T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
July 31, 2026 Unaudited
 
 PORTFOLIO OF INVESTMENTS‡ 
Par
$ Value
(Amounts in 000s)
 
 
MUNICIPAL SECURITIES 100.5%
ALABAMA 6.1%
Black Belt Energy Gas District, 4.00%, 6/1/51 (Tender 12/1/31)
1,095
1,100
Black Belt Energy Gas District, Series A, 5.00%, 12/1/34
500
517
Black Belt Energy Gas District, Series C, 5.00%, 6/1/35
500
518
Black Belt Energy Gas District, Series D, VRDN, 5.00%, 12/1/55 (Tender 8/1/35)
500
520
Black Belt Energy Gas District, Series F, 5.00%, 12/1/35
500
519
Black Belt Energy Gas District, Series F, 5.00%, 6/1/36
1,000
1,020
Black Belt Energy Gas District, Series H-2-1, 5.00%, 12/1/31
1,000
1,040
Black Belt Energy Gas District, Series I, 5.00%, 10/1/33
500
523
Black Belt Energy Gas District, Series J, 5.00%, 11/1/36
1,090
1,125
Energy Southeast A Cooperative District, Series A, 5.00%, 11/1/35
795
818
Energy Southeast A Cooperative District, Series B, 5.00%, 11/1/33
265
277
Prattville Industrial Dev. Board, Series B, 3.45%, 11/1/33 (Tender 10/1/31)
20
20
Southeast Alabama Gas Supply Dist., Series B, VRDN, 5.00%, 6/1/49 (Tender 5/1/32)
955
991
Southeast Energy Auth., A Cooperative Dist., Series A, VRDN, 4.00%, 11/1/51 (Tender
10/1/28)
540
545
Southeast Energy Auth., A Cooperative Dist., Series A-1, 5.50%, 1/1/53 (Tender 12/1/29)
100
106
Southeast Energy Auth., A Cooperative Dist., Series B-1, VRDN, 4.00%, 12/1/51 (Tender
12/1/31)
400
397
Southeast Energy Auth., A Cooperative Dist., Series B-1, VRDN, 5.00%, 5/1/53 (Tender
8/1/28)
705
724
Southeast Energy Auth., A Cooperative Dist., Series H, 5.00%, 11/1/35
870
900
 
11,660
ALASKA 0.1%
Alaska Housing Finance, Series A, 2.15%, 6/1/31
195
177
 
177
ARIZONA 3.4%
Arizona IDA, Series A, 4.00%, 11/1/27
180
180
Arizona IDA, Series A, 4.00%, 7/15/40 (1)
100
91
Arizona IDA, Series A, 4.00%, 7/15/30 (1)
325
324
Arizona IDA, Series A, 4.50%, 7/15/29 (1)
200
195
Arizona IDA, Series A, 5.00%, 11/1/29
400
420
Arizona IDA, Series A, 5.00%, 11/1/34
215
232
Arizona IDA, Series A, 5.00%, 7/15/39
500
487
Arizona IDA, Series A, 5.00%, 11/1/36
100
106
Arizona IDA, Series A, 5.00%, 7/1/42 (2)
225
238
Chandler IDA, 4.00%, 6/1/49 (Tender 6/1/29) (3)
515
519
Chandler IDA, Series 1, 5.00%, 9/1/42 (Tender 9/1/27) (3)
175
177
Chandler IDA, Series 2022-2, 5.00%, 9/1/52 (Tender 9/1/27) (3)
965
974
Maricopa County IDA, Series A, 5.00%, 1/1/33
130
131
Phoenix Civic Improvement, 5.00%, 7/1/31 (3)
500
515
Phoenix Civic Improvement, 5.00%, 7/1/33 (3)
325
334
Phoenix Civic Improvement, Series A, 5.00%, 7/1/33 (3)
500
507
Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/31
30
31
Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/33
100
101
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/27
265
268
Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/37
250
251
Phoenix IDA, Downtown Phoenix Student Housing, Series A, 5.00%, 7/1/32
140
142
Salt Verde Financial, 5.00%, 12/1/37
200
204
 
6,427
CALIFORNIA 5.1%
California Community Choice Fin. Auth., Series E, 5.00%, 7/1/35
125
135
California Community Choice Fin. Auth., Series G, 5.00%, 12/1/35
125
133
California Community Choice Fin. Auth., Series G, 5.00%, 10/1/34
200
212
California Community Choice Fin. Auth., Green Bond Energy Project, Series E-1, VRDN,
5.00%, 2/1/55 (Tender 9/1/32)
500
523
California Municipal Fin. Auth., 4.625%, 9/1/35
100
99
California Municipal Fin. Auth., 5.00%, 5/15/37
250
256
California Municipal Fin. Auth., Series A, 4.217%, 11/20/40
199
193
California Municipal Fin. Auth., Series A, 5.00%, 7/1/36
35
35
California Municipal Fin. Auth., Series A, 5.00%, 11/1/35 (1)
250
259
California Municipal Fin. Auth., Series A, 5.125%, 11/1/40 (1)
250
254
California Municipal Fin. Auth., Series A-P3, 5.00%, 6/30/27 (3)
400
405
California Municipal Fin. Auth., Series B, 3.375%, 9/1/50 (Tender 9/1/28) (3)
250
249
California PFA, 5.00%, 10/15/37
700
700
California School Fin. Auth., Series A, 5.00%, 7/1/27 (1)
100
101
California School Fin. Auth., Series A, 5.00%, 7/1/28 (1)
100
103
California Statewide CDA, 5.00%, 5/15/40
260
260
California Statewide CDA, Series A, 5.00%, 5/15/30
220
223
California Statewide CDA, Series A, 5.00%, 9/2/39
330
347
California Statewide CDA, Series A-2, 5.00%, 9/2/33
25
26
California Statewide CDA, Series A-2, 5.00%, 9/2/34
25
26
California Statewide CDA, Series A-2, 5.00%, 9/2/35
25
26
California Statewide CDA, Series A-2, 5.00%, 9/2/36
25
26
California Statewide CDA, Series A-2, 5.00%, 9/2/37
25
26
California Statewide CDA, Series A-2, 5.00%, 9/2/38
25
26
California Statewide CDA, Series A-2, 5.00%, 9/2/39
25
26
California Statewide CDA, Series A-2, 5.00%, 9/2/40
35
36
California Statewide CDA, Series A-2, 5.00%, 9/2/41
40
41
California Statewide CDA, Series B, 5.00%, 9/2/33
215
228
California Statewide CDA, Series C-1, 5.00%, 9/2/39
345
361
California Statewide CDA, Loma Linda Univ. Medical Center, Series A, 5.00%, 12/1/28 (1)
225
231
California Statewide CDA, Loma Linda Univ. Medical Center, Series A, 5.00%, 12/1/36 (1)
400
400
California Statewide CDA, Statewide Community Infrastructure Program, Series 2024C-1,
5.00%, 9/2/30
100
105
Central Valley Energy Auth., VRDN, 5.00%, 12/1/55 (Tender 8/1/35)
75
78
Lompoc Valley Medical Center, 5.00%, 2/1/31
300
309
Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/32 (3)
200
217
Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/35 (3)
150
159
Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/35 (3)
100
102
Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/44 (3)
790
798
Los Angeles Dept. of Airports, Series A, 5.00%, 5/15/37 (3)
285
293
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Los Angeles Dept. of Airports, Series B, 5.00%, 5/15/29 (3)
205
206
Los Angeles Dept. of Airports, Series D, 5.00%, 5/15/35 (3)
140
149
Norman Y Mineta San Jose International Airport, Series A, 5.00%, 3/1/41 (3)
175
176
Orange County Community Facilities District, Series A, 5.00%, 8/15/33
25
26
Orange County Community Facilities District, Series A, 5.00%, 8/15/34
25
26
Orange County Community Facilities District, Series A, 5.00%, 8/15/35
25
26
Orange County Community Facilities District, Series A, 5.00%, 8/15/36
25
26
San Francisco City & County Airport Comm-San Francisco International Airport, Series
2ND, 5.00%, 5/1/48 (3)
495
496
San Francisco City & County Airport Comm-San Francisco International Airport, Series A,
5.00%, 5/1/34 (3)
245
255
San Francisco City & County Airport Comm-San Francisco International Airport, Series A,
5.25%, 5/1/45 (3)
125
133
University of California, Series CH, 5.50%, 5/15/43
50
57
 
