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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_IlliquidityOfUnderlyingFundInterestsMember_lbl" xml:lang="en-US">Illiquidity of Underlying Fund Interests [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_NewFundMember_lbl" xml:lang="en-US">New Fund [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PIPETransactionsMember_lbl" xml:lang="en-US">PIPE Transactions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_OperatingAndFinancialRisksOfPortfolioCompaniesMember" xlink:label="trowe_OperatingAndFinancialRisksOfPortfolioCompaniesMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_OperatingAndFinancialRisksOfPortfolioCompaniesMember_lbl" xml:lang="en-US">Operating and Financial Risks of Portfolio Companies [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InvestmentAndDueDiligenceProcessMember_lbl" xml:lang="en-US">Investment and Due Diligence Process [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockMember_lbl" xml:lang="en-US">Preferred Stock [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ConvertibleSecuritiesMember" xlink:to="trowe_ConvertibleSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ConvertibleSecuritiesMember_lbl" xml:lang="en-US">Convertible Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember" xlink:label="trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember" xlink:to="trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember_lbl" xml:lang="en-US">Securities on a When-Issued or Forward Commitment Basis [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForeignSecuritiesMember" xlink:to="trowe_ForeignSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ForeignSecuritiesMember_lbl" xml:lang="en-US">Foreign Securities [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForeignCurrencyRisksMember" xlink:to="trowe_ForeignCurrencyRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ForeignCurrencyRisksMember_lbl" xml:lang="en-US">Foreign Currency Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_CurrencyHedgingRiskMember" xlink:label="trowe_CurrencyHedgingRiskMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CurrencyHedgingRiskMember_lbl" xml:lang="en-US">Currency Hedging Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_UseofLeverageRiskofBorrowingbytheFundMember" xlink:label="trowe_UseofLeverageRiskofBorrowingbytheFundMember" />
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      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_ChangeofLawRiskMember" xlink:label="trowe_ChangeofLawRiskMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ChangeofLawRiskMember_lbl" xml:lang="en-US">Change of Law Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForceMajeureRiskMember" xlink:to="trowe_ForceMajeureRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ForceMajeureRiskMember_lbl" xml:lang="en-US">Force Majeure Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_TerroristActivitiesMember" xlink:label="trowe_TerroristActivitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_TerroristActivitiesMember" xlink:to="trowe_TerroristActivitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_TerroristActivitiesMember_lbl" xml:lang="en-US">Terrorist Activities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_VolatilityofCommodityPricesMember" xlink:label="trowe_VolatilityofCommodityPricesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_VolatilityofCommodityPricesMember" xlink:to="trowe_VolatilityofCommodityPricesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_VolatilityofCommodityPricesMember_lbl" xml:lang="en-US">Volatility of Commodity Prices [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_RegulatoryApprovalsMember" xlink:label="trowe_RegulatoryApprovalsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RegulatoryApprovalsMember" xlink:to="trowe_RegulatoryApprovalsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_RegulatoryApprovalsMember_lbl" xml:lang="en-US">Regulatory Approvals [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_SustainabilityRisksMember" xlink:label="trowe_SustainabilityRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SustainabilityRisksMember" xlink:to="trowe_SustainabilityRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_SustainabilityRisksMember_lbl" xml:lang="en-US">Sustainability Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_PoliticalandSocietalChallengesMember" xlink:label="trowe_PoliticalandSocietalChallengesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PoliticalandSocietalChallengesMember" xlink:to="trowe_PoliticalandSocietalChallengesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PoliticalandSocietalChallengesMember_lbl" xml:lang="en-US">Political and Societal Challenges [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_DerivativesInstrumentsMember" xlink:label="trowe_DerivativesInstrumentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_DerivativesInstrumentsMember" xlink:to="trowe_DerivativesInstrumentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_DerivativesInstrumentsMember_lbl" xml:lang="en-US">Derivatives