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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_ActiveManagementMember_lbl" xml:lang="en-US">Active management [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="trowe_BloombergUSAggregateBondIndexMember_lbl" xml:lang="en-US">Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)</link:label>
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      <link:loc xlink:type="locator" xlink:href="trowe-20260424.xsd#trowe_LipperHighYieldMunicipalDebtFundsAverageMember" xlink:label="trowe_LipperHighYieldMunicipalDebtFundsAverageMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_S000046222Member_doc" xml:lang="en-US">T. Rowe Price Intermediate Tax-Free High Yield Fund.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_JunkBondsMember_doc" xml:lang="en-US">Junk bonds.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_InterestRatesMember_doc" xml:lang="en-US">Interest rates.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CallableBondsMember_doc" xml:lang="en-US">Callable bonds.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="trowe_AlternativeMinimumTaxMember" xlink:to="trowe_AlternativeMinimumTaxMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_AlternativeMinimumTaxMember_doc" xml:lang="en-US">Alternative minimum tax.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_LiquidityMember_doc" xml:lang="en-US">Liquidity.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_ActiveManagementMember_doc" xml:lang="en-US">Active management.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="trowe_CybersecurityBreachesMember_doc" xml:lang="en-US">Cybersecurity breaches.</link:label>
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