Form 497 T. Rowe Price Exchange-T
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| T. Rowe Price Health Care ETF |
| Supplement to Prospectus and Summary Prospectus dated March 1, 2026 |
Effective June 9, 2026, in the Summary Prospectus and Section 1 of the Prospectus, the following language replaces the first paragraph of the current disclosure under “Purchase and Sale of Fund Shares”:
The fund issues and redeems shares at NAV only with Authorized Participants and only in large blocks of 25,000 shares (each, a “Creation Unit”). Individual fund shares may not be purchased or redeemed directly with the fund. An Authorized Participant may purchase or redeem a Creation Unit of the fund each business day that the fund is open in exchange for the delivery of a designated portfolio of in-kind securities and/or cash.
| The date of this supplement is June 5, 2026. |
ETF1194-041 6/5/26
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