Instruments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_OptionsandFuturesRiskMember" xlink:label="trowe_OptionsandFuturesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_OptionsandFuturesRiskMember" xlink:to="trowe_OptionsandFuturesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_OptionsandFuturesRiskMember_lbl" xml:lang="en-US">Options and Futures Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_CreditDerivativesMember" xlink:label="trowe_CreditDerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CreditDerivativesMember" xlink:to="trowe_CreditDerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CreditDerivativesMember_lbl" xml:lang="en-US">Credit Derivatives [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_CounterpartyRiskMember" xlink:label="trowe_CounterpartyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CounterpartyRiskMember" xlink:to="trowe_CounterpartyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CounterpartyRiskMember_lbl" xml:lang="en-US">Counterparty Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_OtherRisksRelatingtotheFundMember" xlink:label="trowe_OtherRisksRelatingtotheFundMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_OtherRisksRelatingtotheFundMember" xlink:to="trowe_OtherRisksRelatingtotheFundMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_OtherRisksRelatingtotheFundMember_lbl" xml:lang="en-US">Other Risks Relating to the Fund [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_SeniorManagementPersonneloftheAdviserMember" xlink:label="trowe_SeniorManagementPersonneloftheAdviserMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SeniorManagementPersonneloftheAdviserMember" xlink:to="trowe_SeniorManagementPersonneloftheAdviserMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_SeniorManagementPersonneloftheAdviserMember_lbl" xml:lang="en-US">Senior Management Personnel of the Adviser [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_KeyPersonnelRiskMember" xlink:label="trowe_KeyPersonnelRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_KeyPersonnelRiskMember" xlink:to="trowe_KeyPersonnelRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_KeyPersonnelRiskMember_lbl" xml:lang="en-US">Key Personnel Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_TheAdvisersRelationshipsMember" xlink:label="trowe_TheAdvisersRelationshipsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_TheAdvisersRelationshipsMember" xlink:to="trowe_TheAdvisersRelationshipsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_TheAdvisersRelationshipsMember_lbl" xml:lang="en-US">The Adviser&#8217;s Relationships [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_SharesNotListedNoMarketforSharesMember" xlink:label="trowe_SharesNotListedNoMarketforSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SharesNotListedNoMarketforSharesMember" xlink:to="trowe_SharesNotListedNoMarketforSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_SharesNotListedNoMarketforSharesMember_lbl" xml:lang="en-US">Shares Not Listed; No Market for Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_BestEffortsOfferingRiskMember" xlink:label="trowe_BestEffortsOfferingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BestEffortsOfferingRiskMember" xlink:to="trowe_BestEffortsOfferingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BestEffortsOfferingRiskMember_lbl" xml:lang="en-US">Best-Efforts&#8221; Offering Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_InadequateReturnRiskMember" xlink:label="trowe_InadequateReturnRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InadequateReturnRiskMember" xlink:to="trowe_InadequateReturnRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InadequateReturnRiskMember_lbl" xml:lang="en-US">Inadequate Return Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_InadequateNetworkofBrokerDealerRiskMember" xlink:label="trowe_InadequateNetworkofBrokerDealerRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InadequateNetworkofBrokerDealerRiskMember" xlink:to="trowe_InadequateNetworkofBrokerDealerRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InadequateNetworkofBrokerDealerRiskMember_lbl" xml:lang="en-US">Inadequate Network of Broker-Dealer Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_RegistrationundertheUSCommodityExchangeActMember" xlink:label="trowe_RegistrationundertheUSCommodityExchangeActMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RegistrationundertheUSCommodityExchangeActMember" xlink:to="trowe_RegistrationundertheUSCommodityExchangeActMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_RegistrationundertheUSCommodityExchangeActMember_lbl" xml:lang="en-US">Registration under the U.S. Commodity Exchange Act [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_RepurchaseOffersRisksMember" xlink:label="trowe_RepurchaseOffersRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RepurchaseOffersRisksMember" xlink:to="trowe_RepurchaseOffersRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_RepurchaseOffersRisksMember_lbl" xml:lang="en-US">Repurchase