# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-000820
**Filing Date:** 2026-1
**Character Count:** 73382
**Document Hash:** c8778b56868d7220b796240c51c28ebd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-000820.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001099263-26-000820

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**PERIOD START**: 20260228

**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:** 26565012

**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 Short Municipal Income ETF (Series ID: S000095890)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000264672 | T. Rowe Price Short Municipal Income ETF | TMNS            |

## Nport-Ex

T. ROWE PRICE SHORT MUNICIPAL INCOME ETF

------

November 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **MUNICIPAL SECURITIES 112.3%** | **MUNICIPAL SECURITIES 112.3%** | **MUNICIPAL SECURITIES 112.3%** |
| **ALABAMA 5.0%** |  |  |
| Black Belt Energy Gas District, Series C-1, 5.25%, 2/1/53 (Tender 6/1/29) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| Columbia Industrial Development Board, Series A, VRDN, 2.90%, 12/1/37 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Southeast Alabama Gas Supply District, Series A, 5.00%, 8/1/54 (Tender 4/1/32) | 265 | &nbsp;&nbsp;&nbsp;&nbsp;287 |
| Southeast Energy Auth. A Cooperative District, Series B, 5.00%, 1/1/54 (Tender 6/1/30) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;80 |
|  |  | 1131 |
| **ARIZONA 4.8%** |  |  |
| Arizona Health Facilities Auth., Series C, VRDN, 2.85%, 1/1/46 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Arizona IDA, Series A, 4.00%, 7/15/30 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
| Arizona IDA, Series A, 5.00%, 11/1/29 | 125 | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| Arizona IDA, Series A, 5.00%, 11/1/28 | 315 | &nbsp;&nbsp;&nbsp;&nbsp;329 |
| Chandler IDA, Series 2022-2, 5.00%, 9/1/52 (Tender 9/1/27) (2) | &nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;20 |
|  |  | 1081 |
| **CALIFORNIA 3.3%** |  |  |
| California Community Choice Fin. Auth., Series F, 5.50%, 10/1/54 (Tender 11/1/30) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;274 |
| California Statewide CDA, Series C-1, 5.00%, 9/2/31 (3) | 300 | &nbsp;&nbsp;&nbsp;&nbsp;322 |
| Los Angeles Department of Airports, Series C, 5.00%, 5/15/34 (2) | 135 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;736 |
| **COLORADO 3.5%** |  |  |
| Colorado HFA, Series A-1, 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;51 |
| Colorado HFA, Series B-2, 5.00%, 8/1/49 (Tender 8/1/26) | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| Denver City & County School District No. 1, Series A, GO, 5.50%, 12/1/27 | &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;69 |
| Denver Convention Center Hotel Auth., 5.00%, 12/1/36 | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| State of Colorado, Series K, GO, 5.00%, 3/15/28 | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| University of Colorado Hospital Auth., Series B, VRDN, 2.85%, 11/15/35 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;788 |
| **CONNECTICUT 0.2%** |  |  |
| Connecticut State HEFA, Series A, 2.80%, 7/1/48 (Tender 2/10/26) | &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;45 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| **DISTRICT OF COLUMBIA 1.0%** |  |  |
| District of Columbia, 5.00%, 4/1/31 | &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| District of Columbia, 5.00%, 4/1/33 | 110 | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| Metropolitan Washington Airports Auth. Aviation Revenue, Series B, 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;46 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;225 |
| **FLORIDA 4.1%** |  |  |
| Alachua County HFA, Series B-1, 5.00%, 12/1/28 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;211 |
| Alachua County HFA, Series B-2, 5.00%, 12/1/37 (Tender 12/1/26) | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;86 |
| Hillsborough County IDA, Series D, VRDN, 3.00%, 11/15/42 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Miami-Dade County Expressway Auth., Series A, 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| New Port Corners Community Dev. District, 4.00%, 6/15/30 (1) | 100 | &nbsp;&nbsp;&nbsp;&nbsp;100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;932 |

