T. Rowe Price Exchange-Traded Funds, Inc. 485BPOS

Exhibit 99.(d)(15)

AMENDMENT TO

INVESTMENT MANAGEMENT AGREEMENT

Between

T. ROWE PRICE EXCHANGE-TRADED FUNDS, INC.

and

T. ROWE PRICE ASSOCIATES, INC.

This Amendment (the “Amendment”) to the Investment Management Agreement is made as of the 29th day of July, 2025, by and between T. ROWE PRICE EXCHANGE-TRADED FUNDS, INC., a Maryland corporation (the “Corporation”), on behalf of its underlying series funds (the “Funds”), each a separate series of the Corporation, and T. ROWE PRICE ASSOCIATES, INC., a corporation organized and existing under the laws of the State of Maryland (hereinafter called the “Manager”).

W I T N E S S E T H:

WHEREAS, the parties hereto entered into an Investment Management Agreement dated as of October 28, 2019 (the “Agreement”);

WHEREAS, the Corporation’s Board of Directors, including a majority of the directors who are not interested persons of the Corporation, approved, effective July 29, 2025, the creation and addition of the T. Rowe Price Active Core International Equity ETF, T. Rowe Price Active Core U.S. Equity ETF, T. Rowe Price Emerging Markets Equity Research ETF, T. Rowe Price High Income Municipal ETF, T. Rowe Price Innovation Leaders ETF, T. Rowe Price Long Municipal Income ETF, T. Rowe Price Multi-Sector Income ETF, and T. Rowe Price Short Municipal Income ETF (the “New Funds”), each as a separate series of the Corporation;

WHEREAS, the Corporation’s Board of Directors, including a majority of the directors who are not interested persons of the Corporation, approved, effective July 29, 2025, a Distribution and Servicing Plan for the New Funds (“Plan”);

WHEREAS, the Corporation’s Board of Directors, including a majority of the directors who are not interested persons of the Corporation, approved, effective July 29, 2025, excluding 12b-1 fees under the Plan from the expenses to be paid by the Manager under Paragraph 2 of the Agreement with respect to the New Funds;

WHEREAS, the parties hereto desire to amend the Agreement to make the changes set out below;

NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows:

(6)          With respect to the Funds listed on Schedule B only, 12b-1 fees. Any services and distribution expenses pursuant to a plan adopted in accordance with Rule 12b-1 under the Act.

Schedule B

The exclusion in paragraph 2 (6) related to 12b-1 Fees applies to the following Funds only:

T. Rowe Price Active Core International Equity ETF

T. Rowe Price Active Core U.S. Equity ETF

T. Rowe Price Emerging Markets Equity Research ETF

T. Rowe Price High Income Municipal ETF

T. Rowe Price Innovation Leaders ETF

T. Rowe Price Long Municipal Income ETF

T. Rowe Price Multi-Sector Income ETF 

T. Rowe Price Short Municipal Income ETF

Schedule A

This Agreement relates to the following Funds:

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their respective officers thereunto duly authorized and their respective seals to be hereunto affixed, as of the day and year first above written.