# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-003664
**Filing Date:** 2025-11
**Character Count:** 160254
**Document Hash:** 7ee64c82d4d7f2a05c1f2a3d2ac8a9da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003664.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003664

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Exchange-Traded Funds, Inc.
- **CENTRAL INDEX KEY:** 0001795351

**ORGANIZATION NAME:**
- **EIN:** 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:** 251522024

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price U.S. Equity Research ETF (Series ID: S000071604)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000226980 | T. Rowe Price U.S. Equity Research ETF | TSPA            |

## Nport-Ex

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

September 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **COMMUNICATION SERVICES 10.2%** | **COMMUNICATION SERVICES 10.2%** | **COMMUNICATION SERVICES 10.2%** |
| **Diversified Telecommunication Services 0.2%** |  |  |
| AT&T | 148306 | &nbsp;&nbsp;&nbsp;&nbsp;4188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4188** |
| **Entertainment 1.7%** |  |  |
| Electronic Arts | &nbsp;&nbsp;&nbsp;15812 | &nbsp;&nbsp;&nbsp;&nbsp;3189 |
| Netflix (1) | &nbsp;&nbsp;&nbsp;18346 | &nbsp;&nbsp;&nbsp;21995 |
| Spotify Technology (1) | &nbsp;&nbsp;&nbsp;&nbsp;2789 | &nbsp;&nbsp;&nbsp;&nbsp;1947 |
| Take-Two Interactive Software (1) | &nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 |
| TKO Group Holdings | &nbsp;&nbsp;&nbsp;&nbsp;9420 | &nbsp;&nbsp;&nbsp;&nbsp;1903 |
| Walt Disney | &nbsp;&nbsp;&nbsp;33265 | &nbsp;&nbsp;&nbsp;&nbsp;3809 |
|  |  | &nbsp;&nbsp;&nbsp;**33289** |
| **Interactive Media & Services 7.4%** |  |  |
| Alphabet, Class A | 141288 | &nbsp;&nbsp;&nbsp;34347 |
| Alphabet, Class C | 225982 | &nbsp;&nbsp;&nbsp;55038 |
| Meta Platforms, Class A | &nbsp;&nbsp;&nbsp;83175 | &nbsp;&nbsp;&nbsp;61082 |
|  |  | **150467** |
| **Media 0.2%** |  |  |
| Charter Communications, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp;1022 |
| Comcast, Class A | &nbsp;&nbsp;&nbsp;82171 | &nbsp;&nbsp;&nbsp;&nbsp;2582 |
| Trade Desk, Class A (1) | &nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4462** |
| **Wireless Telecommunication Services 0.7%** |  |  |
| T-Mobile US | &nbsp;&nbsp;&nbsp;59524 | &nbsp;&nbsp;&nbsp;14249 |
|  |  | &nbsp;&nbsp;&nbsp;**14249** |
| Total Communication Services |  | 206655 |
| **CONSUMER DISCRETIONARY 10.4%** | **CONSUMER DISCRETIONARY 10.4%** | **CONSUMER DISCRETIONARY 10.4%** |
| **Automobiles 2.3%** |  |  |
| General Motors | &nbsp;&nbsp;&nbsp;19708 | &nbsp;&nbsp;&nbsp;&nbsp;1202 |
| Tesla (1) | 100507 | &nbsp;&nbsp;&nbsp;44697 |
|  |  | &nbsp;&nbsp;&nbsp;**45899** |
| **Broadline Retail 3.9%** |  |  |
| Amazon.com (1) | 346809 | &nbsp;&nbsp;&nbsp;76149 |
| eBay | &nbsp;&nbsp;&nbsp;21518 | &nbsp;&nbsp;&nbsp;&nbsp;1957 |
|  |  | &nbsp;&nbsp;&nbsp;**78106** |
| **Distributors 0.0%** |  |  |
| Pool | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**837** |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Hotels, Restaurants & Leisure 2.0%** |  |  |
| Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp;8542 |
| Chipotle Mexican Grill (1) | &nbsp;&nbsp;&nbsp;97338 | &nbsp;&nbsp;&nbsp;&nbsp;3815 |
| Darden Restaurants | &nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 |
| Domino's Pizza | &nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 |
| DoorDash, Class A (1) | &nbsp;&nbsp;&nbsp;18598 | &nbsp;&nbsp;&nbsp;&nbsp;5058 |
| Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;15917 | &nbsp;&nbsp;&nbsp;&nbsp;4129 |
| Las Vegas Sands | &nbsp;&nbsp;&nbsp;39670 | &nbsp;&nbsp;&nbsp;&nbsp;2134 |
| McDonald's | &nbsp;&nbsp;&nbsp;33751 | &nbsp;&nbsp;&nbsp;10257 |
| Royal Caribbean Cruises | &nbsp;&nbsp;&nbsp;11473 | &nbsp;&nbsp;&nbsp;&nbsp;3712 |
| Wingstop | &nbsp;&nbsp;&nbsp;&nbsp;3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 |
|  |  | &nbsp;&nbsp;&nbsp;**40078** |
| **Household Durables 0.1%** |  |  |
| NVR (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;3053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3053** |
| **Specialty Retail 2.0%** |  |  |
| AutoZone (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;3827 |
| Bath & Body Works | &nbsp;&nbsp;&nbsp;&nbsp;9438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 |
| Carvana (1) | &nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 |
| Home Depot | &nbsp;&nbsp;&nbsp;40663 | &nbsp;&nbsp;&nbsp;16476 |
| Lowe's | &nbsp;&nbsp;&nbsp;18465 | &nbsp;&nbsp;&nbsp;&nbsp;4641 |
| O'Reilly Automotive (1) | &nbsp;&nbsp;&nbsp;43355 | &nbsp;&nbsp;&nbsp;&nbsp;4674 |
| Ross Stores | &nbsp;&nbsp;&nbsp;22881 | &nbsp;&nbsp;&nbsp;&nbsp;3487 |
| TJX | &nbsp;&nbsp;&nbsp;31788 | &nbsp;&nbsp;&nbsp;&nbsp;4595 |
| Ulta Beauty (1) | &nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp;1368 |
|  |  | &nbsp;&nbsp;&nbsp;**40151** |
| **Textiles, Apparel & Luxury Goods 0.1%** |  |  |
| Lululemon Athletica (1) | &nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| NIKE, Class B | &nbsp;&nbsp;&nbsp;21895 | &nbsp;&nbsp;&nbsp;&nbsp;1527 |
| Tapestry | &nbsp;&nbsp;&nbsp;&nbsp;7621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2770** |
| Total Consumer Discretionary |  | 210894 |
| **CONSUMER STAPLES 4.7%** | **CONSUMER STAPLES 4.7%** | **CONSUMER STAPLES 4.7%** |
| **Beverages 1.0%** |  |  |
| Coca-Cola | 167522 | &nbsp;&nbsp;&nbsp;&nbsp;11110 |
| Keurig Dr Pepper | 112285 | &nbsp;&nbsp;&nbsp;&nbsp;2864 |
| Monster Beverage (1) | &nbsp;&nbsp;&nbsp;31340 | &nbsp;&nbsp;&nbsp;&nbsp;2110 |
| PepsiCo | &nbsp;&nbsp;&nbsp;34205 | &nbsp;&nbsp;&nbsp;&nbsp;4804 |
|  |  | &nbsp;&nbsp;&nbsp;**20888** |
| **Consumer Staples Distribution & Retail 1.6%** |  |  |
| Costco Wholesale | &nbsp;&nbsp;&nbsp;15508 | &nbsp;&nbsp;&nbsp;14354 |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Walmart | 165522 | 17059 |
|  |  | **31413** |
| **Food Products 0.1%** |  |  |
| Lamb Weston Holdings | &nbsp;&nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| Mondelez International | &nbsp;&nbsp;&nbsp;36908 | &nbsp;&nbsp;&nbsp;2306 |
| Tyson Foods, Class A | &nbsp;&nbsp;&nbsp;&nbsp;7628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 |
|  |  | &nbsp;&nbsp;&nbsp;**2904** |
| **Household Products 1.0%** |  |  |
| Colgate-Palmolive | &nbsp;&nbsp;&nbsp;35927 | &nbsp;&nbsp;&nbsp;2872 |
| Kimberly-Clark | &nbsp;&nbsp;&nbsp;20112 | &nbsp;&nbsp;&nbsp;2501 |
| Procter & Gamble | &nbsp;&nbsp;&nbsp;96089 | 14764 |
|  |  | **20137** |
| **Personal Care Products 0.3%** |  |  |
| elf Beauty (1) | &nbsp;&nbsp;&nbsp;&nbsp;8021 | &nbsp;&nbsp;&nbsp;1063 |
| Estee Lauder, Class A | &nbsp;&nbsp;&nbsp;19825 | &nbsp;&nbsp;&nbsp;1747 |
| Kenvue | &nbsp;&nbsp;&nbsp;66658 | &nbsp;&nbsp;&nbsp;1082 |
| Unilever PLC, ADR | &nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;1304 |
|  |  | &nbsp;&nbsp;&nbsp;**5196** |
| **Tobacco 0.7%** |  |  |
| Altria Group | &nbsp;&nbsp;&nbsp;55498 | &nbsp;&nbsp;&nbsp;3666 |
| Philip Morris International | &nbsp;&nbsp;&nbsp;65746 | 10664 |
|  |  | **14330** |
| Total Consumer Staples |  | 94868 |
| **ENERGY 3.0%** | **ENERGY 3.0%** | **ENERGY 3.0%** |
| **Energy Equipment & Services 0.2%** |  |  |
| Schlumberger | 112708 | &nbsp;&nbsp;&nbsp;3874 |
|  |  | &nbsp;&nbsp;&nbsp;**3874** |
| **Oil, Gas & Consumable Fuels 2.8%** |  |  |
| Chevron | &nbsp;&nbsp;&nbsp;&nbsp;79111 | 12285 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;73846 | &nbsp;&nbsp;&nbsp;6985 |
