T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
July 31, 2026 Unaudited
 
 PORTFOLIO OF INVESTMENTS‡ 
Shares
$ Value
(Cost and value in $000s)
 
 
ARGENTINA 0.0%
Common Stocks 0.0%
Tenaris
180
5
Total Argentina (Cost $5)
5
AUSTRALIA 6.6%
Common Stocks 6.6%
ANZ Group Holdings
6,208
162
Aristocrat Leisure
386
17
BHP Group
4,699
198
Brambles
759
10
CAR Group
361
7
Coles Group
4,572
77
Commonwealth Bank of Australia
1,244
156
Computershare
413
12
CSL
369
32
Evolution Mining
979
8
Fortescue
1,621
21
Goodman Group
1,011
21
Insurance Australia Group
1,983
12
Lynas Rare Earths (1)
656
6
Macquarie Group
301
53
National Australia Bank
2,192
64
Northern Star Resources
826
11
Origin Energy
1,475
11
PLS Group (1)
1,584
5
Qantas Airways
5,670
39
QBE Insurance Group
779
14
Rio Tinto
488
58
Santos
1,668
9
Scentre Group
21,875
60
Sigma Healthcare
3,634
8
South32
3,414
11
Suncorp Group
6,896
93
Telstra Group
9,640
34
Transurban Group
1,829
19
Washington H Soul Pattinson
280
9
Wesfarmers
867
54
Westpac Banking
2,534
67
Woodside Energy Group
1,663
39
Woolworths Group
614
17
Xero (1)
132
7
Total Australia (Cost $1,312)
1,421
AUSTRIA 0.9%
Common Stocks 0.9%
BAWAG Group
293
59
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Erste Group Bank
541
71
OMV
930
68
Total Austria (Cost $174)
198
BELGIUM 1.1%
Common Stocks 1.1%
Ageas
700
58
Anheuser-Busch InBev
695
61
Argenx (1)
30
26
Groupe Bruxelles Lambert
114
10
KBC Group
120
17
UCB
246
63
Total Belgium (Cost $230)
235
CHILE 0.0%
Common Stocks 0.0%
Antofagasta (GBP)
173
9
Total Chile (Cost $7)
9
DENMARK 1.8%
Common Stocks 1.8%
AP Moller - Maersk, Class B
2
5
Carlsberg, Class B
79
12
Danske Bank
331
19
Demant (1)
1,002
43
DSV
100
22
Genmab (1)
42
12
Novo Nordisk, Class B
3,122
148
Novonesis Novozymes B, Class B
263
17
Orsted (1)
2,213
49
Pandora
51
7
Vestas Wind Systems
2,166
58
Total Denmark (Cost $374)
392
FINLAND 1.1%
Common Stocks 1.1%
Fortum
263
6
Kone, Class B
180
10
Metso
573
11
Neste
315
11
Nokia
2,509
23
Nordea Bank
1,562
32
Orion, Class B
74
7
Sampo, Class A
1,296
14
UPM-Kymmene
2,532
69
Wartsila
1,308
44
Total Finland (Cost $228)
227
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
FRANCE 10.7%
Common Stocks 10.7%
Accor
135
7
Air Liquide
651
128
Airbus
503
118
Alstom (1)
232
4
ArcelorMittal
212
15
AXA
1,284
67
BNP Paribas
1,416
180
Capgemini
107
13
Cie de Saint-Gobain
219
21
Cie Generale des Etablissements Michelin
1,946
79
Credit Agricole
782
17
Danone
328
25
Dassault Systemes
512
12
Eiffage
314
45
Engie
867
27
EssilorLuxottica
145
27
Eurofins Scientific
1,012
80
Euronext
47
9
Hermes International
15
27
Ipsen
251
48
Kering
46
15
Klepierre SA
1,336
61
Legrand
122
19
L'Oreal
184
82
LVMH Moet Hennessy Louis Vuitton
240
132
Orange
4,153
79
Pernod Ricard
166
13
Publicis Groupe
171
18
Safran
272
107
Sanofi
934
80
Schneider Electric
411
138
Societe Generale
1,096
103
SPIE
931
50
STMicroelectronics
326
17
Thales
227
65
TotalEnergies
2,490
219
Unibail-Rodamco-Westfield (1)
100
12
Veolia Environnement
370
15
Vinci
1,006
142
Total France (Cost $2,195)
2,316
GERMANY 7.8%
Common Stocks 7.7%
adidas
76
14
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Allianz
326
162
BASF
431
25
Bayer
725
40
Bayerische Motoren Werke AG
