NPORT-EX 2 AED8TRP022924.htm T. ROWE PRICE EXCHANGE-TRADED FUNDS, INC.
T. ROWE PRICE FLOATING RATE ETF
February 29, 2024 Unaudited
 PORTFOLIO OF INVESTMENTS‡  Par/Shares $ Value
(Amounts in 000s)    
BANK LOANS 86.1%
Aerospace & Defense 2.3%    
Bleriot US Bidco, FRN, 3M TSFR + 4.00%, 9.610%, 10/31/28 164 165
Brown Group Holding, FRN, 3M TSFR + 3.00%, 8.390%, 7/2/29 (1) 103 103
Dynasty Acquisition, B-1, FRN, 1M TSFR + 4.00%, 9.330%, 8/24/28 787 788
Dynasty Acquisition, B-2, FRN, 1M TSFR + 4.00%, 9.330%, 8/24/28 337 338
KKR Apple Bidco, FRN, 1M TSFR + 2.75%, 8.200%, 9/22/28 35 35
KKR Apple Bidco, FRN, 1M TSFR + 3.50%, 8.830%, 9/22/28 189 189
Peraton, FRN, 1M TSFR + 3.75%, 9.180%, 2/1/28 (1) 252 252
Peraton, FRN, 3M TSFR + 7.75%, 13.220%, 2/1/29 (1) 69 69
TransDigm, FRN, 3M TSFR + 3.25%, 8.600%, 2/22/27 289 289
TransDigm, FRN, 3M TSFR + 3.25%, 8.600%, 8/24/28 349 349
TransDigm2023 Term Loan J, FRN, 3M TSFR + 3.25%, 8.600%, 2/14/31 (1) 430 432
    3,009
Airlines 2.4%    
American Airlines, FRN, 3M TSFR + 4.75%, 10.330%, 4/20/28 (1) 1,470 1,497
Mileage Plus Holdings, FRN, 3M TSFR + 5.25%, 10.770%, 6/21/27 1,232 1,268
SkyMiles IP, FRN, 3M TSFR + 3.75%, 9.070%, 10/20/27 276 283
    3,048
Automotive 3.4%    
Adient US, FRN, 1M TSFR + 2.75%, 8.070%, 1/31/31 115 115
Autokiniton US Holdings, FRN, 1M TSFR + 4.00%, 9.450%, 4/6/28 (1) 506 507
Belron Finance US, FRN, 3M TSFR + 2.25%, 7.660%, 4/18/29 214 214
Clarios Global, FRN, 1M TSFR + 3.00%, 8.330%, 5/6/30 254 254
DexKo Global, FRN, 3M TSFR + 3.75%, 9.360%, 10/4/28 75 74
Fastlane Parent Company, FRN, 1M TSFR + 4.50%, 9.830%, 9/29/28 115 114
Fleet U.S. Bidco, FRN, 3M TSFR + 3.25%, 1/23/31 (1)(2) 210 210
Mavis Tire Express Services, FRN, 1M TSFR + 3.75%, 9.070%, 5/4/28 930 930
Tenneco, FRN, 3M TSFR + 5.00%, 10.470%, 11/17/28 580 546
Wand NewCo 3, FRN, 1M TSFR + 3.75%, 9.070%, 1/30/31 1,433 1,435
    4,399
Broadcasting 2.4%    
Clear Channel Outdoor Holdings, FRN, 3M TSFR + 3.50%, 9.070%, 8/21/26 556 553
CMG Media, FRN, 3M TSFR + 3.50%, 8.950%, 12/17/26 733 613
iHeartCommunications, FRN, 1M TSFR + 3.25%, 8.700%, 5/1/26 216 183
Neptune Bidco US, FRN, 3M TSFR + 5.00%, 10.420%, 4/11/29 1,065 976
Univision Communications, FRN, 1M TSFR + 3.25%, 8.700%, 3/15/26 582 581
Univision Communications, FRN, 3M TSFR + 4.25%, 9.600%, 6/24/29 233 233
    3,139
Building Products 0.4%    
Chamberlain Group, FRN, 1M TSFR + 3.75%, 9.076%, 11/3/28 (1) 195 195
Solis IV B.V., FRN, 3M TSFR + 3.50%, 8.880%, 2/26/29 215 212
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
Summit Materials, FRN, 3M TSFR + 2.50%, 7.830%, 1/12/29 60 60
    467
Cable Operators 1.6%    
Altice Financing SA, FRN, 3M EURIBOR + 5.00%, 8.940%, 10/31/27 (EUR) 110 116
Altice Financing SA, FRN, 3M TSFR + 5.00%, 10.310%, 10/31/27 (1) 209 208
Altice France, FRN, 3M TSFR + 5.50%, 10.810%, 8/15/28 924 852
CSC Holdings, FRN, 1M USD LIBOR + 2.50%, 7.950%, 4/15/27 (1) 174 163
CSC Holdings, FRN, 1M TSFR + 4.50%, 9.830%, 1/18/28 (1) 315 306
DirecTV Financing, FRN, 1M TSFR + 5.00%, 10.650%, 8/2/27 135 135
Radiate Holdco, FRN, 1M TSFR + 3.25%, 8.700%, 9/25/26 343 281
    2,061
Chemicals 2.0%    
Aruba Investments, FRN, 1M TSFR + 4.00%, 9.430%, 11/24/27 263 261
Aruba Investments, FRN, 1M TSFR + 7.75%, 13.180%, 11/24/28 (1) 85 81
Avient, FRN, 3M TSFR + 2.50%, 7.890%, 8/29/29 131 131
Axalta Coating Systems U.S. Holdings, FRN, 3M TSFR + 2.50%, 7.850%, 12/20/29 251 251
