# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001752724-23-009571
**Filing Date:** 2023-1
**Character Count:** 48434
**Document Hash:** 4cd7aa1f50fbf92d04f419486a2d4c57
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-009571.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0001752724-23-009571

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**PERIOD START**: 20230531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Exchange-Traded Funds, Inc.
- **CENTRAL INDEX KEY:** 0001795351
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 23547139

**BUSINESS ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 100 EAST PRATT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21202

## Series and Classes Contracts Data

### T. Rowe Price U.S. High Yield ETF (Series ID: S000077051)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000237191 | T. Rowe Price U.S. High Yield ETF | THYF            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** T. Rowe Price Exchange-Traded Funds, Inc.

- **b. Investment Company Act file number:** 811-23494

- **c. CIK number of Registrant:** 0001795351

- **d. LEI of Registrant:** 549300XZPUK24E1UMH17

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 East Pratt Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21202

  - **Telephone number:** 410-345-2000

**Item A.2. Information about the Series.**

- **a. Name of Series:** T. Rowe Price U.S. High Yield ETF

- **b. EDGAR series identifier (if any):** S000077051

- **c. LEI of Series:** 549300BA4BIBITWKOB05

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-05-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $21627562.07

**Total Liabilities:** $37748.84

**Net Assets:** $21589813.23

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -16.56000000 | **1-Year:** -501.19000000 | **5-Year:** -5414.51000000 | **10-Year:** -3031.79000000 | **30-Year:** -92.07000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -65.96000000 | **10-Year:** -77.78000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237191 |  | 0.30%                | 1.83%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $-73.05                  | $47799.29                                  |
| Month 3  | $1566.49                 | $238790.39                                 |