156
11
Beiersdorf
72
7
Brenntag
100
7
Commerzbank
306
13
Continental AG
77
6
Daimler Truck Holding
249
14
Delivery Hero (1)
95
4
Deutsche Bank
885
33
Deutsche Boerse
93
28
Deutsche Post
1,449
97
Deutsche Telekom
5,010
155
E.ON
1,131
24
Evonik Industries AG
2,469
50
Fresenius Medical Care
167
9
Fresenius SE & KGaA
295
15
GEA Group
98
7
Hannover Rueck
353
102
Heidelberg Materials
67
13
Infineon Technologies
1,089
78
Mercedes-Benz Group
387
21
Merck
93
15
MTU Aero Engines
39
16
Muenchener Rueckversicherungs-Gesellschaft
100
60
Quiagen
186
8
Rheinmetall
30
40
RWE
317
21
SAP
869
159
Siemens
660
216
Siemens Energy
900
154
Siemens Healthineers
239
10
Symrise
134
14
Vonovia
575
14
 
1,662
Preferred Stocks 0.1%
Henkel
135
12
Sartorius
16
4
Volkswagen
143
12
 
28
Total Germany (Cost $1,655)
1,690
HONG KONG 2.0%
Common Stocks 2.0%
AIA Group
10,200
103
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
BOC Hong Kong Holdings
6,500
43
CK Asset Holdings
1,500
9
CK Hutchison Holdings
6,500
61
CLP Holdings
1,000
10
Galaxy Entertainment Group
8,000
35
HKT Trust & HKT
26,000
44
Hong Kong Exchanges & Clearing
500
26
Hongkong Land Holdings (USD)
700
6
Jardine Matheson Holdings (USD)
100
6
Link REIT
1,655
8
Sun Hung Kai Properties
500
8
Techtronic Industries
4,000
67
Total Hong Kong (Cost $386)
426
IRELAND 0.7%
Common Stocks 0.7%
AIB Group
934
11
Bank of Ireland Group
430
9
Kerry Group, Class A
125
12
Kingspan Group
107
10
Ryanair Holdings
3,715
104
Total Ireland (Cost $159)
146
ISRAEL 0.8%
Common Stocks 0.8%
Bank Hapoalim
650
16
Bank Leumi Le-Israel
741
18
Check Point Software Technologies (USD) (1)
54
7
Elbit Systems
13
11
Enlight Renewable Energy (1)
75
6
Israel Discount Bank, Class A
1,098
11
Mizrahi Tefahot Bank
95
7
Nova (1)
19
8
Phoenix Financial
183
10
Teva Pharmaceutical Industries, ADR (USD) (1)
544
19
Tower Semiconductor (1)
294
64
Total Israel (Cost $175)
177
ITALY 3.4%
Common Stocks 3.4%
Banca Monte dei Paschi di Siena
1,330
18
Banco BPM
864
16
BPER Banca
1,035
17
Enel
14,441
163
Eni
969
27
Ferrari
63
25
FinecoBank Banca Fineco
519
14
Generali
1,507
76
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Intesa Sanpaolo
6,280
48
Leonardo
204
13
Moncler
182
10
Poste Italiane
1,967
60
Prysmian
139
19
Snam
1,542
10
Stellantis (1)
1,429
8
Telecom Italia (1)
876
7
Terna - Rete Elettrica Nazionale
527
6
UniCredit
2,181
206
Total Italy (Cost $661)
743
JAPAN 22.4%
Common Stocks 22.4%
Advantest
700
138
Aeon
1,100
9
Ajinomoto
300
9
Asahi Group Holdings
4,800
50
Asahi Kasei
400
4
Asics
300
9
Astellas Pharma
900
12
Bandai Namco Holdings
200
6
Bridgestone
600
15
Canon
500
14
Central Japan Railway
400
10
Chubu Electric Power
500
9
Chugai Pharmaceutical
300
13
Daifuku
100
4
Daiichi Life Group
2,100
25
Daiichi Sankyo
900
15
Daikin Industries
100
14
Daiwa House Industry
300
9
Daiwa Securities Group
800
9
Denso
1,100
14
East Japan Railway
500
12
Ebara
200
7
ENEOS Holdings
1,300
11
FANUC
400
16
Fast Retailing
200
98
Fuji Electric
100
9
FUJIFILM Holdings
600
14
Fujikura
600
15
Fujitsu
800
18
Hitachi
4,000
131
Honda Motor
2,300
23
Hoya
200
31
Ibiden
100
10
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
IHI
400
7
Inpex
400
9
Isetan Mitsukoshi Holdings
4,200
94