9,603
COLORADO 4.9%
Colorado, GO, 6.00%, 12/15/39
270
305
Colorado, GO, 6.00%, 12/15/38
385
437
Colorado, GO, 6.00%, 12/15/41
1,220
1,369
Colorado Educational & Cultural Facilities Auth., Series A, 4.375%, 6/1/36 (1)
100
97
Colorado HFA, Series A, 5.00%, 5/15/37
500
534
Colorado HFA, Series A-1, VRDN, 5.00%, 11/15/58 (Tender 11/15/28)
160
167
Colorado HFA, Series B, VRDN, 5.00%, 5/15/62 (Tender 8/17/26)
165
165
Colorado HFA, Series B-2, 5.00%, 8/1/49 (Tender 8/1/26)
325
325
Denver City & County Airport, Series A, 4.00%, 12/1/33 (3)
500
500
Denver City & County Airport, Series A, 5.00%, 12/1/29 (3)
1,445
1,501
Denver City & County Airport, Series A, 5.00%, 12/1/37 (3)
1,500
1,531
Denver City & County Airport, Series A, 5.00%, 12/1/33 (3)
35
36
Denver City & County Airport, Series A, 5.00%, 12/1/34 (3)
45
46
Denver City & County Airport, Series A, 5.00%, 12/1/43 (3)
305
308
Denver Convention Center Hotel Auth., 5.00%, 12/1/36
250
251
Denver Convention Center Hotel Auth., 5.00%, 12/1/40
615
615
Denver Convention Center Hotel Auth., 5.00%, 12/1/30
25
25
E-470 Public Highway Auth., Series A, 5.00%, 9/1/40
345
370
E-470 Public Highway Auth., Series A-2, Zero Coupon, 9/1/39
1,000
555
E-470 Public Highway Auth., Series B, FRN, 3.138%, 9/1/39 (Tender 9/1/28)
175
175
 
9,312
CONNECTICUT 2.2%
Aquarion Water Auth., Series B, 5.25%, 2/1/33
125
139
Aquarion Water Auth., Series D, 5.25%, 8/1/42 (2)
100
109
Aquarion Water Auth., Series E, Zero Coupon, 8/1/44 (2)
100
43
Connecticut, Series A, GO, 5.00%, 3/15/41
200
216
Connecticut, Series G, GO, 5.00%, 11/15/39
425
460
Connecticut HEFA, Hartford Univ., Series N, 5.00%, 7/1/31
95
96
Connecticut Housing Finance Auth., Series A-1, 3.625%, 5/15/35
90
86
Connecticut Housing Finance Auth., Series E-2, 2.90%, 11/15/29 (3)
1,000
972
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Connecticut Housing Finance Auth., Series F-1, 3.20%, 11/15/33
360
343
Connecticut Special Tax Revenue, Series A, 5.00%, 7/1/44
500
535
Connecticut Special Tax Revenue, Series A, 5.25%, 7/1/43
1,000
1,078
Connecticut State HEFA, Series A, 5.00%, 7/1/43 (4)
175
185
Connecticut State HEFA, Series F, 5.00%, 7/1/27
15
15
 
4,277
DELAWARE 1.0%
Delaware Economic Dev. Auth., 4.00%, 9/1/31
30
30
Delaware Economic Dev. Auth., Series A, 5.00%, 9/1/36
180
180
Delaware HFA, Beebe Medical Center, 5.00%, 6/1/31
480
490
Delaware HFA, Beebe Medical Center, 5.00%, 6/1/43
25
25
Delaware HFA., 5.00%, 10/1/42
230
244
Kent County, Series A, 5.00%, 7/1/32
375
377
Kent County, Series A, 5.00%, 7/1/30
600
605
 
1,951
DISTRICT OF COLUMBIA 2.7%
District of Columbia, 5.00%, 4/1/32
130
131
District of Columbia, Series A, 5.00%, 7/1/42
235
232
District of Columbia Water & Sewer Auth., Series A, 5.00%, 10/1/44
230
245
District of Columbia, Georgetown Univ., 5.00%, 4/1/36
150
151
District of Columbia, Ingleside at Rock Creek, Series A, 5.00%, 7/1/37
335
336
Metropolitan Washington Airports Auth., 5.00%, 10/1/34 (3)
235
238
Metropolitan Washington Airports Auth., Series 2016A, 5.00%, 10/1/31 (3)
25
25
Metropolitan Washington Airports Auth., Series 2022A, 5.00%, 10/1/31 (3)
285
306
Metropolitan Washington Airports Auth., Series A, 4.00%, 10/1/35 (3)
930
913
Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/38 (3)
390
410
Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/35 (3)
500
501
Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/34 (3)
515
516
Metropolitan Washington Airports Auth., Series A, 5.00%, 10/1/36 (3)
65
67
Metropolitan Washington Airports Auth. Dulles Toll Road Revenue, Series A, 5.00%,
10/1/36
285
294
Metropolitan Washington Airports Auth. Dulles Toll Road Revenue, Series A, 5.00%,
10/1/44
250
254
Washington Metropolitan Area Transit Auth., Series A, 5.00%, 7/15/48
500
513
 