### Schedule of Portfolio Investments

| Name                                 | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| OUTFRONT MEDIA CAP LLC/C             | Outfront Media Capital LLC / Outfront Media Capital Corp                         | CUSIP: 69007TAE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $207500.00    | 0.96%             | 2029-01-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES             | ION Trading Technologies Sarl                                                    | CUSIP: 46205YAA9<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |    250000 | PA      | $200937.50    | 0.93%             | 2028-05-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS              | NMG Holding Co Inc / Neiman Marcus Group LLC                                     | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $216000.00    | 1.00%             | 2026-04-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER             | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | CUSIP: 01883LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    245000 | PA      | $208556.25    | 0.97%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                            | Pike Corp                                                                        | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    225000 | PA      | $199125.00    | 0.92%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| AG TTMT ESCROW ISSUER                | AG TTMT Escrow Issuer LLC                                                        | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $50375.00     | 0.23%             | 2027-09-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN              | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                     | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $248187.50    | 1.15%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                          | Deluxe Corp                                                                      | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    300000 | PA      | $247875.00    | 1.15%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL HLDGS BM LTD                | Carnival Holdings Bermuda Ltd                                                    | CUSIP: 14366RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $223600.00    | 1.04%             | 2028-05-01      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                         | Entegris Inc                                                                     | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |    240000 | PA      | $201900.00    | 0.94%             | 2029-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| ADVISOR GROUP HOLDINGS I             | Advisor Group Holdings Inc                                                       | CUSIP: 00791GAA5<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178062.50    | 0.82%             | 2027-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP               | Harvest Midstream I LP                                                           | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192500.00    | 0.89%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                | Scripps Escrow II Inc                                                            | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $208750.00    | 0.97%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE C0-ISSUER INC             | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                              | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $165073.73    | 0.76%             | 2033-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARD FINANCE SA                       | ARD Finance SA                                                                   | CUSIP: 00191AAD8<br>LEI: 6354006P6QPGGPVJW880 | Long             | DBT              | CORP              | LU        |    275000 | PA      | $203500.00    | 0.94%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CLEARWAY ENERGY OP LLC               | Clearway Energy Operating LLC                                                    | CUSIP: 18539UAD7<br>LEI: 549300Z3NFMM54NWBB87 | Long             | DBT              | CORP              | US        |    300000 | PA      | $252000.00    | 1.17%             | 2031-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP               | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCN1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $263250.00    | 1.22%             | 2032-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRITON WATER HOLDINGS IN             | Triton Water Holdings Inc                                                        | CUSIP: 89680EAA7<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | DBT              | CORP              | US        |    275000 | PA      | $213125.00    | 0.99%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS               | Adient Global Holdings Ltd                                                       | CUSIP: 00687YAA3<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    275000 | PA      | $251625.00    | 1.17%             | 2026-08-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GRAFTECH FINANCE INC                 | GrafTech Finance Inc                                                             | CUSIP: 384311AA4<br>LEI: 1Z010BU876CF2HDBIN43 | Long             | DBT              | CORP              | US        |    250000 | PA      | $208437.50    | 0.97%             | 2028-12-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| FIRSTCASH INC                        | FirstCash Inc                                                                    | CUSIP: 31944TAA8<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |    225000 | PA      | $204750.00    | 0.95%             | 2030-01-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| BROADSTREET PARTNERS INC             | BroadStreet Partners Inc                                                         | CUSIP: 11135RAA3<br>LEI: 549300BS9N54G8DD0R75 | Long             | DBT              | CORP              | US        |    250000 | PA      | $212187.50    | 0.98%             | 2029-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TEMPUR SEALY INTL INC                | Tempur Sealy International Inc                                                   | CUSIP: 88023UAJ0<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $115125.00    | 0.53%             | 2031-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                           | Viasat Inc                                                                       | CUSIP: 92552VAN0<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $191562.50    | 0.89%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP               | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $108750.00    | 0.50%             | 2029-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD              | Studio City Finance Ltd                                                          | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |    310000 | PA      | $218550.00    | 1.01%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Naked Juice LLC                      | Naked Juice LLC 2nd Lien Term Loan                                               | CUSIP: 62984CAB9<br>LEI: 549300Y5TU1XQ1KVLJ64 | Long             | LON              | CORP              | US        |    200000 | PA      | $173750.00    | 0.80%             | 2030-01-24      | Floating      | 9.65%                 | No            |                  2 | On Loan: No      |
| PECF USS INTERMEDIATE HO             | PECF USS Intermediate Holding III Corp                                           | CUSIP: 69291HAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    243000 | PA      | $143673.75    | 0.67%             | 2029-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                        | Urban One Inc                                                                    | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |    225000 | PA      | $195750.00    | 0.91%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| RITCHIE BROS AUCTIONEERS             | Ritchie Bros Auctioneers Inc                                                     | CUSIP: 767744AA3<br>LEI: 5493002H8U24DJXQ4886 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $197000.00    | 0.91%             | 2025-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC             | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $218750.00    | 1.01%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP                     | Lamar Media Corp                                                                 | CUSIP: 513075BT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $195187.50    | 0.90%             | 2030-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC               | SCIH Salt Holdings Inc                                                           | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $207187.50    | 0.96%             | 2029-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU             | Sinclair Television Group Inc                                                    | CUSIP: 829259BA7<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |    200000 | PA      | $153000.00    | 0.71%             | 2030-12-01      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| COLGATE ENERGY P                     | Colgate