ITOCHU
2,900
36
Japan Exchange Group
500
7
Japan Post Bank
900
17
Japan Post Holdings
900
13
Japan Tobacco
600
27
JX Advanced Metals
300
7
Kajima
200
7
Kansai Electric Power
400
6
Kao
600
12
Kawasaki Heavy Industries
500
9
KDDI
7,300
135
Keyence
100
50
Kioxia Holdings (1)
300
84
Kirin Holdings
500
9
Komatsu
2,200
95
Konami Group
100
13
Kubota
500
8
Kurita Water Industries
1,100
59
Kyocera
500
11
Marubeni
600
19
Minebea Mitsumi
200
5
Mitsubishi
2,500
75
Mitsubishi Chemical Group
10,100
74
Mitsubishi Electric
1,600
58
Mitsubishi Estate
2,300
56
Mitsubishi Heavy Industries
1,800
42
Mitsubishi UFJ Financial Group
12,000
268
Mitsui
2,000
61
Mitsui Fudosan
1,400
14
Mitsui OSK Lines
200
7
Mizuho Financial Group
1,500
78
MS&AD Insurance Group Holdings
600
18
Murata Manufacturing
2,500
114
NEC
500
15
NGK
1,000
34
NIDEC
400
6
Nintendo
800
38
Nippon Steel
3,800
15
Nippon Yusen
200
8
Nitto Denko
300
6
Nomura Holdings
2,000
19
Nomura Research Institute
200
6
NTT
14,500
14
Obayashi
300
6
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
OBIC
200
6
Oji Holdings
6,100
34
Olympus
500
6
Ono Pharmaceutical
2,400
36
Oriental Land
500
10
ORIX
3,300
133
Osaka Gas
100
3
Otsuka Holdings
200
14
Pan Pacific International Holdings
1,600
9
Panasonic Holdings
1,200
32
Recruit Holdings
2,500
198
Renesas Electronics
4,900
98
Resona Holdings
1,100
15
Resonac Holdings
100
8
Ryohin Keikaku
200
5
SBI Holdings
200
4
SCREEN Holdings
100
8
Secom
200
9
Sekisui House
400
9
Seven & i Holdings
6,600
88
Shimizu
3,600
53
Shin-Etsu Chemical
800
29
Shionogi
400
7
Shiseido
100
2
SoftBank
14,700
21
SoftBank Group
3,000
93
Sompo Holdings
400
18
Sony Group
9,400
220
Subaru
300
5
Sumitomo
11,600
120
Sumitomo Electric Industries
1,200
16
Sumitomo Metal Mining
100
5
Sumitomo Mitsui Financial Group
4,500
193
Sumitomo Mitsui Trust Group
11,200
115
Sumitomo Realty & Development
200
4
Suzuki Motor
900
12
T&D Holdings
200
6
Taiheiyo Cement
1,500
38
Taisei
100
8
Takeda Pharmaceutical
3,800
130
TDK
1,000
19
Terumo
800
12
Tokio Marine Holdings
900
46
Tokyo Electron
600
201
Tokyo Gas
100
4
Toppan Holdings
100
3
Toray Industries
800
6
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Toyota Motor
7,700
146
Toyota Tsusho
300
12
Yokohama Financial Group
600
7
Total Japan (Cost $4,342)
4,830
NETHERLANDS 5.8%
Common Stocks 5.8%
ABN AMRO Bank, CVA
334
15
Adyen (1)
15
15
AerCap Holdings (USD)
87
13
Akzo Nobel
161
11
ASM International
67
62
ASML Holding
425
700
ASR Nederland
120
10
BE Semiconductor Industries
35
8
Coca-Cola Europacific Partners (USD)
115
13
DSM-Firmenich
159
17
Heineken
164
15
Heineken Holding
104
9
ING Groep
4,218
148
Koninklijke
2,429
12
Koninklijke Ahold Delhaize
1,819
72
Koninklijke Philips
537
14
Magnum Ice Cream (1)
288
5
Nebius Group (USD) (1)
104
20
NN Group
163
15
Prosus
964
45
Universal Music Group
582
10
Wolters Kluwer
165
13
Total Netherlands (Cost $1,007)
1,242
NEW ZEALAND 0.1%
Common Stocks 0.1%
Auckland International Airport
1,335
7
Fisher & Paykel Healthcare
451
11
Infratil
701
6
Total New Zealand (Cost $23)
24
NORWAY 1.3%
Common Stocks 1.3%
Aker BP
196
7
DNB Bank
1,911
61
Equinor
1,940
80
Kongsberg Gruppen
2,034
63
Mowi
505
11
Norsk Hydro
954
9
