# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001193125-26-018781
**Filing Date:** 2026-1
**Character Count:** 68735
**Document Hash:** 803aeb82297c5ae8788d4f4a97063512
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-018781.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001193125-26-018781

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 26549903

**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            |

?xml version='1.0' encoding='ASCII'? U.S. High Yield ETF_UHX_ETF1046-051

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

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

T. Rowe Price Exchange-Traded Funds, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2025

------

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

![Image](g477437i25d4b6c46797e26c87ea.jpg)

#### Semi-Annual Shareholder Report

#### November 30, 2025

# U.S. High Yield ETF (THYF)

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

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

---

| | | |
|:---|:---|:---|
| Fund name | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| U.S. High Yield ETF | $29 | 0.56% |

---

## What are some fund statistics?

### **Fund Statistics** 
* Total Net Assets (000s)$784,030

* Number of Portfolio Holdings107

* Portfolio Turnover Rate38.2%

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

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

---

| | |
|:---|:---|
| Corporate Bonds | 88.3% |
| Bank Loans | 5.2 |
| Short-Term and Other | 6.5 |

---

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

---

| | |
|:---|:---|
| Cloud Software Group | 2.1% |
| CCO Holdings | 2.1 |
| VICI Properties | 2.0 |
| South Bow Canadian Infrastructure Holdings | 2.0 |
| Six Flags Entertainment | 1.8 |
| Level 3 Financing | 1.6 |
| First Quantum Minerals | 1.5 |
| Latam Airlines Group | 1.5 |
| eG Global Finance | 1.5 |
| Edison International | 1.5 |

---

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.

U.S. High Yield ETF (THYF)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g477437i17adb17943ded992e4cb.jpg)

Principal Listing Exchange: NYSE Arca, Inc.

202506-4610402

ETF1046-053 01/26

------

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

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

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

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

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

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

(b) Not applicable.

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

------

![](g477437img06f955021.gif)

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

---

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

---

------

![](g477437img09c80f482.gif)

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

Unaudited

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  | &nbsp;&nbsp;10/25/22<sup>(1)</sup><br> Through |
|  | &nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;5/31/25 | &nbsp;&nbsp;5/31/24 | &nbsp;&nbsp;5/31/23 |
| **NET ASSET VALUE** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;$51.33 | &nbsp;&nbsp;$51.16 | &nbsp;&nbsp;$49.57 | &nbsp;&nbsp;$50.00 |
| Investment activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) |
| &nbsp;&nbsp;&nbsp;Total from investment activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 |
| Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.60) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.60) |
| **NET ASSET VALUE** |  |  |  |  |
| **End of period** | &nbsp;&nbsp;**$51.92** | &nbsp;&nbsp;**$51.33** | &nbsp;&nbsp;**$51.16** | &nbsp;&nbsp;**$49.57** |

---

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

Unaudited

FINANCIAL HIGHLIGHTS

For a share outstanding throughout each period

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |  | &nbsp;&nbsp;10/25/22<sup>(1)</sup><br> Through |
|  | &nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;5/31/25 | &nbsp;&nbsp;5/31/24 | &nbsp;&nbsp;5/31/23 |
| **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;**4.87%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.84%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.02%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.36%** |
| 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;0.56%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%<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;0.56%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.61%<sup>(6)</sup> |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.6% |
| Net assets, end of period<br> (in thousands) | &nbsp;&nbsp;$784030 | $749472 | &nbsp;&nbsp;$53719 | &nbsp;&nbsp;$22306 |

---

&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> Amounts round to less than $0.01 per share.