Nouryon Finance B.V., FRN, 3M TSFR + 4.00%, 9.470%, 4/3/28 855 854
Starfruit Finco B.V, FRN, 1M TSFR + 4.00%, 9.450%, 4/3/28 114 114
W.R. Grace, FRN, 3M TSFR + 3.75%, 9.360%, 9/22/28 (1) 469 469
Windsor Holdings III, FRN, 1M TSFR + 4.50%, 9.850%, 8/1/30 385 385
    2,546
Consumer Products 0.4%    
ABG Intermediate Holdings, FRN, 1M TSFR + 3.50%, 8.930%, 12/21/28 (1) 215 215
Life Time Fitness, FRN, 3M TSFR + 4.25%, 9.820%, 1/15/26 330 331
    546
Container 1.3%    
Charter NEX US, FRN, 1M TSFR + 3.50%, 8.820%, 12/1/27 1,565 1,564
Proampac PG Borrower, FRN, 3M TSFR + 4.50%, 9.870%, 9/15/28 110 110
    1,674
Energy 2.3%    
Brazos Delaware II, FRN, 1M TSFR + 3.75%, 9.080%, 2/11/30 231 230
CQP Holdco, FRN, 3M TSFR + 3.00%, 8.350%, 12/31/30 290 290
Epic Crude Services, FRN, 3M TSFR + 5.00%, 10.380%, 3/2/26 219 220
M6 ETX Holdings II Midco, FRN, 1M TSFR + 4.50%, 9.940%, 9/19/29 368 367
Medallion Midland Acquisition, FRN, 3M TSFR + 3.50%, 8.860%, 10/18/28 708 708
NGL Energy Partners, FRN, 1M TSFR + 4.50%, 9.820%, 2/2/31 (1) 394 395
NorthRiver Midstream Finance, FRN, 3M TSFR + 3.00%, 8.330%, 8/16/30 374 374
Prairie ECI Acquiror, FRN, 3M TSFR + 4.75%, 2/22/29 (1) 85 84
Prairie ECI Acquiror, FRN, 1M TSFR + 4.75%, 10.180%, 3/11/26 (1) 264 263
Whitewater Whistler Holdings, FRN, 3M TSFR + 2.75%, 8.130%, 2/15/30 83 83
    3,014
Entertainment 0.5%    
Motion Finco, FRN, 3M TSFR + 3.50%, 9.110%, 11/12/29 (1) 708 705
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
Entertainment & Leisure 4.3%    
Cinemark USA, FRN, 3M TSFR + 3.75%, 9.100%, 5/24/30 173 173
Delta 2 (LUX), FRN, 3M TSFR + 2.25%, 7.600%, 1/15/30 (1) 1,130 1,128
PUG, FRN, 1M TSFR + 3.50%, 8.950%, 2/12/27 (1) 433 425
PUG, FRN, 1M TSFR + 4.25%, 9.700%, 2/12/27 518 516
SeaWorld Parks & Entertainment, FRN, 1M TSFR + 2.50%, 7.830%, 8/25/28 614 613
UFC Holdings, FRN, 3M TSFR + 2.75%, 8.340%, 4/29/26 2,103 2,104
Williams Morris Endeavor Entertainment, FRN, 1M TSFR + 2.75%, 8.200%, 5/18/25 502 501
    5,460
Financial 12.4%    
Acrisure, FRN, 1M USD LIBOR + 3.50%, 9.150%, 2/15/27 (1) 255 254
Acrisure, FRN, 1M USD LIBOR + 3.75%, 9.400%, 2/15/27 108 108
Acrisure, FRN, 1M USD LIBOR + 4.25%, 9.900%, 2/15/27 566 566
Advisor Group, FRN, 8/16/28 (1) 200 200
Advisor Group, FRN, 1M TSFR + 4.50%, 9.830%, 8/17/28 154 154
Alliant Holdings Intermediate, FRN, 1M TSFR + 3.50%, 8.830%, 11/6/30 934 934
Apollo Commercial Real Estate Finance, FRN, 1M TSFR + 3.50%, 8.950%, 3/11/28 (2) 94 91
Aretec Group, FRN, 1M TSFR + 4.50%, 9.930%, 8/9/30 (1) 85 85
Armor Holding II, FRN, 6M TSFR + 4.50%, 9.930%, 12/11/28 134 134
Assured Partners, FRN, 1M TSFR + 3.50%, 8.830%, 2/12/27 346 347
Assured Partners, FRN, 1M TSFR + 3.50%, 8.950%, 2/12/27 606 606
AssuredPartners, FRN, 1M TSFR + 3.50%, 2/14/31 (1) 605 605
AssuredPartners, FRN, 1M TSFR + 3.75%, 9.080%, 2/12/27 990 990
Citadel Securities, FRN, 1M TSFR + 2.25%, 7.570%, 7/29/30 179 178
Citco Funding, FRN, 3M TSFR + 3.25%, 8.420%, 4/27/28 140 140
Citco Funding, FRN, 3M TSFR + 3.50%, 8.670%, 4/27/28 (1) 309 309
Claros Mortgage Trust, FRN, 1M TSFR + 4.50%, 9.940%, 8/9/26 (2) 179 164
Edelman Financial Center, FRN, 1M TSFR + 3.50%, 8.950%, 4/7/28 393 392
Edelman Financial Center, FRN, 1M TSFR + 6.75%, 12.200%, 7/20/26 579 580
EIG Management Company, FRN, 1M TSFR + 3.75%, 9.180%, 2/22/25 (2) 105 104
Fiserv Investment Solutions, FRN, 3M TSFR + 4.00%, 9.330%, 2/18/27 155 147
