T. Rowe Price Exchange-Traded Funds Inc.
08/24/2026 | Press release | Distributed by Public on 08/24/2026 06:49
Semi-Annual Report by Investment Company (Form N-CSRS)
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: December 31
Date of reporting period: June 30, 2026
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
June 30, 2026
Active Core U.S. Equity ETF (TACU)
Principal Listing Exchange: NYSE Arca, Inc.
This semi-annual shareholder report contains important information about Active Core U.S. Equity ETF (the "fund") for the period of January 1, 2026 to June 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 [email protected] or by contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
Table Summary
|
Fund name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Active Core U.S. Equity ETF
|
$0
|
0.00%
|
What are some fund statistics?
Fund Statistics
- Total Net Assets (000s)$14,336
- Number of Portfolio Holdings531
- Portfolio Turnover Rate18.6%
What did the fund invest in?
Sector Allocation (as a % of Net Assets)
Table Summary
|
Information Technology
|
36.7%
|
|
Financials
|
11.9
|
|
Industrials & Business Services
|
9.9
|
|
Communication Services
|
9.7
|
|
Consumer Discretionary
|
9.3
|
|
Health Care
|
8.8
|
|
Consumer Staples
|
4.1
|
|
Energy
|
3.2
|
|
Utilities
|
2.3
|
|
Other
|
4.1
|
Top Ten Holdings (as a % of Net Assets)
Table Summary
|
NVIDIA
|
6.9%
|
|
Apple
|
6.2
|
|
Alphabet
|
5.6
|
|
Microsoft
|
4.1
|
|
Amazon.com
|
3.2
|
|
Broadcom
|
2.6
|
|
Micron Technology
|
1.9
|
|
Meta Platforms
|
1.9
|
|
Tesla
|
1.6
|
|
Eli Lilly
|
1.4
|
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.
Active Core U.S. Equity ETF (TACU)
T. Rowe Price Investment Services, Inc.
1307 Point Street
Baltimore, Maryland 21231
Principal Listing Exchange: NYSE Arca, Inc.
202506-4610402
ETF1251-053 08/26
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.
Financial Statements and Other Information
June 30, 2026
|
|
T. ROWE PRICE
|
|
TACU
|
Active Core U.S. Equity ETF
|
|
|
For more insights from T. Rowe Price investment
professionals, go to troweprice.com.
|
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
Unaudited
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period
|
|
6 Months
Ended
|
12/10/25(1)
Through
|
|
|
6/30/26
|
12/31/25
|
|
NET ASSET VALUE
|
||
|
Beginning of period
|
$ 24.85
|
$ 25.00
|
|
Investment activities
|
||
|
Net investment income(2)(3)
|
0.15
|
0.02
|
|
Net realized and unrealized gain/loss
|
2.31
|
(0.17)
|
|
Total from investment activities
|
2.46
|
(0.15)
|
|
NET ASSET VALUE
|
||
|
End of period
|
$ 27.31
|
$ 24.85
|
|
Ratios/Supplemental Data
|
||
|
Total return, based on NAV(3)(4)
|
9.86%
|
(0.60)%
|
|
Ratios to average net
assets:(3)
|
||
|
Gross expenses before
waivers/payments by
Price Associates
|
0.14%(5)
|
0.14%(5)
|
|
Net expenses after
waivers/payments by
Price Associates
|
0.00%(5)
|
0.00%(5)
|
|
Net investment income
|
1.22%(5)
|
1.11%(5)
|
|
Portfolio turnover rate(6)
|
18.6%
|
0.3%
|
|
Net assets, end of period
(in thousands)
|
$ 14,336
|
$ 10,561
|
|
(1)
|
Inception date
|
|
(2)
|
Per share amounts calculated using average shares outstanding method.
|
|
(3)
|
Includes the impact of expense-related arrangements with Price Associates.
|
|
(4)
|
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.
|
|
(5)
|
Annualized
|
|
(6)
|
Portfolio turnover excludes securities received or delivered through in-kind share
transactions.
|
The accompanying notes are an integral part of these financial statements.
1
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
June 30, 2026 Unaudited
|
PORTFOLIO OF INVESTMENTS‡
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
|
||
|
COMMON STOCKS 99.8%
|
||
|
COMMUNICATION SERVICES 9.7%
|
||
|
Diversified Telecommunication Services 0.8%
|
