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Rowe Price Exchange-Traded Funds, Inc. 2026-08-01 SUMMARY Investment Objective(s) The fund seeks high current income and, secondarily, capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 100%; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Annual fund operating expenses  (expenses that you pay each year as a  percentage of the value of your investment)</td> </tr> </table> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zcuunoGVtKMu" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap">Management fees</td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000237190Member_zA5RaoXf1XLU" style="white-space: nowrap; background-color: #E6E6E6; text-align: right" title="Management fees"> 0.59</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 3%"> </td> <td style="white-space: nowrap; width: 76%"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 7%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 7%; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 0.1in; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> 0.02</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.1in">Total annual fund operating expenses</td> <td id="xdx_985_eoef--ExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000237190Member_zvemiZDAbcmk" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right" title="Total annual fund operating expenses"> 0.61</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0002 0.0061 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s fees and expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6fZVPynV9Iq"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z0pKmkEvZUJH" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_zNv2TGFfiUPo" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_486_eoef--ExpenseExampleYear03_zQzhlIDlXdO6" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_480_eoef--ExpenseExampleYear05_zkqA1nR5GsSm" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td id="xdx_489_eoef--ExpenseExampleYear10_zkA9lwphRszU" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_41C_20260727__20260727__oef--ClassAxis__custom--C000237190Member_zn3WYaUsXdLO" style="background-color: #D9D9D9"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">62</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: center">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">195</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: center">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">340</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right"> </td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">$</td> <td style="border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 15%; text-align: center">762</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: center"> </td></tr> </table> 62 195 340 762 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 49.9% of the average value of its portfolio. 0.499 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and floating rate debt securities. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders. Most, if not all, of the loans in which the fund invests are rated below investment grade (below BBB, or an equivalent rating) or are not rated by credit rating agencies (commonly referred to as “high yield” or “junk” bonds). The loans in which the fund invests may be referred to as “leveraged loans” because the borrowing companies often have significantly more debt than equity. The loans held by the fund may be senior or subordinate obligations of the borrower, although the fund normally invests the majority of its assets in senior floating rate loans. In the event of bankruptcy, holders of senior floating rate loans are typically paid (to the extent assets are available) before other creditors of the borrower, such as bondholders and stockholders. Holders of subordinate loans may be paid after more senior bondholders. Loans may or may not be secured by collateral. There is no limit on the fund’s investments in unsecured loans or in companies involved in bankruptcy proceedings, reorganizations, or financial restructurings. In addition to the fund’s investments in loans, the fund may invest in a variety of debt securities, such as government and agency debt obligations, and investment-grade and high yield corporate bonds. The fund may invest up to 20% of its net assets in fixed rate debt instruments. Most assets are typically invested in U.S. dollar-denominated floating rate loans and debt instruments, including U.S. dollar-denominated bonds or loans of foreign issuers or lenders. The fund may also invest up to 20% of its total assets in non-U.S. dollar-denominated investments. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in floating rate loans and floating rate debt securities. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Floating rate loans: Transactions involving floating rate loans may have significantly longer settlement periods than more traditional bond investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner and that the fund may incur unexpected losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered or regulated under the federal securities laws like most stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. While a loan assignment typically transfers all legal and economic rights to the buyer, a loan participation typically allows the seller to maintain legal title to the loan, meaning the buyer of a loan participation generally has no direct rights against the borrower and is exposed to credit risk of both the borrower and seller of the participation. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Covenant lite loans: Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle. Impairment of collateral: Even if a loan is secured by collateral, the value of collateral securing a floating rate loan could decline, be insufficient to satisfy the loan obligation, or be difficult to liquidate. The fund’s access to the collateral could be limited by bankruptcy or by the type of loan it purchases. As a result, a collateralized senior loan may not be fully collateralized and can decline significantly in value. Senior loans: Senior loans are subject to the risk that a court could subordinate a senior loan, which typically holds the most senior position in the issuer’s capital structure, to presently existing or future indebtedness or take other action detrimental to the holders of senior loans. Liquidity: The fund may not be able to meet redemption requests without significantly diluting the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Instruments with reduced liquidity may be harder to value and may be subject to greater price fluctuations than other investments. Floating rate loans may not have an active trading market and often have lengthy settlement periods and contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Because interest payments on the fund’s floating rate investments are typically based on a spread over another interest rate, falling interest rates will result in less income for the fund, but will not typically result in the price volatility that a fixed rate holding could experience. Prepayments: The principal on a loan or debt instrument may be prepaid prior to its maturity, reducing the potential for price gains. The rate of prepayments tends to increase as interest rates fall. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Authorized Participant: Only Authorized Participants may engage in creation or redemption transactions directly with the fund. The fund has a limited number of institutions that may act as Authorized Participants. Authorized Participants have no obligation to submit creation or redemption orders, and there is no assurance that Authorized Participants will establish or maintain an active trading market for shares. To the extent an Authorized Participant cannot or will not engage in creation and redemption transactions, shares may be more likely to trade at a premium or discount to the fund’s NAV and to face trading halts and/or delisting. If the fund effects its creations or redemptions at least partially or fully for cash, rather than in-kind securities, the fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions. ETF shares trading: Shares of the fund are listed for trading on a national securities exchange and are bought and sold in the secondary market at market prices. The market prices of shares are expected to fluctuate in response to changes in the fund’s NAV, the value of the fund’s holdings, and supply and demand for shares. Disruptions to creations and redemptions, significant market volatility, potential lack of an active trading market for the shares (including through a trading halt), or other factors may widen bid-ask spreads and result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the value of the fund’s holdings. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund.The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 30%; background-color: #616161; border-collapse: collapse; margin-left: 0.25in"> <tr style="vertical-align: top"> <td style="padding: 3pt; color: white; font-weight: bold">FLOATING RATE ETF</td></tr> </table> Calendar Year Returns <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_znaxGlB1rRDW" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000237190Member_zk06aFRo421s" style="display: none; width: 50%">11.89%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000237190Member_zF2D3b0wn3L4" style="display: none">8.94%</td></tr> <tr style="display: none"> <td style="display: none">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000237190Member_zrJWtw4UVLOh" style="display: none">6.69%</td></tr> </table> <img alt="" src="frxpro003.jpg" style="height: 369px; width: 800px"/> Calendar Year Returns 0.1189 0.0894 0.0669 <div id="xdx_A8B_eoef--BarChartClosingTextBlock_z3TEqmaWLNE9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 10%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 2%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center"> </td> <td style="white-space: nowrap; width: 13%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%; text-align: center">Total Return</td> <td style="white-space: nowrap; width: 10%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_989_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000077050Member_zpYTFz8sGNop" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">12/31/23</td> <td id="xdx_98F_eoef--BarChartHighestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000077050Member_zj7lwBzFY8E3" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3.16%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_981_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000077050Member_zgxjKjNdnmJc" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/25</td> <td id="xdx_987_eoef--BarChartLowestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000077050Member_zrhuJWLjX8yl" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">0.59%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 1.23%. Best Quarter 2023-12-31 0.0316 Worst Quarter 2025-03-31 0.0059 The fund’s return for the six months ended 2026-06-30 0.0123 The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. <div id="xdx_A83_eoef--PerformanceTableTextBlock_zdNACxGjf52c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="3" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt">Average Annual Total Returns </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 51%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 47%; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> </table> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zzQtuEhgQmAM" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">Since</td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right">1 