| Diamondback Energy | &nbsp;&nbsp;&nbsp;18387 | &nbsp;&nbsp;&nbsp;2631 |
| EOG Resources | &nbsp;&nbsp;&nbsp;21741 | &nbsp;&nbsp;&nbsp;2438 |
| EQT | &nbsp;&nbsp;&nbsp;26981 | &nbsp;&nbsp;&nbsp;1469 |
| Expand Energy | &nbsp;&nbsp;&nbsp;12174 | &nbsp;&nbsp;&nbsp;1293 |
| Exxon Mobil | 131049 | 14776 |
| Kinder Morgan | &nbsp;&nbsp;&nbsp;56100 | &nbsp;&nbsp;&nbsp;1588 |
| ONEOK | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 |
| Targa Resources | &nbsp;&nbsp;&nbsp;15231 | &nbsp;&nbsp;&nbsp;2552 |
| Valero Energy | &nbsp;&nbsp;&nbsp;31615 | &nbsp;&nbsp;&nbsp;5383 |
| Williams | &nbsp;&nbsp;&nbsp;62958 | &nbsp;&nbsp;&nbsp;3988 |
|  |  | **55979** |
| Total Energy |  | 59853 |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **FINANCIALS 14.0%** | **FINANCIALS 14.0%** | **FINANCIALS 14.0%** |
| **Banks 3.8%** |  |  |
| Bank of America | 354599 | 18294 |
| Citigroup | 121550 | 12337 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;49426 | &nbsp;&nbsp;&nbsp;2202 |
| Huntington Bancshares | 130349 | &nbsp;&nbsp;&nbsp;2251 |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;94175 | 29706 |
| KeyCorp | &nbsp;&nbsp;&nbsp;81809 | &nbsp;&nbsp;&nbsp;1529 |
| Popular | &nbsp;&nbsp;&nbsp;&nbsp;8025 | &nbsp;&nbsp;&nbsp;1019 |
| Truist Financial | &nbsp;&nbsp;&nbsp;10751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 |
| US Bancorp | &nbsp;&nbsp;&nbsp;90379 | &nbsp;&nbsp;&nbsp;4368 |
| Wells Fargo | &nbsp;&nbsp;&nbsp;44199 | &nbsp;&nbsp;&nbsp;3705 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;9720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 |
|  |  | **76745** |
| **Capital Markets 3.2%** |  |  |
| Ares Management | &nbsp;&nbsp;&nbsp;13307 | &nbsp;&nbsp;&nbsp;2128 |
| Bank of New York Mellon | &nbsp;&nbsp;&nbsp;37122 | &nbsp;&nbsp;&nbsp;4045 |
| Blackrock | &nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;6061 |
| Blackstone | &nbsp;&nbsp;&nbsp;11565 | &nbsp;&nbsp;&nbsp;1976 |
| Cboe Global Markets | &nbsp;&nbsp;&nbsp;&nbsp;3043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
| Charles Schwab | &nbsp;&nbsp;&nbsp;99643 | &nbsp;&nbsp;&nbsp;9513 |
| CME Group | &nbsp;&nbsp;&nbsp;21346 | &nbsp;&nbsp;&nbsp;5767 |
| Goldman Sachs Group | &nbsp;&nbsp;&nbsp;&nbsp;9053 | &nbsp;&nbsp;&nbsp;7209 |
| Intercontinental Exchange | &nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 |
| KKR | &nbsp;&nbsp;&nbsp;28663 | &nbsp;&nbsp;&nbsp;3725 |
| Moody's | &nbsp;&nbsp;&nbsp;&nbsp;8321 | &nbsp;&nbsp;&nbsp;3965 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;35840 | &nbsp;&nbsp;&nbsp;5697 |
| Robinhood Markets, Class A (1) | &nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;2119 |
| S&P Global | &nbsp;&nbsp;&nbsp;10464 | &nbsp;&nbsp;&nbsp;5093 |
| State Street | &nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;1705 |
| TPG | &nbsp;&nbsp;&nbsp;38025 | &nbsp;&nbsp;&nbsp;2185 |
| Tradeweb Markets, Class A | &nbsp;&nbsp;&nbsp;25220 | &nbsp;&nbsp;&nbsp;2799 |
|  |  | **65205** |
| **Consumer Finance 0.5%** |  |  |
| American Express | &nbsp;&nbsp;&nbsp;18759 | &nbsp;&nbsp;&nbsp;6231 |
| Capital One Financial | &nbsp;&nbsp;&nbsp;18005 | &nbsp;&nbsp;&nbsp;3827 |
|  |  | **10058** |
| **Financial Services 4.4%** |  |  |
| Apollo Global Management | &nbsp;&nbsp;&nbsp;23711 | &nbsp;&nbsp;&nbsp;3160 |
| Berkshire Hathaway, Class B (1) | &nbsp;&nbsp;&nbsp;45436 | 22842 |
| Block (1) | &nbsp;&nbsp;&nbsp;79181 | &nbsp;&nbsp;&nbsp;5722 |
| Corebridge Financial | &nbsp;&nbsp;&nbsp;53716 | &nbsp;&nbsp;&nbsp;1722 |
| Corpay (1) | &nbsp;&nbsp;&nbsp;16451 | &nbsp;&nbsp;&nbsp;4739 |
| Equitable Holdings | &nbsp;&nbsp;&nbsp;30540 | &nbsp;&nbsp;&nbsp;1551 |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Fiserv (1) | 18476 | &nbsp;&nbsp;&nbsp;&nbsp;2382 |
| Global Payments | &nbsp;&nbsp;&nbsp;2802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 |
| Klarna Group PLC (1) | &nbsp;&nbsp;&nbsp;9196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 |
| Mastercard, Class A | 34447 | &nbsp;&nbsp;&nbsp;19594 |
| Visa, Class A | 69237 | &nbsp;&nbsp;&nbsp;23636 |
| Voya Financial | 36920 | &nbsp;&nbsp;&nbsp;&nbsp;2762 |
|  |  | &nbsp;&nbsp;&nbsp;**88680** |
| **Insurance 2.1%** |  |  |
| Allstate | 34882 | &nbsp;&nbsp;&nbsp;&nbsp;7487 |
| American International Group | 60026 | &nbsp;&nbsp;&nbsp;&nbsp;4715 |
| Axis Capital Holdings | 11481 | &nbsp;&nbsp;&nbsp;&nbsp;1100 |
| Chubb | 33444 | &nbsp;&nbsp;&nbsp;&nbsp;9440 |
| Hartford Insurance Group | 24207 | &nbsp;&nbsp;&nbsp;&nbsp;3229 |
| Marsh & McLennan | 25183 | &nbsp;&nbsp;&nbsp;&nbsp;5075 |
| MetLife | 63323 | &nbsp;&nbsp;&nbsp;&nbsp;5216 |
| Progressive | 14041 | &nbsp;&nbsp;&nbsp;&nbsp;3467 |
| RenaissanceRe Holdings | 12213 | &nbsp;&nbsp;&nbsp;&nbsp;3101 |
|  |  | &nbsp;&nbsp;&nbsp;**42830** |
| Total Financials |  | 283518 |
| **HEALTH CARE 8.7%** | **HEALTH CARE 8.7%** | **HEALTH CARE 8.7%** |
| **Biotechnology 1.9%** |  |  |
| AbbVie | 68010 | &nbsp;&nbsp;&nbsp;15747 |
| Amgen | &nbsp;&nbsp;&nbsp;4257 | &nbsp;&nbsp;&nbsp;&nbsp;1201 |
| BeOne Medicines, ADR (1) | &nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp;2453 |
| Gilead Sciences | 83765 | &nbsp;&nbsp;&nbsp;&nbsp;9298 |
| Regeneron Pharmaceuticals | &nbsp;&nbsp;&nbsp;4736 | &nbsp;&nbsp;&nbsp;&nbsp;2663 |
| Vertex Pharmaceuticals (1) | 15348 | &nbsp;&nbsp;&nbsp;&nbsp;6011 |
|  |  | &nbsp;&nbsp;&nbsp;**37373** |
| **Health Care Equipment & Supplies 1.8%** |  |  |
| Abbott Laboratories | 73916 | &nbsp;&nbsp;&nbsp;&nbsp;9900 |
| Boston Scientific (1) | 53158 | &nbsp;&nbsp;&nbsp;&nbsp;5190 |
| Cooper (1) | &nbsp;&nbsp;&nbsp;6967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 |
| Intuitive Surgical (1) | 17503 | &nbsp;&nbsp;&nbsp;&nbsp;7828 |
| Medtronic | 21177 | &nbsp;&nbsp;&nbsp;&nbsp;2017 |
| ResMed | &nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;2327 |
| Stryker | 17845 | &nbsp;&nbsp;&nbsp;&nbsp;6597 |
| Zimmer Biomet Holdings | 24587 | &nbsp;&nbsp;&nbsp;&nbsp;2422 |
|  |  | &nbsp;&nbsp;&nbsp;**36758** |
| **Health Care Providers & Services 1.7%** |  |  |
| Cardinal Health | 12365 | &nbsp;&nbsp;&nbsp;&nbsp;1941 |
| Cencora | 10999 | &nbsp;&nbsp;&nbsp;&nbsp;3438 |
| Cigna | 13365 | &nbsp;&nbsp;&nbsp;&nbsp;3852 |
| CVS Health | 65909 | &nbsp;&nbsp;&nbsp;&nbsp;4969 |
| Elevance Health | &nbsp;&nbsp;&nbsp;5927 | &nbsp;&nbsp;&nbsp;&nbsp;1915 |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Humana | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
| McKesson | &nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp;2445 |
| Quest Diagnostics | &nbsp;&nbsp;&nbsp;&nbsp;7926 | &nbsp;&nbsp;&nbsp;&nbsp;1511 |
| Tenet Healthcare (1) | &nbsp;&nbsp;&nbsp;17961 | &nbsp;&nbsp;&nbsp;&nbsp;3647 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;31252 | &nbsp;&nbsp;&nbsp;10791 |
|  |  | &nbsp;&nbsp;&nbsp;**35055** |
| **Life Sciences Tools & Services 0.9%** |  |  |
| Danaher | &nbsp;&nbsp;&nbsp;35553 | &nbsp;&nbsp;&nbsp;&nbsp;7049 |
| IQVIA Holdings (1) | &nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
| Mettler-Toledo International (1) | &nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;2158 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;16155 | &nbsp;&nbsp;&nbsp;&nbsp;7835 |
|  |  | &nbsp;&nbsp;&nbsp;**17996** |
| **Pharmaceuticals 2.4%** |  |  |
| Bristol-Myers Squibb | &nbsp;&nbsp;&nbsp;29401 | &nbsp;&nbsp;&nbsp;&nbsp;1326 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;29598 | &nbsp;&nbsp;&nbsp;22583 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;66359 | &nbsp;&nbsp;&nbsp;12304 |