||
|
AST SpaceMobile (1)
|
43
|
4
|
|
AT&T
|
1,287
|
27
|
|
Comcast, Class A
|
778
|
19
|
|
Deutsche Telekom, ADR
|
205
|
6
|
|
Space Exploration Technologies, Class A (1)
|
96
|
16
|
|
Verizon Communications
|
850
|
36
|
|
|
108
|
|
|
Entertainment 1.1%
|
||
|
Electronic Arts
|
46
|
10
|
|
Liberty Media-Liberty Formula One, Class C (1)
|
60
|
6
|
|
Live Nation Entertainment (1)
|
32
|
6
|
|
Netflix (1)
|
1,010
|
72
|
|
ROBLOX, Class A (1)
|
118
|
6
|
|
Roku (1)
|
27
|
4
|
|
Spotify Technology (1)
|
27
|
12
|
|
Take-Two Interactive Software (1)
|
35
|
9
|
|
Walt Disney
|
285
|
27
|
|
Warner Bros Discovery (1)
|
376
|
10
|
|
|
162
|
|
|
Interactive Media & Services 7.5%
|
||
|
Alphabet, Class A
|
1,510
|
540
|
|
Alphabet, Class C
|
736
|
260
|
|
Meta Platforms, Class A
|
480
|
270
|
|
Reddit, Class A (1)
|
22
|
4
|
|
|
1,074
|
|
2
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Media 0.1%
|
||
|
Charter Communications, Class A (1)
|
21
|
3
|
|
EchoStar, Class A (1)
|
27
|
2
|
|
Omnicom Group
|
79
|
6
|
|
|
11
|
|
|
Wireless Telecommunication Services 0.2%
|
||
|
T-Mobile US
|
202
|
34
|
|
|
34
|
|
|
Total Communication Services
|
1,389
|
|
|
CONSUMER DISCRETIONARY 9.3%
|
||
|
Automobile Components 0.0%
|
||
|
Aptiv (1)
|
50
|
3
|
|
|
3
|
|
|
Automobiles 1.8%
|
||
|
Ford Motor
|
759
|
11
|
|
General Motors
|
149
|
11
|
|
Rivian Automotive, Class A (1)
|
156
|
3
|
|
Tesla (1)
|
561
|
236
|
|
|
261
|
|
|
Broadline Retail 3.3%
|
||
|
Amazon.com (1)
|
1,951
|
465
|
|
Coupang, Class A (1)
|
249
|
4
|
|
eBay
|
76
|
9
|
|
|
478
|
|
|
Distributors 0.0%
|
||
|
Genuine Parts
|
43
|
5
|
|
|
5
|
|
|
Hotels, Restaurants & Leisure 1.6%
|
||
|
Airbnb, Class A (1)
|
70
|
10
|
3
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Booking Holdings
|
204
|
36
|
|
Carnival
|
225
|
7
|
|
Chipotle Mexican Grill (1)
|
264
|
9
|
|
Darden Restaurants
|
27
|
6
|
|
DoorDash, Class A (1)
|
60
|
11
|
|
DraftKings (1)
|
107
|
3
|
|
Expedia Group
|
24
|
6
|
|
Flutter Entertainment (1)
|
33
|
3
|
|
Hilton Worldwide Holdings
|
39
|
13
|
|
Las Vegas Sands
|
545
|
25
|
|
Marriott International, Class A
|
36
|
13
|
|
McDonald's
|
133
|
36
|
|
Restaurant Brands International
|
77
|
6
|
|
Royal Caribbean Cruises
|
41
|
13
|
|
Starbucks
|
173
|
18
|
|
Travel Leisure
|
80
|
6
|
|
Yum! Brands
|
57
|
9
|
|
|
230
|
|
|
Household Durables 0.6%
|
||
|
DR Horton
|
54
|
9
|
|
Garmin
|
26
|
6
|
|
PulteGroup
|
73
|
10
|
|
SharkNinja (1)
|
135
|
20
|
|
Toll Brothers
|
219
|
36
|
|
TopBuild (1)
|
8
|
3
|
|
|
84
|
|
|
Leisure Products 0.1%
|
||
|
Brunswick
|
55
|
5
|
|
|
5
|
|
|
Specialty Retail 1.7%
|
||
|
AutoZone (1)
|
5
|
16
|
4
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Best Buy
|
48
|
4
|
|
Burlington Stores (1)
|
13
|
4
|
|
Carvana (1)
|
120
|
8
|
|
Home Depot
|
169
|
60
|
|
Lowe's
|
134
|
30
|
|
O'Reilly Automotive (1)
|
151
|
14
|
|
Ross Stores
|
53
|
11
|
|
TJX
|
253
|
38
|
|
Tractor Supply
|
396
|
12
|
|
Ulta Beauty (1)
|
89
|
40
|
|
Wayfair, Class A (1)
|
27
|
2
|
|
Williams-Sonoma
|
25
|
6
|
|
|
245
|
|
|
Textiles, Apparel & Luxury Goods 0.2%
|
||
|
Deckers Outdoor (1)
|
33
|
3
|
|
Lululemon Athletica (1)
|
23
|
3
|
|
NIKE, Class B
|
219
|
9
|
|
Tapestry
|
37
|
5
|
|
|
20
|
|
|
Total Consumer Discretionary
|
1,331
|
|
|
CONSUMER STAPLES 4.1%
|
||
|
Beverages 1.0%
|
||
|
Coca-Cola
|
749
|
61
|
|
Constellation Brands, Class A
|
31
|
4
|
|
Keurig Dr Pepper
|
764
|
25
|
|
Monster Beverage (1)
|
123
|
12
|
|
PepsiCo
|
276
|
37
|
|
|
139
|
|
|
Consumer Staples Distribution & Retail 1.4%
|
||
|
Casey's General Stores
|
6
|
5
|
|
Costco Wholesale
|
66
|
62
|
5
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Dollar General
|
91
|
10
|
|
Dollar Tree (1)
|
34
|
4
|
|
Kroger
|
103
|
6
|
|
Sysco
|
103
|
9
|
|
Target
|
75
|
10
|
|
U.S. Foods Holding (1)
|
52
