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

Exhibit 99.(e)

AMENDMENT TO

UNDERWRITING AGREEMENT

Between

T. ROWE PRICE EXCHANGE-TRADED FUNDS, INC.

(the “Corporation”)

And

T. ROWE PRICE INVESTMENT SERVICES, INC.

(the “Distributor”)

This is an amendment, made as of May 5, 2026, to the Underwriting Agreement dated July 31, 2019, as amended July 24, 2023, February 5, 2024, May 8, 2024, October 24, 2024, July 29, 2025, and February 5, 2026 by and between the Corporation and Distributor (the “Agreement”).

WITNESSETH:

WHEREAS, the Distributor is engaged principally in the business of distributing shares of the investment companies sponsored and managed by T. Rowe Price Associates, Inc. (“Price Associates”) and is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, (“SEA-34”) and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”);

WHEREAS, at its meeting on May 5, 2026, the board of directors of the Corporation authorized the creation and addition of the T. Rowe Price Biotech ETF, T. Rowe Price Capital Appreciation Fixed Income ETF, T. Rowe Price Dynamic Emerging Markets Bond ETF, T. Rowe Price Mid-Cap Equity Research ETF, T. Rowe Price Securitized Income ETF, and T. Rowe Price Small-Cap ETF, (collectively, “Funds”), each 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 as, approved on May 5, 2026, a Distribution and Servicing Plan for the Funds pursuant to Rule 12b-1 of the 1940 Act (“12b-1 Plan”) authorizing payments by the Funds to the Distributor or others with respect to the distribution and/or provision of shareholder and administrative services; and

WHEREAS, the Distributor and Corporation desire to continue the Agreement on the same terms and conditions other than as described below; and

WHEREAS, unless otherwise defined herein, capitalized terms used herein shall have the respective meaning ascribed in the Agreement.

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

1. Schedules A and B of the Agreement are amended to read as follows:

Schedule A

Series Funds of the T. Rowe Price Exchange-Traded Funds, Inc.

Schedule B

The 12b-1 Plan applies to the following Funds only:

[signature page follows]

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