T. Rowe Price Exchange-Traded Funds, Inc. - T. Rowe Price Ultra Short-Term Bond ETF is an exchange traded fund launched and managed by T. Rowe Price Associates, Inc. The fund is co-managed by T. Rowe Price International Ltd. and T. Rowe Price Hong Kong Limited. The fund invests in fixed income markets of global region. It primarily invests directly and through derivatives in shorter-term investment-grade corporate and government securities, including mortgage-backed securities, municipal securities, money market securities and bank obligations with average maturities of 1.5 years or less. The fund uses derivatives such as futures, forwards and swaps to create its portfolio. The fund invests in securities of companies that are deemed socially conscious in their business dealings and directly promote environmental responsibility. The fund seeks to benchmark the performance of its portfolio against the Bloomberg U.S. Aggregate Bond Index, the Bloomberg Short-Term Government/Corporate Index and the Lipper Ultra-Short Obligations Funds Average. T. Rowe Price Exchange-Traded Funds, Inc. - T. Rowe Price Ultra Short-Term Bond ETF was formed on September 28, 2021 and is domiciled in the United States.