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Form N-PX · fund registrantSEC filer no. 1795351

T. Rowe Price Exchange-Traded Funds, Inc.

fund voting report, part of T. Rowe Price

Vote records reported
45,159year to 30 June 2026
Against management
4.5%2,018 of 44,530 marked votes
Say-on-pay support
96.4%for, of for + against + abstain
Shareholder-proposal support
11.9%for, of for + against + abstain
91.3% for6.7% against2.0% other4.5% against management44,881 votes

foragainstabstain, withhold or otheramber tick: the portion cast against management

T. Rowe Price Exchange-Traded Funds, Inc. reported 45,159 vote records for the year to 30 June 2026. It marked 4.5% of its votes as cast against management (2,018 of 44,530), 1.7 percentage points below the median fund registrant, which was 6.2%.

Weighted by the number of shares voted, the against-management share is 2.9%. The two figures differ when the votes against management fall on larger or smaller holdings than the rest.

On pay and on shareholder proposals: it voted for 96.4% of the section 14A say-on-pay items it reported (the median fund registrant: 91.6%) and it voted for 11.9% of the proposals put forward by security holders (the median fund registrant: 27.5%).

By category, votes against management were most frequent in SHAREHOLDER RIGHTS AND DEFENSES (25.2% of 151), COMPENSATION (6.7% of 2,981) and CAPITAL STRUCTURE (5.2% of 2,828).

It reported 59.1 million shares out on loan at record dates, 2.14% of the shares it held or had lent across the meetings it reported. Shares on loan are not voted.

Compared with other filers

Each rate is defined once, in the methodology. The median is taken over 1,241 fund registrants with at least 25 vote records in the season.

year to 30 June 2026This filerMedian fund registrantAll filers pooled
Against-management share4.5%6.2%10.6%
Say-on-pay support rate96.4%91.6%86.0%
Shareholder-proposal support rate11.9%27.5%33.9%
Shares on loan, share of shares held2.14%0.00%3.12%
Largest families, year to 30 June 2026Against managementSay-on-pay supportShareholder-proposal support
Vanguard20.1%94.1%42.0%
BlackRock and iShares7.5%88.3%11.9%
Fidelity6.0%94.7%27.6%
Dimensional16.4%78.9%57.4%
State Street and SPDR16.9%77.1%50.4%

Votes by category

Filers choose one or more categories for each vote, so a vote can appear in more than one row. Category names are printed as Form N-PX defines them.

Category (as the form names it)VotesForAgainstAgainst managementSplit
DIRECTOR ELECTIONS27,41725,9857104.8%
SECTION 14A SAY-ON-PAY VOTES2,3162,105783.8%
AUDIT-RELATED3,1833,162210.4%
INVESTMENT COMPANY MATTERS3300.0%
SHAREHOLDER RIGHTS AND DEFENSES1601163825.2%
EXTRAORDINARY TRANSACTIONS317301163.8%
CAPITAL STRUCTURE2,8282,7051235.2%
COMPENSATION3,0092,7492386.7%
CORPORATE GOVERNANCE5,3664,3729475.2%
ENVIRONMENT OR CLIMATE524854392.3%
HUMAN RIGHTS OR HUMAN CAPITAL/WORKFORCE253591940.0%
DIVERSITY, EQUITY, AND INCLUSION297602370.0%
OTHER SOCIAL ISSUES7891726171.4%
OTHER14598475.0%

By season

SeasonVote recordsAgainst managementSay-on-pay supportShareholder-proposal supportSplit
year to 30 June 202420,7453.7%95.6%8.4%
year to 30 June 202520,3753.9%96.2%6.8%
year to 30 June 202645,1594.5%96.4%11.9%

Say-on-pay votes against management

Counting one say-on-pay item per company meeting, T. Rowe Price Exchange-Traded Funds, Inc. voted against management on 42 of the 795 it marked either way (5.3%) in the year to 30 June 2026. The 40 companies with the most reporting filers are listed.

Shareholder proposals it supported

Of 512 proposals from security holders that could be told apart in the filings and on which it cast a vote, T. Rowe Price Exchange-Traded Funds, Inc. voted for 82 (16.0%). The 40 at the companies with the most reporting filers are listed. Titles are the most common wording among filers; where a wording could name a person, the SEC category is printed instead.

