# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001999371-25-017584
**Filing Date:** 2025-11
**Character Count:** 3179
**Document Hash:** 883f866ee853ed85d2c9cfee9e71ea36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-017584.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001999371-25-017584

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-235450
- **FILM NUMBER:** 251475848

**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 U.S. High Yield ETF (Series ID: S000077051)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000237191 | T. Rowe Price U.S. High Yield ETF | THYF            |

---

| |
|:---|
| **T. Rowe Price U.S. High Yield ETF** |
| Supplement to Prospectus and Summary Prospectus dated August 1, 2025 |

---

Effective December 1, 2025, the fee table and expense example in the Summary Prospectus and Section 1 of the Prospectus are revised as follows:

**Fees and Expenses**

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

---

| | |
|:---|:---|
| **Fees and Expenses of the Fund** | **Fees and Expenses of the Fund** |
| **Annual fund operating expenses<br> (expenses that you pay each year as a<br> percentage of the value of your investment)** | **Annual fund operating expenses<br> (expenses that you pay each year as a<br> percentage of the value of your investment)** |
| &nbsp;&nbsp;Management fees | 0.50% |
| &nbsp;&nbsp;Other expenses |  |
| &nbsp;&nbsp;**Total annual fund operating expenses** | **0.50** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $51 | $160 | $280 | $628 |

---

In Section 2 of the Prospectus, the first sentence below "The Management Fee" is replaced with the following:

The fund pays the investment adviser an annual all-inclusive fee of 0.50% based on the fund's average daily net assets.

<u>The date of this supplement is November 13, 2025.</u> <br> ETF1046-041 11/13/25