T. Rowe Price U.S. Equity Research ETF

Supplement to Prospectus and Summary Prospectus dated May 1, 2024, revised to July 10, 2024

The fund currently has the following investment policy:

The fund normally invests at least 80% of its net assets in U.S. equity securities (or futures that have similar economic characteristics).

Effective March 1, 2025, this investment policy will be replaced with the following:

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. equity securities.

The date of this supplement is December 27, 2024.

ETF967-041 12/27/24

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