CompanyMeetingProposal
NVIDIA Corporation24 Jun 2026Approval of a non-binding stockholder proposal requesting the replacement of supermajority voting...
Alphabet Inc.5 Jun 2026Shareholder proposal regarding equal shareholder voting
JPMorgan Chase & Co.19 May 2026Independent board chairman
Tesla, Inc.6 Nov 2025Declassify the Board of Directors
Tesla, Inc.6 Nov 2025Shareholder proposal: CORPORATE GOVERNANCE
NextEra Energy, Inc.21 May 2026Report on Plans to Reduce and Align GHG Emissions with Paris Agreement Goals
Lowe's Companies, Inc.29 May 2026Shareholder Proposal requesting a report describing how the Company could disclose its plastic packaging...
PALANTIR TECHNOLOGIES INC.3 Jun 2026Stockholder proposal entitled "Political Spending Disclosure,"
Starbucks Corporation25 Mar 2026Shareholder proposal requesting supermajority shareholder voting requirements be replaced with majority...
Palo Alto Networks, Inc.9 Dec 2025To consider and vote upon a shareholder proposal, if properly presented at the Annual Meeting, regarding...
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding annual vote regarding executive pay.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding disclosure of voting results by share class.
Meta Platforms, Inc.27 May 2026A shareholder proposal regarding dual class capital structure.
United Parcel Service, Inc.7 May 2026To take steps to reduce the voting power of UPS class A stock from 10 votes per share to one vote per share.
Target Corporation10 Jun 2026Require Independent Board Chair
FORD MOTOR COMPANY14 May 2026A shareholder proposal relating to a request that the Board take steps to implement one vote per share for...
Otis Worldwide Corporation27 May 2026Shareholder proposal regarding reporting on political contributions and expenditures
Snowflake Inc.29 Jun 2026To consider and vote on, if properly presented at the meeting, a non-binding stockholder proposal...
Cintas Corporation28 Oct 2025A shareholder proposal regarding support for shareholder ability to call for a special shareholder meeting.
Fastenal Company23 Apr 2026Shareholder proposal relating to an EEO-1 reporting disclosure policy
WEC Energy Group, Inc.7 May 2026Stockholder proposal to govern by majority vote
Airbnb, Inc.5 Jun 2026Dual-class sunset; and
Datadog, Inc.15 Jun 2026The stockholder proposal, if properly presented at the Annual Meeting, requesting the adoption of a simple...
Charter Communications, Inc.21 Apr 2026Stockholder proposal regarding political expenditures report.
Workday, Inc.16 Jun 2026To consider and vote upon a stockholder proposal regarding disclosure of voting results based on share class.
Lennar Corporation8 Apr 2026Shareholder proposal: SHAREHOLDER RIGHTS AND DEFENSES
ON Semiconductor Corporation14 May 2026To vote on a stockholder proposal regarding simple majority voting
Albemarle Corporation5 May 2026Shareholder Proposal regarding shareholders ability to call for a special shareholder meeting.
lululemon athletica inc.25 Jun 2026Declassify the Board of Directors
Zscaler, Inc.12 Jan 2026To vote on a non-binding stockholder proposal requesting the declassification of our board of directors.
West Pharmaceutical Services, Inc.4 May 2026Shareholder proposal regarding an independent Board Chair policy.
HubSpot, Inc.15 Jun 2026A stockholder proposal to change the Company's Sixth Amended and Restated Bylaws to allow 10% holders of...
BJ's Wholesale Club Holdings, Inc.18 Jun 2026Vote on a shareholder proposal regarding a report on deforestation in the company's own-brand supply chain
BJ's Wholesale Club Holdings, Inc.18 Jun 2026Vote on a shareholder proposal regarding a report on greenhouse gas emissions reduction efforts
Norwegian Cruise Line Holdings Ltd.11 Jun 2026A shareholder proposal requesting the declassification of our board of directors
NVR, Inc.7 May 2026Shareholder proposal to disclose greenhouse gas emissions.
TransUnion12 May 2026Advisory vote on a stockholder proposal requesting a stockholder right to call a special meeting.
Five Below, Inc.16 Jun 2026Shareholder proposal requesting that provisions in the Company's governance documents requiring greater...
OGE Energy Corp.14 May 2026Shareholder Proposal Regarding Simple Majority Vote.
Bio-Rad Laboratories, Inc.21 Apr 2026Stockholder proposal regarding dual class capital structure.