| Merck | &nbsp;&nbsp;&nbsp;83422 | &nbsp;&nbsp;&nbsp;&nbsp;7002 |
| Pfizer | &nbsp;&nbsp;&nbsp;75445 | &nbsp;&nbsp;&nbsp;&nbsp;1923 |
| Viatris | 336679 | &nbsp;&nbsp;&nbsp;&nbsp;3333 |
| Zoetis | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp;1039 |
|  |  | &nbsp;&nbsp;&nbsp;**49510** |
| Total Health Care |  | 176692 |
| **INDUSTRIALS & BUSINESS SERVICES 7.2%** | **INDUSTRIALS & BUSINESS SERVICES 7.2%** | **INDUSTRIALS & BUSINESS SERVICES 7.2%** |
| **Aerospace & Defense 2.0%** |  |  |
| Boeing (1) | &nbsp;&nbsp;&nbsp;36419 | &nbsp;&nbsp;&nbsp;&nbsp;7860 |
| GE Aerospace | &nbsp;&nbsp;&nbsp;46249 | &nbsp;&nbsp;&nbsp;13913 |
| Howmet Aerospace | &nbsp;&nbsp;&nbsp;19670 | &nbsp;&nbsp;&nbsp;&nbsp;3860 |
| L3Harris Technologies | &nbsp;&nbsp;&nbsp;11754 | &nbsp;&nbsp;&nbsp;&nbsp;3590 |
| Northrop Grumman | &nbsp;&nbsp;&nbsp;10990 | &nbsp;&nbsp;&nbsp;&nbsp;6696 |
| RTX | &nbsp;&nbsp;&nbsp;16597 | &nbsp;&nbsp;&nbsp;&nbsp;2777 |
| TransDigm Group | &nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp;1994 |
|  |  | &nbsp;&nbsp;&nbsp;**40690** |
| **Building Products 0.4%** |  |  |
| Carrier Global | &nbsp;&nbsp;&nbsp;29579 | &nbsp;&nbsp;&nbsp;&nbsp;1766 |
| Johnson Controls International | &nbsp;&nbsp;&nbsp;23604 | &nbsp;&nbsp;&nbsp;&nbsp;2595 |
| Trane Technologies | &nbsp;&nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;3131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7492** |
| **Commercial Services & Supplies 0.3%** |  |  |
| Cintas | &nbsp;&nbsp;&nbsp;13124 | &nbsp;&nbsp;&nbsp;&nbsp;2694 |
| Waste Connections | &nbsp;&nbsp;&nbsp;&nbsp;9252 | &nbsp;&nbsp;&nbsp;&nbsp;1626 |
| Waste Management | &nbsp;&nbsp;&nbsp;&nbsp;9610 | &nbsp;&nbsp;&nbsp;&nbsp;2122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6442** |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Construction & Engineering 0.1%** |  |  |
| API Group (1) | &nbsp;&nbsp;&nbsp;44237 | &nbsp;&nbsp;&nbsp;1521 |
| EMCOR Group | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;1039 |
|  |  | &nbsp;&nbsp;&nbsp;**2560** |
| **Electrical Equipment 0.8%** |  |  |
| AMETEK | &nbsp;&nbsp;&nbsp;&nbsp;3847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 |
| Emerson Electric | &nbsp;&nbsp;&nbsp;&nbsp;9223 | &nbsp;&nbsp;&nbsp;1210 |
| GE Vernova | &nbsp;&nbsp;&nbsp;&nbsp;7865 | &nbsp;&nbsp;&nbsp;4836 |
| Hubbell | &nbsp;&nbsp;&nbsp;&nbsp;8312 | &nbsp;&nbsp;&nbsp;3577 |
| Rockwell Automation | &nbsp;&nbsp;&nbsp;&nbsp;9487 | &nbsp;&nbsp;&nbsp;3316 |
| Vertiv Holdings, Class A | &nbsp;&nbsp;&nbsp;18742 | &nbsp;&nbsp;&nbsp;2827 |
|  |  | **16489** |
| **Ground Transportation 0.8%** |  |  |
| Canadian National Railway | &nbsp;&nbsp;&nbsp;20517 | &nbsp;&nbsp;&nbsp;1935 |
| CSX | 120839 | &nbsp;&nbsp;&nbsp;4291 |
| Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;31923 | &nbsp;&nbsp;&nbsp;4494 |
| Saia (1) | &nbsp;&nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;&nbsp;2539 |
| Uber Technologies (1) | &nbsp;&nbsp;&nbsp;&nbsp;8409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 |
| Union Pacific | &nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;2718 |
|  |  | **16801** |
| **Industrial Conglomerates 0.3%** |  |  |
| Honeywell International | &nbsp;&nbsp;&nbsp;15513 | &nbsp;&nbsp;&nbsp;3266 |
| Roper Technologies | &nbsp;&nbsp;&nbsp;&nbsp;4711 | &nbsp;&nbsp;&nbsp;2349 |
|  |  | &nbsp;&nbsp;&nbsp;**5615** |
| **Machinery 1.9%** |  |  |
| Caterpillar | &nbsp;&nbsp;&nbsp;21894 | 10447 |
| Cummins | &nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;3882 |
| Deere | &nbsp;&nbsp;&nbsp;11668 | &nbsp;&nbsp;&nbsp;5335 |
| Dover | &nbsp;&nbsp;&nbsp;17961 | &nbsp;&nbsp;&nbsp;2996 |
| Esab | &nbsp;&nbsp;&nbsp;&nbsp;8223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 |
| Fortive | &nbsp;&nbsp;&nbsp;38544 | &nbsp;&nbsp;&nbsp;1888 |
| Ingersoll-Rand | &nbsp;&nbsp;&nbsp;38168 | &nbsp;&nbsp;&nbsp;3153 |
| Middleby (1) | &nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;1303 |
| PACCAR | &nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
| Parker-Hannifin | &nbsp;&nbsp;&nbsp;&nbsp;5968 | &nbsp;&nbsp;&nbsp;4525 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 |
| Stanley Black & Decker | &nbsp;&nbsp;&nbsp;14745 | &nbsp;&nbsp;&nbsp;1096 |
| Xylem | &nbsp;&nbsp;&nbsp;12048 | &nbsp;&nbsp;&nbsp;1777 |
|  |  | **38094** |
| **Passenger Airlines 0.1%** |  |  |
| United Airlines Holdings (1) | &nbsp;&nbsp;&nbsp;17286 | &nbsp;&nbsp;&nbsp;1668 |
|  |  | &nbsp;&nbsp;&nbsp;**1668** |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Professional Services 0.4%** |  |  |
| Automatic Data Processing | &nbsp;&nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 |
| Booz Allen Hamilton Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 |
| Dayforce (1) | &nbsp;&nbsp;&nbsp;20842 | &nbsp;&nbsp;&nbsp;&nbsp;1436 |
| Equifax | &nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;2026 |
| SS&C Technologies Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
| Verisk Analytics | &nbsp;&nbsp;&nbsp;&nbsp;7907 | &nbsp;&nbsp;&nbsp;&nbsp;1989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7694** |
| **Trading Companies & Distributors 0.1%** |  |  |
| Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 |
| SiteOne Landscape Supply (1) | &nbsp;&nbsp;&nbsp;&nbsp;7090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 |
| WW Grainger | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;2001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3261** |
| Total Industrials & Business Services |  | 146806 |
| **INFORMATION TECHNOLOGY 35.1%** | **INFORMATION TECHNOLOGY 35.1%** | **INFORMATION TECHNOLOGY 35.1%** |
| **Communications Equipment 0.8%** |  |  |
| Arista Networks (1) | &nbsp;&nbsp;&nbsp;44698 | &nbsp;&nbsp;&nbsp;&nbsp;6513 |
| Cisco Systems | 113892 | &nbsp;&nbsp;&nbsp;&nbsp;7793 |
| Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;2789 |
|  |  | &nbsp;&nbsp;&nbsp;**17095** |
| **Electronic Equipment, Instruments & Components 1.1%** |  |  |
| Amphenol, Class A | &nbsp;&nbsp;&nbsp;57675 | &nbsp;&nbsp;&nbsp;&nbsp;7138 |
| CDW | &nbsp;&nbsp;&nbsp;&nbsp;5921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 |
| Jabil | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| Keysight Technologies (1) | &nbsp;&nbsp;&nbsp;31089 | &nbsp;&nbsp;&nbsp;&nbsp;5438 |
| TE Connectivity | &nbsp;&nbsp;&nbsp;15621 | &nbsp;&nbsp;&nbsp;&nbsp;3429 |
| Teledyne Technologies (1) | &nbsp;&nbsp;&nbsp;&nbsp;7775 | &nbsp;&nbsp;&nbsp;&nbsp;4557 |
| Zebra Technologies, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 |
|  |  | &nbsp;&nbsp;&nbsp;**22359** |
| **IT Services 0.5%** |  |  |
| Accenture, Class A | &nbsp;&nbsp;&nbsp;22869 | &nbsp;&nbsp;&nbsp;&nbsp;5640 |
| International Business Machines | &nbsp;&nbsp;&nbsp;17045 | &nbsp;&nbsp;&nbsp;&nbsp;4809 |
|  |  | &nbsp;&nbsp;&nbsp;**10449** |
| **Semiconductors & Semiconductor Equipment 14.0%** |  |  |
| Advanced Micro Devices (1) | &nbsp;&nbsp;&nbsp;44021 | &nbsp;&nbsp;&nbsp;&nbsp;7122 |
| Analog Devices | &nbsp;&nbsp;&nbsp;12366 | &nbsp;&nbsp;&nbsp;&nbsp;3038 |
| Broadcom | 183560 | &nbsp;&nbsp;&nbsp;60558 |
| First Solar (1) | &nbsp;&nbsp;&nbsp;13996 | &nbsp;&nbsp;&nbsp;&nbsp;3087 |
| Intel (1) | 102700 | &nbsp;&nbsp;&nbsp;&nbsp;3446 |
| KLA | &nbsp;&nbsp;&nbsp;&nbsp;5547 | &nbsp;&nbsp;&nbsp;&nbsp;5983 |
| Marvell Technology | &nbsp;&nbsp;&nbsp;26727 | &nbsp;&nbsp;&nbsp;&nbsp;2247 |
| Microchip Technology | &nbsp;&nbsp;&nbsp;26694 | &nbsp;&nbsp;&nbsp;&nbsp;1714 |
| Micron Technology | &nbsp;&nbsp;&nbsp;50408 | &nbsp;&nbsp;&nbsp;&nbsp;8434 |

