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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MarketConditionsMember_lbl" xml:lang="en-US">Market conditions [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BankLoansMember" xlink:to="trowe_BankLoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BankLoansMember_lbl" xml:lang="en-US">Bank loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CovenantLiteLoansMember" xlink:label="trowe_CovenantLiteLoansMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ForeignInvestingMember_lbl" xml:lang="en-US">Foreign investing [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PrepaymentsAndExtensionsMember_lbl" xml:lang="en-US">Prepayments and extensions [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ConvertibleSecuritiesAndPreferredStocksMember_lbl" xml:lang="en-US">Convertible securities and preferred stocks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ActiveManagementMember" xlink:label="trowe_ActiveManagementMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ActiveManagementMember_lbl" xml:lang="en-US">Active management [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CybersecurityBreachesMember" xlink:label="trowe_CybersecurityBreachesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CybersecurityBreachesMember_lbl" xml:lang="en-US">Cybersecurity breaches [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000141380Member" xlink:label="trowe_C000141380Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000141380Member" xlink:to="trowe_C000141380Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000141380Member_lbl" xml:lang="en-US">T. Rowe Price Credit Opportunities Fund-Investor Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000177210Member" xlink:label="trowe_C000177210Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000177210Member" xlink:to="trowe_C000177210Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000177210Member_lbl" xml:lang="en-US">T. Rowe Price Credit Opportunities Fund-I Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000141381Member" xlink:label="trowe_C000141381Member" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000141381Member_lbl" xml:lang="en-US">T. Rowe Price Credit Opportunities Fund-Advisor Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSAggregateBondIndexMember" xlink:label="trowe_BloombergUSAggregateBondIndexMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSAggregateBondIndexMember_lbl" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSHighYield2IssuerCappedBondIndexMember" xlink:label="trowe_BloombergUSHighYield2IssuerCappedBondIndexMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSHighYield2IssuerCappedBondIndexMember_lbl" xml:lang="en-US">Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperHighYieldFundsAverageMember" xlink:label="trowe_LipperHighYieldFundsAverageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LipperHighYieldFundsAverageMember" xlink:to="trowe_LipperHighYieldFundsAverageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LipperHighYieldFundsAverageMember_lbl" xml:lang="en-US">Lipper High Yield Funds Average</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000045403Member" xlink:to="trowe_S000045403Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000045403Member_doc" xml:lang="en-US">T. Rowe Price Credit Opportunities Fund, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000141380Member" xlink:to="trowe_C000141380Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000141380Member_doc" xml:lang="en-US">T. Rowe Price Credit Opportunities Fund-Investor Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000141381Member" xlink:to="trowe_C000141381Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000141381Member_doc" xml:lang="en-US">T. Rowe Price Credit Opportunities Fund-Advisor Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000177210Member" xlink:to="trowe_C000177210Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000177210Member_doc" xml:lang="en-US">T. Rowe Price Credit Opportunities Fund-I Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSAggregateBondIndexMember" xlink:to="trowe_BloombergUSAggregateBondIndexMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_BloombergUSAggregateBondIndexMember_doc" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSHighYield2IssuerCappedBondIndexMember" xlink:to="trowe_BloombergUSHighYield2IssuerCappedBondIndexMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_BloombergUSHighYield2IssuerCappedBondIndexMember_doc" xml:lang="en-US">Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LipperHighYieldFundsAverageMember" xlink:to="trowe_LipperHighYieldFundsAverageMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LipperHighYieldFundsAverageMember_doc" xml:lang="en-US">Lipper High Yield Funds Average</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CreditQualityMember" xlink:to="trowe_CreditQualityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CreditQualityMember_doc" xml:lang="en-US">Credit quality</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FixedIncomeMarketsMember" xlink:to="trowe_FixedIncomeMarketsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_FixedIncomeMarketsMember_doc" xml:lang="en-US">Fixed income markets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_MarketConditionsMember" xlink:to="trowe_MarketConditionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_MarketConditionsMember_doc" xml:lang="en-US">Market conditions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CovenantLiteLoansMember" xlink:to="trowe_CovenantLiteLoansMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CovenantLiteLoansMember_doc" xml:lang="en-US">Covenant lite loans</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForeignInvestingMember" xlink:to="trowe_ForeignInvestingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ForeignInvestingMember_doc" xml:lang="en-US">Foreign investing</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_EmergingMarketsMember" xlink:to="trowe_EmergingMarketsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_EmergingMarketsMember_doc" xml:lang="en-US">Emerging markets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InterestRatesMember" xlink:to="trowe_InterestRatesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InterestRatesMember_doc" xml:lang="en-US">Interest rates</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LiquidityMember" xlink:to="trowe_LiquidityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LiquidityMember_doc" xml:lang="en-US">Liquidity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PrepaymentsAndExtensionsMember" xlink:to="trowe_PrepaymentsAndExtensionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PrepaymentsAndExtensionsMember_doc" xml:lang="en-US">Prepayments and extensions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ConvertibleSecuritiesAndPreferredStocksMember" xlink:to="trowe_ConvertibleSecuritiesAndPreferredStocksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ConvertibleSecuritiesAndPreferredStocksMember_doc" xml:lang="en-US">Convertible securities and preferred stocks</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ActiveManagementMember" xlink:to="trowe_ActiveManagementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ActiveManagementMember_doc" xml:lang="en-US">Active management</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecurityBreachesMember" xlink:to="trowe_CybersecurityBreachesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CybersecurityBreachesMember_doc" xml:lang="en-US">Cybersecurity breaches</link:label>
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