Shares on loan

T. Rowe Price Exchange-Traded Funds, Inc. reported 59.1 million shares on loan at record dates against 2.70 billion shares voted: 2.14% of the two together. Median fund registrant: 0.00%. Shares lent out at the record date cannot be voted by the lender, which is why Form N-PX asks for the figure. More on lending and votes.

Fund series in this filing

23 series reported votes. A vote record can list several series. Series with 500 or more vote records have their own page.

SeriesVote recordsAgainst managementSay-on-pay supportShareholder-proposal support
T. Rowe Price Active Core U.S. Equity ETF6,3475.0%95.2%8.7%
International Equity Research ETF5,8213.3%100.0%14.3%
T. Rowe Price U.S. Equity Research ETF4,3824.3%97.1%6.0%
T. Rowe Price Active Core International Equity ETF3,1832.8%not reported15.0%
T. Rowe Price International Equity ETF3,1481.9%not reported40.9%
T. Rowe Price Small-Mid Cap ETF2,6338.4%96.7%13.0%
T. Rowe Price Emerging Markets Equity Research ETF2,2539.1%not reported81.8%
T. Rowe Price Value ETF2,2192.2%99.3%2.0%
T. Rowe Price Equity Income ETF1,7392.7%96.4%4.2%
T. Rowe Price Innovation Leaders ETF1,7086.2%96.0%11.7%
Hedged Equity ETF1,6043.1%97.3%4.6%
T. Rowe Price Dividend Growth ETF1,3331.0%100.0%1.1%
T. Rowe Price Capital Appreciation Equity ETF1,1025.0%96.4%17.5%
Financials ETF1,0453.6%96.9%0.0%
Natural Resources ETF1,0164.9%86.4%0.0%
T. Rowe Price Growth ETF1,0006.3%100.0%11.5%
T. Rowe Price Growth Stock ETF8427.5%94.6%11.7%
Health Care ETF8388.2%91.0%16.7%
Capital Appreciation Premium Income ETF8173.9%96.6%7.7%
T. Rowe Price Blue Chip Growth ETF7664.7%100.0%10.8%
Global Equity ETF7575.6%100.0%8.2%
T. Rowe Price Technology ETF5979.9%100.0%15.6%
T. Rowe Price Multi-Sector Income ETF922.2%not reportednot reported

The filings

These figures are read from the filer's own Form N-PX. If a vote on this page looks wrong, the filing is the record: a dispute about a filed vote is a matter for the filer, and an error in how this site read the filing is a matter for corrections.

Questions

How did T. Rowe Price Exchange-Traded Funds, Inc. vote on executive pay?

In the year to 30 June 2026 T. Rowe Price Exchange-Traded Funds, Inc. reported 2,183 votes in the category SECTION 14A SAY-ON-PAY VOTES that were cast for, against or abstain. 2,105 were for (96.4%), 78 against and 0 abstentions. Counting one item per company meeting, it voted against management on 42 of the 795 say-on-pay items it marked either way.

How often does T. Rowe Price Exchange-Traded Funds, Inc. vote against management?

4.5% of the time in the year to 30 June 2026: 2,018 of the 44,530 votes it marked as for or against management. Form N-PX asks each filer to state, vote by vote, whether the vote was for or against management's recommendation; this figure counts those marks.

Did T. Rowe Price Exchange-Traded Funds, Inc. support shareholder proposals on climate?

In the category ENVIRONMENT OR CLIMATE it reported 451 votes on proposals from security holders in the year to 30 June 2026 and voted for 12 of them (2.7%). Across every category it voted for 11.9% of security-holder proposals. Filers choose the category for each vote, so the same proposal can sit in different categories in different filings.

Is this the result of the meetings?

No. Form N-PX shows how this filer voted the shares it held. It does not show how other shareholders voted or whether a proposal was approved. Companies report certified results separately, on Form 8-K.

Where does the data come from?

From the Form N-PX filings of this filer on the SEC's EDGAR system, read as filed. The SEC does not verify the contents. Amended filings (N-PX/A) replace the filings they amend. Data on this page runs through 23 Sep 2026.

Provenance: SEC EDGAR, Form N-PX and N-PX/A filings by T. Rowe Price Exchange-Traded Funds, Inc. (filer no. 1795351), read as filed and not verified by the SEC. Amended filings replace the filings they amend. Filings read through 23 Sep 2026; page built 26 Sep 2026.