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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_S000033565Member" xlink:label="trowe_S000033565Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000033565Member" xlink:to="trowe_S000033565Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_S000033565Member_lbl" xml:lang="en-US">T. Rowe Price Floating Rate Fund</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000103068Member" xlink:label="trowe_C000103068Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000103068Member" xlink:to="trowe_C000103068Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000103068Member_lbl" xml:lang="en-US">T. Rowe Price Floating Rate Fund-Investor Class [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000177200Member" xlink:label="trowe_C000177200Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000177200Member" xlink:to="trowe_C000177200Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000177200Member_lbl" xml:lang="en-US">T. Rowe Price Floating Rate Fund-I Class [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000103069Member" xlink:label="trowe_C000103069Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000103069Member" xlink:to="trowe_C000103069Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000103069Member_lbl" xml:lang="en-US">T. Rowe Price Floating Rate Fund-Advisor Class [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000219333Member" xlink:label="trowe_C000219333Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000219333Member" xlink:to="trowe_C000219333Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000219333Member_lbl" xml:lang="en-US">T. Rowe Price Floating Rate Fund-Z Class [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_FloatingRateLoansMember" xlink:label="trowe_FloatingRateLoansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FloatingRateLoansMember" xlink:to="trowe_FloatingRateLoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_FloatingRateLoansMember_lbl" xml:lang="en-US">Floating rate loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CreditQualityMember" xlink:label="trowe_CreditQualityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CreditQualityMember" xlink:to="trowe_CreditQualityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CreditQualityMember_lbl" xml:lang="en-US">Credit quality [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_JunkBondsMember" xlink:label="trowe_JunkBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_JunkBondsMember" xlink:to="trowe_JunkBondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_JunkBondsMember_lbl" xml:lang="en-US">Junk bonds [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_MarketConditionsMember" xlink:label="trowe_MarketConditionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_MarketConditionsMember" xlink:to="trowe_MarketConditionsMember_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CovenantLiteLoansMember" xlink:label="trowe_CovenantLiteLoansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CovenantLiteLoansMember" xlink:to="trowe_CovenantLiteLoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CovenantLiteLoansMember_lbl" xml:lang="en-US">Covenant lite loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ImpairmentOfCollateralMember" xlink:label="trowe_ImpairmentOfCollateralMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ImpairmentOfCollateralMember" xlink:to="trowe_ImpairmentOfCollateralMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ImpairmentOfCollateralMember_lbl" xml:lang="en-US">Impairment of collateral [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2025/elts/us-gaap-2025.xsd#us-gaap_SeniorLoansMember" xlink:label="us-gaap_SeniorLoansMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeniorLoansMember" xlink:to="us-gaap_SeniorLoansMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeniorLoansMember_lbl" xml:lang="en-US">Senior Loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LiquidityMember" xlink:label="trowe_LiquidityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LiquidityMember" xlink:to="trowe_LiquidityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LiquidityMember_lbl" xml:lang="en-US">Liquidity [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_InterestRatesMember" xlink:label="trowe_InterestRatesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InterestRatesMember" xlink:to="trowe_InterestRatesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InterestRatesMember_lbl" xml:lang="en-US">Interest rates [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_PrepaymentsMember" xlink:label="trowe_PrepaymentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PrepaymentsMember" xlink:to="trowe_PrepaymentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PrepaymentsMember_lbl" xml:lang="en-US">Prepayments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ForeignInvestingMember" xlink:label="trowe_ForeignInvestingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForeignInvestingMember" xlink:to="trowe_ForeignInvestingMember_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_ActiveManagementMember" xlink:label="trowe_ActiveManagementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ActiveManagementMember" xlink:to="trowe_ActiveManagementMember_lbl" xlink:type="arc" />
      <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" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecurityBreachesMember" xlink:to="trowe_CybersecurityBreachesMember_lbl" xlink:type="arc" />
      <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_BloombergUSAggregateBondIndexMember" xlink:label="trowe_BloombergUSAggregateBondIndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSAggregateBondIndexMember" xlink:to="trowe_BloombergUSAggregateBondIndexMember_lbl" xlink:type="arc" />
      <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_MorningstarLSTAPerformingLoanIndexMember" xlink:label="trowe_MorningstarLSTAPerformingLoanIndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_MorningstarLSTAPerformingLoanIndexMember" xlink:to="trowe_MorningstarLSTAPerformingLoanIndexMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MorningstarLSTAPerformingLoanIndexMember_lbl" xml:lang="en-US">Morningstar LSTA Performing Loan Index (reflects no deduction for fees, expenses, or taxes)</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LipperLoanParticipationFundsAverageMember" xlink:label="trowe_LipperLoanParticipationFundsAverageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LipperLoanParticipationFundsAverageMember" xlink:to="trowe_LipperLoanParticipationFundsAverageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LipperLoanParticipationFundsAverageMember_lbl" xml:lang="en-US">Lipper Loan Participation Funds Average</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000033565Member" xlink:to="trowe_S000033565Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000033565Member_doc" xml:lang="en-US">T. Rowe Price Floating Rate Fund</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000103068Member" xlink:to="trowe_C000103068Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000103068Member_doc" xml:lang="en-US">T. Rowe Price Floating Rate Fund-Investor Class [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000177200Member" xlink:to="trowe_C000177200Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000177200Member_doc" xml:lang="en-US">T. Rowe Price Floating Rate Fund-I Class [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000103069Member" xlink:to="trowe_C000103069Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000103069Member_doc" xml:lang="en-US">T. Rowe Price Floating Rate Fund-Advisor Class [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000219333Member" xlink:to="trowe_C000219333Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000219333Member_doc" xml:lang="en-US">T. Rowe Price Floating Rate Fund-Z Class [Member]</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>
      <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_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_PrepaymentsMember" xlink:to="trowe_PrepaymentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PrepaymentsMember_doc" xml:lang="en-US">Prepayments.</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_ImpairmentOfCollateralMember" xlink:to="trowe_ImpairmentOfCollateralMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ImpairmentOfCollateralMember_doc" xml:lang="en-US">Impairment of collateral.</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_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_JunkBondsMember" xlink:to="trowe_JunkBondsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_JunkBondsMember_doc" xml:lang="en-US">Junk bonds.</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_FloatingRateLoansMember" xlink:to="trowe_FloatingRateLoansMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_FloatingRateLoansMember_doc" xml:lang="en-US">Floating rate loans.</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_MorningstarLSTAPerformingLoanIndexMember" xlink:to="trowe_MorningstarLSTAPerformingLoanIndexMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_MorningstarLSTAPerformingLoanIndexMember_doc" xml:lang="en-US">Morningstar LSTA Performing Loan 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_LipperLoanParticipationFundsAverageMember" xlink:to="trowe_LipperLoanParticipationFundsAverageMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LipperLoanParticipationFundsAverageMember_doc" xml:lang="en-US">Lipper Loan Participation Funds Average</link:label>
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