<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

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

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

November 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **BANK LOANS 5.2% (1)** | **BANK LOANS 5.2% (1)** | **BANK LOANS 5.2% (1)** |
| **Consumer Goods 0.9%** |  |  |
| Varsity Brands, FRN, 3M TSFR + 3.00%, 7.026%, 8/26/31 | 7406 | &nbsp;&nbsp;&nbsp;7425 |
|  |  | &nbsp;&nbsp;&nbsp;7425 |
| **Health Care 1.0%** |  |  |
| Endo Luxembourg Finance I, FRN, 1M TSFR + 4.00%, 7.916%, 4/23/31 | 7591 | &nbsp;&nbsp;&nbsp;7495 |
|  |  | &nbsp;&nbsp;&nbsp;7495 |
| **Retail 0.9%** |  |  |
| LSF9 Atlantis Holdings, FRN, 3M TSFR + 3.75%, 7.752%, 3/29/29 | 7435 | &nbsp;&nbsp;&nbsp;7435 |
|  |  | &nbsp;&nbsp;&nbsp;7435 |
| **Technology & Electronics 1.9%** |  |  |
| Ellucian Holdings, FRN, 1M TSFR + 4.75%, 8.666%, 11/22/32 | 7375 | &nbsp;&nbsp;&nbsp;7412 |
| Instructure Holdings, FRN, 3M TSFR + 5.00%, 8.841%, 11/12/32 | 7485 | &nbsp;&nbsp;&nbsp;7485 |
|  |  | 14897 |
| **Telecommunications 0.5%** |  |  |
| Lumen Technologies, FRN, 1M TSFR + 2.35%, 6.380%, 4/16/29 | 3683 | &nbsp;&nbsp;&nbsp;3659 |
|  |  | &nbsp;&nbsp;&nbsp;3659 |
| **Total Bank Loans<br> (Cost $40,799)** |  | **40911** |
| **CORPORATE BONDS 88.3%** | **CORPORATE BONDS 88.3%** | **CORPORATE BONDS 88.3%** |
| **Automotive 1.1%** |  |  |
| Aston Martin Capital Holdings, 10.00%, 3/31/29 (2) | 9715 | &nbsp;&nbsp;&nbsp;8658 |
|  |  | &nbsp;&nbsp;&nbsp;8658 |
| **Basic Industry 6.1%** |  |  |
| Celanese US Holdings, 6.75%, 4/15/33 | 7655 | &nbsp;&nbsp;&nbsp;7625 |