Offers Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_DistributionPaymentRiskMember" xlink:label="trowe_DistributionPaymentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_DistributionPaymentRiskMember" xlink:to="trowe_DistributionPaymentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_DistributionPaymentRiskMember_lbl" xml:lang="en-US">Distribution Payment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_RisksAssociatedwiththeFundDistributionPolicyMember" xlink:label="trowe_RisksAssociatedwiththeFundDistributionPolicyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RisksAssociatedwiththeFundDistributionPolicyMember" xlink:to="trowe_RisksAssociatedwiththeFundDistributionPolicyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_RisksAssociatedwiththeFundDistributionPolicyMember_lbl" xml:lang="en-US">Risks Associated with the Fund Distribution Policy [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_InvestmentDilutionRiskMember" xlink:label="trowe_InvestmentDilutionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InvestmentDilutionRiskMember" xlink:to="trowe_InvestmentDilutionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_InvestmentDilutionRiskMember_lbl" xml:lang="en-US">Investment Dilution Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_AntiTakeoverRiskMember" xlink:label="trowe_AntiTakeoverRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_AntiTakeoverRiskMember" xlink:to="trowe_AntiTakeoverRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_AntiTakeoverRiskMember_lbl" xml:lang="en-US">Anti-Takeover Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_ConflictsofInterestRiskMember" xlink:label="trowe_ConflictsofInterestRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ConflictsofInterestRiskMember" xlink:to="trowe_ConflictsofInterestRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ConflictsofInterestRiskMember_lbl" xml:lang="en-US">Conflicts of Interest Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member" xlink:label="trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member" xlink:to="trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member_lbl" xml:lang="en-US">Potential Conflicts of Interest Risk-Allocation of Personnel [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember" xlink:label="trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember" xlink:to="trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember_lbl" xml:lang="en-US">Potential Conflicts of Interest Risk-Lack of Information Barriers [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_PortfolioFairValueRiskMember" xlink:label="trowe_PortfolioFairValueRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PortfolioFairValueRiskMember" xlink:to="trowe_PortfolioFairValueRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_PortfolioFairValueRiskMember_lbl" xml:lang="en-US">Portfolio Fair Value Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_CybersecurityRisksMember" xlink:label="trowe_CybersecurityRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecurityRisksMember" xlink:to="trowe_CybersecurityRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_CybersecurityRisksMember_lbl" xml:lang="en-US">Cybersecurity Risks [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_NonDiversifiedStatusMember" xlink:label="trowe_NonDiversifiedStatusMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_NonDiversifiedStatusMember" xlink:to="trowe_NonDiversifiedStatusMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_NonDiversifiedStatusMember_lbl" xml:lang="en-US">Non-Diversified Status [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_RisksRelatingtoFundsRICStatusMember" xlink:label="trowe_RisksRelatingtoFundsRICStatusMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RisksRelatingtoFundsRICStatusMember" xlink:to="trowe_RisksRelatingtoFundsRICStatusMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_RisksRelatingtoFundsRICStatusMember_lbl" xml:lang="en-US">Risks Relating to Fund&#8217;s RIC Status [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="trowe-20260826.xsd#trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember" xlink:label="trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember" xlink:to="trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember_lbl" xml:lang="en-US">RIC-Related Risks of Investments Generating Non-Cash Taxable Income [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ClassAMember" xlink:to="trowe_ClassAMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ClassAMember_doc" xml:lang="en-US">Class A.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ClassDMember" xlink:to="trowe_ClassDMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ClassDMember_doc" xml:lang="en-US">Class D.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ClassIMember" xlink:to="trowe_ClassIMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ClassIMember_doc" xml:lang="en-US">Class I.