---

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T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Monolithic Power Systems | &nbsp;&nbsp;&nbsp;&nbsp;6866 | &nbsp;&nbsp;&nbsp;&nbsp;6321 |
| NVIDIA | 906298 | 169097 |
| ON Semiconductor (1) | &nbsp;&nbsp;&nbsp;&nbsp;8163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
| QUALCOMM | &nbsp;&nbsp;&nbsp;44578 | &nbsp;&nbsp;&nbsp;&nbsp;7416 |
| Texas Instruments | &nbsp;&nbsp;&nbsp;31286 | &nbsp;&nbsp;&nbsp;&nbsp;5748 |
|  |  | **284614** |
| **Software 11.8%** |  |  |
| Adobe (1) | &nbsp;&nbsp;&nbsp;12872 | &nbsp;&nbsp;&nbsp;&nbsp;4541 |
| AppLovin, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp;6898 |
| Autodesk (1) | &nbsp;&nbsp;&nbsp;&nbsp;7790 | &nbsp;&nbsp;&nbsp;&nbsp;2475 |
| Cadence Design Systems (1) | &nbsp;&nbsp;&nbsp;12222 | &nbsp;&nbsp;&nbsp;&nbsp;4293 |
| Crowdstrike Holdings, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;9112 | &nbsp;&nbsp;&nbsp;&nbsp;4468 |
| Datadog, Class A (1) | &nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;3759 |
| Descartes Systems Group (1) | &nbsp;&nbsp;&nbsp;29598 | &nbsp;&nbsp;&nbsp;&nbsp;2789 |
| Fair Isaac (1) | &nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp;1914 |
| Fortinet (1) | &nbsp;&nbsp;&nbsp;40405 | &nbsp;&nbsp;&nbsp;&nbsp;3397 |
| Intuit | &nbsp;&nbsp;&nbsp;11160 | &nbsp;&nbsp;&nbsp;&nbsp;7621 |
| Microsoft | 275581 | 142737 |
| Monday.com (1) | &nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
| Oracle | &nbsp;&nbsp;&nbsp;59094 | &nbsp;&nbsp;&nbsp;16620 |
| Palantir Technologies, Class A (1) | &nbsp;&nbsp;&nbsp;73184 | &nbsp;&nbsp;&nbsp;13350 |
| Palo Alto Networks (1) | &nbsp;&nbsp;&nbsp;34252 | &nbsp;&nbsp;&nbsp;&nbsp;6975 |
| PTC (1) | &nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp;&nbsp;1807 |
| Salesforce.com | &nbsp;&nbsp;&nbsp;22409 | &nbsp;&nbsp;&nbsp;&nbsp;5311 |
| ServiceNow (1) | &nbsp;&nbsp;&nbsp;&nbsp;7642 | &nbsp;&nbsp;&nbsp;&nbsp;7033 |
| Synopsys (1) | &nbsp;&nbsp;&nbsp;&nbsp;2158 | &nbsp;&nbsp;&nbsp;&nbsp;1065 |
| Workday (1) | &nbsp;&nbsp;&nbsp;&nbsp;5645 | &nbsp;&nbsp;&nbsp;&nbsp;1359 |
|  |  | **239016** |
| **Technology Hardware, Storage & Peripherals 6.9%** |  |  |
| Apple | 541714 | 137936 |
| Dell Technologies, Class C | &nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp;1191 |
|  |  | **139127** |
| Total Information Technology |  | 712660 |
| **MATERIALS 1.8%** | **MATERIALS 1.8%** | **MATERIALS 1.8%** |
| **Chemicals 1.0%** |  |  |
| CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;9692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 |
| Corteva | &nbsp;&nbsp;&nbsp;23211 | &nbsp;&nbsp;&nbsp;&nbsp;1570 |
| Dow | &nbsp;&nbsp;&nbsp;15442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| Ecolab | &nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp;2492 |
| Linde | &nbsp;&nbsp;&nbsp;22371 | &nbsp;&nbsp;&nbsp;10626 |
| Mosaic | &nbsp;&nbsp;&nbsp;22633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 |
| RPM International | &nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 |
| Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;9871 | &nbsp;&nbsp;&nbsp;&nbsp;3418 |
|  |  | &nbsp;&nbsp;&nbsp;**20471** |

---

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T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Construction Materials 0.1%** |  |  |
| Vulcan Materials | &nbsp;&nbsp;&nbsp;8038 | &nbsp;&nbsp;&nbsp;2473 |
|  |  | &nbsp;&nbsp;&nbsp;**2473** |
| **Containers & Packaging 0.2%** |  |  |
| Ball | 22430 | &nbsp;&nbsp;&nbsp;1131 |
| International Paper | 55075 | &nbsp;&nbsp;&nbsp;2555 |
| Packaging of America | &nbsp;&nbsp;&nbsp;3626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 |
|  |  | &nbsp;&nbsp;&nbsp;**4476** |
| **Metals & Mining 0.4%** |  |  |
| Franco-Nevada | 15078 | &nbsp;&nbsp;&nbsp;3361 |
| Freeport-McMoRan | 50291 | &nbsp;&nbsp;&nbsp;1973 |
| Steel Dynamics | 14317 | &nbsp;&nbsp;&nbsp;1996 |
|  |  | &nbsp;&nbsp;&nbsp;**7330** |
| **Paper & Forest Products 0.1%** |  |  |
| West Fraser Timber | 19385 | &nbsp;&nbsp;&nbsp;1318 |
|  |  | &nbsp;&nbsp;&nbsp;**1318** |
| Total Materials |  | 36068 |
| **REAL ESTATE 1.9%** | **REAL ESTATE 1.9%** | **REAL ESTATE 1.9%** |
| **Health Care REITs 0.3%** |  |  |
| Ventas, REIT | 14078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |
| Welltower, REIT | 26299 | &nbsp;&nbsp;&nbsp;4685 |
|  |  | &nbsp;&nbsp;&nbsp;**5670** |
| **Industrial REITs 0.4%** |  |  |
| Prologis, REIT | 41110 | &nbsp;&nbsp;&nbsp;4708 |
| Rexford Industrial Realty, REIT | 73572 | &nbsp;&nbsp;&nbsp;3024 |
|  |  | &nbsp;&nbsp;&nbsp;**7732** |
| **Office REITs 0.0%** |  |  |
| BXP, REIT | 11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**877** |
| **Real Estate Management & Development 0.2%** |  |  |
| CBRE Group, Class A (1) | 16703 | &nbsp;&nbsp;&nbsp;2632 |
| CoStar Group (1) | &nbsp;&nbsp;&nbsp;6697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
|  |  | &nbsp;&nbsp;&nbsp;**3197** |
| **Residential REITs 0.2%** |  |  |
| AvalonBay Communities, REIT | &nbsp;&nbsp;&nbsp;7656 | &nbsp;&nbsp;&nbsp;1479 |
| Equity Residential, REIT | &nbsp;&nbsp;&nbsp;6452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 |
| Essex Property Trust, REIT | &nbsp;&nbsp;&nbsp;4988 | &nbsp;&nbsp;&nbsp;1335 |
| Sun Communities, REIT | &nbsp;&nbsp;&nbsp;9373 | &nbsp;&nbsp;&nbsp;1209 |
|  |  | &nbsp;&nbsp;&nbsp;**4441** |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Retail REITs 0.2%** |  |  |
| Kimco Realty, REIT | &nbsp;&nbsp;&nbsp;41473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
| Regency Centers, REIT | &nbsp;&nbsp;&nbsp;11399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 |
| Simon Property Group, REIT | &nbsp;&nbsp;&nbsp;&nbsp;9183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3461** |
| **Specialized REITs 0.6%** |  |  |
| American Tower, REIT | &nbsp;&nbsp;&nbsp;22996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423 |
| Crown Castle, REIT | &nbsp;&nbsp;&nbsp;12493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 |
| CubeSmart, REIT | &nbsp;&nbsp;&nbsp;30327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 |
| Equinix, REIT | &nbsp;&nbsp;&nbsp;&nbsp;5488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298 |
| Public Storage, REIT | &nbsp;&nbsp;&nbsp;&nbsp;7133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13220** |
| Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38598 |
| **UTILITIES 2.3%** | **UTILITIES 2.3%** | **UTILITIES 2.3%** |
| **Electric Utilities 1.3%** |  |  |
| Alliant Energy | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| Constellation Energy | &nbsp;&nbsp;&nbsp;14056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4625 |
| Exelon | &nbsp;&nbsp;&nbsp;29747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 |
| NextEra Energy | 105066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7931 |
| PG&E | 261560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 |
| Southern | &nbsp;&nbsp;&nbsp;34101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 |
| Xcel Energy | &nbsp;&nbsp;&nbsp;74185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27634** |
| **Gas Utilities 0.1%** |  |  |
| Atmos Energy | &nbsp;&nbsp;&nbsp;15816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2701** |
| **Independent Power & Renewable Electricity Producer 0.2%** |  |  |
| Vistra | &nbsp;&nbsp;&nbsp;17421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3413** |
| **Multi-Utilities 0.7%** |  |  |
| Ameren | &nbsp;&nbsp;&nbsp;17395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 |
| CMS Energy | &nbsp;&nbsp;&nbsp;23649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 |
| Consolidated Edison | &nbsp;&nbsp;&nbsp;34766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 |
| DTE Energy | &nbsp;&nbsp;&nbsp;13576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 |
| Sempra | &nbsp;&nbsp;&nbsp;52391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13677** |
| Total Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47425 |
| **Total Common Stocks (Cost $1,693,051)** |  | **2014037** |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SHORT-TERM INVESTMENTS 0.2%** | **SHORT-TERM INVESTMENTS 0.2%** | **SHORT-TERM INVESTMENTS 0.2%** |
| **Money Market Funds 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.09% (2) | 4509298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 |
| **Total Short-Term Investments (Cost $4,509)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4509** |
| **Total Investments in Securities<br> 99.5% of Net Assets (Cost $1,697,560)** |  | **$2018546** |
| **Other Assets Less Liabilities 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9634** |
| **Net Assets 100.0%** |  | **$2028180** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Non-income producing. |
| (2) | Seven-day yield |
| ADR | American Depositary Receipts |
| REIT | A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder |

---

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the nine months ended September 30, 2025. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;$— | $— | $—++ |
| Totals | $—# | $— | &nbsp;&nbsp;$—+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 12/31/24** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 9/30/25** |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;$— | ¤ | ¤ | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $—^ |

---

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
| Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
| Investment income comprised $0 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $0. |

---

The accompanying notes are an integral part of this Portfolio of Investments.

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The T. Rowe Price U.S. Equity Research ETF (the fund) is an open-end management investment company established by the corporation and follows accounting and reporting guidance of the Financial Accounting Standards Board *Accounting Standards Codification* Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The fund is considered an actively-managed exchange-traded fund (ETF) that does not disclose its portfolio holdings daily, which is different from a traditional ETF and may create additional risks. For additional information on the fund's significant accounting policies and investment related disclosures, please refer to the fund's most recent semiannual or annual shareholder report and its prospectus.

#### VALUATION

#### Fair Value
The fund's financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. Eastern Time, each day the NYSE is open for business, and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund's valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)

Level 3 – unobservable inputs (including the Valuation Designee's assumptions in determining fair value)

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

#### Valuation Techniques
Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities.

------

T. ROWE PRICE U.S. EQUITY RESEARCH ETF

------

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation.

