issuance of the security on a scheduled future date. When-issued securities may be new securities or securities issued through a corporate action, such as a reorganization or restructuring. Until settlement, the fund maintains liquid assets sufficient to

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settle its commitment to purchase a when-issued security. Amounts realized on when-issued transactions are included in realized gain/loss on securities in the accompanying financial statements.

#### Securities Lending
The fund may lend its securities to approved borrowers to earn additional income. Its securities lending activities are administered by a lending agent in accordance with a securities lending agreement. Security loans generally do not have stated maturity dates, and the fund may recall a security at any time. The fund receives collateral in the form of cash or U.S. government securities. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities; any additional collateral required due to changes in security values is delivered to the fund the next business day. Cash collateral is invested in accordance with investment guidelines approved by fund management. Additionally, the lending agent indemnifies the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities, collateral investments decline in value, and the lending agent fails to perform. Any non-cash collateral received cannot be sold, re-invested or pledged by the fund, except in the event of borrower default. Securities lending revenue consists of earnings on invested collateral and borrowing fees, net of any rebates to the borrower, compensation to the lending agent, and other administrative costs. In accordance with GAAP, investments made with cash collateral are reflected in the accompanying financial statements, but collateral received in the form of securities is not. At April 30, 2026, the value of loaned securities was $9,189,000; the aggregate value of collateral was $9,366,000 and consisted of cash collateral and related investments of $6,931,000 and U.S. government securities of $2,435,000.

#### Other
Purchases and sales of portfolio securities excluding in-kind transactions and short-term and U.S. government securities aggregated $237,234,000 and $58,046,000, respectively, for the six months ended April 30, 2026. Purchases and sales of U.S. government securities, excluding in-kind transactions and short-term securities, aggregated $1,186,198,000 and $979,503,000, respectively, for the six months ended April 30, 2026.

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

The fund intends to retain realized gains to the extent of available capital loss carryforwards. Net realized capital losses may be carried forward indefinitely to offset future realized capital gains. As of October 31, 2025, the fund had $880,000 of available capital loss carryforwards.

At April 30, 2026, the cost of investments (including derivatives, if any) for federal income tax purposes was $1,962,347,000. Net unrealized loss aggregated $12,520,000 at period-end, of which $7,305,000 related to appreciated investments and $19,825,000 related to depreciated investments.

#### NOTE 6 – RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). The investment management agreement between the fund and Price Associates provides for an annual all-inclusive fee equal to 0.08% of the fund's average daily net assets. The fee is computed daily and paid monthly. The all-inclusive fee covers investment management services and ordinary, recurring operating expenses but does not cover interest and borrowing expenses; taxes; brokerage commissions and other transaction costs; fund proxy expenses; and nonrecurring and extraordinary expenses.

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

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T. ROWE PRICE QM U.S. BOND ETF

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Mutual funds, trusts, and other accounts managed by Price Associates or its affiliates (collectively, Price Funds and accounts) may invest in the fund. No Price Fund or account may invest for the purpose of exercising management or control over the fund. At April 30, 2026, approximately 28% of the fund's outstanding shares were held by Price Funds and accounts.

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

As of April 30, 2026, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 1,681,020 shares of the fund, representing 4% of the fund's net assets.

The fund may participate in securities purchase and sale transactions with other funds or accounts advised by Price Associates (cross trades), in accordance with procedures adopted by the fund's Board and Securities and Exchange Commission rules, which require, among other things, that such purchase and sale cross trades be effected at the independent current market price of the security. During the six months ended April 30, 2026, the fund had no purchases or sales cross trades with other funds or accounts advised by Price Associates.

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

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T. ROWE PRICE QM U.S. BOND ETF

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

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The financial statements include all details of the segment assets, segment revenue and expenses; and reflect the financial results of the segment.

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

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T. ROWE PRICE QM U.S. BOND ETF

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#### APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT
Each year, the fund's Board of Directors (Board) considers the continuation of the investment management agreement (Advisory Contract) between the fund and its investment adviser, T. Rowe Price Associates, Inc. (Adviser). In that regard, at a meeting held on March 11-12, 2026 (Meeting), the Board, including all of the fund's independent directors who were present in person at the Meeting, approved the continuation of the fund's Advisory Contract. At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of the Adviser and the approval of the Advisory Contract. The independent directors were assisted in their evaluation of the Advisory Contract by independent legal counsel from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, the Adviser was guided by a detailed set of requests for information submitted by independent legal counsel on behalf of the independent directors. In considering and approving the continuation of the Advisory Contract, the Board considered the information it believed was relevant, including, but not limited to, the information discussed below. The Board considered not only the specific information presented in connection with the Meeting but also the knowledge gained over time through interaction with the Adviser about various topics and information provided to it by the Adviser. The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the T. Rowe Price funds' advisory contracts, including performance and the services and support provided to the funds and their shareholders.