---

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| First Quantum Minerals, 8.00%, 3/1/33 (2) | &nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;3935 |
| First Quantum Minerals, 8.625%, 6/1/31 (2) | &nbsp;&nbsp;&nbsp;7534 | &nbsp;&nbsp;&nbsp;7901 |
| Ivanhoe Mines, 7.875%, 1/23/30 (2) | &nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;6135 |
| K Hovnanian Enterprises, 8.375%, 10/1/33 (2) | &nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;7783 |
| LGI Homes, 8.75%, 12/15/28 (2) | &nbsp;&nbsp;&nbsp;6980 | &nbsp;&nbsp;&nbsp;7242 |
| Quikrete Holdings, 6.75%, 3/1/33 (2) | &nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp;7517 |
|  |  | 48138 |
| **Capital Goods 2.2%** |  |  |
| AAR Escrow Issuer, 6.75%, 3/15/29 (2) | &nbsp;&nbsp;&nbsp;7185 | &nbsp;&nbsp;&nbsp;7437 |
| Bombardier, 7.25%, 7/1/31 (2) | &nbsp;&nbsp;&nbsp;7095 | &nbsp;&nbsp;&nbsp;7547 |
| TransDigm, 6.00%, 1/15/33 (2) | &nbsp;&nbsp;&nbsp;1784 | &nbsp;&nbsp;&nbsp;1822 |
|  |  | 16806 |
| **Consumer Goods 1.0%** |  |  |
| HLF Financing / Herbalife International, 12.25%, 4/15/29 (2) | &nbsp;&nbsp;&nbsp;7180 | &nbsp;&nbsp;&nbsp;7772 |
|  |  | &nbsp;&nbsp;&nbsp;7772 |
| **Energy 14.7%** |  |  |
| Aethon United / Aethon United Finance, 7.50%, 10/1/29 (2) | &nbsp;&nbsp;&nbsp;7275 | &nbsp;&nbsp;&nbsp;7557 |
| Ascent Resources Utica Holdings / ARU Finance, 6.625%, 7/15/33 (2) | &nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;7568 |
| Chord Energy, 6.75%, 3/15/33 (2) | &nbsp;&nbsp;&nbsp;7465 | &nbsp;&nbsp;&nbsp;7652 |
| Crescent Energy Finance, 8.375%, 1/15/34 (2) | &nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;7731 |
| Enbridge, VR, 8.25%, 1/15/84 (3) | &nbsp;&nbsp;&nbsp;7105 | &nbsp;&nbsp;&nbsp;7593 |
| Excelerate Energy, 8.00%, 5/15/30 (2) | &nbsp;&nbsp;&nbsp;7430 | &nbsp;&nbsp;&nbsp;7867 |
| Ithaca Energy North Sea, 8.125%, 10/15/29 (2) | &nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;7735 |
| Kodiak Gas Services, 6.50%, 10/1/33 (2) | &nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;3410 |
| PBF Holding, 7.875%, 9/15/30 (2) | &nbsp;&nbsp;&nbsp;7385 | &nbsp;&nbsp;&nbsp;7265 |
| PBF Holding, 9.875%, 3/15/30 (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 |
| Permian Resources Operating, 7.00%, 1/15/32 (2) | &nbsp;&nbsp;&nbsp;7155 | &nbsp;&nbsp;&nbsp;7450 |