5,132
FLORIDA 3.1%
Alachua County HFA, Series B, 5.00%, 12/1/34
200
200
Alachua County HFA, Series B-1, 5.00%, 12/1/34
445
463
Ave Maria Stewardship Community Dist., 4.375%, 5/1/35
250
243
Capital Trust Auth., 4.50%, 6/15/33 (1)
500
498
Central Florida Expressway Auth., Series B, 4.00%, 7/1/39
225
225
Florida Dev. Fin., 4.35%, 4/1/37 (Tender 4/2/31) (3)
500
497
Florida Dev. Fin., Series A, 5.00%, 2/15/31
150
150
Florida Dev. Fin., Series A, 5.00%, 2/15/38
240
233
Florida Municipal Power Agency, Series A, 5.00%, 10/1/28
335
336
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Halifax Hospital Medical Center, 5.00%, 6/1/36
380
380
Hillsborough County Aviation Auth., Series B, 5.00%, 10/1/36 (3)
620
666
Lee Airport Rev., Series A-2, 5.00%, 10/1/56 (Tender 10/1/31) (3)
400
423
Miami-Dade County Aviation Revenue, 5.00%, 10/1/27
480
482
Miami-Dade County IDA, 4.00%, 6/15/31
50
50
Orange County HFA, Series A, 5.00%, 10/1/39
400
401
Polk County IDA, 4.825%, 6/15/35 (1)
100
99
Sarasota County HFA, Series A, 5.00%, 1/1/42
30
30
Sarasota County HFA, Southwest Florida Retirement Centre, Series A, 5.00%, 1/1/37
200
200
Sarasota County Public Hospital District, 5.00%, 7/1/41
70
71
South Miami HFA, 5.00%, 8/15/47
180
181
 
5,828
GEORGIA 3.3%
Atlanta Dept. of Aviation, Series B-1, 5.25%, 7/1/42 (3)
100
106
Atlanta Dept. of Aviation, Series C, 5.00%, 7/1/34 (3)
875
930
Atlanta Dev. Auth., Series A, 5.25%, 7/1/40 (1)
300
304
Atlanta, Water & Wastewater Revenue, 5.00%, 11/1/37 (2)
500
551
Bartow County Dev. Auth., 3.95%, 12/1/32 (Tender 3/8/28)
15
15
Burke County Dev. Auth, Series 2013, VRDN, 3.375%, 11/1/53 (Tender 3/12/27)
95
95
Burke County Dev. Auth., PCR, Georgia Power Plant Vogtle Project, Series 2, VRDN,
3.30%, 12/1/49 (Tender 8/21/29)
220
221
Cobb County Dev. Auth, Series B, 5.00%, 6/15/38
200
210
Cobb County Dev. Auth, Series C, 5.00%, 6/15/37
300
313
Cobb County Kennestone Hospital Auth., 4.00%, 4/1/31
160
160
DeKalb County Housing Auth., 4.00%, 7/1/36
125
123
Fulton County Dev. Auth, Series A, 5.00%, 4/1/37
145
146
Gainesville & Hall County Hospital Auth., Series A, 5.00%, 2/15/35
50
50
George L Smith II Congress Center Auth., Series A, 2.375%, 1/1/31
135
126
Georgia Housing & Fin. Auth., Series A, 3.05%, 12/1/40
150
129
Georgia Housing & Fin. Auth., Series A, 3.90%, 12/1/35
360
356
Griffin-Spalding County Hospital Auth., Series A, 5.00%, 4/1/32
20
20
Main Street Natural Gas, Series C, VRDN, 5.00%, 12/1/54 (Tender 12/1/31)
800
832
Main Street Natural Gas, Series E-1, VRDN, 5.00%, 12/1/53 (Tender 6/1/31)
250
263
Monroe County Dev. Auth., 3.35%, 11/1/48 (Tender 3/27/30)
150
150
Municipal Electric Auth. of Georgia, Series A, 5.00%, 1/1/36
700
740
Private Colleges & Universities Auth., Series B, 4.00%, 10/1/36
95
93
Savannah Hospital Auth., Series A, 4.00%, 7/1/36
250
243
 
6,176
HAWAII 0.3%
Hawaii Airports System Revenue, Series A, 5.00%, 7/1/34 (3)
500
513
 
513
IDAHO 0.4%
Idaho HFA, Series A, 5.00%, 3/1/30
200
212
Idaho HFA, Series D, 5.50%, 12/1/26
500
501
 
713
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
ILLINOIS 4.9%
Chicago O'Hare Int'l Airport, Series D, 5.00%, 1/1/36 (3)
340
342
Illinois, GO, 4.00%, 6/1/32
45
45
Illinois, GO, 4.00%, 6/1/34
55
55
Illinois, GO, 4.00%, 6/1/35
190
188
Illinois, GO, 5.00%, 11/1/37
155
155
Illinois, Series A, GO, 5.00%, 10/1/30
215
223
Illinois, Series A, GO, 5.00%, 3/1/29
295
309
Illinois, Series B, GO, 5.00%, 10/1/32
425
439
Illinois Fin. Auth., 5.00%, 7/1/37
315
327
Illinois Fin. Auth., 5.00%, 8/1/36
200
208
Illinois Fin. Auth., Series A, 5.00%, 5/15/32
275
279
Illinois Fin. Auth., Series A, 5.00%, 5/15/36
100
100
Illinois Fin. Auth., Series A, 5.00%, 7/1/40
750
811
Illinois Fin. Auth., Series B, VRDN, 3.00%, 7/15/55
3,600
3,600
Illinois Fin. Auth., Series B, 5.00%, 10/1/44 (1)
100
98
Illinois Fin. Auth., Series C, 5.00%, 2/15/41
35
35
Illinois Housing Dev. Auth., Series A, 5.00%, 10/1/46
165
170
Illinois State Toll Highway Auth., Series A, 5.00%, 1/1/40
250
251
Illinois State Toll Highway Auth., Series A, 5.00%, 1/1/47
500
522
Illinois State Toll Highway Auth., Series B, 5.00%, 1/1/40
530
530
Illinois State Toll Highway Auth., Series B, 5.00%, 1/1/41
705
706
 
9,393
INDIANA 1.6%
Illinois Fin. Auth., Series A-1, 5.00%, 11/15/42
1,500
1,577
Indiana DFA, 4.60%, 10/1/31 (Tender 10/1/26) (3)
400
401
Indiana Fin. Auth., 5.00%, 10/1/36
100
105
Indiana Fin. Auth., Series A, 5.00%, 9/15/26
250
250
Indiana Fin. Auth., Series A-1, 5.00%, 11/15/38
450
483
Indiana Fin. Auth., Series D, VRDN, 5.00%, 10/1/63 (Tender 10/1/31)
200
215
 
3,031
IOWA 1.0%
Iowa Fin. Auth., Series F, VRDN, 2.95%, 7/1/41
1,820
1,820
 
1,820
KANSAS 0.1%
University of Kansas Hospital Auth., Series A, 5.25%, 3/1/46
100
106
 
106
KENTUCKY 0.8%
Kentucky Bond Dev., Series A, 5.00%, 10/31/42
225
237
Kentucky Economic DFA, Series A, 5.00%, 6/1/45
215
213
Kentucky Economic DFA, Series A, 5.00%, 6/1/31
30
30
Kentucky Economic DFA, Series A, 5.00%, 6/1/37
120
120
Kentucky Economic DFA, Owensboro Medical Health, Series A, 5.25%, 6/1/41
400
401
Kentucky Public Energy Auth., Series A-1, 4.00%, 8/1/52 (Tender 8/1/30)
510
512
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Kentucky Public Energy Auth., Series A-1, 5.00%, 5/1/55
100
104
 
1,617
LOUISIANA 0.4%
Louisiana Local Government Environmental Facilities & CDA, 3.50%, 11/1/32
550
532
Saint John the Baptist Parish, Marathon Oil, Series C, VRDN, 3.30%, 6/1/37 (Tender
7/3/28)
175
178
 