Focus Financial Partners, FRN, 1M TSFR + 2.75%, 8.080%, 6/30/28 607 603
HighTower Holdings, FRN, 3M TSFR + 4.00%, 9.590%, 4/21/28 (1) 606 605
Hub International, FRN, 3M TSFR + 3.25%, 8.580%, 6/20/30 3,280 3,276
Jane Street Group, FRN, 1M TSFR + 2.50%, 7.940%, 1/26/28 507 506
Jones DesLauriers Insurance Management, FRN, 3M TSFR + 3.50%, 8.820%, 3/15/30 (1) 641 641
OneDigital Borrower, FRN, 1M TSFR + 4.25%, 9.676%, 11/16/27 180 180
Ryan Specialty Group, FRN, 1M TSFR + 2.75%, 8.080%, 9/1/27 85 85
Sedgwick Claims Management Services, FRN, 1M TSFR + 3.75%, 9.080%, 2/24/28 1,069 1,070
USI, FRN, 3M TSFR + 3.00%, 8.350%, 11/22/29 (1) 1,065 1,064
USI, FRN, 3M TSFR + 3.25%, 8.600%, 9/27/30 (1) 750 750
    15,868
Food 0.9%    
Chobani, FRN, 1M TSFR + 3.75%, 9.080%, 10/25/27 207 207
Primary Products Finance, FRN, 3M TSFR + 3.50%, 8.920%, 4/1/29 (1) 364 363
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
Simply Good Foods USA, FRN, 1M TSFR + 2.50%, 7.940%, 3/17/27 (1) 221 221
Triton Water Holdings, FRN, 3M TSFR + 4.00%, 3/31/28 (1) 105 103
Triton Water Holdings, FRN, 3M TSFR + 3.25%, 8.860%, 3/31/28 235 231
Woof Holdings, FRN, 3M TSFR + 3.75%, 9.360%, 12/21/27 107 87
    1,212
Gaming 2.1%    
Aristocrat Technologies, FRN, 3M TSFR + 2.25%, 7.700%, 5/24/29 55 55
Caesars Entertainment, FRN, 3M TSFR + 2.75%, 8.041%, 2/6/31 500 499
Caesars Entertainment, FRN, 3M TSFR + 3.25%, 8.660%, 2/6/30 308 308
Great Canadian Gaming, FRN, 3M TSFR + 4.00%, 9.630%, 11/1/26 442 442
Light and Wonder International, FRN, 1M TSFR + 2.75%, 8.080%, 4/14/29 315 315
Ontario Gaming GTA, FRN, 3M TSFR + 4.25%, 9.600%, 8/1/30 (1) 380 380
Playtika Holding, FRN, 1M TSFR + 2.75%, 8.200%, 3/13/28 85 84
Spectacle Gary Holdings, FRN, 3M TSFR + 4.25%, 9.750%, 12/11/28 595 582
    2,665
Health Care 8.7%    
Athenahealth Group, FRN, 1M TSFR + 3.25%, 8.580%, 2/15/29 1,172 1,161
Auris Luxembourg III, FRN, 6M TSFR + 3.75%, 9.620%, 2/27/26 457 453
Bausch & Lomb, FRN, 1M TSFR + 3.25%, 8.680%, 5/10/27 194 192
Ceva Sante Animale, FRN, 3M TSFR + 4.25%, 9.620%, 11/1/30 (1) 125 125
Emerald TopCo, FRN, 1M TSFR + 3.50%, 8.950%, 7/24/26 (1) 54 54
Gainwell Acquisition, FRN, 3M TSFR + 4.00%, 9.450%, 10/1/27 606 576
Heartland Dental, FRN, 1M TSFR + 5.00%, 10.340%, 4/28/28 557 557
ICON Luxembourg, FRN, 3M TSFR + 2.25%, 7.860%, 7/3/28 132 132
IVC Acquisition, FRN, 3M TSFR + 5.50%, 10.890%, 12/6/28 140 140
LifePoint Health, FRN, 3M TSFR + 5.50%, 11.090%, 11/16/28 490 490
MED ParentCo, FRN, 1M TSFR + 4.25%, 9.700%, 8/31/26 289 286
Medline Borrower, FRN, 1M TSFR + 3.00%, 8.450%, 10/23/28 1,966 1,966
Parexel International, FRN, 1M TSFR + 3.25%, 8.700%, 11/15/28 1,004 1,003
PRA Health Sciences, FRN, 3M TSFR + 2.25%, 7.860%, 7/3/28 33 33
Press Ganey Holdings, FRN, 1M TSFR + 3.75%, 9.180%, 7/24/26 89 89
Press Ganey Holdings, FRN, 1M TSFR + 3.75%, 9.200%, 7/24/26 (1) 313 310
Project Ruby Ultimate Parent, FRN, 1M TSFR + 3.25%, 8.700%, 3/10/28 213 212
SAM Bidco SAS, FRN, 3M TSFR + 4.75%, 10.110%, 12/13/27 205 205
Select Medical, FRN, 1M TSFR + 3.00%, 8.330%, 3/6/27 173 172
Southern Veterinary Partners, FRN, 1M TSFR + 7.75%, 13.180%, 10/5/28 64 64
Star Parent, FRN, 3M TSFR + 4.00%, 9.350%, 9/27/30 650 641
Summit Behavioral Healthcare, FRN, 1M TSFR + 4.75%, 11/24/28 (1) 28 28
Sunshine Luxembourg VII, FRN, 3M TSFR + 3.50%, 8.950%, 10/1/26 726 727
Surgery Center Holdings, FRN, 1M TSFR + 3.50%, 8.830%, 12/19/30 851 851