| South Bow Canadian Infrastructure Holdings, VR, 7.50%, 3/1/55 (3) | 14595 | 15471 |
| Sunoco, 7.00%, 5/1/29 (2) | &nbsp;&nbsp;&nbsp;6955 | &nbsp;&nbsp;&nbsp;7225 |

---

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| USA Compression Partners / USA Compression Finance, 6.25%, 10/1/33 (2) | 3885 | &nbsp;&nbsp;&nbsp;&nbsp;3904 |
| Venture Global LNG, VR, 9.00% (2)(3)(4) | 8240 | &nbsp;&nbsp;&nbsp;&nbsp;7014 |
| Venture Global Plaquemines LNG, 6.75%, 1/15/36 (2) | 1335 | &nbsp;&nbsp;&nbsp;&nbsp;1388 |
| Weatherford International, 6.75%, 10/15/33 (2) | 7600 | &nbsp;&nbsp;&nbsp;&nbsp;7752 |
|  |  | 115369 |
| **Financial Services 7.5%** |  |  |
| APH Somerset Investor 2 / APH2 Somerset Investor 2 / APH3 Somerset Investor 2, 7.875%, 11/1/29 (2) | 8710 | &nbsp;&nbsp;&nbsp;&nbsp;8764 |
| Aretec Escrow Issuer 2, 10.00%, 8/15/30 (2) | 9985 | &nbsp;&nbsp;&nbsp;10809 |
| Bread Financial Holdings, 6.75%, 5/15/31 (2) | 7826 | &nbsp;&nbsp;&nbsp;&nbsp;7963 |
| Encore Capital Group, 6.625%, 4/15/31 (2) | 7865 | &nbsp;&nbsp;&nbsp;&nbsp;7865 |
| FirstCash, 6.875%, 3/1/32 (2) | 2176 | &nbsp;&nbsp;&nbsp;&nbsp;2263 |
| NCR Atleos, 9.50%, 4/1/29 (2) | 5270 | &nbsp;&nbsp;&nbsp;&nbsp;5685 |
| OneMain Finance, 6.50%, 3/15/33 | 7928 | &nbsp;&nbsp;&nbsp;&nbsp;7978 |
| Osaic Holdings, 6.75%, 8/1/32 (2) | 7530 | &nbsp;&nbsp;&nbsp;&nbsp;7737 |
|  |  | &nbsp;&nbsp;&nbsp;59064 |
| **Health Care 5.7%** |  |  |
| 1261229 BC, 10.00%, 4/15/32 (2) | 7420 | &nbsp;&nbsp;&nbsp;&nbsp;7661 |
| Amneal Pharmaceuticals, 6.875%, 8/1/32 (2) | 7630 | &nbsp;&nbsp;&nbsp;&nbsp;8050 |
| CHS / Community Health Systems, 10.875%, 1/15/32 (2) | 8405 | &nbsp;&nbsp;&nbsp;&nbsp;9046 |
| Genmab AS / Genmab Finance, 7.25%, 12/15/33 (2) | 7545 | &nbsp;&nbsp;&nbsp;&nbsp;7866 |
| Heartland Dental / Heartland Dental Finance, 10.50%, 4/30/28 (2) | 2194 | &nbsp;&nbsp;&nbsp;&nbsp;2301 |
| Tenet Healthcare, 5.50%, 11/15/32 (2) | 9770 | &nbsp;&nbsp;&nbsp;&nbsp;9916 |
|  |  | &nbsp;&nbsp;&nbsp;44840 |
| **Insurance 1.8%** |  |  |
| Alliant Holdings Intermediate / Alliant Holdings Co-Issuer, 7.00%, 1/15/31 (2) | 7155 | &nbsp;&nbsp;&nbsp;&nbsp;7441 |
| HUB International, 7.25%, 6/15/30 (2) | 6390 | &nbsp;&nbsp;&nbsp;&nbsp;6678 |
|  |  | &nbsp;&nbsp;&nbsp;14119 |