Year</td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">inception</td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Floating Rate ETF</td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">11/16/2022</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 50%">Returns before taxes</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000237190Member_zNl6Em5Frn7Q" style="white-space: nowrap; width: 12%; background-color: #E6E6E6; text-align: right">6.69</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp0_c20221116__20251231__oef--ClassAxis__custom--C000237190Member_zMymIrQoYCiw" style="white-space: nowrap; width: 12%; background-color: #E6E6E6; text-align: right">8.69</td> <td style="white-space: nowrap; width: 3%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 16%; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000237190Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zMywihdR6qmV" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">3.72</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp0_c20221116__20251231__oef--ClassAxis__custom--C000237190Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUo2M2CP7gPc" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">5.40</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions and sale</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top">of fund shares</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000237190Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQtdxcm2L0R8" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">3.90</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp0_c20221116__20251231__oef--ClassAxis__custom--C000237190Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHWifcNfWlKl" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">5.23</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="7"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="7" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: bottom"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zTWIzGsWIzTg" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">7.30</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp0_c20221116__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fYQ_____zlPxeuxKJvFo" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">4.54</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="7"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="7" style="white-space: nowrap; vertical-align: top">Morningstar LSTA Performing Loan Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--PerformanceMeasureAxis__custom--MorningstarIndexOneMember_zNNkj4H8ibAu" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">6.01 </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98E_eoef--AvgAnnlRtrPct_dp0_c20221116__20251231__oef--PerformanceMeasureAxis__custom--MorningstarIndexOneMember_fYQ_____zCjyxE3ogMCR" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right">9.30</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6">a </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">a </td><td style="text-align: justify">Return since 11/16/22.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 2022-11-16 0.0669 0.0869 0.0372 0.0540 0.0390 0.0523 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0454 0.0601 0.0930 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks to provide high income and some capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund Annual fund operating expenses  (expenses that you pay each year as a  percentage of the value of your investment) <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zhPmbRehuVOl" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; text-align: left; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"></td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td id="xdx_98D_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000264671Member_zilCZDIiOhFd" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right" title="Management fees"> 0.37</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 3%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 66%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 12%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="text-align: left; white-space: nowrap; width: 12%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Acquired fund fees and expenses</td> <td id="xdx_982_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000264671Member_z0rRaInwZztS" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right" title="Total annual fund operating expenses"> 0.04</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td id="xdx_981_eoef--ExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000264671Member_fYQ_____zslsPX9fKhIV" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right" title="Total annual fund operating expenses"> 0.41</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">a </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Fee waiver/expense reimbursement</td> <td id="xdx_98A_eoef--FeeWaiverOrReimbursementOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000264671Member_ztWxL2hNgNH1" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right" title="Total annual fund operating expenses"> (0.04</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">)</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses after fee waiver/expense reimbursement</td> <td id="xdx_98F_eoef--NetExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000264671Member_fYQ_____zW9GMHunV4Se" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right" title="Total annual fund operating expenses"> 0.37</td> <td style="border-bottom: black 1pt solid; text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">a </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: left">a</td><td style="width: 5pt"></td><td style="text-align: justify">The figures shown in the fee table do not match the “Ratios to average net assets” shown in the Financial Highlights table, as those figures do not include acquired fund fees and expenses.</td> </tr></table> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0037 0 0.0004 0.0041 -0.0004 0.0037 The figures shown in the fee table do not match the “Ratios to average net assets” shown in the Financial Highlights table, as those figures do not include acquired fund fees and expenses. Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s fees and expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z1od4oY6HY12"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zDnngHE5xiwS" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear01_zmkhROa6N0kW" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_482_eoef--ExpenseExampleYear03_zMSQa9fqUQqP" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_48B_eoef--ExpenseExampleYear05_zY8QMMkH6MyX" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear10_znmEla2DSVmC" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> </tr> <tr id="xdx_41F_20260727__20260727__oef--ClassAxis__custom--C000264671Member_zTHxpZEaLied" style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">$</td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">38</td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">$</td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">119</td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">$</td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">208</td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: right">$</td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center">468</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; background-color: #D9D9D9; text-align: center"> </td> </tr> <tr> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 19%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 13%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 12%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 3%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; width: 12%; text-align: right"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; width: 5%; text-align: right"> </td> </tr> </table> 38 119 208 468 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 127.0% of the average value of its portfolio. 1.270 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. The fund invests in a variety of bonds and other debt instruments in seeking to provide high income and some capital appreciation. The fund shifts its investments among various sectors based on market conditions and the investment adviser’s outlook. Normally, the fund invests its assets in a variety of U.S. and non-U.S. debt securities across the following primary sectors: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 8.65pt">·</td><td>Below investment-grade corporate debt (including high yield bonds and bank loans);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 8.65pt">·</td><td>Investment-grade corporate debt (including bonds issued by corporations located in the U.S. and other developed market countries);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 8.65pt">·</td><td>Securitized debt and vehicles backed by pools of assets such as mortgages, loans, and other receivables (including agency and private mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, collateralized mortgage obligations, and collateralized loan obligations);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 8.65pt">·</td><td>Government debt (including bonds issued by the U.S. government and its agencies and by governments of other developed market countries); and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 8.65pt">·</td><td>Emerging market debt (including bonds issued by corporations and governments in emerging market countries).</td></tr></table> The proportion of fund assets allocated to each of these sectors will vary with market conditions and the adviser’s assessment of their relative attractiveness as investment opportunities. The fund may opportunistically invest in other sectors or other types of securities in response to market conditions. There is no limit on the fund’s investments in U.S. dollar-denominated foreign debt instruments. Although the fund purchases non-U.S. dollar-denominated securities, the adviser normally seeks to limit the fund’s overall foreign currency exposure by hedging some or all of those holdings to the U.S. dollar. The fund may purchase securities of any maturity, and its weighted average maturity will vary based on interest rates and overall market conditions. The fund may also gain exposure to specific asset classes through the use of certain types of derivatives or by investing in other T. Rowe Price mutual funds and exchange-traded funds that focus their investments in a particular asset class. The fund may use a variety of derivatives, such as futures, options, forwards, and swaps for a number of purposes, such as for hedging risk or managing certain exposure. Specifically, the fund uses interest rate futures, forward currency exchange contracts, credit default swap indexes (CDX), interest rate swaps, inflation swaps, equity total return swaps, and currency options. Equity total return swaps are typically used to gain exposure to the equity market without directly investing in the underlying equity securities, going short or long relative to the adviser’s views. Interest rate futures are typically used to manage the fund’s exposure to changes in interest rates, as a cash management tool, and to adjust portfolio duration or maturity. Interest rate swaps are typically used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Forward currency exchange contracts are typically used to protect the fund’s foreign holdings from adverse currency movements relative to the U.S. dollar but may be used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies. A CDX is a swap on an index or basket of credit default swaps and is typically used to manage the fund’s credit risk efficiently and gain exposure to certain sectors or asset classes (such as high yield). Inflation swaps are typically used to manage the fund’s exposure to inflation risk or to achieve efficient exposure to inflation-linked securities. Currency options are primarily used in an effort to take advantage of currencies that are expected to appreciate in value. The fund may have exposure to non-U.S. currencies through derivatives without holding any securities denominated in those currencies. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in fixed income securities. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Mortgage- and asset-backed securities: Investments in mortgage-backed securities and other types of asset-backed securities are subject to interest rate risk, prepayment and extension risk, credit risk, and the risk of underperformance by the underlying pools of assets. Mortgage-backed securities and asset-backed securities tend to be more sensitive to changes in interest rates than traditional bonds and other debt securities. Early repayments of principal on underlying assets may expose the fund to a lower rate of return upon reinvestment of principal and the value of securities with prepayment features may not increase as much as other fixed income securities when interest rates are declining. In addition, the value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers and there is no assurance that any guarantors or insurers of such securities will meet their obligations. Prepayments and extensions: Underlying funds that invest in mortgage-backed securities, certain asset-backed securities, or any debt instrument with an embedded call option are subject to prepayment risks because the principal on the security may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the underlying fund’s portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Bank loans: Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. Derivatives: The use of derivatives exposes the fund to additional volatility and potential losses and the fund may not achieve the purpose of using the derivative. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the reference or assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Derivatives also expose the fund to settlement risk, such as if the fund is required to acquire, buy, or sell the underlying reference or asset at an undesirable price, has challenges with offsetting transactions, or risks associated with cash settlement. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance. Inflation-linked securities: In general, the value of an inflation-linked security, including TIPS, will typically decrease when real interest rates (nominal interest rates reduced by the expected impact of inflation) increase and increase when real interest rates decrease. When inflation is negative or concerns over inflation are low, the value and income of inflation-linked securities could fall and result in losses for the fund and during periods of very low inflation, the yield on an inflation-linked security may be negative. Conversely, during sustained periods of high inflation, the fund’s yield should increase, which may not be repeated. Funds that invest heavily in inflation-linked securities do not always move in lockstep with inflation because they do not necessarily buy inflation-linked securities when they are originally issued or hold them until maturity. In addition, the accrual of inflation adjustments on the fund’s holdings may significantly impact the current level of dividends actually paid to shareholders. Changes in inflation rates and/or interest rates may cause the fund’s yield to vary substantially over time. Portfolio turnover: High portfolio turnover may adversely affect the fund’s performance and increase transaction costs, which could increase the fund’s expenses. High portfolio turnover may also result in the distribution of higher capital gains when compared with a fund with less active trading policies, which could have an adverse tax impact if the fund’s shares are held in a taxable account. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Investments in other funds: The fund bears the risk that its underlying funds will fail to successfully employ their investment strategies. One or more underlying fund’s underperformance or failure to meet its investment objective(s) as intended could cause the fund to underperform similarly managed funds. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. ETF shares trading: Shares of the fund are listed for trading on a national securities exchange and are bought and sold in the secondary market at market prices. The market prices of shares are expected to fluctuate in response to changes in the fund’s NAV, the value of the fund’s holdings, and supply and demand for shares. Disruptions to creations and redemptions, significant market volatility, potential lack of an active trading market for the shares (including through a trading halt), or other factors may widen bid-ask spreads and result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the value of the fund’s holdings. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Authorized Participant: Only Authorized Participants may engage in creation or redemption transactions directly with the fund. The fund has a limited number of institutions that may act as Authorized Participants. Authorized Participants have no obligation to submit creation or redemption orders, and there is no assurance that Authorized Participants will establish or maintain an active trading market for shares. To the extent an Authorized Participant cannot or will not engage in creation and redemption transactions, shares may be more likely to trade at a premium or discount to the fund’s NAV and to face trading halts and/or delisting. If the fund effects its creations or redemptions at least partially or fully for cash, rather than in-kind securities, the fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions. New fund: Because the fund is new, it may have more limited operating history, fewer shareholders, and less assets than funds that have been in existence for longer periods. It may be more difficult to evaluate the investment program and portfolio manager of a fund with a limited performance track record. Due to the fund’s size, large shareholder purchases or redemptions could require the fund to buy or sell holdings at unfavorable times or maintain greater cash reserves than desired, create tax implications for the fund and its shareholders, and make it difficult to invest fully in accordance with the fund’s investment program. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance Because the fund commenced operations in 2025, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year. Current performance information is available through troweprice.com. Performance history will be presented after the fund has been in operation for one full calendar year. troweprice.com SUMMARY Investment Objective(s) The fund seeks to maximize total return through income and, secondarily, capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund Annual fund operating expenses  (expenses that you pay each year as a  percentage of the value of your investment) <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zsyQasXVdzbh" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td colspan="2" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="4" style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"></td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000229339Member_zp6O79A0ESLq" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right" title="Management fees"> 0.31</td> <td style="text-align: left; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 3%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 66%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 12%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 12%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td id="xdx_983_eoef--ExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000229339Member_zfBWnJGtk29O" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt; text-align: right" title="Total annual fund operating expenses"> 0.31</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0031 0 0.0031 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s fees and expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zG0gwcC8udvw"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_ztHqBuJ6kNc_zdceP52zka7K" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right"> </td> <td colspan="2" id="xdx_485_eoef--ExpenseExampleYear01_z5J98yvVXRSE" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear03_zh0RP3WfbeCT" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">3 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_48A_eoef--ExpenseExampleYear05_zlrVNfZrpne6" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">5 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear10_zDJHH5QbnB8L" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center">10 Years</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center"> </td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; text-align: center"> </td></tr> <tr id="xdx_410_20260727__20260727__oef--ClassAxis__custom--C000229339Member_zCXeRPyLD0ys"> <td style="border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td style="padding: 2.15pt; vertical-align: top; background-color: #D9D9D9; text-align: right"> </td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">32</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">$</td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">100</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">$</td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">174</td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">393</td> <td style="border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center"> </td> <td colspan="2" style="padding: 2.15pt; white-space: nowrap; vertical-align: bottom; text-align: right"> </td></tr> <tr> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 15%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 12%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 12%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 12%"> </td> <td style="width: 5%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td></tr> </table> 32 100 174 393 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 238.1% of the average value of its portfolio. 