Waystar Technologies, FRN, 1M TSFR + 4.00%, 9.320%, 10/22/29 639 639
    11,106
Industrial - Other 0.2%    
Touchdown Acquirer, FRN, 3M TSFR + 4.00%, 2/7/31 (1)(2) 168 168
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
Touchdown Acquirer, FRN, 2/7/31 (1)(2) 37 37
    205
Information Technology 14.4%    
Applied Systems, FRN, 3M TSFR + 5.25%, 2/23/32 (1) 1,375 1,406
Applied Systems, FRN, 1M TSFR + 3.50%, 8.820%, 2/24/31 1,591 1,596
AppLovin, FRN, 1M TSFR + 3.10%, 8.430%, 10/25/28 424 424
Banff Merger Sub, FRN, 1M TSFR + 4.25%, 9.580%, 12/29/28 (1) 2,018 2,023
Central Parent, FRN, 3M TSFR + 4.00%, 9.350%, 7/6/29 1,290 1,292
Cloud Software Group, FRN, 3M TSFR + 4.50%, 9.950%, 3/30/29 1,699 1,683
ConnectWise, FRN, 3M TSFR + 3.50%, 9.110%, 9/29/28 225 224
Conservice Midco, FRN, 1M TSFR + 4.00%, 5/13/27 (1) 150 150
Cvent, FRN, 3M TSFR + 3.75%, 9.100%, 6/17/30 379 378
Delta TopCo, FRN, 6M TSFR + 3.75%, 9.120%, 12/1/27 (1) 224 224
Delta TopCo, FRN, 3M TSFR + 7.25%, 12.620%, 12/1/28 411 410
ECI Macola Max Holding, FRN, 3M TSFR + 3.75%, 9.360%, 11/9/27 417 417
Epicor Software, FRN, 1M TSFR + 3.25%, 8.700%, 7/30/27 (1) 2,053 2,057
Epicor Software, FRN, 1M TSFR + 3.75%, 9.080%, 7/30/27 135 136
Gen Digital, FRN, 1M TSFR + 1.75%, 6.930%, 9/10/27 233 231
Go Daddy Operating Company, FRN, 1M TSFR + 2.00%, 7.330%, 11/9/29 228 228
Infinite Bidco, FRN, 3M TSFR + 7.00%, 12.330%, 3/2/29 300 250
McAfee, FRN, 1M TSFR + 3.75%, 9.200%, 3/1/29 930 925
MH Sub I, FRN, 1M TSFR + 4.25%, 9.580%, 5/3/28 155 152
MH Sub I, FRN, 1M TSFR + 6.25%, 11.576%, 2/23/29 125 120
Mosel Bidco, FRN, 3M TSFR + 4.75%, 10.100%, 9/16/30 (2) 90 90
Proofpoint, FRN, 1M TSFR + 6.25%, 11.700%, 8/31/29 (1) 250 249
RealPage, FRN, 1M TSFR + 3.00%, 8.450%, 4/24/28 950 923
RealPage, FRN, 1M TSFR + 6.50%, 11.950%, 4/23/29 560 555
Sophia, FRN, 1M TSFR + 3.50%, 8.820%, 10/8/29 (1) 395 395
Sophia, FRN, 1M TSFR + 3.50%, 8.930%, 10/7/27 1,120 1,119
Sophia, FRN, 1M TSFR + 4.25%, 9.580%, 10/7/27 (1) 228 228
Uber Technologies, FRN, 3M TSFR + 2.75%, 8.130%, 3/3/30 547 548
    18,433
Lodging 0.7%    
Aimbridge Acquisition, FRN, 1M TSFR + 3.75%, 9.200%, 2/2/26 547 522
Aimbridge Acquisition, FRN, 1M TSFR + 4.75%, 10.200%, 2/2/26 283 273
Four Seasons Hotels, FRN, 3M TSFR + 2.00%, 7.330%, 11/30/29 (1) 55 54
    849
Manufacturing 3.8%    
Engineered Machinery Holdings, FRN, 3M TSFR + 3.75%, 9.110%, 5/19/28 876 864
Engineered Machinery Holdings, FRN, 3M TSFR + 6.00%, 11.610%, 5/21/29 (2) 465 454
Engineered Machinery Holdings, FRN, 3M TSFR + 6.50%, 12.110%, 5/21/29 (2) 255 249
Filtration Group, FRN, 1M TSFR + 3.50%, 8.950%, 10/21/28 208 208
Filtration Group, FRN, 1M TSFR + 4.25%, 9.700%, 10/21/28 (1) 1,486 1,486
LTI Holdings, FRN, 1M TSFR + 3.50%, 8.950%, 9/6/25 (1) 613 604
LTI Holdings, FRN, 1M TSFR + 4.75%, 10.200%, 7/24/26 301 296
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
LTI Holdings, FRN, 1M TSFR + 6.75%, 12.200%, 9/6/26 196 181
Pro Mach Group, FRN, 1M TSFR + 3.75%, 9.080%, 8/31/28 362 363
Watlow Electric Manufacturing, FRN, 3M TSFR + 3.75%, 9.330%, 3/2/28 (1) 106 106
    4,811
Metals & Mining 0.5%    
Arsenal AIC Parent, FRN, 1M TSFR + 3.75%, 9.070%, 8/18/30 (1) 539 538
TMS International, FRN, 1M TSFR + 4.25%, 9.590%, 3/2/30 40 40
    578
Restaurants 1.6%    
Dave & Buster's, FRN, 1M TSFR + 3.25%, 8.630%, 6/29/29 (1) 658 659
Fogo De Chao, FRN, 1M TSFR + 4.75%, 10.080%, 9/30/30 180 178