---

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Leisure 4.3%** |  |  |
| Hilton Domestic Operating, 5.75%, 9/15/33 (2) | &nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp;&nbsp;4198 |
| Odeon Finco, 12.75%, 11/1/27 (2) | &nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;7666 |
| Six Flags Entertainment, 7.25%, 5/15/31 (2) | 14953 | 14205 |
| Voyager Parent, 9.25%, 7/1/32 (2) | &nbsp;&nbsp;&nbsp;7325 | &nbsp;&nbsp;&nbsp;7746 |
|  |  | 33815 |
| **Media 9.0%** |  |  |
| CCO Holdings, 6.375%, 9/1/29 (2) | &nbsp;&nbsp;&nbsp;7270 | &nbsp;&nbsp;&nbsp;7361 |
| CCO Holdings, 7.375%, 3/1/31 (2) | &nbsp;&nbsp;&nbsp;8550 | &nbsp;&nbsp;&nbsp;8721 |
| CSC Holdings, 11.25%, 5/15/28 (2) | &nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;2182 |
| Deluxe, 8.125%, 9/15/29 (2) | &nbsp;&nbsp;&nbsp;7315 | &nbsp;&nbsp;&nbsp;7662 |
| Directv Financing, 8.875%, 2/1/30 (2) | &nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;5003 |
| Directv Financing, A1, 8.875%, 2/1/30 (2) | &nbsp;&nbsp;&nbsp;5087 | &nbsp;&nbsp;&nbsp;5017 |
| Getty Images, 10.50%, 11/15/30 (2) | &nbsp;&nbsp;&nbsp;3956 | &nbsp;&nbsp;&nbsp;3986 |
| Gray Media, 7.25%, 8/15/33 (2) | &nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;3015 |
| Gray Media, 10.50%, 7/15/29 (2) | &nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;6414 |
| Midcontinent Communications, 8.00%, 8/15/32 (2) | &nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;7149 |
| Sinclair Television Group, 8.125%, 2/15/33 (2) | &nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;3938 |
| Univision Communications, 9.375%, 8/1/32 (2) | &nbsp;&nbsp;&nbsp;5515 | &nbsp;&nbsp;&nbsp;5846 |
| Warnermedia Holdings, 5.05%, 3/15/42 | &nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp;3912 |
|  |  | 70206 |
| **Real Estate 4.7%** |  |  |
| Anywhere Real Estate Group / Anywhere Co-Issuer, 7.00%, 4/15/30 (2) | &nbsp;&nbsp;&nbsp;8371 | &nbsp;&nbsp;&nbsp;8402 |
| Blackstone Mortgage Trust, 7.75%, 12/1/29 (2) | &nbsp;&nbsp;&nbsp;6880 | &nbsp;&nbsp;&nbsp;7207 |
| Brookfield Property REIT, 4.50%, 4/1/27 (2) | &nbsp;&nbsp;&nbsp;5659 | &nbsp;&nbsp;&nbsp;5539 |
| VICI Properties, 5.625%, 5/15/52 | 16620 | 15678 |
|  |  | 36826 |
| **Retail 4.5%** |  |  |
| eG Global Finance, 12.00%, 11/30/28 (2) | 10675 | 11610 |
| Hudson Automotive Group, 8.00%, 5/15/32 (2) | &nbsp;&nbsp;&nbsp;6873 | &nbsp;&nbsp;&nbsp;7286 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| LCM Investments Holdings II, 8.25%, 8/1/31 (2) | &nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;7404 |
| Saks Global Enterprises, 11.00%, 12/15/29 (2) | &nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;1141 |
| Sally Holdings / Sally Capital, 6.75%, 3/1/32 | &nbsp;&nbsp;&nbsp;7275 | &nbsp;&nbsp;&nbsp;7593 |
|  |  | 35034 |
| **Services 4.1%** |  |  |
| Avis Budget Car Rental / Avis Budget Finance, 8.25%, 1/15/30 (2) | 10906 | 11233 |
| Herc Holdings, 7.25%, 6/15/33 (2) | &nbsp;&nbsp;&nbsp;6620 | &nbsp;&nbsp;&nbsp;6976 |
| Hertz, 12.625%, 7/15/29 (2) | &nbsp;&nbsp;&nbsp;3920 | &nbsp;&nbsp;&nbsp;3900 |
| Williams Scotsman, 7.375%, 10/1/31 (2) | &nbsp;&nbsp;&nbsp;9780 | 10184 |
|  |  | 32293 |
| **Technology & Electronics 4.1%** |  |  |
| Cloud Software Group, 8.25%, 6/30/32 (2) | &nbsp;&nbsp;&nbsp;6930 | &nbsp;&nbsp;&nbsp;7311 |