|
5
|
|
Walmart
|
815
|
92
|
|
|
203
|
|
|
Food Products 0.2%
|
||
|
Archer-Daniels-Midland
|
135
|
10
|
|
Flowers Foods
|
566
|
5
|
|
Hershey
|
27
|
5
|
|
Mondelez International
|
212
|
12
|
|
Post Holdings (1)
|
44
|
4
|
|
|
36
|
|
|
Household Products 0.8%
|
||
|
Church & Dwight
|
61
|
6
|
|
Colgate-Palmolive
|
251
|
23
|
|
Kimberly-Clark
|
75
|
8
|
|
Procter & Gamble
|
498
|
73
|
|
|
110
|
|
|
Personal Care Products 0.1%
|
||
|
Estee Lauder, Class A
|
46
|
4
|
|
Kenvue
|
370
|
7
|
|
|
11
|
|
|
Tobacco 0.6%
|
||
|
Altria Group
|
339
|
24
|
|
Philip Morris International
|
349
|
63
|
|
|
87
|
|
|
Total Consumer Staples
|
586
|
6
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
ENERGY 3.2%
|
||
|
Energy Equipment & Services 0.4%
|
||
|
Baker Hughes
|
164
|
9
|
|
Halliburton
|
206
|
7
|
|
SLB
|
381
|
18
|
|
TechnipFMC
|
279
|
18
|
|
|
52
|
|
|
Oil, Gas & Consumable Fuels 2.8%
|
||
|
Cheniere Energy
|
40
|
10
|
|
Chevron
|
385
|
64
|
|
ConocoPhillips
|
193
|
20
|
|
Devon Energy
|
269
|
11
|
|
Diamondback Energy
|
45
|
8
|
|
EOG Resources
|
211
|
27
|
|
EQT
|
127
|
7
|
|
Exxon Mobil
|
817
|
112
|
|
Kinder Morgan
|
636
|
20
|
|
Marathon Petroleum
|
51
|
13
|
|
Occidental Petroleum
|
128
|
6
|
|
ONEOK
|
115
|
10
|
|
Ovintiv
|
206
|
11
|
|
Permian Resources
|
499
|
9
|
|
Phillips 66
|
70
|
12
|
|
Suncor Energy
|
240
|
13
|
|
Targa Resources
|
35
|
9
|
|
Texas Pacific Land
|
8
|
3
|
|
TotalEnergies
|
123
|
10
|
|
Valero Energy
|
51
|
13
|
|
Williams
|
196
|
15
|
|
|
403
|
|
|
Total Energy
|
455
|
|
7
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
FINANCIALS 11.9%
|
||
|
Banks 3.3%
|
||
|
Bank of America
|
1,682
|
96
|
|
Barclays, ADR
|
168
|
4
|
|
BNP Paribas, ADR
|
84
|
5
|
|
Citigroup
|
261
|
36
|
|
Commerce Bancshares
|
154
|
9
|
|
Fifth Third Bancorp
|
163
|
9
|
|
First Hawaiian
|
338
|
10
|
|
FNB
|
568
|
11
|
|
JPMorgan Chase
|
512
|
168
|
|
NU Holdings, Class A (1)
|
597
|
8
|
|
PNC Financial Services Group
|
62
|
15
|
|
Southstate Bank
|
65
|
6
|
|
Truist Financial
|
217
|
11
|
|
U.S. Bancorp
|
560
|
34
|
|
UniCredit, ADR
|
106
|
5
|
|
Wells Fargo
|
471
|
39
|
|
Zions Bancorp
|
115
|
8
|
|
|
474
|
|
|
Capital Markets 3.2%
|
||
|
Ameriprise Financial
|
31
|
14
|
|
Ares Management
|
42
|
5
|
|
Bank of New York Mellon
|
286
|
41
|
|
Blackrock
|
24
|
23
|
|
Blackstone
|
121
|
14
|
|
Cboe Global Markets
|
23
|
6
|
|
Charles Schwab
|
560
|
52
|
|
CME Group
|
125
|
28
|
|
Coinbase Global, Class A (1)
|
36
|
5
|
|
Goldman Sachs Group
|
49
|
50
|
|
Interactive Brokers Group, Class A
|
89
|
8
|
8
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Intercontinental Exchange
|
211
|
26
|
|
KKR
|
127
|
12
|
|
LPL Financial Holdings
|
30
|
8
|
|
Moody's
|
55
|
25
|
|
Morgan Stanley
|
327
|
68
|
|
MSCI
|
12
|
7
|
|
Nasdaq
|
82
|
6
|
|
Northern Trust
|
50
|
9
|
|
Raymond James Financial
|
43
|
6
|
|
Robinhood Markets, Class A (1)
|
122
|
12
|
|
S&P Global
|
48
|
20
|
|
State Street
|
56
|
9
|
|
|
454
|
|
|
Consumer Finance 0.4%
|
||
|
American Express
|
103
|
35
|
|
Capital One Financial
|
98
|
19
|
|
SoFi Technologies (1)
|
230
|
4
|
|
Synchrony Financial
|
91
|
7
|
|
|
65
|
|
|
Financial Services 3.4%
|
||
|
Affirm Holdings (1)
|
55
|
5
|
|
Apollo Global Management
|
77
|
9
|
|
Berkshire Hathaway, Class B (1)
|
350
|
175
|
|
Block (1)
|
217
|
17
|
|
Corpay (1)
|
98
|
33
|
|
Fidelity National Information Services
|
114
|
4
|
|
Fiserv (1)
|
126
|
6
|
|
Global Payments
|
167
|
12
|
|
Mastercard, Class A
|
168
|
86
|
|
PayPal Holdings
|
162
|
7
|
|
Rocket, Class A (1)
|
168
|
3
|
9
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Visa, Class A
|
377
|
129
|
|
|
486
|
|
|
Insurance 1.6%
|
||
|
Aflac
|
77
|
9
|
|
Allstate
|
134
|
32
|
|
American International Group
|
90
|
7
|
|
Aon, Class A
|
35
|
12
|
|
Arch Capital Group (1)
|