IRB Holding, FRN, 1M TSFR + 2.75%, 8.080%, 12/15/27 1,274 1,271
    2,108
Retail 0.4%    
CNT Holdings l, FRN, 3M TSFR + 3.50%, 8.830%, 11/8/27 577 577
Satellites 1.0%    
Iridium Satellite, FRN, 1M TSFR + 2.50%, 7.830%, 9/20/30 1,055 1,054
ViaSat, FRN, 1M TSFR + 4.50%, 9.960%, 5/30/30 (1) 235 230
    1,284
Services 10.6%    
Advantage Sales & Marketing, FRN, 3M TSFR + 4.50%, 10.090%, 10/28/27 104 104
Albion Financing 3, FRN, 3M TSFR + 5.25%, 10.830%, 8/17/26 434 436
Allied Universal Holdco, FRN, 1M TSFR + 3.75%, 9.180%, 5/12/28 474 471
Allied Universal Holdco, FRN, 1M TSFR + 4.75%, 10.080%, 5/12/28 (1) 559 559
Anticimex International AB, FRN, 3M TSFR + 3.15%, 8.500%, 11/16/28 364 363
APFS Staffing Holdings, FRN, 1M TSFR + 4.00%, 9.330%, 12/29/28 (1) 85 84
Ascend Learning, FRN, 1M TSFR + 3.50%, 8.930%, 12/11/28 585 575
Ascend Learning, FRN, 1M TSFR + 5.75%, 11.180%, 12/10/29 (1) 815 782
CD&R Firefly Bidco, FRN, 3M EURIBOR + 4.75%, 8.660%, 6/21/28 (EUR) 25 27
Crown Subsea Communications Holding, FRN, 3M TSFR + 4.75%, 10.070%, 1/30/31 255 256
Dayforce, FRN, 3M TSFR + 2.50%, 2/26/31 (1)(2) 248 247
Dun & Bradstreet, FRN, 1M TSFR + 2.75%, 8.070%, 1/18/29 (1) 249 249
EG Group, FRN, 3M TSFR + 4.25%, 9.990%, 3/31/26 3 2
EG Group, FRN, 3M EURIBOR + 7.00%, 10.930%, 4/30/27 (EUR) 175 176
EG Group, FRN, 3M TSFR + 5.50%, 11.240%, 2/7/28 250 245
Fugue Finance, FRN, 3M TSFR + 3.75%, 9.080%, 2/12/31 70 70
Fugue Finance, FRN, 3M TSFR + 4.00%, 9.390%, 1/31/28 (1) 94 94
GFL Environmental, FRN, 3M TSFR + 2.50%, 7.820%, 5/31/27 433 434
GTCR W Merger Sub, FRN, 1M TSFR + 3.00%, 8.326%, 1/31/31 1,355 1,359
Homeserve USA Holding, FRN, 1M TSFR + 3.00%, 8.340%, 10/21/30 185 185
Mermaid BidCo, FRN, 3M TSFR + 4.25%, 9.630%, 12/22/27 (2) 313 313
Project Boost Purchaser, FRN, 1M TSFR + 3.50%, 8.950%, 5/30/26 (1) 498 497
Project Boost Purchaser, FRN, 1M TSFR + 3.50%, 8.950%, 6/1/26 (1) 140 140
Renaissance Holding, FRN, 1M TSFR + 4.25%, 9.570%, 4/5/30 (1) 813 810
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
Ultimate Software Group, FRN, 3M TSFR + 3.50%, 8.820%, 2/10/31 (1) 1,961 1,962
Ultimate Software Group, FRN, 3M TSFR + 5.25%, 10.680%, 5/3/27 2,134 2,152
USIC Holdings, FRN, 3M TSFR + 3.50%, 9.110%, 5/12/28 203 201
USIC Holdings, FRN, 3M TSFR + 6.50%, 12.110%, 5/14/29 130 128
Vertical US Newco, FRN, 6M TSFR + 3.50%, 9.080%, 7/30/27 (1) 484 484
Wood Mackenzie, FRN, 3M TSFR + 3.50%, 8.820%, 1/31/31 (1) 225 225
    13,630
Utilities 2.9%    
Brookfield WEC Holdings, FRN, 1M TSFR + 2.75%, 8.070%, 1/27/31 825 822
Exgen Renewables IV, FRN, 3M TSFR + 2.50%, 8.150%, 12/15/27 547 544
Generation Bridge Northeast, FRN, 1M TSFR + 4.25%, 9.580%, 8/22/29 210 211
Innio Group, FRN, 3M TSFR + 4.25%, 9.564%, 11/2/28 100 100
PG&E, FRN, 1M TSFR + 3.00%, 7.830%, 6/23/27 215 215
Pike, FRN, 1M TSFR + 3.00%, 8.450%, 1/21/28 315 315
Talen Energy Supply, FRN, 3M TSFR + 4.50%, 9.870%, 5/17/30 272 273
Talen Energy Supply, FRN, 3M TSFR + 4.50%, 9.870%, 5/17/30 (1) 531 532
TerraForm Power Operating, FRN, 3M TSFR + 2.50%, 7.950%, 5/21/29 714 709
    3,721
Wireless Communications 2.6%    
Asurion, FRN, 1M TSFR + 3.25%, 8.700%, 12/23/26 64 64
Asurion, FRN, 1M TSFR + 3.25%, 8.700%, 7/31/27 105 103
Asurion, FRN, 1M TSFR + 4.00%, 9.430%, 8/19/28 203 202
Asurion, FRN, 1M TSFR + 4.25%, 9.680%, 8/19/28 582 578
Asurion, FRN, 1M TSFR + 5.25%, 10.700%, 1/31/28 910 867
