Form 497K T. Rowe Price Exchange-T

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.

ETF1194-041   6/5/26

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