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Yara International
927
44
Total Norway (Cost $265)
275
PORTUGAL 0.5%
Common Stocks 0.5%
EDP
1,940
10
Jeronimo Martins
4,308
86
Total Portugal (Cost $106)
96
SINGAPORE 1.6%
Common Stocks 1.6%
CapitaLand Integrated Commercial Trust
4,800
9
DBS Group Holdings
2,700
156
Grab Holdings, Class A (USD) (1)
1,761
6
Keppel
400
4
Oversea-Chinese Banking
1,600
36
Sea, ADR (USD) (1)
193
21
Singapore Exchange
500
9
Singapore Technologies Engineering
900
7
Singapore Telecommunications
4,800
17
United Overseas Bank
2,300
78
Yangzijiang Shipbuilding Holdings
1,300
4
Total Singapore (Cost $285)
347
SPAIN 4.1%
Common Stocks 4.1%
ACS Actividades de Construccion y Servicios
367
47
Aena SME
457
14
Amadeus IT Group, Class A
254
16
Banco Bilbao Vizcaya Argentaria
7,933
222
Banco de Sabadell
3,709
14
Banco Santander
11,193
159
CaixaBank
6,946
101
Cellnex Telecom (1)
276
9
Endesa
1,229
60
Ferrovial
275
18
Iberdrola
4,915
117
Industria de Diseno Textil
509
33
Naturgy Energy Group
1,629
54
Repsol
571
18
Telefonica
2,952
12
Total Spain (Cost $766)
894
SWEDEN 3.4%
Common Stocks 3.4%
AddTech, Class B
272
10
Alfa Laval
196
12
Assa Abloy, Class B
564
21
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Atlas Copco, Class A
2,911
62
Atlas Copco, Class B
815
15
Boliden
147
7
Epiroc, Class A
537
14
EQT
366
12
Essity, Class B
516
15
Evolution (1)
116
9
Hexagon, Class B
1,481
15
Industrivarden, Class C
1,007
58
Investor, Class B
1,729
75
Millicom International Cellular (USD)
558
53
Saab, Class B
161
10
Sandvik
1,848
69
Skandinaviska Enskilda Banken, Class A
832
19
Skanska, Class B
263
7
Spotify Technology (USD) (1)
110
55
Svenska Handelsbanken, Class A
1,096
17
Swedbank, Class A
1,907
76
Swedish Orphan Biovitrum (1)
126
6
Telefonaktiebolaget LM Ericsson, Class B
5,469
54
Trelleborg AB, Class B
189
8
Volvo, Class B
819
31
Total Sweden (Cost $710)
730
SWITZERLAND 8.0%
Common Stocks 8.0%
ABB
1,197
118
Alcon
255
18
Avolta
774
47
Belimo Holding
4
4
Cie Financiere Richemont, Class A
411
97
Galderma Group
99
22
Geberit
21
14
Givaudan
4
16
Helvetia Baloise Holding
58
16
Holcim
256
23
Julius Baer Group
113
10
Kuehne & Nagel International
31
8
Logitech International
448
46
Lonza Group
32
22
Nestle
2,171
217
Novartis
1,790
280
Partners Group Holding
10
8
Roche Holding
679
297
Sandoz Group
213
17
SGS
128
15
Sika
83
19
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Sonova Holding
198
54
Straumann Holding
76
9
Swiss Life Holding
19
22
Swiss Prime Site
66
11
Swiss Re
147
24
Swisscom
16
12
UBS Group
3,587
190
VAT Group
13
10
Zurich Insurance Group
103
78
Total Switzerland (Cost $1,595)
1,724
UNITED KINGDOM 15.6%
Common Stocks 15.6%
3i Group
2,859
110
Admiral Group
160
8
Anglo American
500
25
AstraZeneca
1,866
317
Aviva
1,794
17
BAE Systems
5,059
143
Barclays
20,122
138
BP
9,854
74
British American Tobacco
1,943
118
BT Group
3,241
9
Bunzl
1,471
56
Centrica
3,956
8
Coca-Cola HBC, Class DI
126
9
Compass Group (USD)
2,766
88
Diageo
1,131
25
Endeavour Mining
857
41
Experian
478
18
Glencore (1)
18,973
140
GSK
4,015
104
Haleon
4,799
24
Halma
207
10
HSBC Holdings
15,288
326
Imperial Brands
1,981
75
Informa
834
10
InterContinental Hotels Group (USD)
625
101
Intertek Group
102
8
Kingfisher