---

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T. ROWE PRICE SHORT MUNICIPAL INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **GEORGIA 4.3%** |  |  |
| Atlanta Urban Residential Fin. Auth., 2.90%, 9/1/28 (Tender 3/1/28) | &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| Atlanta Urban Residential Fin. Auth., Series B, 2.75%, 5/1/29 (Tender 5/1/28) | 180 | &nbsp;&nbsp;&nbsp;&nbsp;178 |
| Burke County Dev. Auth., 3.875%, 10/1/32 (Tender 3/6/26) | &nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Burke County Dev. Auth., Series 4TH, 3.80%, 10/1/32 (Tender 5/21/26) | 105 | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| Fulton County Dev. Auth., Series A, 5.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Main Street Natural Gas Inc, Series A, 5.00%, 6/1/53 (Tender 6/1/30) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;212 |
| Main Street Natural Gas Inc, Series A, 5.00%, 5/1/54 (Tender 9/1/31) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;976 |
| **ILLINOIS 4.8%** |  |  |
| Chicago O'Hare International Airport, Series C, 5.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| Chicago O'Hare International Airport, Series D, 5.00%, 1/1/28 (2) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| Chicago O'Hare International Airport, Series D, 5.00%, 1/1/29 (2) | &nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Illinois, Series A, GO, 5.00%, 5/1/29 | 300 | &nbsp;&nbsp;&nbsp;&nbsp;314 |
| Illinois Fin. Auth., Series B2, 5.00%, 8/15/52 (Tender 8/15/27) | 160 | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| Illinois Fin. Auth., Series C, 5.00%, 2/15/33 | &nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Illinois State Toll Highway Auth., Series A, 5.00%, 1/1/31 | 210 | &nbsp;&nbsp;&nbsp;&nbsp;224 |
|  |  | 1080 |
| **INDIANA 2.2%** |  |  |
| Indiana Fin. Auth., VRDN, 2.75%, 10/1/40 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| **IOWA 2.2%** |  |  |
| Iowa Fin. Auth., Series B-1, VRDN, 2.85%, 2/15/39 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| **KANSAS 0.2%** |  |  |
| Kansas DFA, Series B, 5.00%, 11/15/54 (Tender 11/15/31) | &nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| **KENTUCKY 0.6%** |  |  |
| Kentucky Public Energy Auth., Series A, 5.00%, 5/1/55 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;106 |
| Kentucky Public Energy Auth., Series C, 4.00%, 2/1/50 (Tender 2/1/28) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;132 |
| **LOUISIANA 0.8%** |  |  |
| Parish of St. John the Baptist, Series 2017B-2, 2.375%, 6/1/37 (Tender 7/1/26) | &nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Parish of St. John the Baptist, Series A-3, 2.20%, 6/1/37 (Tender 7/1/26) | 125 | &nbsp;&nbsp;&nbsp;&nbsp;124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| **MARYLAND 4.4%** |  |  |
| Maryland HHEFA, Series B, VRDN, 2.80%, 6/1/46 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Montgomery County, Series E, GO, VRDN, 2.70%, 11/1/37 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | 1000 |
| **MICHIGAN 3.6%** |  |  |
| Grand Traverse County Hospital Fin. Auth., Series C, VRDN, 2.80%, 7/1/41 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |

---

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T. ROWE PRICE SHORT MUNICIPAL INCOME ETF

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---

| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| Great Lakes Water Auth. Sewage Disposal System Revenue, Series C, 5.00%, 7/1/30 | &nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Michigan Fin. Auth., 5.00%, 11/15/29 | 105 | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| Michigan Fin. Auth., 5.00%, 11/15/31 | 150 | &nbsp;&nbsp;&nbsp;&nbsp;153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;816 |
| **MINNESOTA 3.2%** |  |  |
| Hennepin County, Series A, GO, 5.00%, 12/1/28 | 680 | &nbsp;&nbsp;&nbsp;&nbsp;713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;713 |
| **MISSOURI 6.8%** |  |  |
| HEFA of Missouri, Series B, VRDN, 2.70%, 3/1/40 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| HEFA of Missouri, Series B, 4.00%, 5/1/51 (Tender 5/1/26) | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| HEFA of Missouri, Series B-2, VRDN, 2.80%, 10/1/35 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| HEFA of Missouri, Series F, VRDN, 2.90%, 6/1/44 | 450 | &nbsp;&nbsp;&nbsp;&nbsp;450 |
|  |  | 1520 |
| **NEW YORK 6.2%** |  |  |
| New York City Housing Dev., Series A-2, 3.73%, 5/1/63 (Tender 12/29/28) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| New York Transportation Dev., Series A, 5.00%, 12/1/29 (2) | 400 | &nbsp;&nbsp;&nbsp;&nbsp;425 |
| Port Auth. of New York & New Jersey, 5.00%, 9/1/33 (2) | 265 | &nbsp;&nbsp;&nbsp;&nbsp;281 |
| Port Auth. of New York & New Jersey, Series 207, 5.00%, 9/15/31 (2) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, Series 273, 3.25%, 4/1/32 (3) | 340 | &nbsp;&nbsp;&nbsp;&nbsp;340 |
|  |  | 1403 |
| **NORTH CAROLINA 3.7%** |  |  |
| Charlotte-Mecklenburg Hospital Auth., Series C, 5.00%, 1/15/50 (Tender 12/1/28) | &nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| North Carolina Medical Care Commission, Series B, 5.00%, 2/1/51 (Tender 2/1/26) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| North Carolina Turnpike Auth., 5.00%, 1/1/27 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| Raleigh NC Combined Enterprise System Revenue, 5.00%, 9/1/26 | 120 | &nbsp;&nbsp;&nbsp;&nbsp;122 |
| University of North Carolina at Chapel Hill, Series A, 5.00%, 12/1/27 (3) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;821 |
| **OHIO 4.9%** |  |  |
| Ohio, Series A, VRDN, 2.85%, 1/15/46 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Ohio Higher Educational Facility Commission, VRDN, 2.85%, 1/1/43 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Ohio Housing Fin. Agency, Series C, 5.00%, 3/1/26 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
|  |  | 1101 |
| **OREGON 2.3%** |  |  |
| Port of Portland Airport Revenue, Series 24B, 5.00%, 7/1/30 (2) | 500 | &nbsp;&nbsp;&nbsp;&nbsp;509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;509 |
| **PENNSYLVANIA 4.1%** |  |  |
| Pennsylvania Commonwealth, Series 1, GO, 5.00%, 1/1/28 | 270 | &nbsp;&nbsp;&nbsp;&nbsp;277 |
| Pennsylvania Economic Dev. Fin. Auth., Waste Management Project, 4.25%, 7/1/41 (Tender 7/1/27) (2) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| Pennsylvania Higher Educational Facilities Auth., Series D-2, VRDN, 2.85%, 11/1/61 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;928 |