| Cloud Software Group, 9.00%, 9/30/29 (2) | &nbsp;&nbsp;&nbsp;8705 | &nbsp;&nbsp;&nbsp;8988 |
| Kioxia Holdings, 6.625%, 7/24/33 (2) | &nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp;3962 |
| McAfee, 7.375%, 2/15/30 (2) | &nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;3865 |
| WULF Compute, 7.75%, 10/15/30 (2) | &nbsp;&nbsp;&nbsp;7781 | &nbsp;&nbsp;&nbsp;8044 |
|  |  | 32170 |
| **Telecommunications 7.9%** |  |  |
| Digicel International Finance / Difl US, 8.625%, 8/1/32 (2) | &nbsp;&nbsp;&nbsp;7534 | &nbsp;&nbsp;&nbsp;7713 |
| EchoStar, 10.75%, 11/30/29 | &nbsp;&nbsp;&nbsp;7840 | &nbsp;&nbsp;&nbsp;8644 |
| Iliad Holding SASU, 7.00%, 4/15/32 (2) | &nbsp;&nbsp;&nbsp;7335 | &nbsp;&nbsp;&nbsp;7572 |
| Level 3 Financing, 6.875%, 6/30/33 (2) | &nbsp;&nbsp;&nbsp;7550 | &nbsp;&nbsp;&nbsp;7701 |
| Level 3 Financing, 7.00%, 3/31/34 (2) | &nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;4665 |
| Uniti Group / Uniti Group Finance 2019 / CSL Capital, 8.625%, 6/15/32 (2) | &nbsp;&nbsp;&nbsp;7438 | &nbsp;&nbsp;&nbsp;7141 |
| VZ Secured Financing, 7.50%, 1/15/33 (2) | &nbsp;&nbsp;&nbsp;7690 | &nbsp;&nbsp;&nbsp;7800 |
| Windstream Services, 7.50%, 10/15/33 (2) | &nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;5168 |
| Windstream Services / Windstream Escrow Finance, 8.25%, 10/1/31 (2) | &nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;5338 |
|  |  | 61742 |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par/Shares** | **$ Value** |
| (Amounts in 000s) |  |  |
| **Transportation 4.6%** |  |  |
| Avianca Midco 2, 9.625%, 2/14/30 (2) | &nbsp;&nbsp;&nbsp;3975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935 |
| JetBlue Airways / JetBlue Loyalty, 9.875%, 9/20/31 (2) | 11175 | &nbsp;&nbsp;&nbsp;&nbsp;11008 |
| Latam Airlines Group, 7.625%, 1/7/31 (2) | &nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 |
| Latam Airlines Group, 7.875%, 4/15/30 (2) | &nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8851 |
| OneSky Flight, 8.875%, 12/15/29 (2) | &nbsp;&nbsp;&nbsp;9250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36355 |
| **Utility 5.0%** |  |  |
| Edison International, VR, 7.875%, 6/15/54 (3) | &nbsp;&nbsp;&nbsp;5375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523 |
| Edison International, VR, 8.125%, 6/15/53 (3) | &nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 |
| Hawaiian Electric, 6.00%, 10/1/33 (2) | &nbsp;&nbsp;&nbsp;7575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651 |
| NRG Energy, VR, 10.25% (2)(3)(4) | &nbsp;&nbsp;&nbsp;3552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3876 |
| Talen Energy Supply, 6.50%, 2/1/36 (2) | &nbsp;&nbsp;&nbsp;8256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8514 |
| Vistra, VR, 8.00% (2)(3)(4) | &nbsp;&nbsp;&nbsp;7223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;38928 |
| **Total Corporate Bonds<br> (Cost $688,345)** |  | &nbsp;&nbsp;&nbsp;**692135** |
| **SHORT-TERM INVESTMENTS 5.7%** | **SHORT-TERM INVESTMENTS 5.7%** | **SHORT-TERM INVESTMENTS 5.7%** |
| **Money Market Funds 5.7%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.02% (5)(6) | 44462 | &nbsp;&nbsp;&nbsp;&nbsp;44462 |
| **Total Short-Term Investments<br> (Cost $44,462)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**44462** |
| **Total Investments in Securities<br> 99.2% of Net Assets (Cost $773,606)** |  | **$777508** |