710
MAINE 0.5%
Maine State Housing Auth., Series C, 3.25%, 11/15/30
1,000
991
 
991
MARYLAND 3.5%
Baltimore, 3.625%, 1/1/37
85
81
Baltimore, 4.00%, 1/1/40
330
316
Baltimore, 4.00%, 1/1/36
110
110
Baltimore, 5.00%, 1/1/29
95
95
Baltimore City, Convention Center Hotel, 5.00%, 9/1/31
75
75
Frederick, Series A, 4.00%, 7/1/32
250
251
Gaithersburg, 5.00%, 1/1/37
210
213
Gaithersburg, Series A, 5.00%, 1/1/36
60
61
Maryland CDA, Series A, 1.60%, 9/1/32
205
173
Maryland CDA, Series A, 1.75%, 3/1/30
495
455
Maryland CDA, Series B, 3.00%, 9/1/34
50
47
Maryland CDA, Series C-2, 3.70%, 1/1/29
50
50
Maryland CDA, Series D-2, 3.30%, 1/1/29
250
251
Maryland DOT, 2.50%, 10/1/33
250
228
Maryland Economic Dev., 5.00%, 7/1/29
185
187
Maryland Economic Dev., Bowie State Univ. Project, 4.00%, 7/1/35
250
240
Maryland Economic Dev., Ports America Chesapeake, Series A, 5.00%, 6/1/35
220
225
Maryland HHEFA, 3.25%, 7/1/39
100
83
Maryland HHEFA, 4.125%, 1/1/30
20
20
Maryland HHEFA, 5.00%, 7/1/38
100
106
Maryland HHEFA, 5.25%, 1/1/37
500
500
Maryland HHEFA, Series A, 4.00%, 7/1/35
60
60
Maryland HHEFA, Series A, 5.00%, 7/1/34
375
387
Maryland HHEFA, Series A, 5.00%, 7/1/41
130
133
Maryland HHEFA, Series A, 5.00%, 7/1/38
400
403
Maryland HHEFA, Series B, 4.25%, 7/1/41
25
25
Maryland HHEFA, Series B, 5.00%, 1/1/32
70
74
Maryland HHEFA, Adventist Healthcare, 4.00%, 1/1/30
115
116
Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/28
50
51
Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/27
130
131
Maryland HHEFA, Adventist Healthcare, 5.00%, 1/1/36
525
542
Maryland HHEFA, Adventist Healthcare, Series A, 5.50%, 1/1/36
145
146
Rockville, Series A1, 5.00%, 11/1/30
90
91
Rockville, Series A-2, 5.00%, 11/1/32
25
25
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Rockville, Ingleside at King Farm, Series A-2, 3.375%, 11/1/27
50
50
Washington Suburban Sanitary Commission, GO, 2.00%, 12/1/39
1,000
729
 
6,730
MASSACHUSETTS 1.6%
Massachusetts, Series A, GO, 5.00%, 4/1/42
500
538
Massachusetts Commonwealth, Series C, GO, 2.00%, 9/1/38
490
368
Massachusetts DFA, 5.00%, 7/1/42
220
214
Massachusetts DFA, 5.00%, 7/1/36 (1)
100
103
Massachusetts DFA, Series I, 5.00%, 7/1/27
35
35
Massachusetts DFA, CHF Merrimack, Series A, 4.25%, 7/1/34 (1)
325
324
Massachusetts DFA, CHF Wentworth, Series A, 5.25%, 7/1/41 (1)
100
103
Massachusetts HFA, Series 198, 3.85%, 12/1/34 (3)
300
285
Massachusetts HFA, Series B-3, 3.55%, 12/1/29
100
101
Massachusetts HFA, Series G, 3.90%, 12/1/40
950
890
 
2,961
MICHIGAN 4.6%
Great Lakes Water Auth. Sewage Disposal System Revenue, Series A, 5.00%, 7/1/37
685
747
Great Lakes Water Auth. Water Supply System Revenue, Series A, 5.00%, 7/1/38
1,000
1,086
Great Lakes Water Auth. Water Supply System Revenue, Series A, 5.00%, 7/1/46
450
474
Great Lakes Water Auth. Water Supply System Revenue, Series B, 5.00%, 7/1/44
700
745
Michigan Fin. Auth., 4.00%, 11/15/35
335
330
Michigan Fin. Auth., 5.00%, 11/15/32
305
306
Michigan Fin. Auth., 5.00%, 11/15/37
240
241
Michigan Fin. Auth., 5.00%, 11/15/29
75
75
Michigan Fin. Auth., 5.00%, 11/15/41
735
737
Michigan Fin. Auth., 5.00%, 11/15/34
150
151
Michigan Fin. Auth., Series A, 5.00%, 11/1/44
200
200
Michigan State HFA, Series B-1, VRDN, 5.00%, 8/15/55 (Tender 6/1/32)
1,605
1,722
Michigan State HFA, Series B2, 5.00%, 8/15/55 (Tender 6/1/35)
450
488
Michigan State Housing Dev. Auth., Series A, 3.25%, 10/1/37
490
441
Michigan State Housing Dev. Auth., Series A, 3.50%, 12/1/33
500
484
Michigan State Housing Dev. Auth., Series A-1, 3.55%, 10/1/31
275
268
Michigan Strategic Fund, 4.625%, 10/1/41 (1)
200
199
 
8,694
MINNESOTA 0.4%
Minnesota, Series B, GO, 5.00%, 8/1/40
235
252
St Paul Minnesota Housing & Redev. Auth., Series A, 4.00%, 7/1/33
220
219
St Paul Minnesota Housing & Redev. Auth., Series A, 4.00%, 7/1/35
255
249
 
720
MISSISSIPPI 0.0%
Warren County, Int'l Paper, 4.00%, 9/1/32
25
25
 
25
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
MISSOURI 0.0%
Health & Educational Facilities Auth. of the State of Missouri, Series F, VRDN, 3.05%,
6/1/36
100
100
 
100
MONTANA 0.0%
Montana Facility Fin. Auth., Series B-3, 4.10%, 11/15/31
50
50
 
50
NEBRASKA 0.8%
Central Plains Energy Project, Series 1, VRDN, 5.00%, 5/1/53 (Tender 10/1/29)
175
181
Central Plains Energy Project, Series A-1, 5.00%, 8/1/55 (Tender 8/1/31)
950
1,000
Nebraska Investment Fin. Auth., Series D, 3.75%, 9/1/35
280
275
 
1,456
NEVADA 0.1%
Reno, 5.00%, 6/1/28 (1)
100
102
Sparks Tourism Improvement District No. 1, 3.875%, 6/15/28
55
55
 
157
NEW HAMPSHIRE 0.8%
New Hampshire Business Fin. Auth., Series 1, 4.50%, 4/20/43 (Tender 3/1/36)
100
96
New Hampshire Business Fin. Auth., Series 2, GO, 4.40%, 2/20/43 (Tender 4/1/36)
450
446
New Hampshire Business Fin. Auth., Series 2, GO, 4.40%, 2/20/43 (Tender 4/1/36)
160
154
New Hampshire Business Fin. Auth., Series 2025-1, 4.084%, 1/20/41
49
47
New Hampshire Business Fin. Auth., Series 2025-3, 4.794%, 2/20/41
323
323
New Hampshire Business Fin. Auth., Series A, 5.25%, 2/1/37 (5)
125
137
New Hampshire Business Fin. Auth., Series A, 5.25%, 8/1/40 (5)
220
233
 