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InvestmentsinMiddleMarketCompaniesMember" xlink:to="trowe_InvestmentsinMiddleMarketCompaniesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InvestmentsinMiddleMarketCompaniesMember_doc" xml:lang="en-US">Investments in Middle-Market Companies.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InvestmentsinLessEstablishedCompaniesMember" xlink:to="trowe_InvestmentsinLessEstablishedCompaniesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InvestmentsinLessEstablishedCompaniesMember_doc" xml:lang="en-US">Investments in Less Established Companies.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ConvertibleSecuritiesMember" xlink:to="trowe_ConvertibleSecuritiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ConvertibleSecuritiesMember_doc" xml:lang="en-US">Convertible Securities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember" xlink:to="trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_SecuritiesonaWhenIssuedorForwardCommitmentBasisMember_doc" xml:lang="en-US">Securities on a When-Issued or Forward Commitment Basis.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForeignSecuritiesMember" xlink:to="trowe_ForeignSecuritiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ForeignSecuritiesMember_doc" xml:lang="en-US">Foreign Securities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForeignCurrencyRisksMember" xlink:to="trowe_ForeignCurrencyRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ForeignCurrencyRisksMember_doc" xml:lang="en-US">Foreign Currency Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CurrencyHedgingRiskMember" xlink:to="trowe_CurrencyHedgingRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CurrencyHedgingRiskMember_doc" xml:lang="en-US">Currency Hedging Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_UseofLeverageRiskofBorrowingbytheFundMember" xlink:to="trowe_UseofLeverageRiskofBorrowingbytheFundMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_UseofLeverageRiskofBorrowingbytheFundMember_doc" xml:lang="en-US">Use of Leverage: Risk of Borrowing by the Fund.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ChangeofLawRiskMember" xlink:to="trowe_ChangeofLawRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ChangeofLawRiskMember_doc" xml:lang="en-US">Change of Law Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ForceMajeureRiskMember" xlink:to="trowe_ForceMajeureRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ForceMajeureRiskMember_doc" xml:lang="en-US">Force Majeure Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_TerroristActivitiesMember" xlink:to="trowe_TerroristActivitiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_TerroristActivitiesMember_doc" xml:lang="en-US">Terrorist Activities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_VolatilityofCommodityPricesMember" xlink:to="trowe_VolatilityofCommodityPricesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_VolatilityofCommodityPricesMember_doc" xml:lang="en-US">Volatility of Commodity Prices.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RegulatoryApprovalsMember" xlink:to="trowe_RegulatoryApprovalsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_RegulatoryApprovalsMember_doc" xml:lang="en-US">Regulatory Approvals.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SustainabilityRisksMember" xlink:to="trowe_SustainabilityRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_SustainabilityRisksMember_doc" xml:lang="en-US">Sustainability Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PoliticalandSocietalChallengesMember" xlink:to="trowe_PoliticalandSocietalChallengesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PoliticalandSocietalChallengesMember_doc" xml:lang="en-US">Political and Societal Challenges.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_DerivativesInstrumentsMember" xlink:to="trowe_DerivativesInstrumentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_DerivativesInstrumentsMember_doc" xml:lang="en-US">Derivatives Instruments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_OptionsandFuturesRiskMember" xlink:to="trowe_OptionsandFuturesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_OptionsandFuturesRiskMember_doc" xml:lang="en-US">Options and Futures Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CreditDerivativesMember" xlink:to="trowe_CreditDerivativesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CreditDerivativesMember_doc" xml:lang="en-US">Credit Derivatives.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CounterpartyRiskMember" xlink:to="trowe_CounterpartyRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CounterpartyRiskMember_doc" xml:lang="en-US">Counterparty Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_OtherRisksRelatingtotheFundMember" xlink:to="trowe_OtherRisksRelatingtotheFundMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_OtherRisksRelatingtotheFundMember_doc" xml:lang="en-US">Other Risks Relating to the Fund.