Asurion, FRN, 1M TSFR + 5.25%, 10.700%, 1/20/29 1,505 1,417
CCI Buyer, FRN, 3M TSFR + 4.00%, 9.350%, 12/17/27 89 88
    3,319
Total Bank Loans
(Cost $109,853) 		  110,434
CORPORATE BONDS 10.6%
Aerospace & Defense 0.1%    
TransDigm, 6.75%, 8/15/28 (3) 170 172
    172
Airlines 0.1%    
Mileage Plus Holdings, 6.50%, 6/20/27 (3) 105 105
    105
Automotive 1.7%    
Adient Global Holdings, 4.875%, 8/15/26 (3) 200 194
Ford Motor Credit, 4.063%, 11/1/24 200 197
Ford Motor Credit, FRN, SOFR + 2.95%, 8.261%, 3/6/26 410 422
Rivian Holdings, FRN, 6M USD LIBOR + 5.63%, 11.493%, 10/15/26 (3) 1,344 1,280
Wand NewCo 3, 7.625%, 1/30/32 (3) 90 92
    2,185
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
Banking 0.1%    
Morgan Stanley, FRN, SOFR + 1.17%, 6.496%, 4/17/25 135 135
    135
Broadcasting 0.4%    
Clear Channel Outdoor Holdings, 5.125%, 8/15/27 (3) 85 80
Neptune Bidco, 9.29%, 4/15/29 (3) 75 70
Townsquare Media, 6.875%, 2/1/26 (3) 139 134
Univision Communications, 8.00%, 8/15/28 (3) 225 226
    510
Cable Operators 1.0%    
Altice Financing SA, 5.00%, 1/15/28 (3) 200 176
Altice Financing SA, 9.625%, 7/15/27 (3) 200 201
Altice France Holding SA, 10.50%, 5/15/27 (3) 430 273
CSC Holdings, 11.25%, 5/15/28 (3) 400 412
CSC Holdings, 11.75%, 1/31/29 (3) 200 209
    1,271
Chemicals 0.2%    
Avient, 5.75%, 5/15/25 (3) 225 223
Kobe US Midco 2, 9.25%, 11/1/26, (9.25% Cash or 10.00% PIK) (3)(4) 94 80
    303
Consumer Products 0.2%    
Life Time, 8.00%, 4/15/26 (3) 200 202
    202
Energy 0.6%    
NGL Energy Operating / NGL Energy Finance, 8.125%, 2/15/29 (3) 80 81
Seadrill Finance, 8.375%, 8/1/30 (3) 200 205
SilverBow Resources, FRN, 3M TSFR + 7.75%, 13.135%, 12/15/28 (3) 85 83
Tallgrass Energy Partners, 6.00%, 3/1/27 (3) 130 128
Transocean, 11.50%, 1/30/27 (3) 124 129
Venture Global LNG, 9.50%, 2/1/29 (3) 170 181
    807
Entertainment & Leisure 0.7%    
Carnival, 7.00%, 8/15/29 (3) 120 124
Cedar Fair, 5.50%, 5/1/25 (3) 130 129
Cinemark USA, 5.875%, 3/15/26 (3) 230 227
Cinemark USA, 8.75%, 5/1/25 (3) 92 93
Live Nation Entertainment, 4.875%, 11/1/24 (3) 55 54
NCL, 8.125%, 1/15/29 (3) 99 104
NCL, 8.375%, 2/1/28 (3) 165 173
    904
Financial 1.9%    
Acrisure, 10.125%, 8/1/26 (3) 315 328
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
AG TTMT Escrow Issuer, 8.625%, 9/30/27 (3) 125 128
Alliant Holdings Intermediate, 6.75%, 10/15/27 (3) 235 227
Alliant Holdings Intermediate, 6.75%, 4/15/28 (3) 180 179
Assured Partners, 5.625%, 1/15/29 (3) 140 129
GTCR AP Finance, 8.00%, 5/15/27 (3) 180 180
Hub International, 7.25%, 6/15/30 (3) 395 402
Hub International, 7.375%, 1/31/32 (3) 115 115
Jones Deslauriers Insurance Management, 8.50%, 3/15/30 (3) 390 405
Jones Deslauriers Insurance Management, 10.50%, 12/15/30 (3) 170 177
Ryan Specialty Group, 4.375%, 2/1/30 (3) 145 134
    2,404
Health Care 0.6%    
Bausch & Lomb Escrow, 8.375%, 10/1/28 (3) 110 115
CHS/Community Health Systems, 8.00%, 3/15/26 (3) 82 81
CHS/Community Health Systems, 8.00%, 12/15/27 (3) 165 158
HCA, 5.375%, 2/1/25 125 124
LifePoint Health, 11.00%, 10/15/30 (3) 228 241
RegionalCare Hospital Partners Holdings, 9.75%, 12/1/26 (3) 31 31
    750
Information Technology 0.3%    
Boxer Parent, 9.125%, 3/1/26 (3) 25 25
Central Parent/CDK Global II/CDK Financing, 8.00%, 6/15/29 (3) 115 118
Cloud Software Group, 9.00%, 9/30/29 (3) 310 288
    431
Lodging 0.2%    
Hilton Domestic Operating, 5.375%, 5/1/25 (3) 205 205