---

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

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

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

---

| | |
|:---|:---|
| (2) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $606,103 and represents 77.3% of net assets. |
| (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) | Perpetual security with no stated maturity date. |
| (5) | Seven-day yield |
| (6) | Affiliated Companies |
| 1M TSFR | One month term SOFR (Secured overnight financing rate) |
| 3M TSFR | Three month term SOFR (Secured overnight financing rate) |
| FRN | Floating Rate Note |
| 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. |

---

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T. ROWE PRICE U.S. HIGH YIELD ETF

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#### AFFILIATED COMPANIES
($000s)

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

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | $— | $— | $575 |
| Totals | $—# | $— | $575+ |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 5/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 11/30/25** |
| T. Rowe Price Government Reserve Fund | $21268 | ¤ | ¤ | $44462 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $44,462^ |

---

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

---

| |
|:---|
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $575 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 $44,462. |

---

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

November 30, 2025 Unaudited

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

------

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

---

| | |
|:---|:---|
| **Assets** |  |
| Investments in securities, at value (cost $773,606) | &nbsp;&nbsp;$777508 |
| Interest and dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14430 |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;791938 |
| **Liabilities** |  |
| Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7545 |
| Investment management and administrative fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 |
| Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908 |
| **NET ASSETS** | &nbsp;&nbsp;**$784030** |
| **Net Assets Consists of:** |  |
| Total distributable earnings (loss) | &nbsp;&nbsp;$2702 |
| Paid-in capital applicable to 15,100,000 shares of $0.0001 par value<br> capital stock outstanding; 4,000,000,000 shares of the Corporation authorized | &nbsp;&nbsp;&nbsp;&nbsp;781328 |
| **NET ASSETS** | &nbsp;&nbsp;**$784030** |
| **NET ASSET VALUE PER SHARE** | &nbsp;&nbsp;**$51.92** |

---

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

Unaudited

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

------

($000s)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended |
|  | &nbsp;&nbsp;11/30/25 |
| **Investment Income (Loss)** |  |
| Income |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$29640 |
| &nbsp;&nbsp;&nbsp;Dividend | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 |
| &nbsp;&nbsp;&nbsp;Total income | &nbsp;&nbsp;&nbsp;&nbsp;30215 |
| Investment management and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;28045 |
| **Realized and Unrealized Gain / Loss** |  |
| Net realized gain on securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 |
| Change in net unrealized gain / loss on securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8226 |
| Net realized and unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8460 |
| **INCREASE IN NET ASSETS FROM OPERATIONS** | &nbsp;&nbsp;**$36505** |

---

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

Unaudited

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

------

($000s)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;6 Months<br> Ended | &nbsp;&nbsp;Year<br> Ended |
|  | &nbsp;&nbsp;11/30/25 | &nbsp;&nbsp;5/31/25 |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$28045 | &nbsp;&nbsp;$26039 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1537) |
| &nbsp;&nbsp;&nbsp;Change in net unrealized gain / loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4938) |
| &nbsp;&nbsp;&nbsp;Increase in net assets from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19564 |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | &nbsp;&nbsp;&nbsp;&nbsp;(28074) | &nbsp;&nbsp;&nbsp;&nbsp;(25938) |
| Capital share transactions\* |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26127 | &nbsp;&nbsp;&nbsp;&nbsp;722898 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(20771) |
| &nbsp;&nbsp;&nbsp;Increase in net assets from capital share transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26127 | &nbsp;&nbsp;&nbsp;&nbsp;702127 |
| **Net Assets** |  |  |
| Increase during period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34558 | &nbsp;&nbsp;&nbsp;&nbsp;695753 |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;749472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53719 |
| **End of period** | &nbsp;&nbsp;**$784030** | &nbsp;&nbsp;**$749472** |
| \*Share information (000s) |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13950 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) |
| &nbsp;&nbsp;&nbsp;Increase in shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13550 |

---

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

Unaudited

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The U.S. High Yield ETF (the fund) is a diversified, open-end management investment company established by the corporation. The fund seeks total return, and secondarily, current income.

#### 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. 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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T. ROWE PRICE U.S. HIGH YIELD ETF

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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).

#### New Accounting Guidance
In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures, which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management expects that adoption of the guidance will not have a material impact on the fund's financial statements.

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

#### NOTE 2 – VALUATION

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

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

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

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

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

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

------

T. ROWE PRICE U.S. HIGH YIELD ETF

------

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.

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

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Fixed Income Securities<sup>1</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$733046 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$733046 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;44462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44462 |
| Total | &nbsp;&nbsp;$44462 | &nbsp;&nbsp;$733046 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$777508 |

---

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

<sup>1</sup> Includes Bank Loans and Corporate Bonds.