77
|
7
|
|
Arthur J. Gallagher
|
48
|
11
|
|
Assured Guaranty
|
56
|
5
|
|
Axis Capital Holdings
|
79
|
8
|
|
Brown & Brown
|
83
|
5
|
|
Chubb
|
148
|
50
|
|
Marsh & McLennan
|
103
|
17
|
|
MetLife
|
131
|
11
|
|
Progressive
|
90
|
20
|
|
Prudential Financial
|
124
|
13
|
|
Travelers
|
35
|
12
|
|
Willis Towers Watson
|
22
|
6
|
|
|
225
|
|
|
Mortgage Real Estate Investment Trusts 0.0%
|
||
|
Starwood Property Trust, REIT
|
357
|
6
|
|
|
6
|
|
|
Total Financials
|
1,710
|
|
|
HEALTH CARE 8.8%
|
||
|
Biotechnology 1.8%
|
||
|
AbbVie
|
307
|
77
|
|
Alnylam Pharmaceuticals (1)
|
23
|
7
|
|
Amgen
|
83
|
30
|
|
Arrowhead Pharmaceuticals (1)
|
32
|
3
|
|
Ascendis Pharma (1)
|
12
|
3
|
10
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Biogen (1)
|
30
|
6
|
|
Gilead Sciences
|
338
|
43
|
|
Incyte (1)
|
40
|
5
|
|
Insmed (1)
|
42
|
4
|
|
Moderna (1)
|
79
|
6
|
|
Natera (1)
|
25
|
7
|
|
Neurocrine Biosciences (1)
|
23
|
4
|
|
Regeneron Pharmaceuticals
|
29
|
18
|
|
Revolution Medicines (1)
|
35
|
7
|
|
Roivant Sciences (1)
|
121
|
4
|
|
United Therapeutics (1)
|
17
|
9
|
|
Vertex Pharmaceuticals (1)
|
39
|
19
|
|
|
252
|
|
|
Health Care Equipment & Supplies 1.4%
|
||
|
Abbott Laboratories
|
277
|
25
|
|
Baxter International
|
196
|
4
|
|
Becton Dickinson & Company
|
55
|
8
|
|
Boston Scientific (1)
|
679
|
29
|
|
Dexcom (1)
|
75
|
5
|
|
Edwards Lifesciences (1)
|
107
|
10
|
|
GE HealthCare Technologies
|
90
|
6
|
|
IDEXX Laboratories (1)
|
13
|
7
|
|
Intuitive Surgical (1)
|
91
|
36
|
|
Medline, Class A (1)
|
102
|
4
|
|
Medtronic
|
200
|
16
|
|
ResMed
|
151
|
30
|
|
Stryker
|
55
|
17
|
|
|
197
|
|
|
Health Care Providers & Services 1.7%
|
||
|
Cardinal Health
|
40
|
9
|
|
Cencora
|
33
|
9
|
|
Centene (1)
|
255
|
16
|
11
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Cigna
|
42
|
12
|
|
CVS Health
|
266
|
28
|
|
Elevance Health
|
81
|
31
|
|
Guardant Health (1)
|
24
|
4
|
|
HCA Healthcare
|
20
|
8
|
|
Humana
|
23
|
9
|
|
McKesson
|
25
|
19
|
|
Quest Diagnostics
|
55
|
12
|
|
Tenet Healthcare (1)
|
96
|
18
|
|
UnitedHealth Group
|
172
|
71
|
|
|
246
|
|
|
Health Care Technology 0.0%
|
||
|
Veeva Systems, Class A (1)
|
28
|
5
|
|
|
5
|
|
|
Life Sciences Tools & Services 0.7%
|
||
|
Agilent Technologies
|
58
|
8
|
|
Danaher
|
100
|
19
|
|
Illumina (1)
|
30
|
5
|
|
IQVIA Holdings (1)
|
30
|
6
|
|
Medpace Holdings (1)
|
16
|
8
|
|
Mettler-Toledo International (1)
|
3
|
4
|
|
Thermo Fisher Scientific
|
79
|
39
|
|
Waters (1)
|
18
|
7
|
|
West Pharmaceutical Services
|
19
|
7
|
|
|
103
|
|
|
Pharmaceuticals 3.2%
|
||
|
Bristol-Myers Squibb
|
636
|
37
|
|
Elanco Animal Health (1)
|
120
|
3
|
|
Eli Lilly
|
169
|
203
|
|
Johnson & Johnson
|
447
|
113
|
|
Merck
|
462
|
59
|
12
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Pfizer
|
887
|
21
|
|
Royalty Pharma, Class A
|
97
|
5
|
|
Viatris
|
794
|
13
|
|
Zoetis
|
108
|
8
|
|
|
462
|
|
|
Total Health Care
|
1,265
|
|
|
INDUSTRIALS & BUSINESS SERVICES 9.9%
|
||
|
Aerospace & Defense 2.4%
|
||
|
ATI (1)
|
27
|
5
|
|
Axon Enterprise (1)
|
13
|
7
|
|
Boeing (1)
|
138
|
30
|
|
BWX Technologies
|
22
|
4
|
|
Carpenter Technology
|
6
|
4
|
|
Curtiss-Wright
|
7
|
5
|
|
FTAI Aviation
|
20
|
5
|
|
General Dynamics
|
40
|
14
|
|
General Electric
|
216
|
81
|
|
HEICO
|
40
|
14
|
|
Honeywell Aerospace (1)
|
54
|
12
|
|
Howmet Aerospace
|
99
|
27
|
|
L3Harris Technologies
|
79
|
23
|
|
Lockheed Martin
|
33
|
17
|
|
Northrop Grumman
|
50
|
26
|
|
Rocket Lab (1)
|
77
|
8
|
|
RTX
|
211
|
40
|
|
Textron
|
103
|
10
|
|
TransDigm Group
|
7
|
9
|
|
Woodward
|
11
|
5
|
|
|
346
|
|
|
Air Freight & Logistics 0.2%
|
||
|
CH Robinson Worldwide
|
25
|
5
|
|
FedEx
|
43
|
14
|
13
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
United Parcel Service, Class B
|
114
|
12
|
|
|
31
|
|
|
Building Products 0.4%