1,436
NEW JERSEY 0.5%
New Jersey Economic Dev. Auth., 5.00%, 11/1/45
200
200
New Jersey Economic Dev. Auth., 5.00%, 10/1/37 (3)
50
50
New Jersey Economic Dev. Auth., DRP Urban Renewal, 6.375%, 1/1/35 (1)(3)
200
211
New Jersey Educational Facilities Auth., Series A, 5.00%, 7/1/33
100
106
New Jersey Educational Facilities Auth., Series A, 5.00%, 7/1/37
40
40
New Jersey HCFFA, 3.00%, 7/1/32
185
176
New Jersey HCFFA, Series A, 5.00%, 7/1/39
240
240
 
1,023
NEW MEXICO 0.4%
New Mexico Mortgage Fin. Auth., Series A, 4.25%, 9/1/43
215
208
New Mexico Mortgage Fin. Auth., Series A-1, 3.70%, 7/1/38
425
393
New Mexico Mortgage Fin. Auth., Series C, 3.85%, 9/1/42
100
92
 
693
NEW YORK 11.0%
Build NYC Resource, 4.00%, 6/15/36
400
373
Build NYC Resource, Series B, 5.00%, 6/1/36 (1)
300
308
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Long Island Power Auth., Series C, 3.40%, 9/1/51 (Tender 9/1/30) (5)
105
105
New York City Housing Dev., Series A, 2.70%, 8/1/37
15
13
New York City Housing Dev., Series A-2, 3.73%, 5/1/63 (Tender 12/29/28)
720
720
New York City Housing Dev., Series C1A, 3.50%, 11/1/33
610
602
New York City Housing Dev., Series C-2, VRDN, 3.75%, 5/1/65 (Tender 7/2/29)
125
126
New York City Housing Dev., Series D, VRDN, 4.30%, 11/1/63 (Tender 11/1/28)
805
813
New York City Housing Dev., Series D-1-B, 4.20%, 11/1/40
250
234
New York City Housing Dev., Series E-1, 2.80%, 11/1/34
500
451
New York City Housing Dev., Series E-1-A, 3.15%, 11/1/36
350
319
New York City Housing Dev., Series F-1A, 3.10%, 11/1/36
210
190
New York City Housing Dev., Series F-2, VRDN, 3.40%, 11/1/64 (Tender 1/2/29)
300
300
New York City Housing Dev., Series I, 2.15%, 11/1/33
50
43
New York City Housing Dev., Series I-1, 2.10%, 11/1/35
465
380
New York City Housing Dev., Series I-1-A, 3.95%, 11/1/36
250
247
New York City Housing Dev., Series I-1-A, 4.15%, 11/1/46
250
231
New York City Housing Dev., Series K, 3.95%, 11/1/43
245
226
New York City Municipal Water Fin. Auth., Series CC-1, 4.00%, 6/15/37
435
432
New York City Transitional Fin. Auth., Series D, 5.25%, 5/1/45
1,075
1,148
New York City Transitional Fin. Auth., Series F-1, 5.25%, 2/1/47
1,000
1,043
New York City Transitional Fin. Auth., Series F-1, 5.50%, 2/1/48
335
361
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series A, 5.25%,
11/1/47
550
584
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series A-1, 3.625%,
8/1/39
255
232
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series A-1, 5.00%,
11/1/36
175
191
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series C-1, 5.00%,
2/1/37
300
318
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series F-1, 5.00%,
11/1/38
730
790
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series G-1, 5.00%,
11/1/39
75
81
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series H-1, 5.00%,
11/1/44
250
264
New York City Transitional Fin. Auth., Future Tax Secured Revenue, Series H-1, 5.25%,
11/1/45
50
54
New York Mortgage Agency, Series 51, 3.40%, 10/1/30
250
243
New York Mortgage Agency Homeowner Mortgage Rev., Series 232, 2.10%, 4/1/31 (3)
610
558
New York Mortgage Agency Homeowner Mortgage Rev., Series 274, 3.65%, 4/1/38
1,170
1,092
New York Mortgage Agency Homeowner Mortgage Rev., Series 274, 3.70%, 10/1/38
200
188
New York NY, Series F-1, GO, 3.50%, 3/1/38
220
198
New York State Dormitory Auth., 5.00%, 12/1/37 (1)
100
93
New York State Dormitory Auth., 5.00%, 12/1/32 (1)
200
195
New York State Dormitory Auth., Series A, 5.00%, 3/15/43
500
531
New York State Housing Fin. Agency, Series A-1, VRDN, 3.60%, 11/1/44 (Tender 4/1/32)
100
99
New York State Housing Fin. Agency, Series B, 3.20%, 11/1/36
375
338
New York State Housing Fin. Agency, Series C, 3.05%, 11/1/36
200
175
New York State Housing Fin. Agency, Series C, 3.35%, 11/1/46
480
385
New York State Housing Fin. Agency, Series D-1, 4.00%, 11/1/42
230
218
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
New York State Housing Fin. Agency, Series D-2, 3.375%, 5/1/65 (Tender 11/1/31)
160
157
New York State Housing Fin. Agency, Series G, 2.40%, 11/1/41
315
234
New York State Housing Fin. Agency, Series K, 3.30%, 11/1/37
50
45
New York Transportation Dev., 5.00%, 12/1/29 (3)
165
173
New York Transportation Dev., 5.00%, 12/1/33 (3)
385
410
New York Transportation Dev., GO, 5.25%, 6/30/38 (3)
120
126
New York Transportation Dev., Series A, 5.00%, 12/1/27 (3)
130
133
New York Transportation Dev., Series A, 5.00%, 12/1/34 (3)
555
577
New York Transportation Dev., Series A, 5.00%, 12/1/35 (3)
950
983
New York Transportation Dev., JFK NTO, 6.00%, 6/30/42 (3)
100
109
Port Auth. of New York & New Jersey, 3.50%, 7/15/35 (3)
55
50
Port Auth. of New York & New Jersey, 5.00%, 11/1/44 (3)
325
332
Port Auth. of New York & New Jersey, Series 207, 5.00%, 9/15/33 (3)
470
480
Port Auth. of New York & New Jersey, Series 214TH, 5.00%, 9/1/30 (3)
180
188
Port Auth. of New York & New Jersey, Series 226, 5.00%, 10/15/38 (3)
380
395
Port Auth. of New York & New Jersey, Series 231ST, 5.00%, 8/1/38 (3)
750
786
Southold Local Dev., Peconic Landing at Southold Project, 3.50%, 12/1/30
30
30
Westchester County Local Dev., Series A, 5.25%, 12/1/40 (1)
100
99
 