---

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T. ROWE PRICE SHORT MUNICIPAL INCOME ETF

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| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| **PUERTO RICO 1.4%** |  |  |
| Puerto Rico Commonwealth, Series A, GO, Zero Coupon, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;138 |
| Puerto Rico Commonwealth, Series A1, GO, 4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Puerto Rico Commonwealth, Series A1, GO, 5.625%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Puerto Rico Commonwealth, Series A1, GO, 5.75%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Puerto Rico Sales Tax Fin., Restructured, Series A-1, Zero Coupon, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;323 |
| **SOUTH CAROLINA 2.7%** |  |  |
| South Carolina Jobs-Economic Dev. Auth., Series B, VRDN, 2.85%, 5/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| South Carolina Public Service Auth., Series A, 5.00%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| South Carolina Public Service Auth., Series A, 5.00%, 12/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;606 |
| **TENNESSEE 1.7%** |  |  |
| Chattanooga Health Educational & Housing Facility Board, Series A-1, 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Greeneville Health & Educational Facilities Board, Series A, 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
| Tennessee Energy Acquisition, Series A, 5.00%, 5/1/52 (Tender 11/1/32) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;388 |
| **TEXAS 9.6%** |  |  |
| Central Texas Regional Mobility Auth., Series G, 5.00%, 1/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Clifton Higher Education Fin., 5.00%, 8/15/36 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;163 |
| Clifton Higher Education Fin., 5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;325 |
| Georgetown Independent School District, Series A, 5.00%, 8/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| Gulf Coast IDA, VRDN, 2.85%, 11/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;500 |
| Harris County Cultural Education Facilities Fin., Series A, 4.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| Houston Airport System Revenue, Series B, 5.25%, 7/15/29 (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Houston Airport System Revenue, Series C, 5.00%, 7/1/29 (2) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;173 |
| Houston Independent School District, Series A, GO, 5.00%, 2/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;251 |
| Tarrant County Cultural Education Facilities Fin., Series C-1, 5.00%, 11/15/51 (Tender 11/15/32) (3) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;279 |
| Texas Private Activity Bond Surface Transportation, Series A, 4.00%, 12/31/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 |
|  |  | 2172 |
| **UTAH 5.3%** |  |  |
| Salt Lake City Airport Revenue, Series A, 5.00%, 7/1/31 (2) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;146 |
| Utah, Series B, GO, 5.00%, 7/1/27 | 1000 | 1039 |
|  |  | 1185 |
| **VIRGINIA 5.5%** |  |  |
| Alexandria ReDev. & Housing Auth., 3.20%, 12/1/54 (Tender 6/1/27) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;200 |
| Arlington County, GO, 5.00%, 6/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| Henrico County Economic Dev. Auth., 3.20%, 12/1/45 (Tender 12/1/29) | &nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| Louisa IDA, Series B, 3.125%, 11/1/35 (Tender 10/1/30) | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;201 |
| Newport News Economic Dev. Auth., 3.125%, 12/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 |
| Virginia Small Business Fin. Auth., 5.00%, 7/1/32 (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| Wise County IDA, Series A, 3.80%, 11/1/40 (Tender 5/28/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |

---

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T. ROWE PRICE SHORT MUNICIPAL INCOME ETF

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| | | |
|:---|:---|:---|
|  | **Par** | **$ Value** |
| (Amounts in 000s) |  |  |
| York County Economic Dev. Auth., Series A, 3.65%, 5/1/33 (Tender 10/1/27) | &nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1246 |
| **WASHINGTON 3.6%** |  |  |
| Energy Northwest, Series C, 5.00%, 7/1/28 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| Port of Seattle, Series A, 5.00%, 5/1/35 (2) | 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| Washington, Series R-2024C, GO, 5.00%, 8/1/30 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
| **WEST VIRGINIA 0.8%** |  |  |
| West Virginia Hospital Fin. Auth., Series A, 5.00%, 6/1/28 | &nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| West Virginia Hospital Fin. Auth., Series B, 5.00%, 6/1/55 (Tender 6/1/33) | 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| **WISCONSIN 5.5%** |  |  |
| PFA, Series B, VRDN, 2.75%, 10/1/55 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| University of Wisconsin Hospitals & Clinics, Series B, VRDN, 2.85%, 4/1/48 | 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
| Washington, Series 2, GO, 5.00%, 11/1/27 | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Wisconsin Health & Educational Facilities Auth., Series A, 5.00%, 11/15/28 | &nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1241 |
| **Total Municipal Securities<br> (Cost $25,299)** |  | &nbsp;&nbsp;&nbsp;**25321** |
| **Total Investments<br> 112.3% of Net Assets (Cost $25,299)** |  | **$25321** |
| **Other Assets Less Liabilities (12.3%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(2776)** |
| **Net Assets 100.0%** |  | **$22545** |

---

---

| | |
|:---|:---|
| ‡ | Par is denominated in U.S. dollars unless otherwise noted. |
| (1) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. Total value of such securities at period-end amounts to $200 and represents 0.9% of net assets. |
| (2) | Interest subject to alternative minimum tax. |
| (3) | When-issued security. |
| CDA | Community Development Administration/Authority |
| DFA | Development Finance Authority |
| GO | General Obligation |
| HEFA | Health & Educational Facility Authority |
| HFA | Health Facility Authority |
| HHEFA | Health & Higher Educational Facility Authority |
| IDA | Industrial Development Authority/Agency |
| PFA | Public Finance Authority/Agency |
| VRDN | Variable Rate Demand Note under which the holder has the right to sell the security to the issuer or the issuer's agent at a predetermined price on specified dates; such specified dates are considered the effective maturity for purposes of the fund's weighted average maturity; rate shown is effective rate at period-end and maturity date shown is final maturity. Certain VRDN rates are not based on a published reference rate and spread but may adjust periodically. |

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

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T. ROWE PRICE SHORT MUNICIPAL INCOME ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

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T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Short Municipal Income 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). For additional information on the fund's significant accounting policies and investment related disclosures, please refer to the fund's prospectus.