2.381 Principal Investment Strategies The fund invests in a diversified portfolio of bonds and other debt instruments. The fund has considerable flexibility in seeking strong returns and its portfolio is constructed with a goal of being able to respond to a wide variety of market conditions. The fund’s investments typically include, but are not limited to, debt instruments issued by the U.S. government and its agencies (such as U.S. Treasury securities), corporate bonds, bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), and various types of mortgage-backed and asset-backed securities. The fund may invest up to 35% of its net assets in corporate bonds and other debt instruments that are rated below investment grade (below BBB, or an equivalent rating), commonly known as “high yield” or “junk” bonds, by each of the credit rating agencies that have assigned a rating to the security or, if unrated, deemed by the adviser to be below investment grade. The fund may purchase securities of any credit rating, including distressed and defaulted securities. If a holding is split rated (i.e., rated investment grade by at least one credit rating agency and below investment grade by another credit rating agency), the higher rating will be used for purposes of this requirement. The fund may invest in securities issued by both U.S. and non-U.S. issuers, including issuers in emerging market countries. Up to 20% of the fund’s net assets can be invested in non-U.S. dollar-denominated holdings, and there is no limit on the fund’s investments in U.S. dollar-denominated securities of foreign issuers, including issuers in emerging markets. The fund relies on a classification by an unaffiliated third-party data provider to determine which countries are emerging markets. The fund may also gain exposure to currencies through derivative instruments without holding any bonds or other securities denominated in those particular currencies. The fund may purchase securities of any maturity and there are no overall maturity restrictions for the portfolio. The fund’s weighted average maturity and duration will generally shift in response to current interest rates and expected interest rate changes. The fund may use a variety of derivatives, such as futures, forwards, and swaps for a number of purposes, such as or hedging risk or managing certain exposure. Specifically, the fund uses interest rate futures, interest rate swaptions, forward currency exchange contracts, equity options, credit default swaps, total return swaps, credit default swap indexes (CDX), and mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market as a means of adjusting the fund’s duration and gaining exposure to investment-grade bonds. The fund buys or sells credit default swaps in order to generate returns, adjust the fund’s overall credit quality, or protect the value of certain portfolio holdings, as well as to profit from expected deterioration in the credit quality of an issuer or the widening of credit spreads. Total return swaps and total return basket swaps may be used to obtain exposure to a security without owning or taking physical custody of such security. A CDX is a swap on an index or basket of credit default swaps and is typically used to manage the fund’s credit risk efficiently and gain exposure to certain sectors or asset classes (such as high yield). Interest rate futures are typically used to manage the fund’s exposure to changes in interest rates, as a cash management tool, and to adjust portfolio duration or maturity. Equity options, which include options on single-name securities and equity indices, are primarily used to create or hedge equity exposure. Interest rate swaptions would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Forward currency exchange contracts may be used to limit overall volatility by protecting the fund’s non-U.S. dollar-denominated holdings from adverse currency movements relative to the U.S. dollar or to generate returns by gaining long or short exposure to certain currencies expected to increase or decrease in value relative to other currencies. The fund may also purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date, but the delivered securities must meet specified terms and standards. The fund will generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage-backed securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price. The fund also expects to engage in short sales of TBA mortgages, including short sales on TBA mortgages the fund does not own, to potentially enhance returns or manage risk. When deciding whether to adjust allocations among the various types of securities in which the fund may invest, the adviser weighs such factors as the outlook for inflation and the economy, expected interest rate movements, credit conditions, and the yield advantage that lower-rated bonds may offer over investment-grade bonds. When there is a large yield difference between the various quality levels and the outlook warrants, the fund may move down the credit scale and purchase lower-rated bonds with higher yields, such as junk bonds and emerging market bonds. When the difference is small or the outlook warrants, the fund may concentrate investments in higher-rated issues, such as Treasury securities. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Mortgage- and asset-backed securities: Investments in mortgage-backed securities and other types of asset-backed securities are subject to interest rate risk, prepayment and extension risk, credit risk, and the risk of underperformance by the underlying pools of assets. Mortgage-backed securities and asset-backed securities tend to be more sensitive to changes in interest rates than traditional bonds and other debt securities. Early repayments of principal on underlying assets may expose the fund to a lower rate of return upon reinvestment of principal and the value of securities with prepayment features may not increase as much as other fixed income securities when interest rates are declining. In addition, the value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers and there is no assurance that any guarantors or insurers of such securities will meet their obligations. Prepayments and extensions: The fund is subject to prepayment risks because the principal on mortgage-backed securities, asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Emerging markets: Investments in emerging market countries are subject to greater risk and overall volatility than investments in the U.S. and other developed markets. Emerging market countries tend to have economic structures that are less diverse and mature, less developed legal and regulatory regimes, and political systems that are less stable than those of developed countries. In addition to the risks associated with investing outside the U.S., emerging markets are more susceptible to governmental interference, political and economic uncertainty, local taxes and restrictions on the fund’s investments, less efficient trading markets with lower overall liquidity, and more volatile currency exchange rates. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, expose the fund to greater volatility and credit risk than investments in bonds that are rated investment grade. As a result, bonds rated below investment grade carry a higher risk of default and should be considered speculative. Bank loans: Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. Derivatives: The use of derivatives exposes the fund to additional volatility and potential losses and the fund may not achieve the purpose of using the derivative. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the reference or assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Derivatives also expose the fund to settlement risk, such as if the fund is required to acquire, buy, or sell the underlying reference or asset at an undesirable price, has challenges with offsetting transactions, or risks associated with cash settlement. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance. TBAs and dollar rolls: Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the fund to potential losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Forward settling securities, such as TBAs, involve leverage which may magnify investment risks and can cause losses to be realized more quickly. In addition, the fund’s portfolio turnover rate and transaction costs are increased when the fund enters into dollar roll transactions. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Portfolio turnover: High portfolio turnover may adversely affect the fund’s performance and increase transaction costs, which could increase the fund’s expenses. High portfolio turnover may also result in the distribution of higher capital gains when compared with a fund with less active trading policies, which could have an adverse tax impact if the fund’s shares are held in a taxable account. Authorized Participant: Only Authorized Participants may engage in creation or redemption transactions directly with the fund. The fund has a limited number of institutions that may act as Authorized Participants. Authorized Participants have no obligation to submit creation or redemption orders, and there is no assurance that Authorized Participants will establish or maintain an active trading market for shares. To the extent an Authorized Participant cannot or will not engage in creation and redemption transactions, shares may be more likely to trade at a premium or discount to the fund’s NAV and to face trading halts and/or delisting. If the fund effects its creations or redemptions at least partially or fully for cash, rather than in-kind securities, the fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions. ETF shares trading: Shares of the fund are listed for trading on a national securities exchange and are bought and sold in the secondary market at market prices. The market prices of shares are expected to fluctuate in response to changes in the fund’s NAV, the value of the fund’s holdings, and supply and demand for shares. Disruptions to creations and redemptions, significant market volatility, potential lack of an active trading market for the shares (including through a trading halt), or other factors may widen bid-ask spreads and result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the value of the fund’s holdings. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund.The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market and aligns to the fund’s investment strategy (Bloomberg U.S. Aggregate Bond Index). The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: #616161; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="padding-top: 2pt; padding-right: 2.15pt; padding-bottom: 2pt; font-size: 10pt; color: white; font-weight: bold">TOTAL RETURN ETF</td></tr> </table> Calendar Year Returns <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">Years</td> <td style="display: none; width: 50%">Returns</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000229339Member_zRhrfBxlMLoG" style="display: none">-15.81%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td style="display: none">6.28%</td></tr> <tr style="display: none"> <td style="display: none">2024</td> <td style="display: none">2.30%</td></tr> <tr style="display: none"> <td style="display: none">2025</td> <td style="display: none">7.55%</td></tr> </table> <img alt="PerformanceBarChartData(2022:-15.81,2023:6.28,2024:2.3,2025:7.55)" src="trxpro-etf990.gif" style="height: 202px; width: 443px"/> Calendar Year Returns -0.1581 0.0628 0.0230 0.0755 <div id="xdx_A8A_eoef--BarChartClosingTextBlock_zdQfgPByO7CX"></div> <table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%"> Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_984_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000072798Member_zn9D8pSGYMWl" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">12/31/23</td> <td id="xdx_986_eoef--BarChartHighestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000072798Member_zFGtxrAamwwi" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6.70%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98F_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000072798Member_z41RoiEIVhaR" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6/30/22</td> <td id="xdx_98E_eoef--BarChartLowestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000072798Member_zWWsIybFhv1m" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-7.04%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 0.78%. Best Quarter 2023-12-31 0.0670 Worst Quarter 2022-06-30 -0.0704 The fund’s return for the six months ended 2026-06-30 0.0078 The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market and aligns to the fund’s investment strategy (Bloomberg U.S. Aggregate Bond Index). In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. Average