20,799
NORTH CAROLINA 0.7%
Cape Fear Public Utility Auth. Water & Service Revenue, 5.00%, 4/1/40
150
163
Durham Housing Auth., 500 East Main, VRDN, 3.625%, 4/1/29 (Tender 4/1/28)
85
86
North Carolina Medical Care Commission, Lutheran Services for Aging, Series C, 4.00%,
3/1/31
250
253
North Carolina Medical Care Commission, Penick Village, Series A, 5.00%, 9/1/34
150
157
North Carolina Medical Care Commission, Salemtowne, 5.25%, 10/1/37
600
600
North Carolina Medical Care Commission, Salemtowne Project, 5.375%, 10/1/45
70
70
North Carolina Medical Care Commission, Southminster, 5.00%, 10/1/31
50
50
 
1,379
OHIO 0.3%
Cuyahoga, 5.00%, 2/15/42
265
263
Norwood OH, 4.375%, 12/1/30
110
111
Ohio Housing Fin. Agency, Series K, 3.35%, 9/1/39
185
159
 
533
OKLAHOMA 1.2%
Oklahoma Turnpike Auth., Series A, 5.00%, 1/1/43
610
652
Oklahoma Turnpike Auth., Series A, 5.00%, 1/1/40
340
369
Tulsa County Industrial Auth., 5.25%, 11/15/37
1,350
1,358
 
2,379
OREGON 0.2%
Port of Portland Airport Revenue, Series 24B, 5.00%, 7/1/42 (3)
30
30
Port of Portland Airport Revenue, Series THIRT, 5.25%, 7/1/42 (3)
250
265
 
295
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
PENNSYLVANIA 1.9%
Cumberland County Municipal Auth., 5.00%, 1/1/39
155
155
Hospitals & Higher Education Facilities Auth. of Philadelphia, 5.00%, 7/1/29
100
101
Lycoming County Auth., Series YY1, 5.00%, 11/1/32 (5)
250
259
Lycoming County Auth., Series YY1, 5.00%, 11/1/33 (5)
250
259
Pennsylvania Economic DFA, Bridges Finco Project, 4.125%, 12/31/38 (3)
770
716
Pennsylvania Economic DFA, Bridges Finco Project, 5.00%, 12/31/38 (3)
100
100
Pennsylvania Economic DFA, Waste Management Project, 4.25%, 7/1/41 (Tender 7/1/27)
(3)
250
252
Pennsylvania Housing Fin. Agency, Series 123B, 3.45%, 10/1/32
195
187
Pennsylvania Housing Fin. Agency, Series 153A, 3.70%, 10/1/34
160
158
Pennsylvania Housing Fin. Agency, Series 153A, 4.00%, 10/1/37
535
522
Pennsylvania Housing Fin. Agency, Series 2015-117B, 3.90%, 10/1/35
515
515
Pennsylvania State University, Series A, 5.00%, 9/1/39
250
273
Philadelphia Airport Revenue, Series B, 5.00%, 7/1/35 (3)
185
187
 
3,684
PUERTO RICO 5.8%
Puerto Rico Commonwealth, Series A, GO, Zero Coupon, 7/1/33
1,072
779
Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/33
783
783
Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/35
403
399
Puerto Rico Commonwealth, Series A1, GO, 5.625%, 7/1/27
19
19
Puerto Rico Commonwealth, Series A1, GO, 5.625%, 7/1/29
935
987
Puerto Rico Commonwealth, Series A1, GO, 5.75%, 7/1/31
1,488
1,606
Puerto Rico Commonwealth, Series CW, GO, % 11/1/43 (6)
938
668
Puerto Rico Sales Tax Fin., Restructured, Series A1, Zero Coupon, 7/1/33
464
362
Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero Coupon, 7/1/29
610
553
Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero Coupon, 7/1/27
4
4
Puerto Rico Sales Tax Fin., Restructured, Series A-1, 0.01%, 7/1/31
400
339
Puerto Rico Sales Tax Fin., Restructured, Series A-1, 4.50%, 7/1/34
761
758
Puerto Rico Sales Tax Fin., Restructured, Series A-1, 4.55%, 7/1/40
1,183
1,171
Puerto Rico Sales Tax Fin., Restructured, Series A2, 4.329%, 7/1/40
1,353
1,321
Puerto Rico Sales Tax Fin., Restructured, Series A-2, 4.329%, 7/1/40
1,024
1,000
Puerto Rico Sales Tax Fin., Restructured, Series A-2A, 4.55%, 7/1/40
320
317
 
11,066
SOUTH CAROLINA 1.3%
Charleston Waterworks & Sewer System Revenue, Series A, 4.00%, 1/1/41
250
237
Medical University Hospital Auth., 5.25%, 5/15/42
100
106
South Carolina Jobs-Economic Dev. Auth, Series A, 3.95%, 4/1/33 (3)
475
478
South Carolina Jobs-Economic Dev. Auth, Series A, 5.00%, 12/1/35
250
256
South Carolina Jobs-Economic Dev. Auth, Series A, 5.25%, 11/1/42
85
92
South Carolina Jobs-Economic Dev. Auth., Prisma Health Obligated Group, Series A,
5.00%, 5/1/32
155
159
South Carolina Public Service Auth., Series A, 5.00%, 12/1/45
320
335
South Carolina Public Service Auth., Series B, 5.00%, 12/1/40 (4)
220
236
South Carolina Public Service Auth. Revenue, Series E, 5.50%, 12/1/39
450
489
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
South Carolina State Housing Fin. & Dev. Auth., Series B, 5.00%, 7/1/29
50
53
 
2,441
SOUTH DAKOTA 0.3%
Lincoln, 5.25%, 8/1/38
375
383
South Dakota Health & EFA, Series C-2, 5.00%, 11/1/51 (Tender 11/1/32)
205
220
 
603
TENNESSEE 1.4%
Greeneville Health & Ed. Fac. Board, Ballad Health Obligation Group, Series A, 5.00%,
7/1/37
210
214
Metropolitan Government Nashville & Davidson County HEFA, Series B, 5.00%, 7/1/37
400
436
Metropolitan Nashville Airport Auth., Series B, 5.00%, 7/1/43 (3)
500
521
Metropolitan Nashville Airport Auth., Series B, 5.00%, 7/1/42 (3)
500
524
Tennessee Energy Acquisition, Series A, 5.00%, 12/1/35
1,000
1,038
 