|
||
|
Carrier Global
|
143
|
10
|
|
Johnson Controls International
|
98
|
14
|
|
Lennox International
|
6
|
3
|
|
Modine Manufacturing (1)
|
11
|
3
|
|
Simpson Manufacturing
|
31
|
7
|
|
Trane Technologies
|
36
|
18
|
|
|
55
|
|
|
Commercial Services & Supplies 0.3%
|
||
|
Cintas
|
57
|
10
|
|
Copart (1)
|
180
|
5
|
|
RB Global
|
45
|
5
|
|
Republic Services
|
35
|
8
|
|
Waste Management
|
59
|
13
|
|
|
41
|
|
|
Construction & Engineering 0.4%
|
||
|
Comfort Systems
|
10
|
20
|
|
Dycom Industries (1)
|
8
|
4
|
|
EMCOR Group
|
7
|
6
|
|
MasTec (1)
|
13
|
5
|
|
Quanta Services
|
24
|
17
|
|
Sterling Infrastructure (1)
|
6
|
5
|
|
Vinci, ADR
|
154
|
6
|
|
|
63
|
|
|
Electrical Equipment 1.6%
|
||
|
AMETEK
|
162
|
39
|
|
Bloom Energy, Class A (1)
|
43
|
13
|
|
Eaton
|
75
|
32
|
|
Emerson Electric
|
177
|
25
|
14
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
GE Vernova
|
42
|
49
|
|
Generac Holdings (1)
|
12
|
4
|
|
Hubbell
|
10
|
5
|
|
NEXTracker, Class A (1)
|
29
|
4
|
|
nVent Electric
|
32
|
5
|
|
Regal Rexnord
|
14
|
3
|
|
Rockwell Automation
|
22
|
11
|
|
Vertiv Holdings, Class A
|
94
|
32
|
|
|
222
|
|
|
Ground Transportation 0.7%
|
||
|
Canadian National Railway
|
75
|
9
|
|
CSX
|
321
|
15
|
|
FedEx Freight Holding (1)
|
21
|
3
|
|
Norfolk Southern
|
39
|
12
|
|
Old Dominion Freight Line
|
32
|
7
|
|
Uber Technologies (1)
|
318
|
23
|
|
Union Pacific
|
94
|
26
|
|
XPO (1)
|
26
|
5
|
|
|
100
|
|
|
Industrial Conglomerates 0.2%
|
||
|
3M
|
87
|
14
|
|
Honeywell International
|
54
|
12
|
|
|
26
|
|
|
Machinery 2.4%
|
||
|
Caterpillar
|
89
|
95
|
|
Cummins
|
30
|
21
|
|
Deere
|
40
|
25
|
|
Donaldson
|
65
|
6
|
|
Dover
|
77
|
17
|
|
Fortive
|
226
|
14
|
|
IDEX
|
104
|
24
|
15
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Illinois Tool Works
|
51
|
14
|
|
Ingersoll-Rand
|
93
|
8
|
|
Mueller Industries
|
100
|
12
|
|
PACCAR
|
104
|
12
|
|
Parker-Hannifin
|
56
|
55
|
|
Stanley Black & Decker
|
164
|
15
|
|
Westinghouse Air Brake Technologies
|
33
|
9
|
|
Xylem
|
193
|
23
|
|
|
350
|
|
|
Passenger Airlines 0.3%
|
||
|
Delta Air Lines
|
114
|
11
|
|
Southwest Airlines
|
97
|
5
|
|
United Airlines Holdings (1)
|
187
|
25
|
|
|
41
|
|
|
Professional Services 0.5%
|
||
|
Automatic Data Processing
|
130
|
29
|
|
Equifax
|
26
|
4
|
|
Paychex
|
71
|
7
|
|
SS&C Technologies Holdings
|
234
|
15
|
|
TransUnion
|
49
|
4
|
|
Verisk Analytics
|
30
|
5
|
|
|
64
|
|
|
Trading Companies & Distributors 0.5%
|
||
|
AerCap Holdings
|
45
|
6
|
|
Fastenal
|
196
|
9
|
|
Ferguson Enterprises
|
33
|
8
|
|
QXO (1)
|
103
|
2
|
|
Sunbelt Rentals Holdings
|
82
|
6
|
|
United Rentals
|
12
|
14
|
|
WESCO International
|
12
|
4
|
16
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
WW Grainger
|
21
|
29
|
|
|
78
|
|
|
Total Industrials & Business Services
|
1,417
|
|
|
INFORMATION TECHNOLOGY 36.7%
|
||
|
Communications Equipment 1.4%
|
||
|
Arista Networks (1)
|
256
|
43
|
|
Ciena (1)
|
23
|
11
|
|
Cisco Systems
|
842
|
99
|
|
F5 (1)
|
11
|
5
|
|
Lumentum Holdings (1)
|
12
|
10
|
|
Motorola Solutions
|
76
|
32
|
|
|
200
|
|
|
Electronic Equipment, Instruments & Components 1.5%
|
||
|
Advanced Energy Industries
|
10
|
4
|
|
Amphenol, Class A
|
296
|
52
|
|
CDW
|
54
|
7
|
|
Coherent (1)
|
27
|
11
|
|
Corning
|
122
|
31
|
|
Fabrinet (1)
|
7
|
4
|
|
Flex (1)
|
61
|
10
|
|
Jabil
|
17
|
6
|
|
Keysight Technologies (1)
|
83
|
29
|
|
TD SYNNEX
|
63
|
17
|
|
TE Connectivity
|
58
|
12
|
|
Teledyne Technologies (1)
|
36
|
24
|
|
TTM Technologies (1)
|
20
|
4
|
|
|
211
|
|
|
IT Services 0.8%
|
||
|
Accenture, Class A
|
99
|
12
|
|
Akamai Technologies (1)
|
41
|
5
|
|
Applied Digital (1)
|
49
|
2
|
17
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Cloudflare, Class A (1)
|
51
|
12
|
|
Cognizant Technology Solutions, Class A
|
101
|
4
|
|