#### Services Provided by the Adviser
The Board considered the nature, quality, and extent of the services provided to the fund by the Adviser. These services include, but are not limited to, directing the fund's investments in accordance with its investment program and the overall management of the fund's portfolio, as well as a variety of related activities such as financial, investment operations, and administrative services; compliance and infrastructure, as well as compliance with new and evolving regulatory requirements (e.g., derivatives and liquidity risk management); maintaining the fund's records and registrations; and shareholder communications. The Board also reviewed the background and experience of the Adviser's senior management team and investment personnel involved in the management of the fund, as well as the Adviser's compliance record. The Board concluded that the information it considered with respect to the nature, quality, and extent of the services provided by the Adviser, as well as the other factors considered at the Meeting, supported the Board's approval of the continuation of the Advisory Contract.

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T. ROWE PRICE QM U.S. BOND ETF

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#### APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (continued)

#### Investment Performance of the Fund
The Board took into account discussions with the Adviser and detailed reports that it regularly receives throughout the year on relative and absolute performance for the T. Rowe Price funds. In connection with the Meeting, the Board reviewed information provided by the Adviser that compared the fund's total returns, as well as a wide variety of other previously agreed-upon performance measures and market data, against relevant benchmark indexes and (as applicable) peer groups of funds with similar investment programs for various periods through December 31, 2025. Additionally, the Board reviewed the fund's relative performance information as of September 30, 2025, which ranked the fund's returns for various periods against a universe of funds with similar investment programs selected by Broadridge, an independent provider of investment company data.

In the course of its deliberations, the Board considered performance information provided throughout the year and in connection with the Advisory Contract review at the Meeting, as well as information provided during investment review meetings conducted with portfolio managers and senior investment personnel during the course of the year regarding the fund's performance. The Board also considered relevant factors, such as overall market conditions and trends that could adversely impact the fund's performance, length of the fund's performance track record, and how closely the fund's strategies align with its benchmarks and peer groups. The Board concluded that the information it considered with respect to the fund's performance, as well as the other factors considered at the Meeting, supported the Board's approval of the continuation of the Advisory Contract.

#### Costs, Benefits, Profits, and Economies of Scale
The Board reviewed detailed information regarding the revenues received by the Adviser under the Advisory Contract and other direct and indirect benefits that the Adviser (and its affiliates) may have realized from its relationship with the fund. In considering soft-dollar arrangements, the Board noted that the Adviser may use brokerage commissions in connection with certain T. Rowe Price funds' securities transactions to pay for research when permissible, and the Board considered that the Adviser may receive some benefit from soft-dollar arrangements pursuant to which research is received from broker-dealers that execute the applicable fund's portfolio transactions.

The Board received information on the estimated costs incurred and profits realized by the Adviser from managing the T. Rowe Price funds. The Board also reviewed estimates of the profits realized from managing the fund in particular, and the Board concluded that the Adviser's profits were reasonable in light of the services provided to the fund.

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T. ROWE PRICE QM U.S. BOND ETF

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#### APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (continued)
The Board also considered whether the fund benefits under the fee levels set forth in the Advisory Contract or otherwise from any economies of scale potentially realized by the Adviser. Under the Advisory Contract, the fund pays the Adviser an all-inclusive fee, which is based on the fund's average daily net assets. The all-inclusive fee includes investment management services and provides for the Adviser to pay all of the fund's ordinary, recurring operating expenses except for interest and borrowing expenses, taxes, brokerage commissions and other transaction costs, fund proxy expenses, and any nonrecurring extraordinary expenses that may arise. The Adviser has generally implemented an all-inclusive fee structure in situations where a fixed total expense ratio is useful for purposes of providing certainty of fees and expenses for the fund's investors and such a fee structure is typically used by other ETFs offered by competitors. The all-inclusive fee rate is determined based upon an evaluation of the particular strategy and a competitive analysis of the actively managed ETF industry. In addition, the assets of the fund are included in the calculation of the group fee rate, which serves as a component of the management fee rate for many T. Rowe Price mutual funds and declines at certain asset levels based on the combined average net assets of most of the T. Rowe Price mutual funds and ETFs (including the fund). Although the fund does not have a group fee rate component to its all-inclusive fee, its assets are included in the calculation because certain resources utilized to operate the fund are shared with other T. Rowe Price funds.