#### VALUATION

#### Fair Value
The fund's financial instruments are valued at the close of the NYSE 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
Debt securities are generally traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

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

------

T. ROWE PRICE SHORT MUNICIPAL INCOME ETF

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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 the 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 November 30, 2025, all of the fund's financial instruments were classified as Level 2, 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.

#### ETF1256-054Q3

#### 11/25

## 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 Short Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000095890

- **c. LEI of Series:** 254900HTCHHEFPBIHM53

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $24337759.44

**Total Liabilities:** $1794830.21

**Net Assets:** $22542929.23

**Delayed Delivery Securities:** $1793701.15

**Cash Not Reported:** $78234.06

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -70.519662 | **1-Year:** -1402.477354 | **5-Year:** -2032.898682 | **10-Year:** -308.040314 | **30-Year:** 0.000000

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

- **3-Month:** 0.000000 | **1-Year:** -46.692337 | **5-Year:** -177.821434 | **10-Year:** -19.854517 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264672 |  |  | 0.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $19644.40                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALACHUA CNTY FL HLTH                             | ALACHUA CNTY FL HLTH FACS AUTH ALAMED 12/28 FIXED 5        | CUSIP: 010685KT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211294.88    | 0.94%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CO FL HLTH FACS SHANDS HSP SR B2         | ALACHUA CNTY FL HLTH FACS AUTH ALAMED 12/37 ADJUSTABLE VAR | CUSIP: 010685LD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85696.50     | 0.38%             | 2037-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ALEXANDRIA REDEV HSG                             | ALEXANDRIA VA REDEV   HSG AUTH ALEMFH 12/54 ADJUSTABLE VAR | CUSIP: 015330FC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200071.74    | 0.89%             | 2054-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| AZ ST BANNER HLTH SER C DLY                      | ARIZONA ST HLTH FACS AUTH AZSMED 01/46 ADJUSTABLE VAR      | CUSIP: 040507QB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2046-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST INDL DEV A 144A                       | ARIZONA ST INDL DEV AUTH EDU R AZSEDU 07/30 FIXED 4        | CUSIP: 04052BLQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99713.31     | 0.44%             | 2030-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| AZ ST IDA EQUITABLE SCH REVOL FUND SER A         | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/28 FIXED 5        | CUSIP: 04052FDU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $328696.99    | 1.46%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZ ST IDA SCH REVOL FUND SER A                   | ARIZONA ST INDL DEV AUTH NATIO AZSEDU 11/29 FIXED 5        | CUSIP: 04052FEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $132472.75    | 0.59%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON CO                                     | ARLINGTON CNTY VA ARL 06/26 FIXED 5                        | CUSIP: 041431VX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $400294.50    | 1.78%             | 2026-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA URBAN RSDL-B                             | ATLANTA GA URBAN RSDL FIN AUTH ATLMFH 05/29 ADJUSTABLE VAR | CUSIP: 04785VCA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $177824.47    | 0.79%             | 2029-05-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| ATLANTA URBAN RSDL                               | ATLANTA GA URBAN RSDL FIN AUTH ATLMFH 09/28 ADJUSTABLE VAR | CUSIP: 04785VBY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $54725.61     | 0.24%             | 2028-09-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS AL PROJ REV SER C          | BLACK BELT ENERGY GAS DIST AL BBEUTL 02/53 ADJUSTABLE VAR  | CUSIP: 09182TCG0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    250000 | PA      | $264512.15    | 1.17%             | 2053-02-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA PWR CO PLANT VOGTLE 1ST SER PUT      | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR | CUSIP: 121342QE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60134.53     | 0.27%             | 2032-10-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| BURKE CO GA PWR PLANT VOGTLE 4TH SER PUTBOND     | BURKE CNTY GA DEV AUTH POLL CO BURPOL 10/32 ADJUSTABLE VAR | CUSIP: 121342QJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | PA      | $105379.59    | 0.47%             | 2032-10-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| CA CMTY CHOICE AUTH PROJ SER F                   | CALIFORNIA CMNTY CHOICE FING A CCEDEV 10/54 ADJUSTABLE VAR | CUSIP: 13013JDD5<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |    250000 | PA      | $274294.53    | 1.22%             | 2054-10-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| CA STATEWIDE DEV-C-1                             | CALIFORNIA ST STWD CMNTYS DEV CASDEV 09/31 FIXED 5         | CUSIP: 13078YXF7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $322036.56    | 1.43%             | 2031-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILI                            | CENTRL TX REGL MOBILITY AUTH R CTXGEN 01/32 FIXED 5        | CUSIP: 155498KW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54150.14     | 0.24%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER AZ INDL CORP PROJ AMT SR 2022-2         | CHANDLER AZ INDL DEV AUTH INDL CHADEV 09/52 ADJUSTABLE VAR | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | PA      | $20329.97     | 0.09%             | 2052-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE MECK HOSP ATRIUM HLTH SR C             | CHARLOTTE MECKLENBURG NC HOSP CHAMED 01/50 ADJUSTABLE VAR  | CUSIP: 160853VE4<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |     45000 | PA      | $47672.72     | 0.21%             | 2050-01-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN HLTH                              | CHATTANOOGA TN HLTH EDUCTNL  H CHAMED 08/27 FIXED 5        | CUSIP: 162410DY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $51553.87     | 0.23%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE ARPT-D AMT                        | CHICAGO IL O HARE INTERNATIONA CHITRN 01/28 FIXED 5        | CUSIP: 167593E40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203674.96    | 0.90%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE ARPT-D AMT                        | CHICAGO IL O HARE INTERNATIONA CHITRN 01/29 FIXED 5        | CUSIP: 167593E57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $76340.33     | 0.34%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE ARPT-C                            | CHICAGO IL O HARE INTERNATIONA CHITRN 01/30 FIXED 5        | CUSIP: 167593C67<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $46054.77     | 0.20%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU FIN                              | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 04/27 FIXED 5        | CUSIP: 187145WS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $324316.57    | 1.44%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLIFTON HGR EDU                                  | CLIFTON TX HGR EDU FIN CORP ED CLIEDU 08/36 FIXED 5        | CUSIP: 187145QW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $163303.59    | 0.72%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO ST HLTH FACS AUTH                             | COLORADO ST HLTH FACS AUTH REV COSMED 08/27 FIXED 5        | CUSIP: 19648FJM7<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51553.87     | 0.23%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CO ST HLTH FACS HOSP REV COMMON SR B-2 PUT       | COLORADO ST HLTH FACS AUTH REV COSMED 08/49 ADJUSTABLE VAR | CUSIP: 19648FJJ4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35108.31     | 0.16%             | 2049-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBIA AL CNTRL PWR CO PROJ SR A DLY           | COLUMBIA AL INDL DEV BRD POLLC CMBDEV 12/37 ADJUSTABLE VAR | CUSIP: 197210AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2037-12-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| CT ST HLTH & EDU AUTH REV VAR SER A PUT          | CONNECTICUT ST HLTH   EDUCTNL CTSHGR 07/48 ADJUSTABLE VAR  | CUSIP: 20775DUX8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     45000 | PA      | $44970.21     | 0.20%             | 2048-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & SCH DIST #1 SER A                  | DENVER CITY   CNTY CO SCH DIST DENSCD 12/27 FIXED 5.5      | CUSIP: 249174WG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $68797.49     | 0.31%             | 2027-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CTR HOTEL SENIOR            | DENVER CO CONVENTION CENTER HO DENFAC 12/36 FIXED 5        | CUSIP: 249189DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $70608.40     | 0.31%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REF GEORGETOWN UNI              | DIST OF COLUMBIA UNIV REVENUE DISHGR 04/31 FIXED 5         | CUSIP: 25484JCX6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |     65000 | PA      | $66641.68     | 0.30%             | 2031-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA REF GEORGETOWN UNI              | DIST OF COLUMBIA UNIV REVENUE DISHGR 04/33 FIXED 5         | CUSIP: 25484JCZ1<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112590.70    | 0.50%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FULTON CO GA ST DEV AUTH HOSP REV SER A          | FULTON CNTY GA DEV AUTH HOSP FULMED 04/32 FIXED 5          | CUSIP: 36005GAQ6<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |     95000 | PA      | $97457.95     | 0.43%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGETOWN ISD-A-REF                             | GEORGETOWN TX INDEP SCH DIST GGTSCD 08/28 FIXED 5          | CUSIP: 373046VT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $77932.40     | 0.35%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND TRAVERSE CNTY MUNSON HLTH SR C DLY         | GRAND TRAVERSE CNTY MI HOSP FI GTVMED 07/41 ADJUSTABLE VAR | CUSIP: 386523HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2041-07-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR SWR DISP SEN LIEN SER C          | GREAT LAKES MI WTR AUTH SEWAGE GRTWTR 07/30 FIXED 5        | CUSIP: 39081HAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55734.22     | 0.25%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREENEVILLE TN HLTH & ED BALLAD SER A            | GREENEVILLE TN HLTH   EDUCTNL GREMED 07/27 FIXED 5         | CUSIP: 396649EK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66940.67     | 0.30%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GULF COAST TX IDA EXXON MOBIL DLY                | GULF COAST TX INDL DEV AUTH GULDEV 11/41 ADJUSTABLE VAR    | CUSIP: 402207AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2041-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| HARRIS CO CULTURAL ED                            | HARRIS CNTY TX CULTURAL EDU FA HAREDU 07/26 FIXED 4        | CUSIP: 414009PA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151071.08    | 0.67%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HENNEPIN CO-A                                    | HENNEPIN CNTY MN HEN 12/28 FIXED 5                         | CUSIP: 425507GL8<br>LEI: 254900YDNULMQREFAU43 | Long             | DBT              | MUN               | US        |    680000 | PA      | $712841.55    | 3.16%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HENRICO CO ECO AUTH                              | HENRICO CNTY VA ECON DEV AUTH HENMFH 12/45 ADJUSTABLE VAR  | CUSIP: 42605KAB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $249871.73    | 1.11%             | 2045-12-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH FL BAYCARE HLTH SYS D DLY           | HILLSBOROUGH CNTY FLA INDL DEV HILMEC 11/42 ADJUSTABLE VAR | CUSIP: 43233KAE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2042-11-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON ARPT SYS REV AMT                         | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/29 FIXED 5           | CUSIP: 442349CE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $173008.97    | 0.77%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON-B-REV-REF AMT                            | HOUSTON TX ARPT SYS REVENUE HOUAPT 07/29 FIXED 5.25        | CUSIP: 442349KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $130728.23    | 0.58%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ISD SER A                             | HOUSTON TX INDEP SCH DIST HOUSCD 02/30 FIXED 5             | CUSIP: 442403KY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250987.75    | 1.11%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH UNIV CHICAGO SER B          | ILLINOIS ST FIN AUTH REVENUE ILSGEN 08/52 ADJUSTABLE VAR   | CUSIP: 45204FTD7<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    160000 | PA      | $164498.16    | 0.73%             | 2052-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SER A                                | ILLINOIS ST ILS 05/29 FIXED 5                              | CUSIP: 452152X22<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    300000 | PA      | $314426.43    | 1.39%             | 2029-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IL ST TOLL HWY AUTH SEN REV BONDS SER A          | ILLINOIS ST TOLL HIGHWAY AUTH ILSTRN 01/31 FIXED 5         | CUSIP: 452252NG0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    210000 | PA      | $223864.24    | 0.99%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IN ST FIN DUKE ENERGY A5 DLY                     | INDIANA ST FIN AUTH ENVRNMNTL INSENV 10/40 ADJUSTABLE VAR  | CUSIP: 455054AF3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2040-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| IA ST AUTH REV UNI POINT HTH SR B-1 DLY          | IOWA ST FIN AUTH HLTH FACS REV IASMED 02/39 ADJUSTABLE VAR | CUSIP: 462466ES8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2039-02-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| KS ST DEV ADVENTIST HLTH SER B                   | KANSAS ST DEV FIN AUTH HOSP RE KSSMED 11/54 ADJUSTABLE VAR | CUSIP: 48542AFE6<br>LEI: 549300WTL7BL8KBDPR87 | Long             | DBT              | MUN               | US        |     35000 | PA      | $38698.03     | 0.17%             | 2054-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| KY ST PUB ENERGY GAS SPLY REV SER C              | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 02/50 ADJUSTABLE VAR | CUSIP: 74440DCM4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25408.70     | 0.11%             | 2050-02-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| KY ST PUB ENERGY GAS SPLY REV SER A-1            | KENTUCKY ST PUBLIC ENERGY AUTH KYSPWR 05/55 ADJUSTABLE VAR | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106166.49    | 0.47%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES DEPT ARPT AMT                        | LOS ANGELES CA DEPT OF ARPTS A LOSAPT 05/34 FIXED 5        | CUSIP: 544445FW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $139519.81    | 0.62%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISA VA INDL DEV-B                             | LOUISA VA INDL DEV AUTH POLL C LOUPOL 11/35 ADJUSTABLE VAR | CUSIP: 546068AZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200576.78    | 0.89%             | 2035-11-01      | Variable      | 3.12%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NAT GAS INC REV SER A                | MAIN STREET NATURAL GAS INC GA MAIUTL 05/54 ADJUSTABLE VAR | CUSIP: 56035DGT3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269071.83    | 1.19%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MAIN STREET NAT GAS INC REV SER A                | MAIN STREET NATURAL GAS INC GA MAIUTL 06/53 ADJUSTABLE VAR | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211592.46    | 0.94%             | 2053-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MD ST JOHNS HOPKINS HEALTH SYS SR B DLY          | MARYLAND ST HLTH   HGR EDUCTNL MDSMED 06/46 ADJUSTABLE VAR | CUSIP: 57421CGC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2046-06-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPT REV SR B                  | MET WASHINGTON DC ARPTS AUTH A METAPT 10/27 FIXED 5        | CUSIP: 592647DM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45820.71     | 0.20%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MI ST FIN AUTH REV HENRY FORD HLTH SYS           | MICHIGAN ST FIN AUTH REVENUE MISFIN 11/29 FIXED 5          | CUSIP: 59447TME0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    105000 | PA      | $107171.43    | 0.48%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST HLTH WASH UNIV SER B DLY             | MISSOURI ST HLTH   EDUCTNL FAC MOSMED 03/40 ADJUSTABLE VAR | CUSIP: 606901WS1<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2040-03-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| MO HLTH & EDU FACS AU REV SER B PUTBOND          | MISSOURI ST HLTH   EDUCTNL FAC MOSMED 05/51 ADJUSTABLE VAR | CUSIP: 60637ATQ5<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |     70000 | PA      | $70346.63     | 0.31%             | 2051-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| MO ST HLTH & ED FAC SSM HLTH CARE SR F           | MISSOURI ST HLTH   EDUCTNL FAC MOSMED 06/44 ADJUSTABLE VAR | CUSIP: 60637AFM9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450000.00    | 2.00%             | 2044-06-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| MO HHE ST LOUIS UNIV B2 DLY                      | MISSOURI ST HLTH   EDUCTNL FAC MOSMED 10/35 ADJUSTABLE VAR | CUSIP: 6069014P8<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2035-10-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY CO MD VARIABLE SR E DLY               | MONTGOMERY CNTY MD MON 11/37 ADJUSTABLE VAR                | CUSIP: 6133408D3<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2037-11-01      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| NEW PORT CORNERS CDD 144A                        | NEW PORT CORNERS CDD FL SPL AS NWPDEV 06/30 FIXED 4        | CUSIP: 648122AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100049.15    | 0.44%             | 2030-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NYC HSG DEV CORP SUST DEV SER A-2                | NEW YORK CITY NY HSG DEV CORP NYCMFH 05/63 ADJUSTABLE VAR  | CUSIP: 64972E4L0<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200557.46    | 0.89%             | 2063-05-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| NY ST MTGE AGY-273                               | NEW YORK ST MTGE AGY HOMEOWNER NYSHSG 04/32 FIXED 3.25     | CUSIP: 64988YQ83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340350.03    | 1.51%             | 2032-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NY ST TRANS DEV FAC TERM FOUR AMT SR A           | NEW YORK ST TRANSPRTN DEV CORP NYTTRN 12/29 FIXED 5        | CUSIP: 650116DJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $425448.28    | 1.89%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEWPORT NEWS DEV-REF                             | NEWPORT NEWS VA ECON DEV AUTH NEWDEV 12/26 FIXED OID 3.125 | CUSIP: 65225PAK2<br>LEI: 549300WZQTRG07G0UZ88 | Long             | DBT              | MUN               | US        |     40000 | PA      | $39825.61     | 0.18%             | 2026-12-01      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| NC ST MED HOSP REV CAROMONT HLTH SR B PUT        | NORTH CAROLINA ST MED CARE COM NCSMED 02/51 ADJUSTABLE VAR | CUSIP: 65820HN90<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25071.03     | 0.11%             | 2051-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUTH SR LIEN          | NORTH CAROLINA ST TURNPIKE AUT NCSTRN 01/27 FIXED 5        | CUSIP: 65830RBV0<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |    100000 | PA      | $102077.89    | 0.45%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OH HI ED CLEVND CLINIC B4 DLY                    | OHIO ST HGR EDUCTNL FAC COMMIS OHSHGR 01/43 ADJUSTABLE VAR | CUSIP: 67756AH96<br>LEI: 5493007MQT6NGNN6BR81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2043-01-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| OH ST HOSP REV UNIV HLTH SYS SER A DLY           | OHIO ST HOSP REVENUE OHSMED 01/46 ADJUSTABLE VAR           | CUSIP: 67756CDD7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2046-01-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| OH ST HSG FIN AGY RSDL REV SUSTBOND SR C         | OHIO ST HSG FIN AGY RSDL MTGE OHSHSG 03/26 FIXED 5         | CUSIP: 67756QN29<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100544.52    | 0.45%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PA ECO DEV FIN-REMK AMT                          | PENNSYLVANIA ST ECON DEV FING PASDEV 07/41 ADJUSTABLE VAR  | CUSIP: 708692BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $151639.10    | 0.67%             | 2041-07-01      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| PA ST HGR EDU RV TJ UNIV PA SER D2 DAILY         | PENNSYLVANIA ST HGR EDUCTNL FA PASHGR 11/61 ADJUSTABLE VAR | CUSIP: 70917TSU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2061-11-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA-1ST-REF                             | PENNSYLVANIA ST PAS 01/28 FIXED 5                          | CUSIP: 70914PK35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $276705.56    | 1.23%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK AMT                        | PORT AUTH OF NEW YORK   NEW JE PORTRN 09/31 FIXED 5        | CUSIP: 73358WS47<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    150000 | PA      | $156149.96    | 0.69%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK AMT                        | PORT AUTH OF NEW YORK   NEW JE PORTRN 09/33 FIXED 5        | CUSIP: 73358W3C6<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    265000 | PA      | $280813.58    | 1.25%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE-AMT-A AMT                        | PORT OF SEATTLE WA REVENUE PTSGEN 05/35 FIXED 5            | CUSIP: 735389D62<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |    375000 | PA      | $382775.44    | 1.70%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH WI HLTHCARE SYS SER B DLY           | PUBLIC FIN AUTH WI HLTHCARE SY PUBMED 10/55 ADJUSTABLE VAR | CUSIP: 74447GAC4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2055-10-01      | Variable      | 2.75%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT SER A1                    | PUERTO RICO CMWLTH PRC 07/31 FIXED 5.75                    | CUSIP: 74514L3J4<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     24000 | PA      | $26421.56     | 0.12%             | 2031-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT SER A1                    | PUERTO RICO CMWLTH PRC 07/33 FIXED 4                       | CUSIP: 74514L3K1<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |     29000 | PA      | $28957.85     | 0.13%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PR COMWLTH PUBLIC IMPT CABS SER A                | PUERTO RICO CMWLTH PRC 07/33 ZEROCPNOID 0                  | CUSIP: 74514L3R6<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |    162000 | PA      | $116605.79    | 0.52%             | 2033-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH NC COMB ENTER SYS REV REF                | RALEIGH NC COMB ENTERPRISE SYS RALGEN 09/26 FIXED 5        | CUSIP: 751100MU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $122195.21    | 0.54%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS SP                            | S E ALABAMA ST GAS SPLY DIST G SOUUTL 08/54 ADJUSTABLE VAR | CUSIP: 84131TBA9<br>LEI: 549300BL04JIB2GJZ178 | Long             | DBT              | MUN               | US        |    265000 | PA      | $286609.77    | 1.27%             | 2054-08-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ST JOHN THE BAPTIST OIL MARATHON SUB B-2 PUT     | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR  | CUSIP: 79020FBA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $64668.65     | 0.29%             | 2037-06-01      | Variable      | 2.38%                 | No            |                  2 | On Loan: No      |