#### NOTE 3 – OTHER INVESTMENT TRANSACTIONS
Consistent with its investment objective, the fund engages in the following practices to manage exposure to certain risks and/or to enhance performance. The investment objective, policies, program, and risk factors of the fund are described more fully in the fund's prospectus and Statement of Additional Information.

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

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

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T. ROWE PRICE U.S. HIGH YIELD ETF

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

Bank loans may be in the form of either assignments or participations. A loan assignment transfers all legal, beneficial, and economic rights to the buyer, and transfer typically requires consent of both the borrower and agent. In contrast, a loan participation generally entitles the buyer to receive the cash flows from principal, interest, and any fee payments on a portion of a loan; however, the seller continues to hold legal title to that portion of the loan. As a result, the buyer of a loan participation generally has no direct recourse against the borrower and is exposed to credit risk of both the borrower and seller of the participation.

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

#### Other
Purchases and sales of portfolio securities excluding in-kind transactions and short-term securities aggregated $285,707,000 and $281,663,000, respectively, for the six months ended November 30, 2025.

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T. ROWE PRICE U.S. HIGH YIELD ETF

------

#### NOTE 4 – FEDERAL INCOME TAXES
Generally, no provision for federal income taxes is required since the fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute to shareholders all of its taxable income and gains. Distributions determined in accordance with federal income tax regulations may differ in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences. The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax-basis balances have not been determined as of the date of this report.

The fund intends to retain realized gains to the extent of available capital loss carryforwards. Net realized capital losses may be carried forward indefinitely to offset future realized capital gains. As of May 31, 2025, the fund had $1,080,000 of available capital loss carryforwards.

At November 30, 2025, the cost of investments (including derivatives, if any) for federal income tax purposes was $774,069,000. Net unrealized gain aggregated $3,439,000 at period-end, of which $14,058,000 related to appreciated investments and $10,619,000 related to depreciated investments.

#### NOTE 5 – RELATED PARTY TRANSACTIONS
The fund is managed by T. Rowe Price Associates, Inc. (Price Associates), a wholly owned subsidiary of T. Rowe Price Group, Inc. (Price Group). Price Associates has entered into a sub-advisory agreement(s) with one or more of its wholly owned subsidiaries, to provide investment advisory services to the fund. The investment management and administrative agreement between the fund and Price Associates provides for an annual all-inclusive fee equal to 0.56% 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 U.S. HIGH YIELD 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 November 30, 2025, approximately 89% 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 November 30, 2025, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 279,957 shares of the fund, representing 2% of the fund's net assets.

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

#### NOTE 6 – SEGMENT REPORTING
Operating segments are defined as components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker (CODM) in deciding how to allocate resources and assess performance. The Management Committee of Price Associates acts as the fund's CODM. The fund makes investments in

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T. ROWE PRICE U.S. HIGH YIELD ETF

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accordance with its investment objective as outlined in the Prospectus and is considered one reportable segment because the CODM allocates resources and assesses the operating results of the fund on the whole.

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

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

#### NOTE 7 – 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.

#### NOTE 8 – SUBSEQUENT EVENT
At a meeting held on November 5, 2025, the fund's board approved an amendment to the fund's investment management agreement. Effective December 1, 2025, the fund's annual all-inclusive fee will be lowered from 0.56% to 0.50% of its average daily net assets.

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![](g477437img06f955021.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.

ETF1046-051 01/26

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

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

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

------

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

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

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

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

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

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

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

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

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

#### Item 19. Exhibits.
(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR.

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

(3) [Separate certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.](d477437dex99cert.htm)

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

(b) [A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.](d477437dex99906ce.htm)

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

---

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

---

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

---

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

---

---

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

---

## Ex-99.Cert

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

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

I, David Oestreicher, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

------

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

I, Alan S. Dupski, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**Item 19. (b)** 

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

Name of Issuer: T. Rowe Price U.S. High Yield ETF

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

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

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

---

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

---