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SeniorManagementPersonneloftheAdviserMember" xlink:to="trowe_SeniorManagementPersonneloftheAdviserMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_SeniorManagementPersonneloftheAdviserMember_doc" xml:lang="en-US">Senior Management Personnel of the Adviser.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_KeyPersonnelRiskMember" xlink:to="trowe_KeyPersonnelRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_KeyPersonnelRiskMember_doc" xml:lang="en-US">Key Personnel Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_TheAdvisersRelationshipsMember" xlink:to="trowe_TheAdvisersRelationshipsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_TheAdvisersRelationshipsMember_doc" xml:lang="en-US">The Adviser&#8217;s Relationships.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SharesNotListedNoMarketforSharesMember" xlink:to="trowe_SharesNotListedNoMarketforSharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_SharesNotListedNoMarketforSharesMember_doc" xml:lang="en-US">Shares Not Listed; No Market for Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_BestEffortsOfferingRiskMember" xlink:to="trowe_BestEffortsOfferingRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_BestEffortsOfferingRiskMember_doc" xml:lang="en-US">Best-Efforts&#8221; Offering Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InadequateReturnRiskMember" xlink:to="trowe_InadequateReturnRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InadequateReturnRiskMember_doc" xml:lang="en-US">Inadequate Return Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InadequateNetworkofBrokerDealerRiskMember" xlink:to="trowe_InadequateNetworkofBrokerDealerRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InadequateNetworkofBrokerDealerRiskMember_doc" xml:lang="en-US">Inadequate Network of Broker-Dealer Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RegistrationundertheUSCommodityExchangeActMember" xlink:to="trowe_RegistrationundertheUSCommodityExchangeActMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_RegistrationundertheUSCommodityExchangeActMember_doc" xml:lang="en-US">Registration under the U.S. Commodity Exchange Act.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RepurchaseOffersRisksMember" xlink:to="trowe_RepurchaseOffersRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_RepurchaseOffersRisksMember_doc" xml:lang="en-US">Repurchase Offers Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_DistributionPaymentRiskMember" xlink:to="trowe_DistributionPaymentRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_DistributionPaymentRiskMember_doc" xml:lang="en-US">Distribution Payment Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RisksAssociatedwiththeFundDistributionPolicyMember" xlink:to="trowe_RisksAssociatedwiththeFundDistributionPolicyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_RisksAssociatedwiththeFundDistributionPolicyMember_doc" xml:lang="en-US">Risks Associated with the Fund Distribution Policy.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InvestmentDilutionRiskMember" xlink:to="trowe_InvestmentDilutionRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InvestmentDilutionRiskMember_doc" xml:lang="en-US">Investment Dilution Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_AntiTakeoverRiskMember" xlink:to="trowe_AntiTakeoverRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_AntiTakeoverRiskMember_doc" xml:lang="en-US">Anti-Takeover Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ConflictsofInterestRiskMember" xlink:to="trowe_ConflictsofInterestRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ConflictsofInterestRiskMember_doc" xml:lang="en-US">Conflicts of Interest Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member" xlink:to="trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PotentialConflictsofInterestRiskAllocationofPersonnel.Member_doc" xml:lang="en-US">Potential Conflicts of Interest Risk-Allocation of Personnel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember" xlink:to="trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PotentialConflictsofInterestRiskLackofInformationBarriersMember_doc" xml:lang="en-US">Potential Conflicts of Interest Risk-Lack of Information Barriers.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PortfolioFairValueRiskMember" xlink:to="trowe_PortfolioFairValueRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PortfolioFairValueRiskMember_doc" xml:lang="en-US">Portfolio Fair Value Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CybersecurityRisksMember" xlink:to="trowe_CybersecurityRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CybersecurityRisksMember_doc" xml:lang="en-US">Cybersecurity Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_NonDiversifiedStatusMember" xlink:to="trowe_NonDiversifiedStatusMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_NonDiversifiedStatusMember_doc" xml:lang="en-US">Non-Diversified Status.