Energy Partners III LLC                                                  | CUSIP: 19416MAB5<br>LEI: 549300QRLZK0B17DH791 | Long             | DBT              | CORP              | US        |    225000 | PA      | $207000.00    | 0.96%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DORNOCH DEBT MERGER SUB              | Dornoch Debt Merger Sub Inc                                                      | CUSIP: 25830JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    255000 | PA      | $169575.00    | 0.79%             | 2029-10-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| GRANITE US HOLDINGS CORP             | Granite US Holdings Corp                                                         | CUSIP: 38748YAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $234562.50    | 1.09%             | 2027-10-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR             | Occidental Petroleum Corp                                                        | CUSIP: 674599DF9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    500000 | PA      | $501250.00    | 2.32%             | 2036-09-15      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                        | Carnival Corp                                                                    | CUSIP: 143658BN1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    225000 | PA      | $171000.00    | 0.79%             | 2027-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ERO COPPER CORP                      | ERO Copper Corp                                                                  | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $190000.00    | 0.88%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Coty Inc                             | Coty Inc                                                                         | CUSIP: 222070AB0<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |     35000 | PA      | $33425.00     | 0.15%             | 2026-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VERITAS US INC/BERMUDA L             | Veritas US Inc / Veritas Bermuda Ltd                                             | CUSIP: 92346LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $178750.00    | 0.83%             | 2025-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC              | LCPR Senior Secured Financing DAC                                                | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $188500.00    | 0.87%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CommScope Inc                        | CommScope Inc                                                                    | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |    225000 | PA      | $192656.25    | 0.89%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC             | Ford Motor Credit Co LLC                                                         | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    375000 | PA      | $320478.75    | 1.48%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                 | Ryan Specialty Group LLC                                                         | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |    225000 | PA      | $192375.00    | 0.89%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                      | Yum! Brands Inc                                                                  | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    315000 | PA      | $263418.75    | 1.22%             | 2031-03-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN             | Hilton Domestic Operating Co Inc                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |    360000 | PA      | $291150.00    | 1.35%             | 2032-02-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                | Bath & Body Works Inc                                                            | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    175000 | PA      | $159687.50    | 0.74%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN             | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $133000.00    | 0.62%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC             | Allison Transmission Inc                                                         | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    200000 | PA      | $166000.00    | 0.77%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                        | Staples, Inc. 7 Year Term Loan                                                   | CUSIP: 855031AQ3<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |    174483 | PA      | $155307.50    | 0.72%             | 2026-04-16      | Floating      | 9.44%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP               | Millennium Escrow Corp                                                           | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $108000.00    | 0.50%             | 2026-08-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP              | Gulfport Energy Corp                                                             | CUSIP: 402635AR7<br>LEI: 254900DJRGZBUZ3F5038 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198000.00    | 0.92%             | 2026-05-17      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP               | Sunoco LP / Sunoco Finance Corp                                                  | CUSIP: 86765LAZ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $108437.50    | 0.50%             | 2030-04-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC                    | Herc Holdings Inc                                                                | CUSIP: 42704LAA2<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    215000 | PA      | $200487.50    | 0.93%             | 2027-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L             | EQM Midstream Partners LP                                                        | CUSIP: 26885BAL4<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    135000 | PA      | $114075.00    | 0.53%             | 2031-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/XO MGMT               | VistaJet Malta Finance PLC / XO Management Holding Inc                           | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    225000 | PA      | $184500.00    | 0.85%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     58000 | PA      | $54012.50     | 0.25%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                | CMG Media Corp                                                                   | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $192500.00    | 0.89%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP              | Pediatrix Medical Group Inc                                                      | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $147875.00    | 0.68%             | 2030-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                | Bausch Health Cos Inc                                                            | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $131000.00    | 0.61%             | 2027-02-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN             | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    295000 | PA      | $273612.50    | 1.27%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE               | VICI Properties LP / VICI Note Co Inc                                            | CUSIP: 92564RAE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $261375.00    | 1.21%             | 2030-08-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Berry Global Inc                     | Berry Global Inc                                                                 | CUSIP: 085770AB1<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |    225000 | PA      | $218812.50    | 1.01%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO             | Jaguar Land Rover Automotive PLC                                                 | CUSIP: 47010BAM6<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |    275000 | PA      | $195250.00    | 0.90%             | 2029-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WHITE CAP PARENT LLC                 | White Cap Parent LLC                                                             | CUSIP: 96351CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $255000.00    | 1.18%             | 2026-03-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| T Rowe Price Government Reserve Fund | T Rowe Price Government Reserve Fund                                             | CUSIP: 76015Y109<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    204210 | NS      | $204210.24    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC FIN SVCS INC                | PennyMac Financial Services Inc                                                  | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |    230000 | PA      | $179975.00    | 0.83%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US             | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC             | CUSIP: 222070AG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $198562.50    | 0.92%             | 2029-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MATTEL INC                           | Mattel Inc                                                                       | CUSIP: 577081BF8<br>LEI: 549300VELLG24KHTJ564 | Long             | DBT              | CORP              | US        |    250000 | PA      | $217500.00    | 1.01%             | 2029-04-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION             | Consensus Cloud Solutions Inc                                                    | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $158375.00    | 0.73%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Spirit AeroSystems Inc               | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAK6<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |    275000 | PA      | $214500.00    | 0.99%             | 2028-06-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION             | Hess Midstream Operations LP                                                     | CUSIP: 428102AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $214375.00    | 0.99%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                | Level 3 Financing Inc                                                            | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    325000 | PA      | $238875.00    | 1.11%             | 2029-01-15      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY              | Howard Midstream Energy Partners LLC                                             | CUSIP: 442722AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $209250.00    | 0.97%             | 2027-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT              | Six Flags Entertainment Corp                                                     | CUSIP: 83001AAC6<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |     18000 | PA      | $16222.50     | 0.08%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORG                     | Organon & Co / Organon Foreign Debt Co-Issuer BV                                 | CUSIP: 68622TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $177500.00    | 0.82%             | 2028-04-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| Staples Inc                          | Staples Inc                                                                      | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    180000 | PA      | $158625.00    | 0.73%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ELEMENT SOLUTIONS INC                | Element Solutions Inc                                                            | CUSIP: 28618MAA4<br>LEI: 549300FLGN6P5CU20J91 | Long             | DBT              | CORP              | US        |    375000 | PA      | $320156.25    | 1.48%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SENSATA TECHNOLOGIES BV              | Sensata Technologies BV                                                          | CUSIP: 81725WAK9<br>LEI: PUCKW5P5O3XMOZVH7T53 | Long             | DBT              | CORP              | NL        |    240000 | PA      | $207900.00    | 0.96%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                        | DISH DBS Corp                                                                    | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $258125.00    | 1.20%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI             | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | PA      | $203062.50    | 0.94%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD                | HUB International Ltd                                                            | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    300000 | PA      | $263250.00    | 1.22%             | 2029-12-01      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP              | Asbury Automotive Group Inc                                                      | CUSIP: 043436AV6<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $213750.00    | 0.99%             | 2030-03-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| LSF9 ATL HLDG/VICTRA FIN             | LSF9 Atlantis Holdings LLC / Victra Finance Corp                                 | CUSIP: 50220MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    425000 | PA      | $389937.50    | 1.81%             | 2026-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS              | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $102187.50    | 0.47%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                         | Novelis Corp                                                                     | CUSIP: 670001AH9<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    325000 | PA      | $266500.00    | 1.23%             | 2031-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L             | EQM Midstream Partners LP                                                        | CUSIP: 26885BAK6<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    115000 | PA      | $100768.75    | 0.47%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                        | TransDigm Inc                                                                    | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    225000 | PA      | $212062.50    | 0.98%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                       | Bombardier Inc                                                                   | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    225000 | PA      | $219937.50    | 1.02%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| eG Global Finance PLC                | eG Global Finance PLC                                                            | CUSIP: 28228PAA9<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |    325000 | PA      | $293312.50    | 1.36%             | 2025-02-07      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ENCINO ACQUISITION PARTN             | Encino Acquisition Partners Holdings LLC                                         | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192000.00    | 0.89%             | 2028-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC               | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    130000 | PA      | $125125.00    | 0.58%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS             | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBM1<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    125000 | PA      | $94687.50     | 0.44%             | 2030-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CORP                   | CNX Resources Corp                                                               | CUSIP: 12653CAJ7<br>LEI: 549300JK3KH8PWM3B226 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188000.00    | 0.87%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES INC                  | Delta Air Lines Inc                                                              | CUSIP: 247361ZT8<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    260000 | PA      | $222300.00    | 1.03%             | 2029-10-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| NORTHWEST FIBER LLC/NORT             | Northwest Fiber LLC / Northwest Fiber Finance Sub Inc                            | CUSIP: 667449AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $196875.00    | 0.91%             | 2027-04-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA             | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    225000 | PA      | $214593.75    | 0.99%             | 2030-04-30      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| CONSOLIDATED COMMUNICATI             | Consolidated Communications Inc                                                  | CUSIP: 20903XAF0<br>LEI: 549300WW675Y48HDVX34 | Long             | DBT              | CORP              | US        |    250000 | PA      | $205625.00    | 0.95%             | 2028-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITGO HOLDING INC                    | Citgo Holding Inc                                                                | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |    400000 | PA      | $400500.00    | 1.86%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN             | Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198500.00    | 0.92%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                        | Life Time Inc                                                                    | CUSIP: 53190FAA3<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |    225000 | PA      | $213750.00    | 0.99%             | 2026-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP                | NGL Energy Operating LLC / NGL Energy Finance Corp                               | CUSIP: 62922LAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    225000 | PA      | $202500.00    | 0.94%             | 2026-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                  | Go Daddy Operating Co LLC / GD Finance Co Inc                                    | CUSIP: 38016LAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $202800.00    | 0.94%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS              | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $99375.00     | 0.46%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MAJORDRIVE HOLDINGS IV L             | MajorDrive Holdings IV LLC                                                       | CUSIP: 56085RAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $154000.00    | 0.71%             | 2029-06-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-29

**Name of Applicant:** T. Rowe Price Exchange-Traded Funds, Inc.

**Signature:** Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer and Vice President