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford greatest weight to actual prices in arm's length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

#### Valuation Inputs
On September 30, 2025, all of the fund's financial instruments were classified as Level 1, based on the inputs used to determine their fair values.

#### OTHER MATTERS
Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict, terrorism, geopolitical and regulatory developments (including trading and tariff arrangements), and public health epidemics or threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted. These and other similar events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks. The fund's performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.

#### ETF967-054Q3

#### 09/25

## 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:** 1307 Point Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

- **a. Name of Series:** T. Rowe Price U.S. Equity Research ETF

- **b. EDGAR series identifier (if any):** S000071604

- **c. LEI of Series:** 549300G9627FK2SYEV38

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $2028748518.51

**Total Liabilities:** $569612.60

**Net Assets:** $2028178905.91

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

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

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000226980 | 2.26%                | 1.76%                | 3.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-310887.96              | $40107992.81                               |
| Month 2  | $6215614.95              | $25450364.51                               |
| Month 3  | $-27351.34               | $64524267.51                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABBOTT LABORATORIES             | ABBOTT LABORATORIES COMMON STOCK                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     73916 | NS      | $9900309.04   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                      | ABBVIE INC COMMON STOCK USD.01                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     68010 | NS      | $15747035.40  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC CL A              | ACCENTURE PLC CL A COMMON STOCK USD.0000225                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     22869 | NS      | $5639495.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                       | ADOBE INC COMMON STOCK USD.0001                            | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     12872 | NS      | $4540598.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES          | ADVANCED MICRO DEVICES COMMON STOCK USD.01                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     44021 | NS      | $7122157.59   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORP             | ALLIANT ENERGY CORP COMMON STOCK USD.01                    | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      8600 | NS      | $579726.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                   | ALLSTATE CORP COMMON STOCK USD.01                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     34882 | NS      | $7487421.30   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL A               | ALPHABET INC CL A COMMON STOCK USD.001                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    141288 | NS      | $34347112.80  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL C               | ALPHABET INC CL C COMMON STOCK USD.001                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    225982 | NS      | $55037916.10  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ALTRIA GROUP INC                | ALTRIA GROUP INC COMMON STOCK USD.333                      | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     55498 | NS      | $3666197.88   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                  | AMAZON.COM INC COMMON STOCK USD.01                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    346809 | NS      | $76148852.13  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION              | AMEREN CORPORATION COMMON STOCK USD.01                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     17395 | NS      | $1815690.10   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO             | AMERICAN EXPRESS CO COMMON STOCK USD.2                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     18759 | NS      | $6230989.44   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP    | AMERICAN INTERNATIONAL GROUP COMMON STOCK USD2.5           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     60026 | NS      | $4714442.04   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP             | AMERICAN TOWER CORP REIT USD.01                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     24196 | NS      | $4653374.72   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                      | AMETEK INC COMMON STOCK USD.01                             | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      3847 | NS      | $723236.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AMGEN INC                       | AMGEN INC COMMON STOCK USD.0001                            | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      4257 | NS      | $1201325.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORP-CL A              | AMPHENOL CORP CL A COMMON STOCK USD.001                    | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     57675 | NS      | $7137281.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES INC              | ANALOG DEVICES INC COMMON STOCK USD.167                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     12366 | NS      | $3038326.20   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORP                  | API GROUP CORP COMMON STOCK USD.0001                       | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |     44237 | NS      | $1520425.69   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT INC    | APOLLO GLOBAL MANAGEMENT INC COMMON STOCK USD.0001         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     23711 | NS      | $3159964.97   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                       | APPLE INC COMMON STOCK USD.00001                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    541714 | NS      | $137936635.82 | 6.80%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC           | APPLIED MATERIALS INC COMMON STOCK USD.01                  | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      3477 | NS      | $711880.98    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORP-CLASS A           | APPLOVIN CORP CLASS A COMMON STOCK USD.00003               | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      9600 | NS      | $6897984.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORP            | ARES MANAGEMENT CORP   A COMMON STOCK                      | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |     13307 | NS      | $2127656.23   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC             | ARISTA NETWORKS INC COMMON STOCK USD.0001                  | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |     44698 | NS      | $6512945.58   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                        | AT+T INC COMMON STOCK USD1.0                               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    148306 | NS      | $4188161.44   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP               | ATMOS ENERGY CORP COMMON STOCK                             | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     15816 | NS      | $2700582.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK INC                    | AUTODESK INC COMMON STOCK USD.01                           | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      7790 | NS      | $2474649.30   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING       | AUTOMATIC DATA PROCESSING COMMON STOCK USD.1               | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2663 | NS      | $781590.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC                    | AUTOZONE INC COMMON STOCK USD.01                           | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       832 | NS      | $3569479.68   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC       | AVALONBAY COMMUNITIES INC REIT USD.01                      | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      7656 | NS      | $1478909.52   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LTD       | AXIS CAPITAL HOLDINGS LTD COMMON STOCK USD.0125            | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     11481 | NS      | $1099879.80   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BAKER HUGHES CO                 | BAKER HUGHES CO COMMON STOCK USD.0001                      | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4737 | NS      | $230786.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BALL CORP                       | BALL CORP COMMON STOCK                                     | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | EC               | CORP              | US        |     22430 | NS      | $1130920.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP            | BANK OF AMERICA CORP COMMON STOCK USD.01                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    354599 | NS      | $18293762.41  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NEW YORK MELLON CORP    | BANK OF NEW YORK MELLON CORP COMMON STOCK USD.01           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     37122 | NS      | $4044813.12   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS INC           | BATH + BODY WORKS INC COMMON STOCK USD.5                   | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |      9438 | NS      | $243122.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BEONE MEDICINES LTD-ADR         | BEONE MEDICINES LTD ADR ADR USD.0001                       | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |      7200 | NS      | $2453040.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC-CL B     | BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     45436 | NS      | $22842494.64  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK INC                   | BLACKROCK INC COMMON STOCK USD.01                          | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      5199 | NS      | $6061358.13   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE INC                  | BLACKSTONE INC COMMON STOCK USD.00001                      | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |     11565 | NS      | $1975880.25   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                       | BLOCK INC COMMON STOCK USD.0000001                         | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     79181 | NS      | $5722410.87   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                   | BOEING CO/THE COMMON STOCK USD5.0                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     36419 | NS      | $7860312.77   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC            | BOOKING HOLDINGS INC COMMON STOCK USD.008                  | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1464 | NS      | $7904531.28   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDINGS    | BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD.01           | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      7947 | NS      | $794302.65    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP          | BOSTON SCIENTIFIC CORP COMMON STOCK USD.01                 | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     53158 | NS      | $5189815.54   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO         | BRISTOL MYERS SQUIBB CO COMMON STOCK USD.1                 | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     29401 | NS      | $1325985.10   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                    | BROADCOM INC COMMON STOCK                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    183560 | NS      | $60558279.60  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                         | BXP INC REIT USD.01                                        | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     11800 | NS      | $877212.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYS INC          | CADENCE DESIGN SYS INC COMMON STOCK USD.01                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     12222 | NS      | $4293099.72   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMDEN PROPERTY TRUST           | CAMDEN PROPERTY TRUST REIT USD.01                          | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      3664 | NS      | $391241.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATL RAILWAY CO        | CANADIAN NATL RAILWAY CO COMMON STOCK                      | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     20517 | NS      | $1934753.10   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP      | CAPITAL ONE FINANCIAL CORP COMMON STOCK USD.01             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |     18005 | NS      | $3827502.90   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC             | CARDINAL HEALTH INC COMMON STOCK                           | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     12365 | NS      | $1940810.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CARRIER GLOBAL CORP             | CARRIER GLOBAL CORP COMMON STOCK USD.01                    | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     29579 | NS      | $1765866.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO                      | CARVANA CO COMMON STOCK USD.001                            | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      2227 | NS      | $840113.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                 | CATERPILLAR INC COMMON STOCK USD1.0                        | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     21894 | NS      | $10446722.10  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS INC         | CBOE GLOBAL MARKETS INC COMMON STOCK                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      3043 | NS      | $746295.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE GROUP INC - A              | CBRE GROUP INC   A COMMON STOCK USD.01                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     16703 | NS      | $2631724.68   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW CORP/DE                     | CDW CORP/DE COMMON STOCK USD.01                            | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |      5921 | NS      | $943096.88    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                     | CENCORA INC COMMON STOCK USD.01                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     10999 | NS      | $3437517.47   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC      | CF INDUSTRIES HOLDINGS INC COMMON STOCK USD.01             | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      9692 | NS      | $869372.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARTER COMMUNICATIONS INC-A    | CHARTER COMMUNICATIONS INC A COMMON STOCK USD.001          | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |      3717 | NS      | $1022565.29   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                    | CHEVRON CORP COMMON STOCK USD.75                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     79111 | NS      | $12285147.19  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC      | CHIPOTLE MEXICAN GRILL INC COMMON STOCK USD.01             | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97338 | NS      | $3814676.22   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                       | CHUBB LTD COMMON STOCK                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     33444 | NS      | $9439569.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CINTAS CORP                     | CINTAS CORP COMMON STOCK                                   | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13124 | NS      | $2693832.24   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC               | CISCO SYSTEMS INC COMMON STOCK USD.001                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    113892 | NS      | $7792490.64   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                   | CITIGROUP INC COMMON STOCK USD.01                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    121550 | NS      | $12337325.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                   | CME GROUP INC COMMON STOCK USD.01                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     21346 | NS      | $5767475.74   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                 | CMS ENERGY CORP COMMON STOCK USD.01                        | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     23649 | NS      | $1732525.74   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO/THE                | COCA COLA CO/THE COMMON STOCK USD.25                       | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    167522 | NS      | $11110059.04  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO            | COLGATE PALMOLIVE CO COMMON STOCK USD1.0                   | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     35927 | NS      | $2872004.38   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP-CLASS A            | COMCAST CORP CLASS A COMMON STOCK USD.01                   | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     82171 | NS      | $2581812.82   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                  | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     73846 | NS      | $6985093.14   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC         | CONSOLIDATED EDISON INC COMMON STOCK USD.1                 | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     34766 | NS      | $3494678.32   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY            | CONSTELLATION ENERGY COMMON STOCK                          | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     14056 | NS      | $4625407.92   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| COOPER COS INC/THE              | COOPER COS INC/THE COMMON STOCK USD.1                      | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      6967 | NS      | $477657.