2,733
TEXAS 8.0%
Arlington Higher Education Fin., 4.00%, 8/15/38
1,000
958
Arlington Higher Education Fin., Series A, 3.00%, 8/15/45
250
190
Arlington Higher Education Fin., Series A, 5.00%, 8/15/33 (5)
200
216
Austin City Airport System Revenue, 5.00%, 11/15/42 (3)
670
699
Austin Convention Enterprises, Series A, 5.00%, 1/1/34
55
55
Austin Convention Enterprises, Series A, 5.00%, 1/1/33
150
150
Austin Convention Enterprises, Convention Center, Series A, 5.00%, 1/1/27
35
35
Austin Convention Enterprises, Convention Center, Series A, 5.00%, 1/1/28
215
216
Board of Regents of the Univ. of Texas System, Series A, 5.00%, 8/15/43
75
81
Central Texas Turnpike System, Series A, 5.00%, 8/15/37
375
404
Central Texas Turnpike System, Series A, 5.00%, 8/15/38
500
536
Clifton Higher Education Fin., 4.00%, 8/15/34
240
241
Clifton Higher Education Fin., 5.00%, 4/1/41
375
393
Clifton Higher Education Fin., 5.00%, 8/15/36
345
364
Clifton Higher Education Fin., Series A, 4.375%, 2/15/42
885
871
Clifton Higher Education Fin., Series A, 5.00%, 2/15/37
500
536
Clifton Higher Education Fin., Series A, 5.00%, 8/15/36
100
106
Clifton Higher Education Fin., Series A, 5.00%, 8/15/39
210
220
Clifton Higher Education Fin., Series A, 5.00%, 2/15/40
60
63
Clifton Higher Education Fin., Series A, 5.25%, 2/15/45
180
189
Conroe Independent School Dist., GO, 5.00%, 2/15/38
705
774
Cypress-Fairbanks Independent School District, Series B, GO, 5.00%, 2/15/36
250
275
Dallas Fort Worth Int'l Airport, Series A-1, 5.25%, 11/1/37 (3)
285
310
Dallas Fort Worth Int'l Airport, Series A-2, 5.00%, 11/1/50 (Tender 11/1/32) (3)
200
214
Denton Independent School Dist., GO, 5.00%, 8/15/48
450
464
Georgetown Independent School District, 5.50%, 2/15/38
500
567
Harris County Cultural Education Facilities Fin., Series A, 3.00%, 10/1/40 (2)
650
543
Harris County Cultural Education Facilities Fin., Series B, 5.00%, 7/1/37
620
670
Harris County Hospital District, GO, 5.00%, 2/15/42
225
241
Hidalgo County Regional Mobility Auth., Series A, 4.00%, 12/1/41
400
358
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Houston Airport, Series B, 5.25%, 7/15/29 (3)
275
285
Houston Airport, Series B, 5.50%, 7/15/35 (3)
100
109
Lower Colorado River Auth., Series A, 5.00%, 5/15/40 (4)
935
997
Mission Economic Dev.,Graphic Packaging Int'l, VRDN, 5.00%, 12/1/64 (Tender 6/1/30)
(3)
290
299
Mission Economic Dev.,Graphic Packaging Int'l, 5.00%, 12/1/64 (Tender 6/1/30) (3)
100
103
New Hope Cultural Education Facilities Fin., 5.00%, 1/1/27
250
251
North East Texas Regional Mobility Auth., Series A, 5.00%, 1/1/39
100
106
Northside Independent School District, Series B, GO, 2.00%, 6/1/52 (Tender 6/1/27)
300
297
Port of Beaumont Navigation District, Series A, 5.125%, 1/1/44 (1)
100
95
Texas Municipal Gas Acquisition & Supply V, VRDN, 5.00%, 1/1/55 (Tender 1/1/34)
295
306
Texas Municipal Gas Acquisition & Supply VI, 5.00%, 1/1/36
500
515
Texas Municipal Gas Acquisition & Supply VI, Series A, 5.00%, 3/1/34 (5)
300
311
Texas Private Activity Bond Surface Transportation, 5.50%, 6/30/43 (3)
110
113
Texas Private Activity Bond Surface Transportation, Series 2019-A, 5.00%, 12/31/36
75
78
Texas Private Activity Bond Surface Transportation, Series 2023, 5.50%, 6/30/42 (3)
220
227
Waller Consolidated Independent School District, GO, 5.00%, 2/15/41
125
133
 
15,164
UTAH 2.2%
Downtown Daybreak Public Infrastructure District No. 1, 5.00%, 3/1/41 (1)
500
501
Salt Lake City Airport, Series 2018-A, 5.00%, 7/1/34 (3)
325
333
Salt Lake City Airport, Series 2021-A, 5.00%, 7/1/34 (3)
270
285
Salt Lake City Airport, Series A, 5.00%, 7/1/36 (3)
350
357
Salt Lake City Airport, Series A, 5.00%, 7/1/43 (3)
1,000
1,010
Salt Lake City Airport, Series A, 5.00%, 7/1/42 (3)
160
161
Salt Lake City Airport, Series A, 5.00%, 7/1/35 (3)
500
511
Salt Lake City Airport, Series A, 5.25%, 7/1/39 (3)
425
452
Utah City West Public Infrastructure District No. 1, 5.00%, 12/1/41 (1)
150
150
Utah Municipal Power Agency, Series A, 5.00%, 7/1/43
325
346
 
4,106
VIRGINIA 5.5%
Fairfax County IDA, 5.00%, 5/15/37
500
535
Fairfax County IDA, Series A, 5.00%, 5/15/31
285
288
Farmville IDA, 5.375%, 7/1/53 (Tender 7/1/43) (4)
500
520
Halifax County IDA, Series A, VRDN, 3.80%, 12/1/41 (Tender 5/28/27)
230
231
Henrico County Economic Dev. Aut., 4.00%, 10/1/32
50
50
Henrico County Economic Dev. Auth., 4.00%, 10/1/33
120
121
Henrico County Economic Dev. Auth., Series C, 4.00%, 12/1/32
155
156
Lexington IDA, Series A, 4.00%, 1/1/43
80
74
Loudoun County Economic Dev. Auth., Series A, 5.00%, 12/1/43
655
702
Lynchburg Economic Dev. Auth., Series A, 5.00%, 1/1/27
225
227
Lynchburg Economic Dev. Auth., Series A, 5.25%, 1/1/45
450
475
Lynchburg Economic Dev. Auth., Series B, 5.00%, 1/1/39
30
32
Norfolk Redevelopment & Housing Auth., Series A, 4.375%, 1/1/39
75
71
Prince William County IDA, 4.125%, 1/1/37
20
19
Prince William County IDA, 5.00%, 1/1/31
200
200
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
Rockingham County Economic Dev. Auth., Series A, 3.00%, 11/1/46
295
225
Rockingham County Economic Dev. Auth., Series A, 4.00%, 12/1/33
50
50
Rockingham County Economic Dev. Auth., Series A, 5.00%, 12/1/39
100
102
Virginia College Building Auth., Series A, 5.00%, 2/1/41
250
265
Virginia Housing Dev. Auth., Series B, 2.80%, 3/1/37
650
555
Virginia Housing Dev. Auth., Series B, 3.80%, 6/1/31
135
136
Virginia Housing Dev. Auth., Series H, 3.55%, 7/1/34
510
493
Virginia Housing Dev. Auth., Series H, 3.90%, 1/1/37
465
444
Virginia Housing Dev. Auth., Series H, 4.00%, 7/1/38
1,160
1,133
Virginia Small Business Fin. Auth, 5.00%, 1/1/37 (3)
40
41
Virginia Small Business Fin. Auth, 5.00%, 7/1/37 (3)
25
26
Virginia Small Business Fin. Auth., Series A, 5.00%, 1/1/32
160
167
Virginia Small Business Fin. Auth., Series A, 5.00%, 1/1/35
430
448
Virginia Small Business Fin. Auth., Elizabeth River Crossings, 4.00%, 7/1/32 (3)
550
548
Virginia Small Business Fin. Auth., 95 Express Lanes Project, 4.00%, 7/1/39 (3)
830
792
Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 1/1/32 (3)
385
407
Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 7/1/32 (3)
380
401
Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 7/1/33 (3)
100
105
Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 7/1/34 (3)
25
26
Virginia Small Business Fin. Auth., 95 Express Lanes Project, 5.00%, 7/1/36 (3)
195
202
Wise County IDA, Series A, 3.80%, 11/1/40 (Tender 5/28/27)
70
70
York County Economic Dev. Auth., Series A, 3.65%, 5/1/33 (Tender 10/1/27)
100
101
 