CoreWeave, Class A (1)
|
57
|
6
|
|
DigitalOcean Holdings (1)
|
17
|
2
|
|
International Business Machines
|
143
|
40
|
|
MongoDB (1)
|
17
|
6
|
|
Okta (1)
|
42
|
6
|
|
Snowflake (1)
|
58
|
15
|
|
Twilio, Class A (1)
|
28
|
6
|
|
VeriSign
|
21
|
5
|
|
|
121
|
|
|
Semiconductors & Semiconductor Equipment 18.3%
|
||
|
Advanced Micro Devices (1)
|
336
|
195
|
|
Analog Devices
|
77
|
31
|
|
Applied Materials
|
147
|
106
|
|
ASML Holding
|
4
|
8
|
|
Astera Labs (1)
|
23
|
11
|
|
Broadcom
|
1,002
|
379
|
|
Credo Technology Group Holding (1)
|
33
|
9
|
|
Entegris
|
33
|
6
|
|
First Solar (1)
|
22
|
5
|
|
Globalfoundries
|
82
|
7
|
|
Intel (1)
|
900
|
126
|
|
KLA
|
313
|
94
|
|
Lam Research
|
229
|
99
|
|
Lattice Semiconductor (1)
|
29
|
4
|
|
MACOM Technology Solutions Holdings (1)
|
13
|
5
|
|
Marvell Technology
|
201
|
60
|
|
Microchip Technology
|
101
|
9
|
|
Micron Technology
|
239
|
276
|
|
MKS
|
16
|
7
|
|
Monolithic Power Systems
|
6
|
8
|
|
NVIDIA
|
4,957
|
992
|
18
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
ON Semiconductor (1)
|
165
|
16
|
|
Onto Innovation (1)
|
11
|
4
|
|
Qnity Electronics
|
40
|
7
|
|
QUALCOMM
|
278
|
51
|
|
Rambus (1)
|
74
|
10
|
|
Semtech (1)
|
19
|
3
|
|
SiTime (1)
|
4
|
3
|
|
Skyworks Solutions
|
157
|
11
|
|
Taiwan Semiconductor Manufacturing, ADR
|
25
|
12
|
|
Teradyne
|
27
|
13
|
|
Texas Instruments
|
179
|
53
|
|
|
2,620
|
|
|
Software 7.0%
|
||
|
Adobe (1)
|
58
|
12
|
|
AppLovin, Class A (1)
|
63
|
32
|
|
Atlassian, Class A (1)
|
33
|
3
|
|
Autodesk (1)
|
43
|
8
|
|
Cadence Design Systems (1)
|
78
|
29
|
|
Circle Internet Group (1)
|
19
|
1
|
|
Crowdstrike Holdings, Class A (1)
|
39
|
30
|
|
Datadog, Class A (1)
|
57
|
15
|
|
Fair Isaac (1)
|
3
|
4
|
|
Fortinet (1)
|
101
|
16
|
|
Intuit
|
44
|
11
|
|
IREN (1)
|
62
|
3
|
|
Microsoft
|
1,582
|
590
|
|
MicroStrategy, Class A (1)
|
49
|
4
|
|
Oracle
|
321
|
47
|
|
Palantir Technologies, Class A (1)
|
386
|
45
|
|
Palo Alto Networks (1)
|
126
|
43
|
|
PTC (1)
|
64
|
7
|
|
Roper Technologies
|
24
|
8
|
|
Rubrik, Class A (1)
|
37
|
3
|
19
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Salesforce.com
|
178
|
28
|
|
ServiceNow (1)
|
230
|
23
|
|
Synopsys (1)
|
33
|
15
|
|
Terawulf Inc (1)
|
76
|
2
|
|
Unity Software (1)
|
82
|
2
|
|
Workday (1)
|
179
|
22
|
|
Zoom Communications (1)
|
64
|
6
|
|
Zscaler (1)
|
22
|
3
|
|
|
1,012
|
|
|
Technology Hardware, Storage & Peripherals 7.7%
|
||
|
Apple
|
3,086
|
893
|
|
Dell Technologies, Class C
|
105
|
45
|
|
Everpure, Class A (1)
|
70
|
5
|
|
Hewlett Packard Enterprise
|
456
|
21
|
|
HP
|
229
|
5
|
|
IonQ (1)
|
65
|
3
|
|
NetApp
|
68
|
11
|
|
Sandisk (1)
|
32
|
73
|
|
Super Micro Computer (1)
|
91
|
3
|
|
Western Digital
|
72
|
46
|
|
|
1,105
|
|
|
Total Information Technology
|
5,269
|
|
|
MATERIALS 1.8%
|
||
|
Chemicals 0.7%
|
||
|
Air Products & Chemicals
|
37
|
11
|
|
Albemarle
|
23
|
3
|
|
Corteva
|
117
|
10
|
|
Dow
|
139
|
4
|
|
Ecolab
|
40
|
11
|
|
International Flavors & Fragrances
|
72
|
6
|
|
Linde
|
71
|
37
|
|
PPG Industries
|
54
|
6
|
20
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Sherwin-Williams
|
38
|
13
|
|
Solstice Advanced Materials
|
1
|
-
|
|
|
101
|
|
|
Construction Materials 0.1%
|
||
|
CRH
|
102
|
11
|
|
Vulcan Materials
|
28
|
8
|
|
|
19
|
|
|
Containers & Packaging 0.3%
|
||
|
Amcor
|
225
|
10
|
|
Avery Dennison
|
51
|
8
|
|
International Paper
|
85
|
3
|
|
Smurfit WestRock
|
376
|
18
|
|
|
39
|
|
|
Metals & Mining 0.7%
|
||
|
Agnico Eagle Mines
|
43
|
7
|
|
Alcoa
|
54
|
3
|
|
Anglogold Ashanti
|
169
|
14
|
|
Coeur Mining
|
213
|
3
|
|
Freeport-McMoRan
|
225
|
14
|
|
Kinross Gold
|
195
|
4
|
|
Newmont
|
249
|
23
|
|
Nucor
|
44
|
10
|
|
Reliance Steel & Aluminum
|
23
|
8
|
|
Royal Gold
|
19
|
4
|
|
Steel Dynamics
|
25
|
6
|
|
|
96
|
|
|
Total Materials
|
255
|
|
|