Annual Total Returns  <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zgCU2KFipTBF" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"></td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="8" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">Periods ended  </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="8" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center"> </td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">Since</td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">Inception</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right">1 Year </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">inception</td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">date</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">Total Return ETF</td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-right: 0.5pt; text-align: center">09/28/2021</td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 2%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 39%; padding-right: 0.5pt">Returns before taxes</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000229339Member_zPsjC59BX4mI" style="white-space: nowrap; width: 13%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.55 </td> <td style="white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--ClassAxis__custom--C000229339Member_zY3uraaHsdN5" style="white-space: nowrap; width: 13%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">-0.36</td> <td style="white-space: nowrap; width: 4%; background-color: #E6E6E6; padding-right: 0.5pt">%</td> <td style="white-space: nowrap; width: 19%; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions</td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000229339Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zDUUFlEHNlH3" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">5.31 </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--ClassAxis__custom--C000229339Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zFvnc75vwrMj" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">-2.15</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions and sale</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">of fund shares</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000229339Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrVQd4RSiA2p" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">4.43 </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--ClassAxis__custom--C000229339Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHzxRFF436vz" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">-1.06</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="8" style="padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="8" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_zg4qQUJTHFIL" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">7.30 </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fYQ_____z3UZr1h2zXl2" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right">-0.04</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt">a</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt; text-align: right"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 7pt Times New Roman, Times, Serif; width: 100%; margin-top: 1pt; margin-bottom: 1pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 5.75pt">a</td><td id="xdx_F13_zRcAcpa1G9cg">Return since 9/28/21.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2021-09-28 0.0755 -0.0036 0.0531 -0.0215 0.0443 -0.0106 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0004 Updated performance information is available through troweprice.com. troweprice.com SUMMARY Investment Objective(s) The fund seeks total return, and secondarily, current income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zVrGZYCiEbmW" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 69%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 12%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 12%"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt; width: 7%"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="3" style="border-left: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center">Annual fund operating expenses  (expenses that you pay each year as a  percentage of the value of your investment)</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt; text-align: center"> </td></tr> </table> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zWMxLsekTrSK" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Management fees</td> <td id="xdx_980_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000237191Member_zf669MUyNWTe" style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 1.4pt; text-align: right" title="Management fees"> 0.50</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 0pt">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; width: 69%; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 12%; background-color: #E6E6E6; padding-right: 0pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; width: 12%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 7%; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt; padding-left: 1.4pt">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 1.4pt; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 1.4pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 0.5pt; padding-left: 1.4pt">Total annual fund operating expenses</td> <td id="xdx_989_eoef--ExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000237191Member_zoEWX9EB1z19" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; padding-left: 1.4pt; text-align: right" title="Total annual fund operating expenses"> 0.50</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 0pt"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt; padding-left: 1.4pt"> </td></tr> </table> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0 0.0050 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s fees and expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgAUr45A3SIT"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zAxSnTftZEpj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: right; width: 5%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zWVcHg4h8I70" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 11%">1 Year</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 10%"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 5%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear03_zQRnohWeAwhn" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 11%">3 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 10%"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 5%"> </td> <td id="xdx_489_eoef--ExpenseExampleYear05_zLoN6Eqr8sT7" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 11%">5 Years</td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 10%"> </td> <td style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 5%"> </td> <td id="xdx_487_eoef--ExpenseExampleYear10_zZ76qAuKe1br" style="border-top: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 11%">10 Years</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; padding: 2.15pt; white-space: nowrap; text-align: center; width: 6%"> </td> </tr> <tr id="xdx_41B_20260727__20260727__oef--ClassAxis__custom--C000237191Member_zjPE5xCDjIG2"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">51</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">160</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">280</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td style="border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">628</td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; padding: 2.15pt; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center"> </td> </tr> </table> 51 160 280 628 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 82.0% of the average value of its portfolio. 0.820 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. high yield instruments. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. U.S. high yield instruments, commonly referred to as “junk” bonds, are debt instruments that are, at the time of purchase, rated below investment grade by a credit rating agency (i.e., Baa3 by Moody’s Investors Service, Inc. or below BBB- by S&P Global Ratings or Fitch Ratings, Inc.), or, if not rated by any credit rating agency, deemed by the adviser to be below investment grade. The fund generally relies on a classification by Bloomberg or another unaffiliated data provider to determine whether a holding is economically tied to the U.S. Most assets are typically invested in U.S. issued instruments and U.S. dollar-denominated instruments. The fund may also invest up to 20% of its total assets in non-U.S. dollar-denominated foreign instruments. The fund focuses its investments on high yield corporate bonds but may also invest in other income producing instruments including bank loans, convertible securities, and preferred stocks. The fund may purchase securities of any maturity or duration, and its weighted average maturity and duration will vary with market conditions. In selecting investments, the fund relies extensively on rigorous credit research and analysis. In selecting bonds, the portfolio manager generally evaluates the income provided by the bond and the bond’s appreciation potential, as well as the issuer’s ability to make income and principal payments. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. high yield instruments. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Junk bonds: Investments in bonds that are rated below investment grade, commonly referred to as junk bonds, and loans that are rated below investment grade, expose the fund to greater volatility and credit risk than investments in securities that are rated investment grade. As a result, bonds and loans rated below investment grade carry a higher risk of default and should be considered speculative. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Covenant lite loans: Because covenant lite loans contain few or no financial maintenance covenants, they may not include terms that permit the lender of the loan to monitor the borrower’s financial performance and, if certain criteria are breached, declare a default, which would allow the lender to restructure the loan or take other action intended to help mitigate losses. As a result, the fund could experience relatively greater difficulty or delays in enforcing its rights on its holdings of covenant lite loans than its holdings of loans or securities with financial maintenance covenants, which may result in losses, especially during a downturn in the credit cycle. Bank loans: Investments in bank loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with a loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Callable bonds: While a rise in interest rates is the principal source of interest rate risk for bond funds, falling rates bring the possibility that a bond may be “called,” or redeemed before maturity, and that the proceeds may need to be reinvested in lower-yielding securities. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Convertible securities and preferred stocks: Convertible securities and preferred stocks carry credit and interest rate risk, along with other risks associated with both equity and fixed income securities, and convertible securities may be called back by the issuer prior to maturity at a price that is disadvantageous to the fund. Authorized Participant: Only Authorized Participants may engage in creation or redemption transactions directly with the fund. The fund has a limited number of institutions that may act as Authorized Participants. Authorized Participants have no obligation to submit creation or redemption orders, and there is no assurance that Authorized Participants will establish or maintain an active trading market for shares. To the extent an Authorized Participant cannot or will not engage in creation and redemption transactions, shares may be more likely to trade at a premium or discount to the fund’s NAV and to face trading halts and/or delisting. If the fund effects its creations or redemptions at least partially or fully for cash, rather than in-kind securities, the fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions. ETF shares trading: Shares of the fund are listed for trading on a national securities exchange and are bought and sold in the secondary market at market prices. The market prices of shares are expected to fluctuate in response to changes in the fund’s NAV, the value of the fund’s holdings, and supply and demand for shares. Disruptions to creations and redemptions, significant market volatility, potential lack of an active trading market for the shares (including through a trading halt), or other factors may widen bid-ask spreads and result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the value of the fund’s holdings. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund.The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Return</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000237191Member_zozFfxjGki4b" style="display: none; width: 50%">11.90%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000237191Member_zwUW2M5ZLh13" style="display: none">8.63%</td></tr> <tr style="display: none"> <td style="display: none">2025</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000237191Member_zDpk3IEVyiny" style="display: none">7.96%</td></tr> </table> <img alt="" src="uhxproetf1046003.jpg" style="height: 437px; width: 800px"/> 0.1190 0.0863 0.0796 <div id="xdx_A89_eoef--BarChartClosingTextBlock_zh8k9onas4Ey"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 9%; text-align: center"> </td> <td style="white-space: nowrap; width: 14%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 13%">Total Return</td> <td style="white-space: nowrap; width: 5%; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_984_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000077051Member_z5CAVeHyc079" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">12/31/23</td> <td id="xdx_985_eoef--BarChartHighestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000077051Member_zs5oU9A2S9Oh" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">6.13%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_98A_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000077051Member_zIBHgv9x2Kq6" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">9/30/23</td> <td id="xdx_981_eoef--BarChartLowestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000077051Member_zyKSqRKnw2r0" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">0.26%</td> <td style="white-space: nowrap; text-align: center"> </td></tr> </table> The fund’s return for the six months ended 6/30/26 was 1.98%. Best Quarter 2023-12-31 0.0613 Worst Quarter 2023-09-30 0.0026 The fund’s return for the six months ended 2026-06-30 0.0198 The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. <div id="xdx_A85_eoef--PerformanceTableTextBlock_zl5zN2Eozn14"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="6" style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt">Average Annual Total Returns </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="border-bottom: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="7" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">Periods ended </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="7" style="white-space: nowrap; padding-right: 0.5pt; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; width: 55%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 10%"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center; width: 2%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center; width: 1%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 10%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 2%"> </td> <td style="padding-right: 0.5pt; text-align: center; width: 15%"> </td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center; width: 1%"> </td></tr> </table> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zNUlWARBWSgl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">Since</td> <td style="padding-right: 0.5pt; text-align: center">Inception</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right">1 Year</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td style="white-space: nowrap; padding-right: 0.5pt; text-align: center"> </td> <td colspan="2" style="padding-right: 0.5pt; text-align: center">inception</td> <td style="padding-right: 0.5pt; text-align: center">date</td> <td style="border-right: black 1pt solid; padding-right: 0.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; padding-right: 0.5pt">U.S. High Yield ETF</td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; padding-right: 0pt; text-align: center">10/25/2022</td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 2%; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 55%; padding-right: 0.5pt">Returns before taxes</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000237191Member_zJ1ovSxv8ekA" style="padding-left: 0pt; white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0pt; text-align: right">7.96</td> <td style="padding-left: 0pt; white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0pt">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp0_c20221025__20251231__oef--ClassAxis__custom--C000237191Member_zeaY2TqGx6h4" style="padding-left: 0pt; white-space: nowrap; width: 10%; background-color: #E6E6E6; padding-right: 0pt; text-align: right">9.47</td> <td style="padding-left: 0pt; white-space: nowrap; width: 2%; background-color: #E6E6E6; padding-right: 0pt">%</td> <td style="padding-left: 0pt; white-space: nowrap; width: 15%; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000237191Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zBbi5SlOs6ah" style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">4.83</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp0_c20221025__20251231__oef--ClassAxis__custom--C000237191Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zeUiLrrcWEBp" style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">6.06</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt">Returns after taxes on distributions and sale</td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">of fund shares</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000237191Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHtSvCoADD1X" style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: right">4.64</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp0_c20221025__20251231__oef--ClassAxis__custom--C000237191Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zspGioNVMycE" style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: right">5.76</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; padding-right: 0.5pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt"> </td> <td style="padding-left: 0pt; white-space: nowrap; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="8" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td id="xdx_98A_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_z36n99VAd8Jf" style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: right">7.30</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_988_eoef--AvgAnnlRtrPct_dp0_c20221025__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fYQ_____zTkM71CsE8jh" style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: right">5.55</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: top; background-color: #E6E6E6; padding-right: 0pt">a </td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td> <td colspan="8" style="white-space: nowrap; vertical-align: top; padding-right: 0.5pt">ICE BofA US High Yield Constrained Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="padding-left: 0pt; white-space: nowrap; vertical-align: bottom; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 0.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; padding-right: 0.5pt"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--PerformanceMeasureAxis__custom--ICEIndexOneMember_zK46EiGdIZG2" style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">8.50</td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp0_c20221025__20251231__oef--PerformanceMeasureAxis__custom--ICEIndexOneMember_fYQ_____zEJPWzfXghXd" style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right">10.21</td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt">a </td> <td style="border-bottom: Black 1pt solid; padding-left: 0pt; white-space: nowrap; background-color: #E6E6E6; padding-right: 0pt; text-align: right"> </td> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; background-color: #E6E6E6; padding-right: 0.5pt"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">a</td><td>Return since 10/25/22.</td></tr></table> Average Annual Total Returns Periods ended December 31, 2025 2022-10-25 0.0796 0.0947 0.0483 0.0606 0.0464 0.0576 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0555 0.0850 0.1021 Updated performance information is available through troweprice.com. troweprice.com 2026-08-01 SUMMARY Investment Objective(s) The fund seeks a high level of income consistent with low volatility of principal value. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table or example below. Fees and Expenses of the Fund <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 100%">Annual fund operating expenses   (expenses that you pay each year as a   percentage of the value of your investment)</td> </tr> </table> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zqMFDgJBFo7t" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap">Management fees</td> <td id="xdx_98C_eoef--ManagementFeesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000229340Member_zbwOsKgA2Mql" style="white-space: nowrap; background-color: #E6E6E6; text-align: right" title="Total annual fund operating expenses"> 0.17</td> <td style="white-space: nowrap; background-color: #E6E6E6">%</td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 3%"> </td> <td style="white-space: nowrap; width: 66%"> </td> <td style="white-space: nowrap; width: 12%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 12%; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 7%; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-left: black 1pt solid; padding-left: 3pt; white-space: nowrap">Other expenses</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> —</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid"> </td> <td> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Total annual fund operating expenses</td> <td id="xdx_98E_eoef--ExpensesOverAssets_dpn_c20260727__20260727__oef--ClassAxis__custom--C000229340Member_zLcnKxBVJAq8" style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6; text-align: right" title="Total annual fund operating expenses"> 0.17</td> <td style="border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td></tr> </table> Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0017 0 0.0017 Example This example is intended to help you compare the cost of investing in the fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then sell all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s fees and expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zf1XRXTtXJsw"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z52FQku99C2R" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-top: black 1pt solid; border-left: black 1pt solid; white-space: nowrap; text-align: right"> </td> <td