10,438
WASHINGTON 2.8%
Energy Northwest, Series 2023-A, 5.00%, 7/1/39
785
838
Energy Northwest, Series 2024-A, 5.00%, 7/1/39
500
538
Port of Seattle, Series A, 5.00%, 5/1/33 (3)
285
289
Port of Seattle WA, Series B, 5.00%, 7/1/36 (3)
200
214
Port of Seattle WA, Series B, 5.00%, 10/1/30 (3)
95
95
Port of Seattle WA, Series B, 5.00%, 8/1/26 (3)
100
100
Port of Seattle WA, Series C, 5.00%, 5/1/42 (3)
500
503
Washington, Series 2017-A, GO, 5.00%, 8/1/39
20
20
Washington, Series 2024-A, GO, 5.00%, 8/1/39
465
499
Washington, Series 2025A, GO, 5.00%, 8/1/42
515
551
Washington, Series R, GO, 5.00%, 7/1/38
1,000
1,091
Washington Health Care Facilities Auth., Series B-3, 5.00%, 8/1/49 (Tender 8/1/26)
215
215
Washington State Housing Fin. Commission, Series 2, 4.085%, 3/1/50
246
235
Washington State Housing Fin. Commission, Series A, 5.00%, 7/1/45 (1)(2)
100
101
 
5,289
WEST VIRGINIA 0.4%
Ohio County Special District Excise Tax, Series A, 5.00%, 6/1/33 (4)
140
152
West Virginia Economic Dev. Auth., Commercial Metals, VRDN, 4.625%, 4/15/55 (Tender
5/15/32) (3)
250
255
West Virginia Hospital Fin. Auth., Series A, 5.00%, 6/1/27
220
220
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
 
Par
$ Value
(Amounts in 000s)
 
 
West Virginia Hospital Fin. Auth., Series B, 5.00%, 6/1/55 (Tender 6/1/33)
100
107
 
734
WISCONSIN 2.9%
PFA, 5.00%, 11/15/38
175
184
PFA, 5.00%, 11/15/40
40
42
PFA, Series 1, 3.625%, 6/15/63 (Tender 6/15/31)
125
124
PFA, Series A, 4.00%, 7/15/33 (1)
100
98
PFA, Series A, 5.00%, 5/15/30 (1)
100
101
PFA, Series A, 5.00%, 6/15/39
100
106
PFA, Series A, 5.00%, 6/1/37 (1)
200
201
PFA, Series A, 5.00%, 7/1/40 (2)
50
52
PFA, Series A, 6.00%, 6/15/35 (1)
100
102
PFA, Series A-2, 2.875%, 5/1/27 (3)
160
159
PFA, Series B, 5.00%, 6/1/34
70
71
PFA, Series B, 5.00%, 6/1/39
250
251
Wisconsin, Series 2, GO, 5.00%, 5/1/38
500
550
Wisconsin HEFA, 5.00%, 6/1/40
100
102
Wisconsin HEFA, 6.50%, 11/1/36 (1)
500
509
Wisconsin HEFA, Series A, 4.00%, 11/15/35
875
876
Wisconsin HEFA, Series A, 4.00%, 2/15/36
50
49
Wisconsin HEFA, Series A, 5.00%, 11/15/30
35
35
Wisconsin HEFA, Series A, 5.00%, 11/15/31
185
186
Wisconsin HEFA, Series A, 5.00%, 2/15/28
275
275
Wisconsin HEFA, Series A, 5.00%, 11/15/39
685
686
Wisconsin HEFA, Series A, 5.00%, 2/15/42
180
180
Wisconsin Housing & Economic Dev. Auth. Home Ownership Revenue, Series A, 3.25%,
9/1/26
120
120
Wisconsin Housing & Economic Dev. Auth. Home Ownership Revenue, Series D, 3.60%,
3/1/35
395
382
 
5,441
Total Municipal Securities
(Cost $191,648)
190,566
Total Investments
100.5% of Net Assets (Cost $191,648)
$190,566
Other Assets Less Liabilities (0.5%)
(904
)
Net Assets 100.0%
$189,662
 
‡ 
Par is denominated in U.S. dollars unless otherwise noted. 
(1) 
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in
transactions exempt from registration only to qualified institutional buyers. Total value of such securities at
period-end amounts to $6,649 and represents 3.5% of net assets. 
(2) 
Insured by Build America Mutual Assurance Company 
(3) 
Interest subject to alternative minimum tax. 
(4) 
Insured by Assured Guaranty Municipal Corporation 
(5) 
When-issued security. 
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
July 31, 2026 Unaudited
(6) 
Contingent value instrument that only pays out if a portion of the territory's Sales and Use Tax outperforms the
projections in the Oversight Board's Certified Fiscal Plan. 
 
CDA 
Community Development Administration/Authority 
DFA 
Development Finance Authority 
DOT 
Department of Transportation 
EFA 
Educational Facility Authority 
FRN 
Floating Rate Note 
GO 
General Obligation 
HCFFA 
Health Care Facilities Financing Authority 
HEFA 
Health & Educational Facility Authority 
HFA 
Health Facility Authority 
HHEFA 
Health & Higher Educational Facility Authority 
IDA 
Industrial Development Authority/Agency 
PCR 
Pollution Control Revenue 
PFA 
Public Finance Authority/Agency 
VRDN 
Variable Rate Demand Note under which the holder has the right to sell the security to the issuer or the issuer's
agent at a predetermined price on specified dates; such specified dates are considered the effective maturity
for purposes of the fund's weighted average maturity; rate shown is effective rate at period-end and maturity
date shown is final maturity. Certain VRDN rates are not based on a published reference rate and spread but
may adjust periodically. 
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
Unaudited
 NOTES TO PORTFOLIO OF INVESTMENTS 
T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Intermediate Municipal Income ETF (the fund) is an open-end management investment company established by the corporation and follows accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the fund’s most recent semiannual or annual shareholder report and its prospectus.
VALUATION
Fair Value
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. Eastern Time, each day the NYSE is open for business, and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fund’s Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund’s valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)
Level 3 – unobservable inputs (including the Valuation Designee’s assumptions in determining fair value)
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
Valuation Techniques
Debt securities are generally traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.
T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF
Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford the greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.
Valuation Inputs
On July 31, 2026, all of the fund’s financial instruments were classified as Level 2, based on the inputs used to determine their fair values.
OTHER MATTERS
Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict, terrorism, geopolitical and regulatory developments (including trading and tariff arrangements), and public health epidemics or threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted. These and other similar 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, and exacerbate other pre-existing political, social, and economic risks. The fund’s performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.
ETF1133-054Q3
07/26