| ST JOHN THE BAPTIST OIL MARATHON SER A-3 PUTBOND | SAINT JOHN THE BAPTIST PARISH SJBCTF 06/37 ADJUSTABLE VAR  | CUSIP: 79020FAY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $39756.01     | 0.18%             | 2037-06-01      | Variable      | 2.20%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REV AMT SER A             | SALT LAKE CITY UT ARPT REVENUE SALAPT 07/31 FIXED 5        | CUSIP: 795576HB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $146299.90    | 0.65%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC ST JOBS EDA HSP REV PRISMA HLTH B DLY         | SOUTH CAROLINA ST JOBS ECON DE SCSMED 05/48 ADJUSTABLE VAR | CUSIP: 83703FLR1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2048-05-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| SC ST PUB SVC AUTH REV SER A                     | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/26 FIXED 5        | CUSIP: 837151PH6<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50553.31     | 0.22%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SC PUB SVC AUTH-A-REF                            | SOUTH CAROLINA ST PUBLIC SVC A SCSUTL 12/33 FIXED 5        | CUSIP: 837151PP8<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55543.35     | 0.25%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SE ENERGY AUTH-B                                 | SOUTHEAST ENERGY AUTH AL COOPE SEEPWR 01/54 ADJUSTABLE VAR | CUSIP: 84136GAK1<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |     75000 | PA      | $79737.10     | 0.35%             | 2054-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CULTURAL-C-1                             | TARRANT CNTY TX CULTURAL EDU F TAREDU 11/51 ADJUSTABLE VAR | CUSIP: 87638TJW4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |    250000 | PA      | $278767.03    | 1.24%             | 2051-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TN ENERGY AQUIST CORP COM REV SER A              | TENNESSEE ENERGY ACQUISITION C TNSUTL 05/52 ADJUSTABLE VAR | CUSIP: 88044TAL3<br>LEI: 549300OJ2Z8PGEY46K92 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269452.68    | 1.20%             | 2052-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVIT                            | TEXAS ST PRIV ACTIVITY BOND SU TXSTRN 12/31 FIXED 4        | CUSIP: 882667BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67133.99     | 0.30%             | 2031-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV WI HOSPS & CLINIC SER B DLY                 | UNIV HOSPS   CLINICS AUTH WI UNVMED 04/48 ADJUSTABLE VAR   | CUSIP: 915260CL5<br>LEI: 549300O76DW14JGO7224 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2048-04-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO HOSP REV SR B DLY               | UNIV OF COLORADO CO HOSP AUTH UCOMED 11/35 ADJUSTABLE VAR  | CUSIP: 914183BJ6<br>LEI: GQ60RLZ5ZEBY2J9KLI75 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 2.22%             | 2035-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| UNIV OF NC CHAPEL-A                              | UNIV OF NORTH CAROLINA NC AT C UNCHGR 12/27 FIXED 5        | CUSIP: 914713U91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523716.95    | 2.32%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTAH ST                                          | UTAH ST UTS 07/27 FIXED 5                                  | CUSIP: 917542XB3<br>LEI: 254900RWV9NSVUZONC07 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038499.90   | 4.61%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VA BUS REV SNR LIEN 95 EXPRESS PROJ AMT          | VIRGINIA ST SMALL BUSINESS FIN VASDEV 07/32 FIXED 5        | CUSIP: 928104PB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $54144.22     | 0.24%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST-R-C-REF                            | WASHINGTON ST WAS 08/30 FIXED 5                            | CUSIP: 93974EZ58<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |    200000 | PA      | $222155.20    | 0.99%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WV ST HOSP FIN AUTH UNIV HLTH SYS SR A           | WEST VIRGINIA ST HOSP FIN AUTH WVSMED 06/28 FIXED 5        | CUSIP: 956622L93<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30301.70     | 0.13%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP SER B                      | WEST VIRGINIA ST HOSP FIN AUTH WVSMED 06/55 ADJUSTABLE VAR | CUSIP: 956622Z23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $147605.99    | 0.65%             | 2055-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| WI ST H&E ASCENSION HLTH CRED GRP SER A          | WISCONSIN ST HLTH   EDUCTNL FA WISMED 11/28 FIXED 5        | CUSIP: 97712DQH2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     90000 | PA      | $90840.61     | 0.40%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST-2-REF                               | WISCONSIN ST WIS 11/27 FIXED 5                             | CUSIP: 97705MJK2<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |    145000 | PA      | $149918.52    | 0.67%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISE CO VA IDA ELEC & PWR CO PROJ SER A          | WISE CNTY VA INDL DEV AUTH SOL WISUTL 11/40 ADJUSTABLE VAR | CUSIP: 977228AF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75885.69     | 0.34%             | 2040-11-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| YORK CO ECO DEV AUTH PCR SER A                   | YORK CNTY VA ECON DEV AUTH POL YORPCR 05/33 ADJUSTABLE VAR | CUSIP: 98659AAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25275.26     | 0.11%             | 2033-05-01      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President