colspan="2" id="xdx_486_eoef--ExpenseExampleYear01_zwAaq6lM0KYu" style="border-top: black 1pt solid; white-space: nowrap; text-align: center">1 Year</td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_48E_eoef--ExpenseExampleYear03_zCNlGZunmQ1i" style="border-top: black 1pt solid; white-space: nowrap; text-align: center">3 Years</td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_480_eoef--ExpenseExampleYear05_zZAx6pHaN7m6" style="border-top: black 1pt solid; white-space: nowrap; text-align: center">5 Years</td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: center"> </td> <td style="border-top: black 1pt solid; white-space: nowrap; text-align: center"> </td> <td colspan="2" id="xdx_48C_eoef--ExpenseExampleYear10_z7tEX1oktYhW" style="border-top: Black 1pt solid; border-right: Black 1pt solid; white-space: nowrap; text-align: center">10 Years</td> </tr> <tr id="xdx_417_20260727__20260727__oef--ClassAxis__custom--C000229340Member_zgblDmEkhLdP"> <td style="border-bottom: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td style="border-bottom: Black 1pt solid; vertical-align: top; background-color: #D9D9D9; text-align: right"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">17</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">$</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">55</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">$</td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">96</td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: right">$</td> <td colspan="2" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #D9D9D9; text-align: center">217</td> </tr> <tr> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 17%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 17%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 12%"> </td> <td style="width: 5%"> </td> <td style="width: 3%"> </td> <td style="width: 3%"> </td> <td style="width: 12%"> </td> </tr> </table> 17 55 96 217 Portfolio Turnover The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 77.5% of the average value of its portfolio. 0.775 Principal Investment Strategies The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy. Bonds and other debt instruments, which are used by issuers to borrow money, typically make periodic interest payments to their holders at a stated rate and then repay the principal on a specified date. The fund invests in a diversified portfolio of shorter-term investment-grade fixed income securities, including corporate, government, mortgage- and asset-backed securities, municipal securities, money market securities and bank obligations, and securities of foreign issuers. All of the securities purchased by the fund will be rated investment grade (i.e., rated in one of the four highest credit rating categories) at the time of purchase by at least one of the credit rating agencies or, if unrated, deemed by the adviser to be investment-grade quality. The fund will not be required to sell a holding if it is later downgraded to a below investment-grade rating. While the fund may purchase an individual security with an effective maturity of up to five years, under normal conditions the fund’s dollar-weighted average effective maturity will be 1.5 years or less. The fund uses a variety of derivatives, such as futures, forwards, and swaps for a number of purposes, such as hedging risk or managing certain exposure. Specifically, the fund uses interest rate futures, interest rate future options, credit default swap indexes (CDX), and forward currency exchange contracts. Interest rate futures are typically used to manage the fund’s exposure to changes in interest rates, as a cash management tool, and to adjust portfolio duration or maturity. Interest rate future options are used to manage the fund’s cash flow, exposure to changes in interest rates or to adjust portfolio duration. A CDX is a swap on an index or basket of credit default swaps and is typically used to manage the fund’s credit risk efficiently and gain exposure to certain sectors or asset classes (such as high yield). Forward currency exchange contracts are typically used to protect the fund’s non-U.S. dollar-denominated securities from adverse currency movements. Investment decisions generally reflect the portfolio manager’s outlook for interest rates and the economy, as well as the prices, yields, and credit quality of various securities in which the fund may invest. For example, if interest rates are expected to fall, the fund may purchase securities with longer maturities (to the extent consistent with the fund’s investment program) in an attempt to seek higher yields and/or capital appreciation. Conversely, if interest rates are expected to rise, the fund may seek securities with shorter maturities. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. The fund’s share price fluctuates, which means you could lose money by investing in the fund. Fixed income markets: Economic and other market developments can adversely affect the fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments. Market conditions: The value of the fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries, or the overall securities markets. A variety of factors can increase the volatility of the fund’s holdings and markets generally, including geopolitical developments (such as trade and tariff arrangements, sanctions, and cybersecurity attacks), recessions, inflation, rapid interest rate changes, war, military conflict, acts of terrorism, natural disasters, and outbreaks of infectious illnesses or other widespread public health issues (such as pandemics) and related governmental and public responses. Certain 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. Government intervention in markets may impact interest rates, market volatility, and security pricing. These adverse developments may cause broad declines in market value due to short-term market movements or for significantly longer periods during more prolonged market downturns. Interest rates: A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. The prices and yields of inflation-linked bonds are directly impacted by the rate of inflation as well as changes in interest rates. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. Changes in monetary policy made by central banks and/or governments are likely to affect the interest rates or yields of the securities in which the fund invests. Mortgage- and asset-backed securities: Investments in mortgage-backed securities and other types of asset-backed securities are subject to interest rate risk, prepayment and extension risk, credit risk, and the risk of underperformance by the underlying pools of assets. Mortgage-backed securities and asset-backed securities tend to be more sensitive to changes in interest rates than traditional bonds and other debt securities. Early repayments of principal on underlying assets may expose the fund to a lower rate of return upon reinvestment of principal and the value of securities with prepayment features may not increase as much as other fixed income securities when interest rates are declining. In addition, the value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers and there is no assurance that any guarantors or insurers of such securities will meet their obligations. Prepayments and extensions: The fund is subject to prepayment risks because the principal on mortgage-backed securities, asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile. Foreign investing: Non-U.S. securities tend to be more volatile and have lower overall liquidity and trading volume than investments in U.S. securities and may lose value because of adverse local, political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. Further, securities of non-U.S. issuers are subject to trading markets with potential governmental interference, varying regulatory, auditing, and accounting standards, and settlement and clearance practices that differ from those of U.S. issuers. Investment in non-U.S. securities also carries currency risk. Any attempts to hedge currency risk could be unsuccessful. Such investments may have higher transaction costs compared with U.S. markets. Investments in emerging market countries are subject to greater risk and overall volatility than investments in developed markets. Credit quality: An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. Securities that are rated below investment grade carry greater risk of default and should be considered speculative. Municipal securities: Investments in municipal securities may be adversely affected by changes in the financial condition of certain municipal securities issuers and the economy, as well as by events such as unfavorable legislative or political developments that impact the overall municipal securities market or certain sectors of the municipal securities market. Tax reform, including a lowering of individual or corporate tax rates, could reduce the attractiveness and overall demand for municipal bonds. The secondary market for certain municipal securities tends to be less developed and less liquid than many other securities markets. Derivatives: The use of derivatives exposes the fund to additional volatility and potential losses and the fund may not achieve the purpose of using the derivative. A derivative involves risks different from, and possibly greater than, the risks associated with investing directly in the reference or assets on which the derivative is based, including liquidity risk, valuation risk, correlation risk, market risk, interest rate risk, leverage risk, counterparty and credit risk, operational risk, management risk, legal risk, and regulatory risk. Derivatives can be highly volatile, illiquid, and difficult to value, and changes in the value of a derivative may not properly correlate with changes in the value of the underlying asset, reference rate, or index. The fund could be exposed to significant losses if it is unable to close a derivatives position due to the lack of a liquid secondary trading market. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Derivatives also expose the fund to settlement risk, such as if the fund is required to acquire, buy, or sell the underlying reference or asset at an undesirable price, has challenges with offsetting transactions, or risks associated with cash settlement. Certain derivatives are also subject to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations. The use of derivatives includes the risk of potential operational issues. Derivatives are exposed to legal risks, such as the legality or enforceability of a contract. The adviser may not be able to accurately predict the direction of prices, economic factors, or other associated risks which could cause loss in value or impair the fund’s efforts to reduce overall volatility. New regulations may make derivatives more costly, limit availability, or otherwise affect their value or performance. Liquidity: The fund may not be able to meet requests to redeem shares issued by the fund without significant dilution of the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price. Authorized Participant: Only Authorized Participants may engage in creation or redemption transactions directly with the fund. The fund has a limited number of institutions that may act as Authorized Participants. Authorized Participants have no obligation to submit creation or redemption orders, and there is no assurance that Authorized Participants will establish or maintain an active trading market for shares. To the extent an Authorized Participant cannot or will not engage in creation and redemption transactions, shares may be more likely to trade at a premium or discount to the fund’s NAV and to face trading halts and/or delisting. If the fund effects its creations or redemptions at least partially or fully for cash, rather than in-kind securities, the fund may incur certain costs, including brokerage costs in connection with investing cash received and may recognize capital gains in connection with cash redemptions. ETF shares trading: Shares of the fund are listed for trading on a national securities exchange and are bought and sold in the secondary market at market prices. The market prices of shares are expected to fluctuate in response to changes in the fund’s NAV, the value of the fund’s holdings, and supply and demand for shares. Disruptions to creations and redemptions, significant market volatility, potential lack of an active trading market for the shares (including through a trading halt), or other factors may widen bid-ask spreads and result in the shares trading significantly above (at a premium) or below (at a discount) to NAV or to the value of the fund’s holdings. If a shareholder purchases shares at a time when the market price is at a premium to the NAV or sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Active management: The fund’s overall investment program and holdings selected by the fund’s investment adviser may underperform the broad markets, relevant indices, or other funds with similar objectives and investment strategies. Cybersecurity breaches: The fund could be harmed by intentional cyberattacks and other cybersecurity breaches, including unauthorized access to the fund’s assets, confidential information, or other proprietary information. In addition, a cybersecurity breach could cause one of the fund’s service providers or financial intermediaries to suffer unauthorized data access, data corruption, or loss of operational functionality. A cybersecurity breach could result in a loss for the fund or affect its ability to operate as intended either temporarily or for an extended period, which may include limits on the ability to obtain pricing information for the fund’s investments, calculate its net asset value, and satisfy redemptions. Performance The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund. The following performance information provides some indication of the risks of investing in the fund.The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund.The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results. Calender Year Returns <div id="xdx_A8F_eoef--BarChartTableTextBlock_zYFchiaNq5Zj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_zF4y9QsNTbDY" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Year</th> <th style="display: none">Return</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000229340Member_zEuJNyiqWqDo" style="display: none; width: 50%">-0.12%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000229340Member_zF90Q4gZvCO8" style="display: none">6.41%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000229340Member_zBPjT3S1t7vP" style="display: none">6.36%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000229340Member_zUXivQBPw3GA" style="display: none">5.34%</td></tr> </table> <img alt="" src="usxpros003.jpg" style="height: 357px; width: 650px"/> -0.0012 0.0641 0.0636 0.0534 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: top; background-color: white"> <td style="white-space: nowrap; width: 15%; text-align: center"> </td> <td style="white-space: nowrap; width: 24%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 14%"> Total Return</td> <td style="white-space: nowrap; width: 1%; text-align: center"> </td> <td style="white-space: nowrap; width: 16%; text-align: center"> </td> <td style="white-space: nowrap; width: 16%; text-align: center">Quarter Ended</td> <td style="white-space: nowrap; width: 14%"> Total Return</td> </tr> <tr style="vertical-align: top"> <td id="xdx_987_eoef--HighestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000072799Member_z7AGePx7WTuq" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Best Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">9/30/24</td> <td id="xdx_986_eoef--BarChartHighestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000072799Member_zfFbep9lR5jH" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">2.10%</td> <td style="white-space: nowrap; text-align: center"> </td> <td id="xdx_986_eoef--LowestQuarterlyReturnLabel_c20260727__20260727__dei--LegalEntityAxis__custom--S000072799Member_zPaQTZxCG4NN" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">Worst Quarter</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center">3/31/22</td> <td id="xdx_98C_eoef--BarChartLowestQuarterlyReturn_c20260727__20260727__dei--LegalEntityAxis__custom--S000072799Member_z58YWTsnABYx" style="white-space: nowrap; background-color: #E6E6E6; text-align: center">-0.87%</td> </tr> </table> The fund’s return for the six months ended 6/30/26 was 1.99%. Best Quarter 2024-09-30 0.0210 Worst Quarter 2022-03-31 -0.0087 The fund’s return for the six months ended 2026-06-30 0.0199 The following table shows the average annual total returns for the fund. The fund’s performance information included in the table is compared with a regulatory required index that represents an overall securities market (Bloomberg U.S. Aggregate Bond Index). In addition, the table may also include one or more indexes that align to the fund’s investment strategy. In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. <p id="xdx_987_eoef--PerformanceTableHeading_c20260727__20260727__dei--LegalEntityAxis__custom--S000072799Member_gBFPTH-GHTVAM_zx1QRyLzGIeJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Average Annual Total Returns  <table cellpadding="0" cellspacing="0" id="xdx_A53_z5vRn02mSFEl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap"> </td> <td style="border-top: Black 1pt solid; white-space: nowrap"> </td> <td colspan="7" style="border-top: Black 1pt solid; white-space: nowrap; text-align: center">Periods ended </td> <td style="border-top: Black 1pt solid; border-right: black 1pt solid; white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="7" style="white-space: nowrap; text-align: center">December 31, 2025</td> <td style="border-right: black 1pt solid; white-space: nowrap; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center"> </td> <td style="text-align: center"> </td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">Since</td> <td style="text-align: center">Inception</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right">1 Year </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td colspan="2" style="text-align: center">inception</td> <td style="text-align: center">date</td> <td style="border-right: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap">Ultra Short-Term Bond ETF</td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="text-align: center">09/28/2021</td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 2%"> </td> <td style="white-space: nowrap; width: 41%">Returns before taxes</td> <td id="xdx_980_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000229340Member_zB3DCA9Bofz1" style="white-space: nowrap; width: 13%; background-color: #E6E6E6; text-align: right">5.34</td> <td style="white-space: nowrap; width: 4%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td> <td id="xdx_989_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--ClassAxis__custom--C000229340Member_zfOcHRjYDCuY" style="white-space: nowrap; width: 13%; background-color: #E6E6E6; text-align: right">4.11</td> <td style="white-space: nowrap; width: 4%; background-color: #E6E6E6">%</td> <td style="white-space: nowrap; width: 19%; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; width: 1%; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000229340Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zNDXfsS2siJF" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">3.35</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--ClassAxis__custom--C000229340Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z11ZVDT9Caws" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">2.40</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap">Returns after taxes on distributions and sale</td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: right"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: bottom"> </td> <td style="white-space: nowrap; vertical-align: top">of fund shares</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--ClassAxis__custom--C000229340Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwgRIu9dkNJQ" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">3.13</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--ClassAxis__custom--C000229340Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zHNOqzhtg55k" style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: right">2.42</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right"> </td> <td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="8"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="8" style="white-space: nowrap; vertical-align: top">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="2" style="white-space: nowrap; vertical-align: bottom"> </td> <td id="xdx_98F_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_za2ZUuCGUy87" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">7.30</td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondIndexMember_fYQ_____zlXwWQIwwZY6" style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: right">-0.04</td> <td style="white-space: nowrap; vertical-align: top; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="8"> </td> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap"> </td></tr> <tr> <td style="border-left: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td> <td colspan="8" style="white-space: nowrap; vertical-align: top">Bloomberg Short-Term Government/Corporate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="white-space: nowrap; vertical-align: bottom; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-left: black 1pt solid; white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap"> </td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp0_c20250101__20251231__oef--PerformanceMeasureAxis__custom--BloombergShortTermGovernmentCorporateIndexMember_zc5COnsN3rih" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">4.46</td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td style="white-space: nowrap; background-color: #E6E6E6"> </td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp0_c20210928__20251231__oef--PerformanceMeasureAxis__custom--BloombergShortTermGovernmentCorporateIndexMember_fYQ_____za7XjIguz1YH" style="white-space: nowrap; background-color: #E6E6E6; text-align: right">3.64</td> <td style="white-space: nowrap; background-color: #E6E6E6">a </td> <td style="white-space: nowrap; background-color: #E6E6E6; text-align: center"> </td> <td style="border-right: black 1pt solid; white-space: nowrap; background-color: #E6E6E6"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; text-align: center; white-space: nowrap"> </td> <td style="border-top: black 1pt solid; white-space: nowrap"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 10pt; text-align: left">a </td><td id="xdx_F19_zFyuSAlvptE2" style="text-align: justify">Return since 9/28/21.</td> </tr></table> Average Annual Total Returns Periods ended December 31, 2025 2021-09-28 0.0534 0.0411 0.0335 0.0240 0.0313 0.0242 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0004 0.0446 0.0364 Updated performance information is available through troweprice.com. troweprice.com Return since 11/16/22. The figures shown in the fee table do not match the “Ratios to average net assets” shown in the Financial Highlights table, as those figures do not include acquired fund fees and expenses. Return since 9/28/21. Return since 10/25/22. Return since 9/28/21.