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC        | COREBRIDGE FINANCIAL INC COMMON STOCK USD.01               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     53716 | NS      | $1721597.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY INC                      | CORPAY INC COMMON STOCK USD.001                            | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     16451 | NS      | $4738875.06   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                     | CORTEVA INC COMMON STOCK USD.01                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     23211 | NS      | $1569759.93   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTAR GROUP INC                | COSTAR GROUP INC COMMON STOCK USD.01                       | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Long             | EC               | CORP              | US        |      6697 | NS      | $565025.89    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP           | COSTCO WHOLESALE CORP COMMON STOCK USD.005                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     15508 | NS      | $14354670.04  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC - A    | CROWDSTRIKE HOLDINGS INC   A COMMON STOCK                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      9112 | NS      | $4468342.56   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                | CROWN CASTLE INC REIT USD.01                               | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |     12493 | NS      | $1205449.57   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                        | CSX CORP COMMON STOCK USD1.0                               | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    120839 | NS      | $4290992.89   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                       | CUBESMART REIT USD.01                                      | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30327 | NS      | $1233095.82   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC                     | CUMMINS INC COMMON STOCK USD2.5                            | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      9191 | NS      | $3882002.67   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                 | CVS HEALTH CORP COMMON STOCK USD.01                        | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     65909 | NS      | $4968879.51   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                    | DANAHER CORP COMMON STOCK USD.01                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     35553 | NS      | $7048737.78   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DARDEN RESTAURANTS INC          | DARDEN RESTAURANTS INC COMMON STOCK                        | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |      4300 | NS      | $818548.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DATADOG INC - CLASS A           | DATADOG INC   CLASS A COMMON STOCK USD.00001               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     26400 | NS      | $3759360.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| DAYFORCE INC                    | DAYFORCE INC COMMON STOCK USD.01                           | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Long             | EC               | CORP              | US        |     20842 | NS      | $1435805.38   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DECKERS OUTDOOR CORP            | DECKERS OUTDOOR CORP COMMON STOCK USD.01                   | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      3877 | NS      | $393011.49    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & CO                      | DEERE + CO COMMON STOCK USD1.0                             | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     11668 | NS      | $5335309.68   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DELL TECHNOLOGIES -C            | DELL TECHNOLOGIES  C COMMON STOCK                          | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      8400 | NS      | $1190868.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DESCARTES SYSTEMS GRP/THE       | DESCARTES SYSTEMS GRP/THE COMMON STOCK                     | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     29598 | NS      | $2789019.54   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC          | DIAMONDBACK ENERGY INC COMMON STOCK USD.01                 | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     18387 | NS      | $2631179.70   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC             | DOMINION ENERGY INC COMMON STOCK                           | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      6879 | NS      | $420788.43    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO S PIZZA INC              | DOMINO S PIZZA INC COMMON STOCK USD.01                     | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      1941 | NS      | $837949.11    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC - A                | DOORDASH INC   A COMMON STOCK USD.00001                    | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |     18598 | NS      | $5058470.02   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DOVER CORP                      | DOVER CORP COMMON STOCK USD1.0                             | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |     17961 | NS      | $2996433.63   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DOW INC                         | DOW INC COMMON STOCK USD.01                                | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |     15442 | NS      | $354085.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY              | DTE ENERGY COMPANY COMMON STOCK                            | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |     13576 | NS      | $1920053.68   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE INC                   | DYNATRACE INC COMMON STOCK USD.001                         | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      7468 | NS      | $361824.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EBAY INC                        | EBAY INC COMMON STOCK USD.001                              | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |     21518 | NS      | $1957062.10   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                      | ECOLAB INC COMMON STOCK USD1.0                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      9100 | NS      | $2492126.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC             | ELECTRONIC ARTS INC COMMON STOCK USD.01                    | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     15812 | NS      | $3189280.40   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC             | ELEVANCE HEALTH INC COMMON STOCK USD.01                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      5927 | NS      | $1915132.24   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ELF BEAUTY INC                  | ELF BEAUTY INC COMMON STOCK USD.01                         | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      8021 | NS      | $1062622.08   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                  | ELI LILLY + CO COMMON STOCK                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     29598 | NS      | $22583274.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP INC                 | EMCOR GROUP INC COMMON STOCK USD.01                        | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      1600 | NS      | $1039264.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERSON ELECTRIC CO             | EMERSON ELECTRIC CO COMMON STOCK USD.5                     | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      9223 | NS      | $1209873.14   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC               | EOG RESOURCES INC COMMON STOCK USD.01                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     21741 | NS      | $2437600.92   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM SYSTEMS INC                | EPAM SYSTEMS INC COMMON STOCK USD.001                      | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |      2413 | NS      | $363856.27    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                        | EQT CORP COMMON STOCK                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     26981 | NS      | $1468575.83   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC                     | EQUIFAX INC COMMON STOCK USD1.25                           | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |      7900 | NS      | $2026587.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                     | EQUINIX INC REIT USD.001                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      5488 | NS      | $4298421.12   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC          | EQUITABLE HOLDINGS INC COMMON STOCK USD.01                 | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     30540 | NS      | $1550821.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL              | EQUITY RESIDENTIAL REIT USD.01                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |      6452 | NS      | $417637.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB CORP                       | ESAB CORP COMMON STOCK USD.001                             | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |      8223 | NS      | $918838.02    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST INC        | ESSEX PROPERTY TRUST INC REIT USD.0001                     | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      4988 | NS      | $1335088.08   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ESTEE LAUDER COMPANIES-CL A     | ESTEE LAUDER COMPANIES CL A COMMON STOCK USD.01            | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |     19825 | NS      | $1746979.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELON CORP                     | EXELON CORP COMMON STOCK                                   | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |     29747 | NS      | $1338912.47   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP              | EXPAND ENERGY CORP COMMON STOCK USD.01                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     12174 | NS      | $1293365.76   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                | EXXON MOBIL CORP COMMON STOCK                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    131049 | NS      | $14775774.75  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORP                 | FAIR ISAAC CORP COMMON STOCK USD.01                        | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |      1279 | NS      | $1914061.87   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDEX CORP                      | FEDEX CORP COMMON STOCK USD.1                              | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1733 | NS      | $408658.73    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC        | FERGUSON ENTERPRISES INC COMMON STOCK                      | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      1544 | NS      | $346751.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP             | FIFTH THIRD BANCORP COMMON STOCK                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     49426 | NS      | $2201928.30   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR INC                 | FIRST SOLAR INC COMMON STOCK USD.001                       | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     13996 | NS      | $3086537.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                      | FISERV INC COMMON STOCK USD.01                             | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     18476 | NS      | $2382110.68   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET INC                    | FORTINET INC COMMON STOCK USD.001                          | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |     40405 | NS      | $3397252.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORP                    | FORTIVE CORP COMMON STOCK USD.01                           | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     38544 | NS      | $1888270.56   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCO-NEVADA CORP              | FRANCO NEVADA CORP COMMON STOCK                            | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     15078 | NS      | $3361036.98   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC            | FREEPORT MCMORAN INC COMMON STOCK USD.1                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     50291 | NS      | $1972413.02   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA LLC                  | GE VERNOVA INC COMMON STOCK USD.01                         | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      7865 | NS      | $4836188.50   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC                 | GEN DIGITAL INC COMMON STOCK USD.01                        | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     15336 | NS      | $435389.04    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL AEROSPACE               | GENERAL ELECTRIC COMMON STOCK USD.01                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     46249 | NS      | $13912624.18  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO               | GENERAL MOTORS CO COMMON STOCK USD.01                      | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     19708 | NS      | $1201596.76   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC             | GILEAD SCIENCES INC COMMON STOCK USD.001                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     83765 | NS      | $9297915.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC             | GLOBAL PAYMENTS INC COMMON STOCK                           | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      2802 | NS      | $232790.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC         | GOLDMAN SACHS GROUP INC COMMON STOCK USD.01                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      9053 | NS      | $7209356.55   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/T  | HARTFORD INSURANCE GROUP INC COMMON STOCK USD.01           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     24207 | NS      | $3228971.73   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC   | HILTON WORLDWIDE HOLDINGS IN COMMON STOCK USD.01           | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     15917 | NS      | $4129506.48   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                  | HOME DEPOT INC COMMON STOCK USD.05                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     40663 | NS      | $16476240.97  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC     | HONEYWELL INTERNATIONAL INC COMMON STOCK USD1.0            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     15513 | NS      | $3265486.50   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC            | HOWMET AEROSPACE INC COMMON STOCK                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     19670 | NS      | $3859844.10   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INC                     | HUBBELL INC COMMON STOCK USD.01                            | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      8312 | NS      | $3576736.72   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC                      | HUMANA INC COMMON STOCK USD.1666666                        | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      2100 | NS      | $546357.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC       | HUNTINGTON BANCSHARES INC COMMON STOCK USD.01              | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    130349 | NS      | $2251127.23   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL-RAND INC              | INGERSOLL RAND INC COMMON STOCK USD.01                     | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |     38168 | NS      | $3153440.16   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP                      | INTEL CORP COMMON STOCK USD.001                            | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    102700 | NS      | $3445585.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE INC   | INTERCONTINENTAL EXCHANGE IN COMMON STOCK USD.01           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      2800 | NS      | $471744.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER CO          | INTERNATIONAL PAPER CO COMMON STOCK USD1.0                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     55075 | NS      | $2555480.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INTL BUSINESS MACHINES CORP     | INTL BUSINESS MACHINES CORP COMMON STOCK USD.2             | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     17045 | NS      | $4809417.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                      | INTUIT INC COMMON STOCK USD.01                             | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     11160 | NS      | $7621275.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC          | INTUITIVE SURGICAL INC COMMON STOCK USD.001                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     17503 | NS      | $7827866.69   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| IQVIA HOLDINGS INC              | IQVIA HOLDINGS INC COMMON STOCK USD.01                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      5021 | NS      | $953688.74    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC                       | JABIL INC COMMON STOCK USD.001                             | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |      1700 | NS      | $369189.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON               | JOHNSON + JOHNSON COMMON STOCK USD1.0                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     66359 | NS      | $12304285.78  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON CONTROLS INTERNATION    | JOHNSON CONTROLS INTERNATION COMMON STOCK USD.01           | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |     23604 | NS      | $2595259.80   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN CHASE & CO.         | JPMORGAN CHASE + CO COMMON STOCK USD1.0                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     94175 | NS      | $29705620.25  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| KENVUE INC                      | KENVUE INC COMMON STOCK USD.01                             | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |     66658 | NS      | $1081859.34   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC            | KEURIG DR PEPPER INC COMMON STOCK USD.01                   | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    112285 | NS      | $2864390.35   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                         | KEYCORP COMMON STOCK USD1.0                                | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |     81809 | NS      | $1529010.21   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES IN        | KEYSIGHT TECHNOLOGIES IN COMMON STOCK USD.01               | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     31089 | NS      | $5438087.88   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORP             | KIMBERLY CLARK CORP COMMON STOCK USD1.25                   | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     20112 | NS      | $2500726.08   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMCO REALTY CORP               | KIMCO REALTY CORP REIT USD.01                              | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     41473 | NS      | $906185.05    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KINDER MORGAN INC               | KINDER MORGAN INC COMMON STOCK USD.01                      | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     56100 | NS      | $1588191.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                    | KKR + CO INC COMMON STOCK USD.01                           | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     28663 | NS      | $3724756.85   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                        | KLA CORP COMMON STOCK USD.001                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      5547 | NS      | $5982994.20   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| KLARNA GROUP PLC                | KLARNA GROUP PLC COMMON STOCK USD.01                       | CUSIP: G5279N105<br>LEI: 636700HER4JIK7GZUN17 | Long             | EC               | CORP              | GB        |      9196 | NS      | $337033.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC       | L3HARRIS TECHNOLOGIES INC COMMON STOCK USD1.0              | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     11754 | NS      | $3589789.14   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LAM RESEARCH CORP               | LAM RESEARCH CORP COMMON STOCK USD.001                     | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      3188 | NS      | $426873.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMB WESTON HOLDING INC         | LAMB WESTON HOLDINGS INC COMMON STOCK USD1.0               | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      3178 | NS      | $184578.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP            | LAS VEGAS SANDS CORP COMMON STOCK USD.001                  | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     39670 | NS      | $2133849.30   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                       | LINDE PLC COMMON STOCK                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     22371 | NS      | $10626225.00  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE S COS INC                  | LOWE S COS INC COMMON STOCK USD.5                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     18465 | NS      | $4640439.15   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LULULEMON ATHLETICA INC         | LULULEMON ATHLETICA INC COMMON STOCK USD.005               | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |      2139 | NS      | $380592.27    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL -CL A    | MARRIOTT INTERNATIONAL  CL A COMMON STOCK USD.01           | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      2050 | NS      | $533902.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS            | MARSH + MCLENNAN COS COMMON STOCK USD1.0                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     25183 | NS      | $5075129.99   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY INC          | MARVELL TECHNOLOGY INC COMMON STOCK USD.002                | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26727 | NS      | $2246938.89   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC - A              | MASTERCARD INC   A COMMON STOCK USD.0001                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     34447 | NS      | $19593798.07  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD S CORP                 | MCDONALD S CORP COMMON STOCK USD.01                        | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     33751 | NS      | $10256591.39  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                   | MCKESSON CORP COMMON STOCK USD.01                          | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      3165 | NS      | $2445089.10   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                   | MEDTRONIC PLC COMMON STOCK USD.1                           | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     21177 | NS      | $2016897.48   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO. INC.                | MERCK + CO. INC. COMMON STOCK USD.5                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     83422 | NS      | $7001608.46   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC-CLASS A      | META PLATFORMS INC CLASS A COMMON STOCK USD.000006         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     83175 | NS      | $61082056.50  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                     | METLIFE INC COMMON STOCK USD.01                            | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     63323 | NS      | $5215915.51   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL    | METTLER TOLEDO INTERNATIONAL COMMON STOCK USD.01           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      1758 | NS      | $2158138.38   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC        | MICROCHIP TECHNOLOGY INC COMMON STOCK USD.001              | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     26694 | NS      | $1714288.68   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC           | MICRON TECHNOLOGY INC COMMON STOCK USD.1                   | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     50408 | NS      | $8434266.56   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                  | MICROSOFT CORP COMMON STOCK USD.00000625                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    275581 | NS      | $142737178.95 | 7.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDDLEBY CORP                   | MIDDLEBY CORP COMMON STOCK USD.01                          | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |      9800 | NS      | $1302714.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE INC           | MOLINA HEALTHCARE INC COMMON STOCK USD.001                 | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      1678 | NS      | $321102.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDAY.COM LTD                  | MONDAY.COM LTD COMMON STOCK                                | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      3120 | NS      | $604312.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDELEZ INTERNATIONAL INC      | MONDELEZ INTERNATIONAL INC A COMMON STOCK                  | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |     36908 | NS      | $2305642.76   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MONOLITHIC POWER SYSTEMS INC    | MONOLITHIC POWER SYSTEMS INC COMMON STOCK USD.001          | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      6866 | NS      | $6321114.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MONSTER BEVERAGE CORP           | MONSTER BEVERAGE CORP COMMON STOCK USD.005                 | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |     31340 | NS      | $2109495.40   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY S CORP                    | MOODY S CORP COMMON STOCK USD.01                           | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      8321 | NS      | $3964790.08   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                  | MORGAN STANLEY COMMON STOCK USD.01                         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     35840 | NS      | $5697126.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSAIC CO                       | MOSAIC CO/THE COMMON STOCK USD.01                          | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     22633 | NS      | $784912.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA  SOLUTIONS INC         | MOTOROLA SOLUTIONS INC COMMON STOCK USD.01                 | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      6100 | NS      | $2789469.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                     | NETFLIX INC COMMON STOCK USD.001                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     18346 | NS      | $21995386.32  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC              | NEXTERA ENERGY INC COMMON STOCK USD.01                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    105066 | NS      | $7931432.34   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC -CL B                  | NIKE INC  CL B COMMON STOCK                                | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     21895 | NS      | $1526738.35   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORP           | NORFOLK SOUTHERN CORP COMMON STOCK USD1.0                  | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      1757 | NS      | $527820.37    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP           | NORTHROP GRUMMAN CORP COMMON STOCK USD1.0                  | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     10990 | NS      | $6696426.80   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                     | NVIDIA CORP COMMON STOCK USD.001                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    906298 | NS      | $169097080.84 | 8.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR INC                         | NVR INC COMMON STOCK USD.01                                | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       380 | NS      | $3053170.80   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP SEMICONDUCTORS NV           | NXP SEMICONDUCTORS NV COMMON STOCK EUR.2                   | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      1804 | NS      | $410824.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| O REILLY AUTOMOTIVE INC         | O REILLY AUTOMOTIVE INC COMMON STOCK USD.01                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |     40680 | NS      | $4385710.80   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA INC                        | OKTA INC COMMON STOCK                                      | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      4335 | NS      | $397519.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE       | OLD DOMINION FREIGHT LINE COMMON STOCK USD.1               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     31923 | NS      | $4494119.94   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ON SEMICONDUCTOR                | ON SEMICONDUCTOR COMMON STOCK USD.01                       | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |      8163 | NS      | $402517.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK INC                       | ONEOK INC COMMON STOCK USD.01                              | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      8100 | NS      | $591057.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                     | ORACLE CORP COMMON STOCK USD.01                            | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     59094 | NS      | $16619596.56  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| P G & E CORP                    | P G + E CORP COMMON STOCK                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    261560 | NS      | $3944324.80   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR INC                      | PACCAR INC COMMON STOCK USD1.0                             | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      3800 | NS      | $373616.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORP OF AMERICA       | PACKAGING CORP OF AMERICA COMMON STOCK USD.01              | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |      3626 | NS      | $790214.18    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PALANTIR TECHNOLOGIES INC-A     | PALANTIR TECHNOLOGIES INC A COMMON STOCK USD.001           | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     73184 | NS      | $13350225.28  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC          | PALO ALTO NETWORKS INC COMMON STOCK USD.0001               | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     34252 | NS      | $6974392.24   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER HANNIFIN CORP            | PARKER HANNIFIN CORP COMMON STOCK USD.5                    | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      5968 | NS      | $4524639.20   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| PENTAIR PLC                     | PENTAIR PLC COMMON STOCK USD.01                            | CUSIP: G7S00T104<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | IE        |      3600 | NS      | $398736.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                     | PEPSICO INC COMMON STOCK USD.017                           | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     34205 | NS      | $4803750.20   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PFIZER INC                      | PFIZER INC COMMON STOCK USD.05                             | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     75445 | NS      | $1922338.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL     | PHILIP MORRIS INTERNATIONAL COMMON STOCK                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     65746 | NS      | $10664001.20  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                     | PHILLIPS 66 COMMON STOCK                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      2142 | NS      | $291354.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| POOL CORP                       | POOL CORP COMMON STOCK USD.001                             | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      2700 | NS      | $837189.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR INC                     | POPULAR INC COMMON STOCK USD.01                            | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      8025 | NS      | $1019255.25   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE         | PROCTER + GAMBLE CO/THE COMMON STOCK                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     96089 | NS      | $14764074.85  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP                | PROGRESSIVE CORP COMMON STOCK USD1.0                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     14041 | NS      | $3467424.95   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                    | PROLOGIS INC REIT USD.01                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     41110 | NS      | $4707917.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                         | PTC INC COMMON STOCK USD.01                                | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      8900 | NS      | $1806878.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                  | PUBLIC STORAGE REIT USD.1                                  | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      7133 | NS      | $2060367.05   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PURE STORAGE INC CL A           | PURE STORAGE INC   CLASS A COMMON STOCK USD.0001           | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      5674 | NS      | $475537.94    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                    | QUALCOMM INC COMMON STOCK USD.0001                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     44578 | NS      | $7415996.08   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INC           | QUEST DIAGNOSTICS INC COMMON STOCK USD.01                  | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      7926 | NS      | $1510537.08   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RALLIANT CORP                   | RALLIANT CORP COMMON STOCK USD.01                          | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1269 | NS      | $55493.37     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP            | REGENCY CENTERS CORP REIT USD.01                           | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     11399 | NS      | $830987.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS       | REGENERON PHARMACEUTICALS COMMON STOCK USD.001             | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      4736 | NS      | $2662910.72   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD      | RENAISSANCERE HOLDINGS LTD COMMON STOCK USD1.0             | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |     12213 | NS      | $3101247.09   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORP                   | REPLIGEN CORP COMMON STOCK USD.01                          | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      3474 | NS      | $464369.58    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RESMED INC                      | RESMED INC COMMON STOCK USD.004                            | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      8500 | NS      | $2326705.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY IN    | REXFORD INDUSTRIAL REALTY IN REIT USD.01                   | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     73572 | NS      | $3024544.92   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS INC - A       | ROBINHOOD MARKETS INC   A COMMON STOCK USD.0001            | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     14800 | NS      | $2119064.