<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 6.5c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_S000069930Member" xlink:label="trowe_S000069930Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000069930Member" xlink:to="trowe_S000069930Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_S000069930Member_lbl" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_FixedincomemarketsMember" xlink:label="trowe_FixedincomemarketsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FixedincomemarketsMember" xlink:to="trowe_FixedincomemarketsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_FixedincomemarketsMember_lbl" xml:lang="en-US">Fixed income markets [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_InflationlinkedsecuritiesMember" xlink:label="trowe_InflationlinkedsecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InflationlinkedsecuritiesMember" xlink:to="trowe_InflationlinkedsecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InflationlinkedsecuritiesMember_lbl" xml:lang="en-US">Inflation-linked securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_MarketconditionsMember" xlink:label="trowe_MarketconditionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_MarketconditionsMember" xlink:to="trowe_MarketconditionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_MarketconditionsMember_lbl" xml:lang="en-US">Market conditions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_IndexinvestingMember" xlink:label="trowe_IndexinvestingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_IndexinvestingMember" xlink:to="trowe_IndexinvestingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_IndexinvestingMember_lbl" xml:lang="en-US">Index investing [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_TrackingerrorMember" xlink:label="trowe_TrackingerrorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_TrackingerrorMember" xlink:to="trowe_TrackingerrorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_TrackingerrorMember_lbl" xml:lang="en-US">Tracking error [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_InterestratesMember" xlink:label="trowe_InterestratesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InterestratesMember" xlink:to="trowe_InterestratesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InterestratesMember_lbl" xml:lang="en-US">Interest rates [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_DerivativesMember" xlink:label="trowe_DerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_DerivativesMember" xlink:to="trowe_DerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_DerivativesMember_lbl" xml:lang="en-US">Derivatives [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CreditqualityMember" xlink:label="trowe_CreditqualityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CreditqualityMember" xlink:to="trowe_CreditqualityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CreditqualityMember_lbl" xml:lang="en-US">Credit quality [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_LiquidityMember" xlink:label="trowe_LiquidityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LiquidityMember" xlink:to="trowe_LiquidityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_LiquidityMember_lbl" xml:lang="en-US">Liquidity [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_CybersecuritybreachesMember" xlink:label="trowe_CybersecuritybreachesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecuritybreachesMember" xlink:to="trowe_CybersecuritybreachesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CybersecuritybreachesMember_lbl" xml:lang="en-US">Cybersecurity breaches [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000222751Member" xlink:label="trowe_C000222751Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000222751Member" xlink:to="trowe_C000222751Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000222751Member_lbl" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund- Investor Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000222752Member" xlink:label="trowe_C000222752Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000222752Member" xlink:to="trowe_C000222752Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000222752Member_lbl" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund-I Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_C000222750Member" xlink:label="trowe_C000222750Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000222750Member" xlink:to="trowe_C000222750Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_C000222750Member_lbl" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund-Z Class</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUSAggregateBondIndexMember" xlink:label="trowe_BloombergUSAggregateBondIndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSAggregateBondIndexMember" xlink:to="trowe_BloombergUSAggregateBondIndexMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSAggregateBondIndexMember_lbl" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260727.xsd#trowe_BloombergUs15YearTreasuryTipsIndexMember" xlink:label="trowe_BloombergUs15YearTreasuryTipsIndexMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUs15YearTreasuryTipsIndexMember" xlink:to="trowe_BloombergUs15YearTreasuryTipsIndexMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUs15YearTreasuryTipsIndexMember_lbl" xml:lang="en-US">Bloomberg U.S. 1-5 Year Treasury TIPS Index</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_S000069930Member" xlink:to="trowe_S000069930Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000069930Member_doc" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000222751Member" xlink:to="trowe_C000222751Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000222751Member_doc" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund- Investor Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000222752Member" xlink:to="trowe_C000222752Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000222752Member_doc" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund-I Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_C000222750Member" xlink:to="trowe_C000222750Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_C000222750Member_doc" xml:lang="en-US">T. Rowe Price U.S. Limited Duration TIPS Index Fund-Z Class</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FixedincomemarketsMember" xlink:to="trowe_FixedincomemarketsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_FixedincomemarketsMember_doc" xml:lang="en-US">Fixed income markets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InflationlinkedsecuritiesMember" xlink:to="trowe_InflationlinkedsecuritiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InflationlinkedsecuritiesMember_doc" xml:lang="en-US">Inflation-linked securities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_MarketconditionsMember" xlink:to="trowe_MarketconditionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_MarketconditionsMember_doc" xml:lang="en-US">Market conditions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_IndexinvestingMember" xlink:to="trowe_IndexinvestingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_IndexinvestingMember_doc" xml:lang="en-US">Index investing.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_TrackingerrorMember" xlink:to="trowe_TrackingerrorMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_TrackingerrorMember_doc" xml:lang="en-US">Tracking error.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InterestratesMember" xlink:to="trowe_InterestratesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InterestratesMember_doc" xml:lang="en-US">Interest rates.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_DerivativesMember" xlink:to="trowe_DerivativesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_DerivativesMember_doc" xml:lang="en-US">Derivatives.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CreditqualityMember" xlink:to="trowe_CreditqualityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CreditqualityMember_doc" xml:lang="en-US">Credit quality.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LiquidityMember" xlink:to="trowe_LiquidityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LiquidityMember_doc" xml:lang="en-US">Liquidity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecuritybreachesMember" xlink:to="trowe_CybersecuritybreachesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CybersecuritybreachesMember_doc" xml:lang="en-US">Cybersecurity breaches.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUSAggregateBondIndexMember" xlink:to="trowe_BloombergUSAggregateBondIndexMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_BloombergUSAggregateBondIndexMember_doc" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BloombergUs15YearTreasuryTipsIndexMember" xlink:to="trowe_BloombergUs15YearTreasuryTipsIndexMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_BloombergUs15YearTreasuryTipsIndexMember_doc" xml:lang="en-US">Bloomberg U.S. 1-5 Year Treasury TIPS Index.</link:label>
    </link:labelLink>
</link:linkbase>