Park Intermediate Holdings/ PK Domestic Property/ PK Finance Co-Issuer, 7.50%, 6/1/25 (3) 90 90
    295
Manufacturing 0.2%    
Sensata Technologies, 5.00%, 10/1/25 (3) 210 207
    207
Real Estate Investment Trust Securities 0.1%    
Service Properties Trust, 8.625%, 11/15/31 (3) 90 95
    95
Satellites 0.2%    
Connect Finco /Connect US Finco, 6.75%, 10/1/26 (3) 225 221
    221
Services 1.1%    
Allied Universal Holdco, 6.625%, 7/15/26 (3) 280 279
Allied Universal Holdco, 7.875%, 2/15/31 (3) 102 101
Allied Universal Holdco/Allied Universal Finance, 9.75%, 7/15/27 (3) 185 184
T. ROWE PRICE FLOATING RATE ETF
  Par/Shares $ Value
(Amounts in 000s)    
eG Global Finance, 12.00%, 11/30/28 (3) 200 209
GTCR W-2 Merger Sub, 7.50%, 1/15/31 (3) 200 208
Sabre GLBL, 11.25%, 12/15/27 (3) 185 174
UKG, 6.875%, 2/1/31 (3) 260 263
    1,418
Telephones 0.2%    
Verizon Communications, FRN, SOFRINDX + 0.79%, 6.14%, 3/20/26 175 176
Verizon Communications, FRN, 3M TSFR + 1.36%, 6.669%, 5/15/25 120 121
    297
Utilities 0.6%    
Talen Energy Supply, 8.625%, 6/1/30 (3) 100 105
Vistra, VR, 8.00%, (3)(5)(6) 176 176
Vistra, VR, 8.875%, (3)(5)(6) 265 269
Vistra Operations, 4.875%, 5/13/24 (3) 45 45
Vistra Operations, 5.125%, 5/13/25 (3) 210 208
    803
Wireless Communications 0.1%    
Sprint, 7.125%, 6/15/24 105 105
    105
Total Corporate Bonds
(Cost $13,477) 		  13,620
SHORT-TERM INVESTMENTS 8.8%
Money Market Funds 8.8%    
T. Rowe Price Government Reserve Fund, 5.39% (7)(8) 11,258 11,258
Total Short-Term Investments
(Cost $11,258) 		  11,258
Total Investments in Securities
105.5% of Net Assets (Cost $134,588) 		  $135,312
Other Assets Less Liabilities (5.5%)   (7,066)
Net Assets 100.0%   $128,246
    
‡  Par/Shares and Notional Amount are denominated in U.S. dollars unless otherwise noted. 
(1)  All or a portion of this loan is unsettled as of February 29, 2024. The interest rate for unsettled loans will be determined upon settlement after period end. 
(2)  Level 3 in fair value hierarchy. 
(3)  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 $12,340 and represents 9.6% of net assets. 
(4)  Security has the ability to pay in-kind or pay in cash. When applicable, separate rates of such payments are disclosed. 
(5)  Security is a fix-to-float security, which carries a fixed coupon until a certain date, upon which it switches to a floating rate. Reference rate and spread are provided if the rate is currently floating. 
(6)  Perpetual security with no stated maturity date. 
(7)  Seven-day yield 
T. ROWE PRICE FLOATING RATE ETF
(8)  Affiliated Companies 
    
1M TSFR  One month term SOFR (Secured overnight financing rate) 
1M USD LIBOR  One month USD LIBOR (London interbank offered rate) 
3M TSFR  Three month term SOFR (Secured overnight financing rate) 
3M EURIBOR  Three month EURIBOR (Euro interbank offered rate) 
6M TSFR  Six month term SOFR (Secured overnight financing rate) 
6M USD LIBOR  Six month USD LIBOR (London interbank offered rate) 
EUR  Euro 
EURIBOR  The Euro interbank offered rate 
FRN  Floating Rate Note 
PIK  Payment-in-kind 
SOFR  Secured overnight financing rate 
SOFRINDX  SOFR (Secured overnight financing rate) Index 
USD  U.S. Dollar 
VR  Variable Rate; rate shown is effective rate at period-end. The rates for certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and based on current market conditions. 