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL AUTOMATION INC         | ROCKWELL AUTOMATION INC COMMON STOCK USD1.0                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      9487 | NS      | $3315991.11   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC          | ROPER TECHNOLOGIES INC COMMON STOCK USD.01                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |      4711 | NS      | $2349328.59   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES INC                 | ROSS STORES INC COMMON STOCK USD.01                        | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     22881 | NS      | $3486835.59   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES LTD     | ROYAL CARIBBEAN CRUISES LTD COMMON STOCK USD.01            | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |     11473 | NS      | $3712433.34   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC           | RPM INTERNATIONAL INC COMMON STOCK USD.01                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      3029 | NS      | $357058.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX CORP                        | RTX CORP COMMON STOCK USD1.0                               | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     16597 | NS      | $2777176.01   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC                  | S+P GLOBAL INC COMMON STOCK USD1.0                         | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     10464 | NS      | $5092933.44   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIA INC                        | SAIA INC COMMON STOCK USD.001                              | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      8106 | NS      | $2426612.16   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                  | SALESFORCE INC COMMON STOCK USD.001                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     22409 | NS      | $5310933.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDISK CORP                    | SANDISK CORP COMMON STOCK                                  | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5018 | NS      | $563019.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB (CHARLES) CORP           | SCHWAB (CHARLES) CORP COMMON STOCK USD.01                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     99643 | NS      | $9512917.21   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                          | SEMPRA COMMON STOCK                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     52391 | NS      | $4714142.18   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                  | SERVICENOW INC COMMON STOCK USD.001                        | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      7642 | NS      | $7032779.76   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN-WILLIAMS CO/THE         | SHERWIN WILLIAMS CO/THE COMMON STOCK USD1.0                | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      9871 | NS      | $3417932.46   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC - CLASS A           | SHOPIFY INC   CLASS A COMMON STOCK                         | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      2553 | NS      | $379401.33    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMON PROPERTY GROUP INC        | SIMON PROPERTY GROUP INC REIT USD.0001                     | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      9183 | NS      | $1723373.61   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SITEONE LANDSCAPE SUPPLY INC    | SITEONE LANDSCAPE SUPPLY INC COMMON STOCK USD.01           | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |      7090 | NS      | $913192.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD                | SLB LTD COMMON STOCK USD.01                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    112708 | NS      | $3873773.96   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO/THE                 | SOUTHERN CO/THE COMMON STOCK USD5.0                        | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     34101 | NS      | $3231751.77   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SPOTIFY TECHNOLOGY SA           | SPOTIFY TECHNOLOGY SA COMMON STOCK EUR.000625              | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      2789 | NS      | $1946722.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS      | SS+C TECHNOLOGIES HOLDINGS COMMON STOCK USD.01             | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |      7514 | NS      | $666942.64    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STANLEY BLACK & DECKER INC      | STANLEY BLACK + DECKER INC COMMON STOCK USD2.5             | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     14745 | NS      | $1095995.85   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP               | STATE STREET CORP COMMON STOCK USD1.0                      | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     14700 | NS      | $1705347.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET INS US GO MM FD-IS | STATE STREET INSTITUTIONAL US STATE ST INST US GOV MM PREM | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   4509298 | NS      | $4509298.37   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS INC              | STEEL DYNAMICS INC COMMON STOCK USD.005                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     14317 | NS      | $1996219.31   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                    | STRYKER CORP COMMON STOCK USD.1                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     17845 | NS      | $6596761.15   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC             | SUN COMMUNITIES INC REIT USD.01                            | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      9373 | NS      | $1209117.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPER MICRO COMPUTER INC        | SUPER MICRO COMPUTER INC COMMON STOCK USD.001              | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      2963 | NS      | $142046.22    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS INC                    | SYNOPSYS INC COMMON STOCK USD.01                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      2158 | NS      | $1064735.62   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                 | T MOBILE US INC COMMON STOCK USD.0001                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     58524 | NS      | $14009475.12  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| TAKE-TWO INTERACTIVE SOFTWRE    | TAKE TWO INTERACTIVE SOFTWRE COMMON STOCK USD.01           | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      1726 | NS      | $445929.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY INC                    | TAPESTRY INC COMMON STOCK USD.01                           | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      7621 | NS      | $862849.62    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TARGA RESOURCES CORP            | TARGA RESOURCES CORP COMMON STOCK USD.001                  | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     15231 | NS      | $2551801.74   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PLC             | TE CONNECTIVITY PLC COMMON STOCK USD.01                    | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     15621 | NS      | $3429278.13   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INC       | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01              | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      7775 | NS      | $4556461.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP           | TENET HEALTHCARE CORP COMMON STOCK USD.05                  | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     17961 | NS      | $3646801.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TESLA INC                       | TESLA INC COMMON STOCK USD.001                             | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    100507 | NS      | $44697473.04  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC           | TEXAS INSTRUMENTS INC COMMON STOCK USD1.0                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     31286 | NS      | $5748176.78   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS PACIFIC LAND CORP         | TEXAS PACIFIC LAND CORP COMMON STOCK USD.01                | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       289 | NS      | $269821.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE                 | THE CIGNA GROUP COMMON STOCK USD.01                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     13365 | NS      | $3852461.25   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC    | THERMO FISHER SCIENTIFIC INC COMMON STOCK USD1.0           | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     16155 | NS      | $7835498.10   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COMPANIES INC               | TJX COMPANIES INC COMMON STOCK USD1.0                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     31788 | NS      | $4594637.52   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TKO Group Holdings Inc          | TKO GROUP HOLDINGS INC COMMON STOCK USD.00001              | CUSIP: 87256C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9420 | NS      | $1902463.20   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG INC                         | TPG INC COMMON STOCK                                       | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     38025 | NS      | $2184536.25   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TRACTOR SUPPLY COMPANY          | TRACTOR SUPPLY COMPANY COMMON STOCK USD.008                | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      6156 | NS      | $350091.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADE DESK INC/THE -CLASS A     | TRADE DESK INC/THE  CLASS A COMMON STOCK USD.000001        | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     17500 | NS      | $857675.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TRADEWEB MARKETS INC-CLASS A    | TRADEWEB MARKETS INC CLASS A COMMON STOCK USD.00001        | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25220 | NS      | $2798915.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC          | TRANE TECHNOLOGIES PLC COMMON STOCK USD1.0                 | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |      7420 | NS      | $3130943.20   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INC             | TRANSDIGM GROUP INC COMMON STOCK USD.01                    | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1513 | NS      | $1994164.26   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TREX COMPANY INC                | TREX COMPANY INC COMMON STOCK USD.01                       | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3765 | NS      | $194537.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TRUIST FINANCIAL CORP           | TRUIST FINANCIAL CORP COMMON STOCK USD5.0                  | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |     10751 | NS      | $491535.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS INC-CL A            | TYSON FOODS INC CL A COMMON STOCK USD.1                    | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      7628 | NS      | $414200.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC           | UBER TECHNOLOGIES INC COMMON STOCK USD.00001               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      8409 | NS      | $823829.73    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY INC                 | ULTA BEAUTY INC COMMON STOCK                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      2502 | NS      | $1367968.50   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| UNILEVER PLC-SPONSORED ADR      | UNILEVER PLC SPONSORED ADR ADR                             | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     22000 | NS      | $1304160.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP              | UNION PACIFIC CORP COMMON STOCK USD2.5                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     11500 | NS      | $2718255.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED AIRLINES HOLDINGS INC    | UNITED AIRLINES HOLDINGS INC COMMON STOCK USD.01           | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     17286 | NS      | $1668099.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC          | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     31252 | NS      | $10791315.60  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                      | US BANCORP COMMON STOCK USD.01                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     90379 | NS      | $4368017.07   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VALERO ENERGY CORP              | VALERO ENERGY CORP COMMON STOCK USD.01                     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     31615 | NS      | $5382769.90   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                      | VENTAS INC REIT USD.25                                     | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     14078 | NS      | $985319.22    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS INC            | VERISK ANALYTICS INC COMMON STOCK USD.001                  | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      7907 | NS      | $1988689.57   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INC      | VERTEX PHARMACEUTICALS INC COMMON STOCK USD.01             | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     15348 | NS      | $6010890.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTIV HOLDINGS CO-A            | VERTIV HOLDINGS CO A COMMON STOCK USD.0001                 | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |     18742 | NS      | $2827418.12   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                     | VIATRIS INC COMMON STOCK                                   | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    336679 | NS      | $3333122.10   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC-CLASS A SHARES         | VISA INC CLASS A SHARES COMMON STOCK USD.0001              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     69237 | NS      | $23636127.06  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VISTRA CORP                     | VISTRA CORP COMMON STOCK USD.01                            | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |     17421 | NS      | $3413122.32   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC              | VOYA FINANCIAL INC COMMON STOCK USD.01                     | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     36920 | NS      | $2761616.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO             | VULCAN MATERIALS CO COMMON STOCK USD1.0                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      8038 | NS      | $2472649.56   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                     | WALMART INC COMMON STOCK USD.1                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    165522 | NS      | $17058697.32  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO/THE              | WALT DISNEY CO/THE COMMON STOCK USD.01                     | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     33265 | NS      | $3808842.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC           | WASTE CONNECTIONS INC COMMON STOCK                         | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      9252 | NS      | $1626501.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC            | WASTE MANAGEMENT INC COMMON STOCK USD.01                   | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      9610 | NS      | $2122176.30   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO                | WELLS FARGO + CO COMMON STOCK USD1.666                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     44199 | NS      | $3704760.18   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                   | WELLTOWER INC REIT USD1.0                                  | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     26299 | NS      | $4684903.86   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST FRASER TIMBER CO LTD       | WEST FRASER TIMBER CO LTD COMMON STOCK                     | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     19385 | NS      | $1317792.30   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORP        | WESTERN ALLIANCE BANCORP COMMON STOCK USD.0001             | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      9720 | NS      | $842918.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORP            | WESTERN DIGITAL CORP COMMON STOCK USD.01                   | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |      5338 | NS      | $640880.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                | WILLIAMS COS INC COMMON STOCK USD1.0                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     62958 | NS      | $3988389.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC                    | WINGSTOP INC COMMON STOCK USD.01                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      3076 | NS      | $774167.68    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY INC                     | WORKDAY INC CLASS A COMMON STOCK USD.001                   | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      5645 | NS      | $1358920.85   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WW GRAINGER INC                 | WW GRAINGER INC COMMON STOCK USD.5                         | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      2100 | NS      | $2001216.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                 | XCEL ENERGY INC COMMON STOCK USD2.5                        | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     74185 | NS      | $5983020.25   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| XYLEM INC                       | XYLEM INC COMMON STOCK                                     | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |     12048 | NS      | $1777080.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM  BRANDS INC                 | YUM  BRANDS INC COMMON STOCK                               | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |      2597 | NS      | $394744.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP-CL A    | ZEBRA TECHNOLOGIES CORP CL A COMMON STOCK USD.01           | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      1633 | NS      | $485262.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS INC      | ZIMMER BIOMET HOLDINGS INC COMMON STOCK USD.01             | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     24587 | NS      | $2421819.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC                      | ZOETIS INC COMMON STOCK USD.01                             | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |      7100 | NS      | $1038872.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President