11,281
47
Legal & General Group
3,767
15
Lloyds Banking Group
29,787
46
London Stock Exchange Group
221
25
Marks & Spencer Group
1,750
10
Melrose Industries
993
6
National Grid
4,260
68
NatWest Group
3,702
35
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Next
63
13
Prudential
1,266
19
Reckitt Benckiser Group
342
24
RELX
1,364
48
Rentokil Initial
1,910
9
Rio Tinto
872
85
Rolls-Royce Holdings
10,015
200
Sage Group
796
10
Segro
919
12
Severn Trent
206
8
Shell
5,437
249
SSE
609
19
Standard Chartered
3,418
101
Sunbelt Rentals Holdings
210
15
Tesco
13,824
91
Unilever
2,833
180
United Utilities Group
473
9
Vodafone Group
10,015
16
Wise Group, Class A (1)
451
5
Total United Kingdom (Cost $3,092)
3,367
SHORT-TERM INVESTMENTS 0.2%
Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, 3.62% (2)
42,573
43
Total Short-Term Investments
(Cost $43)
43
Total Investments
99.9% of Net Assets (Cost $19,795)
$21,557
Other Assets Less Liabilities 0.1%
27
Net Assets 100.0%
$21,584
 
‡ 
Country classifications are generally based on MSCI categories or another unaffiliated third party data provider;
Shares are denominated in the currency of the country presented unless otherwise noted. 
(1) 
Non-income producing 
(2) 
Seven-day yield 
 
ADR 
American Depositary Receipts 
CVA 
Dutch Certificate (Certificaten Van Aandelen) 
GBP 
British Pound 
USD 
U.S. Dollar 
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY 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 Active Core International Equity 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 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
Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities and the last quoted sale or closing price for international securities.
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE, if the Valuation Designee determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund's portfolio securities. Each business day, the Valuation Designee uses information from outside pricing services to evaluate the quoted prices of portfolio securities and, if appropriate, decides whether it is necessary to adjust quoted prices to reflect fair value by reviewing a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The Valuation Designee uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The Valuation Designee cannot predict how often it will use quoted prices or how often it will determine it necessary to adjust those prices to reflect fair value.
Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as provided by an outside pricing service.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation.
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
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values on July 31, 2026 (for further detail by category, please refer to the accompanying Portfolio of Investments): 
($000s)
Level 1
Level 2
Level 3
Total Value
Assets
Common Stocks
$207
$21,279
$—
$21,486
Preferred Stocks
—
28
—
28
Short-Term Investments
43
—
—
43
Total
$250
$21,307
$—
$21,557
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
T. ROWE PRICE ACTIVE CORE INTERNATIONAL EQUITY ETF
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.
ETF1250-054Q3
07/26