T. ROWE PRICE FLOATING RATE ETF
(Amounts in 000s)
SWAPS 0.1%
 
    
Description Notional
Amount 		$ Value Upfront
Payments/
$ (Receipts) 		Unrealized
$ Gain/(Loss)
BILATERAL SWAPS 0.1%
Total Return Swaps 0.1%
JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans At Maturity, Pay Variable 5.310% (USD SOFR) Quarterly, 6/20/24 350 15 — 15
JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans At Maturity, Pay Variable 5.310% (USD SOFR) Quarterly, 3/20/24 1,015 38 — 38
JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans At Maturity, Pay Variable 5.310% (USD SOFR) Quarterly, 3/20/24 985 35 — 35
JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans At Maturity, Pay Variable 5.310% (USD SOFR) Quarterly, 9/20/24 485 9 — 9
JP Morgan, Receive Underlying Reference: iBoxx USD Liquid Leveraged Loans At Maturity, Pay Variable 5.310% (USD SOFR) Quarterly, 6/20/24 485 9 — 9
Total Bilateral Total Return Swaps   — 106
Total Bilateral Swaps   — 106
T. ROWE PRICE FLOATING RATE ETF
(Amounts in 000s)
FORWARD CURRENCY EXCHANGE CONTRACTS
    
Counterparty Settlement Receive   Deliver   Unrealized
Gain/(Loss)
State Street Bank London 5/24/24 USD 313 EUR 289 $(1)
Net unrealized gain (loss) on open forward
currency exchange contracts 		$(1)
T. ROWE PRICE FLOATING RATE ETF
AFFILIATED COMPANIES
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the nine months ended February 29, 2024. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.
Affiliate Net Realized Gain
(Loss) 		Changes in Net
Unrealized
Gain/Loss 		Investment
Income
T. Rowe Price Government Reserve Fund $— $— $381
Totals $—# $— $381+
    
Supplementary Investment Schedule
Affiliate Value
5/31/23 		Purchase
Cost 		Sales
Cost 		Value
2/29/24
T. Rowe Price Government Reserve Fund $1,751 ¤ ¤ $11,258
  Total     $11,258^
    
# Capital gain distributions from mutual funds represented $0 of the net realized gain (loss).
+ Investment income comprised $381 of dividend income and $0 of interest income.
¤ Purchase and sale information not shown for cash management funds.
^ The cost basis of investments in affiliated companies was $11,258.
The accompanying notes are an integral part of this portfolio of investments.
T. ROWE PRICE FLOATING RATE ETF
Unaudited
    NOTES TO PORTFOLIO OF INVESTMENTS    
T. Rowe Price Floating Rate ETF (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company 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. ET, 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 generally are 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.
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.
T. ROWE PRICE FLOATING RATE ETF
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation. Swaps are valued at prices furnished by an independent pricing service or independent swap dealers. Forward currency exchange contracts are valued using the prevailing forward exchange rate.
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 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 February 29, 2024 (for further detail by category, please refer to the accompanying Portfolio of Investments):
($000s) Level 1 Level 2 Level 3 Total Value
Assets        
Corporate Bonds $— $13,620 $— $13,620
Bank Loans — 108,307 2,127 110,434
Short-Term Investments 11,258 — — 11,258
Total Securities 11,258 121,927 2,127 135,312
Swaps — 106 — 106
Total $11,258 $122,033 $2,127 $135,418
Liabilities        
Forward Currency Exchange Contracts $— $1 $— $1
Following is a reconciliation of the fund’s Level 3 holdings for the period ended February 29, 2024. Gain (loss) reflects both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized gain/loss on Level 3 instruments held at February 29, 2024, totaled $23,000 for the period ended February 29, 2024. During the period, transfers into level 3 resulted from a lack of observable market data for the security and transfers out of level 3 were because observable market data became available for the security.
($000s) Beginning
Balance
5/31/23 		Gain
(Loss)
During
Period 		Total
Purchases 		Total
Sales 		Transfer Into Level 3 Transfer Out of Level 3 Ending
Balance
2/29/24
Investment in Securities              
Bank Loans $538 $26 $1,824 $(131) $95 $(225) $2,127
OTHER MATTERS
Unpredictable events such as environmental or natural disasters, war and conflict, terrorism, geopolitical events, and public health epidemics and similar public health threats may significantly affect the economy and the markets and issuers in which the fund invests. Certain events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks.
T. ROWE PRICE FLOATING RATE ETF
The global outbreak of COVID-19 and the related governmental and public responses have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market either in specific countries or worldwide.
In February 2022, Russian forces entered Ukraine and commenced an armed conflict leading to economic sanctions being imposed on Russia that target certain of its citizens and issuers and sectors of the Russian economy, creating impacts on Russian-related stocks and debt and greater volatility in global markets.
In March 2023, the banking industry experienced heightened volatility, which sparked concerns of potential broader adverse market conditions. The extent of impact of these events on the US and global markets is highly uncertain.
These are recent examples of global events which may have a negative impact on the values of certain portfolio holdings or the fund’s overall performance. Management is actively monitoring the risks and financial impacts arising from these events.
ETF1047-054Q3
02/24