REAL ESTATE 2.1%
|
||
|
Health Care REITs 0.5%
|
||
|
Ventas, REIT
|
206
|
18
|
21
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Welltower, REIT
|
215
|
49
|
|
|
67
|
|
|
Industrial REITs 0.3%
|
||
|
First Industrial Realty Trust, REIT
|
95
|
6
|
|
Prologis, REIT
|
195
|
26
|
|
Rexford Industrial Realty, REIT
|
211
|
7
|
|
|
39
|
|
|
Real Estate Management & Development 0.1%
|
||
|
CBRE Group, Class A (1)
|
57
|
8
|
|
CoStar Group (1)
|
90
|
2
|
|
|
10
|
|
|
Residential REITs 0.1%
|
||
|
AvalonBay Communities, REIT
|
73
|
14
|
|
|
14
|
|
|
Retail REITs 0.2%
|
||
|
Federal Realty Investment Trust, REIT
|
64
|
8
|
|
NNN REIT, REIT
|
150
|
7
|
|
Realty Income, REIT
|
159
|
10
|
|
Simon Property Group, REIT
|
60
|
13
|
|
|
38
|
|
|
Specialized REITs 0.9%
|
||
|
American Tower, REIT
|
74
|
12
|
|
Crown Castle, REIT
|
89
|
7
|
|
Digital Realty Trust, REIT
|
77
|
14
|
|
Equinix, REIT
|
30
|
31
|
|
Extra Space Storage, REIT
|
49
|
7
|
|
Iron Mountain, REIT
|
60
|
8
|
|
National Storage Affiliates Trust, REIT
|
136
|
6
|
|
Public Storage, REIT
|
77
|
25
|
|
SBA Communications, REIT
|
27
|
5
|
22
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
VICI Properties, REIT
|
772
|
20
|
|
|
135
|
|
|
Total Real Estate
|
303
|
|
|
UTILITIES 2.3%
|
||
|
Electric Utilities 1.3%
|
||
|
American Electric Power
|
84
|
12
|
|
Constellation Energy
|
49
|
12
|
|
Duke Energy
|
116
|
15
|
|
Edison International
|
83
|
6
|
|
Entergy
|
79
|
9
|
|
Exelon
|
191
|
9
|
|
NextEra Energy
|
404
|
35
|
|
NRG Energy
|
40
|
6
|
|
OGE Energy
|
177
|
9
|
|
PG&E
|
2,042
|
34
|
|
Pinnacle West Capital
|
87
|
9
|
|
Southern
|
244
|
23
|
|
Xcel Energy
|
136
|
11
|
|
|
190
|
|
|
Gas Utilities 0.2%
|
||
|
Atmos Energy
|
139
|
24
|
|
|
24
|
|
|
Independent Power & Renewable Electricity Producer 0.1%
|
||
|
Talen Energy (1)
|
7
|
3
|
|
Vistra
|
76
|
12
|
|
|
15
|
|
|
Multi-Utilities 0.7%
|
||
|
Ameren
|
253
|
29
|
|
CMS Energy
|
167
|
13
|
|
Consolidated Edison
|
251
|
28
|
23
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
|
|
Shares
|
$ Value
|
|
(Cost and value in $000s)
|
|
|
|
Dominion Energy
|
153
|
10
|
|
Public Service Enterprise Group
|
96
|
8
|
|
Sempra
|
110
|
10
|
|
|
98
|
|
|
Total Utilities
|
327
|
|
|
Total Common Stocks (Cost $13,159)
|
14,307
|
|
|
SHORT-TERM INVESTMENTS 0.4%
|
||
|
Money Market Funds 0.4%
|
||
|
State Street Institutional U.S. Government Money Market Fund,
3.58% (2)
|
56,812
|
57
|
|
Total Short-Term Investments (Cost $57)
|
57
|
|
|
Total Investments in Securities
100.2% of Net Assets (Cost $13,216)
|
$14,364
|
|
|
|
|
|
‡
|
Shares are denominated in U.S. dollars unless otherwise noted.
|
|
(1)
|
Non-income producing
|
|
(2)
|
Seven-day yield
|
|
ADR
|
American Depositary Receipts
|
|
REIT
|
A domestic Real Estate Investment Trust whose distributions pass-through with
original tax character to the shareholder
|
The accompanying notes are an integral part of these financial statements.
24
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
June 30, 2026 Unaudited
STATEMENT OF ASSETS AND LIABILITIES
($000s, except shares and per share amounts)
|
Assets
|
|
|
Investments in securities, at value (cost $13,216)
|
$14,364
|
|
Receivable for investment securities sold
|
680
|
|
Dividends receivable
|
7
|
|
Cash
|
1
|
|
Total assets
|
15,052
|
|
Liabilities
|
|
|
Payable for investment securities purchased
|
716
|
|
Total liabilities
|
716
|
|
NET ASSETS
|
$14,336
|
|
Net Assets Consists of:
|
|
|
Total distributable earnings (loss)
|
$1,247
|
|
Paid-in capital applicable to 525,000 shares of $0.0001 par value
capital stock outstanding; 4,000,000,000 shares of the Corporation
authorized
|
13,089
|
|
NET ASSETS
|
$14,336
|
|
NET ASSET VALUE PER SHARE
|
$27.31
|
The accompanying notes are an integral part of these financial statements.