In addition, the Board noted that the fund potentially shares in potential economies of scale through the Adviser's ongoing investments in its business in support of the T. Rowe Price funds, including investments in trading systems, technology, and regulatory support enhancements, and the ability to possibly negotiate lower fee arrangements with third-party service providers. The Board concluded that the all-inclusive fee structure for the fund provides for a reasonable sharing of benefits from potential economies of scale with the fund and its investors.

#### Fees and Expenses
The Board was provided with information regarding industry trends in exchange-traded fund fees. The Board reviewed and considered information regarding the fund's actual total expense ratio, noting that the fund pays an all-inclusive fee. Among other things, the Board reviewed data for peer groups that were compiled by Broadridge, which compared: (i) actual management fees and total expenses of the fund with a group of competitor funds selected by Broadridge (Expense Group); and (ii) actual management fees and total expenses of the fund with a broader set of funds within the Lipper investment classification (Expense Universe). The Board considered the fund's actual management fee rate and total expenses (each of which generally reflect the fund's all-inclusive fee rate) in comparison with the information for the Broadridge peer groups. Broadridge generally constructed the peer groups by seeking the most comparable actively managed

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T. ROWE PRICE QM U.S. BOND ETF

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#### APPROVAL OF INVESTMENT MANAGEMENT AGREEMENT (continued)
exchange-traded funds based on similar investment classifications and objectives, expense structure, asset size, and operating components and attributes and ranked funds into quintiles, with the first quintile representing the funds with the lowest relative expenses and the fifth quintile representing the funds with the highest relative expenses. The information provided to the Board indicated that the actual management fee rate ranked in the first quintile (Expense Group and Expense Universe), and the total expenses ranked in the first quintile (Expense Group and Expense Universe).

The Board was provided the fee schedules and other account fee information for certain comparable investment portfolios that are advised or subadvised by the Adviser and its affiliates, including separately managed accounts for institutional investors; subadvised funds; and other sponsored investment portfolios that are not registered investment companies, including collective investment trusts and pooled vehicles organized and offered to investors outside the United States. The fee schedules and account fee information, which are subject to change, may be negotiated under certain circumstances and may differ across regions. Management provided the Board with information about the Adviser's responsibilities and services provided to subadvisory clients and other types of clients, including information about how the requirements, economics and risks of the domestic and international businesses may differ from those of the proprietary mutual fund and ETF ("registered fund") business. The Board considered information showing that the Adviser's proprietary registered fund business is generally more complex from a business and regulatory perspective than its other domestic and international businesses and considered various relevant factors, such as the broader scope of operations and oversight, more extensive shareholder communication infrastructure, heightened business risks, and differences in applicable laws and regulations associated with the Adviser's proprietary registered fund business. In assessing the reasonableness of the fund's management fee rate, the Board considered the differences in the nature of the services required for the Adviser to manage its registered fund business versus managing a discrete pool of assets as a subadviser to another institution's mutual fund or for an institutional account and that the Adviser generally performs significant additional services and assumes greater risk in managing the fund and other T. Rowe Price funds than it does for institutional account clients, including subadvised funds.

On the basis of the information provided and the factors considered, the Board concluded that the fees paid by the fund under the Advisory Contract are reasonable.

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T. ROWE PRICE QM U.S. BOND ETF

------

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

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![](g117171imgfab7d8311.gif)

1307 Point Street

Baltimore, Maryland 21231

Call 1-800-638-5660 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing.

T. Rowe Price Investment Services, Inc.

ETF989-051 06/26

------

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

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

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

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d117171dex99cert.htm) |
| (b) | [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d117171dex99906ce.htm) |

---

------

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

---

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

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | June 17, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | June 17, 2026 |

---

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price QM U.S. Bond
ETF;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 17, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

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

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price QM U.S. Bond
ETF;

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: June 17, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

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

Name of Issuer: T. Rowe Price QM U.S. Bond ETF

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

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

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

---

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

---