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RisksRelatingtoFundsRICStatusMember" xlink:to="trowe_RisksRelatingtoFundsRICStatusMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_RisksRelatingtoFundsRICStatusMember_doc" xml:lang="en-US">Risks Relating to Fund&#8217;s RIC Status.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember" xlink:to="trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_RICRelatedRisksofInvestmentsGeneratingNonCashTaxableIncomeMember_doc" xml:lang="en-US">RIC-Related Risks of Investments Generating Non-Cash Taxable Income.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InvestmentandTradingRisksInGeneralMember" xlink:to="trowe_InvestmentandTradingRisksInGeneralMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InvestmentandTradingRisksInGeneralMember_doc" xml:lang="en-US">Investment and Trading Risks in General.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_UnforeseenMarketEventsMember" xlink:to="trowe_UnforeseenMarketEventsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_UnforeseenMarketEventsMember_doc" xml:lang="en-US">Unforeseen Market Events.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_AllocationRisksMember" xlink:to="trowe_AllocationRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_AllocationRisksMember_doc" xml:lang="en-US">Allocation Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_RisksAssociatedWithFundsStructureMember" xlink:to="trowe_RisksAssociatedWithFundsStructureMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_RisksAssociatedWithFundsStructureMember_doc" xml:lang="en-US">Risks Associated with the Fund&#8217;s Structure.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_OperationalRisksMember" xlink:to="trowe_OperationalRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_OperationalRisksMember_doc" xml:lang="en-US">Operational Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_ClosedendIntervalFundLiquidityRisksMember" xlink:to="trowe_ClosedendIntervalFundLiquidityRisksMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ClosedendIntervalFundLiquidityRisksMember_doc" xml:lang="en-US">Closed-end Interval Fund; Liquidity Risks.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_CompetitionForInvestmentOpportunitiesMember" xlink:to="trowe_CompetitionForInvestmentOpportunitiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CompetitionForInvestmentOpportunitiesMember_doc" xml:lang="en-US">Competition for Investment Opportunities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FundOfFundsRiskMember" xlink:to="trowe_FundOfFundsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_FundOfFundsRiskMember_doc" xml:lang="en-US">Fund of Funds Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_FundStructureMember" xlink:to="trowe_FundStructureMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_FundStructureMember_doc" xml:lang="en-US">Fund Structure.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_IncentiveAllocationArrangementsMember" xlink:to="trowe_IncentiveAllocationArrangementsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_IncentiveAllocationArrangementsMember_doc" xml:lang="en-US">Incentive Allocation Arrangements.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_IlliquidityOfUnderlyingFundInterestsMember" xlink:to="trowe_IlliquidityOfUnderlyingFundInterestsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_IlliquidityOfUnderlyingFundInterestsMember_doc" xml:lang="en-US">Illiquidity of Underlying Fund Interests.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_LiquidityAndValuationMember" xlink:to="trowe_LiquidityAndValuationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LiquidityAndValuationMember_doc" xml:lang="en-US">Liquidity and Valuation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_NewFundMember" xlink:to="trowe_NewFundMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_NewFundMember_doc" xml:lang="en-US">New Fund.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_PrivateEquityInvestmentsGenerallyMember" xlink:to="trowe_PrivateEquityInvestmentsGenerallyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_PrivateEquityInvestmentsGenerallyMember_doc" xml:lang="en-US">Private Equity Investments Generally.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_EarlyStageandLateStageCompaniesMember" xlink:to="trowe_EarlyStageandLateStageCompaniesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_EarlyStageandLateStageCompaniesMember_doc" xml:lang="en-US">Early-Stage and Late-Stage Companies.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_InvestmentsInPublicCompaniesMember" xlink:to="trowe_InvestmentsInPublicCompaniesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InvestmentsInPublicCompaniesMember_doc" xml:lang="en-US">Investments in Public Companies.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_SmallAndMediumCapitalizationCompaniesMember" xlink:to="trowe_SmallAndMediumCapitalizationCompaniesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_SmallAndMediumCapitalizationCompaniesMember_doc" xml:lang="en-US">Small and Medium Capitalization Companies.</link:label>
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