25
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
Unaudited
STATEMENT OF OPERATIONS
($000s)
|
|
6 Months
Ended
|
|
|
6/30/26
|
|
Investment Income (Loss)
|
|
|
Dividend income
|
$77
|
|
Expenses
|
|
|
Investment management and administrative expense
|
9
|
|
Waived / paid by Price Associates
|
(9)
|
|
Total expenses
|
-
|
|
Net investment income
|
77
|
|
Realized and Unrealized Gain / Loss
|
|
|
Net realized gain (loss)
|
|
|
Securities
|
(111)
|
|
In-kind redemptions
|
126
|
|
Net realized gain
|
15
|
|
Change in net unrealized gain / loss on securities
|
1,221
|
|
Net realized and unrealized gain / loss
|
1,236
|
|
INCREASE IN NET ASSETS FROM OPERATIONS
|
$1,313
|
The accompanying notes are an integral part of these financial statements.
26
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
Unaudited
STATEMENT OF CHANGES IN NET ASSETS
($000s)
|
|
6 Months
Ended
|
12/10/25
Through
|
|
|
6/30/26
|
12/31/25
|
|
Increase (Decrease) in Net Assets
|
||
|
Operations
|
||
|
Net investment income
|
$77
|
$7
|
|
Net realized gain
|
15
|
-
|
|
Change in net unrealized gain / loss
|
1,221
|
(73)
|
|
Increase (decrease) in net assets from operations
|
1,313
|
(66)
|
|
Capital share transactions*
|
||
|
Shares sold
|
4,323
|
10,627
|
|
Shares redeemed
|
(1,861)
|
-
|
|
Increase in net assets from capital share
transactions
|
2,462
|
10,627
|
|
Net Assets
|
||
|
Increase during period
|
3,775
|
10,561
|
|
Beginning of period
|
10,561
|
-
|
|
End of period
|
$14,336
|
$10,561
|
|
*Share information (000s)
|
||
|
Shares sold
|
175
|
425
|
|
Shares redeemed
|
(75)
|
-
|
|
Increase in shares outstanding
|
100
|
425
|
The accompanying notes are an integral part of these financial statements.
27
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
Unaudited
NOTES TO FINANCIAL STATEMENTS
T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Active Core U.S. Equity ETF (the fund) is a nondiversified, open-end management investment company established by the corporation. The fund incepted on December 10, 2025. The fund seeks to provide long-term capital growth.
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation
The fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 (ASC 946). The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), including, but not limited to, ASC 946. GAAP requires the use of estimates made by management. Management believes that estimates and valuations are appropriate; however, actual results may differ from those estimates, and the valuations reflected in the accompanying financial statements may differ from the value ultimately realized upon sale or maturity.
Investment Transactions, Investment Income, and Distributions
Investment transactions are accounted for on the trade date basis. Income and expenses are recorded on the accrual basis. Realized gains and losses are reported on the identified cost basis. Income tax-related interest and penalties, if incurred, are recorded as income tax expense. Dividends received from other investment companies are reflected as dividend income; capital gain distributions are reflected as realized gain/loss. Dividend income is recorded on the ex-dividend date. Distributions from REITs are initially recorded as dividend income and, to the extent such represent a return of capital or capital gain for tax purposes, are reclassified when such information becomes available. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Proceeds from litigation payments, if any, are included in either net realized gain (loss) or change in net unrealized gain/loss from securities Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid annually. A capital gain distribution, if any, may also be declared and paid by the fund annually. Dividends and distributions cannot be automatically reinvested in additional shares of the fund.
28
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
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.
29
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
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
Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities.
30
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
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.
Valuation Inputs
On June 30, 2026, all of the fund's financial instruments were classified as Level 1, based on the inputs used to determine their fair values.
NOTE 3 - OTHER INVESTMENT TRANSACTIONS
Purchases and sales of portfolio securities excluding in-kind transactions and short-term securities aggregated $2,345,000 and $2,649,000, respectively, for the six months ended June 30, 2026. Portfolio securities received and delivered through in-kind transactions aggregated $4,270,000 and $1,424,000, respectively, for the six months ended June 30, 2026.
31
T. ROWE PRICE ACTIVE CORE U.S. EQUITY 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.
At June 30, 2026, the cost of investments (including derivatives, if any) for federal income tax purposes was $13,216,000. Net unrealized gain aggregated $1,148,000 at period-end, of which $1,764,000 related to appreciated investments and $616,000 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 agreement between the fund and Price Associates provides for an annual all-inclusive fee equal to 0.14% 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. Price Associates has contractually agreed, at least through January 30, 2027, to waive and/or bear all fees and expenses. Before January 30, 2027, the waiver may only be amended or terminated with approval by the Board. Fees waived and expenses paid under this agreement are not subject to recoupment and/or reimbursement to Price Associates by the fund. The total management fees waived were $9,000 for the period ended June 30, 2026. All costs related to organization and offering of the fund are borne by Price Associates.
32
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
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.
As of June 30, 2026, T. Rowe Price Group, Inc., or its wholly owned subsidiaries, owned 400,000 shares of the fund, representing 76% 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 June 30, 2026, 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 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.
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.
33
T. ROWE PRICE ACTIVE CORE U.S. EQUITY ETF
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.
34
This page intentionally left blank.
This page intentionally left blank.
This page intentionally left blank.
This page intentionally left blank.
1307 Point Street
Baltimore, Maryland 21231
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.
ETF1251-051 08/26
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. |
|
|
(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. |
|
|
(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. |
|
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. | ||||
| By |
/s/ David Oestreicher |
|||
| David Oestreicher | ||||
| Principal Executive Officer | ||||
| Date | August 19, 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 |
August 19, 2026 |
|||
| By |
/s/ Alan S. Dupski |
|||
| Alan S. Dupski | ||||
| Principal Financial Officer | ||||
| Date |
August 19, 2026 |
|||
T. Rowe Price Exchange-Traded Funds Inc. published this content on August 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 24, 2026 at 12:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]