# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-006627
**Filing Date:** 2026-5
**Character Count:** 87634
**Document Hash:** bc001cb8f8f422a3023e5f29a50ef3cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-006627.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001099263-26-006627

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261035304

**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 Value ETF (Series ID: S000079838)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000241226 | T. Rowe Price Value ETF | TVAL            |

## Nport-Ex

T. ROWE PRICE VALUE ETF

------

March 31, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **COMMUNICATION SERVICES 7.4%** | **COMMUNICATION SERVICES 7.4%** | **COMMUNICATION SERVICES 7.4%** |
| **Diversified Telecommunication Services 0.8%** |  |  |
| AT&T | 91057 | &nbsp;&nbsp;&nbsp;2640 |
| Verizon Communications | 41760 | &nbsp;&nbsp;&nbsp;2096 |
|  |  | &nbsp;&nbsp;&nbsp;**4736** |
| **Entertainment 1.1%** |  |  |
| Netflix (1) | 12593 | &nbsp;&nbsp;&nbsp;1211 |
| TKO Group Holdings | 10725 | &nbsp;&nbsp;&nbsp;2163 |
| Walt Disney | 34723 | &nbsp;&nbsp;&nbsp;3346 |
|  |  | &nbsp;&nbsp;&nbsp;**6720** |
| **Interactive Media & Services 4.6%** |  |  |
| Alphabet, Class C | 83133 | 23848 |
| Meta Platforms, Class A | &nbsp;&nbsp;&nbsp;7410 | &nbsp;&nbsp;&nbsp;4239 |
|  |  | **28087** |
| **Wireless Telecommunication Services 0.9%** |  |  |
| T-Mobile US | 26332 | &nbsp;&nbsp;&nbsp;5531 |
|  |  | &nbsp;&nbsp;&nbsp;**5531** |
| Total Communication Services |  | 45074 |
| **CONSUMER DISCRETIONARY 6.1%** | **CONSUMER DISCRETIONARY 6.1%** | **CONSUMER DISCRETIONARY 6.1%** |
| **Broadline Retail 2.1%** |  |  |
| Amazon.com (1) | 60093 | 12516 |
|  |  | **12516** |
| **Hotels, Restaurants & Leisure 1.9%** |  |  |
| Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;6058 | &nbsp;&nbsp;&nbsp;1842 |
| Las Vegas Sands | 34490 | &nbsp;&nbsp;&nbsp;1859 |
| Marriott International, Class A | &nbsp;&nbsp;&nbsp;7455 | &nbsp;&nbsp;&nbsp;2438 |
| McDonald's | 13444 | &nbsp;&nbsp;&nbsp;4178 |
| Viking Holdings (1) | 20662 | &nbsp;&nbsp;&nbsp;1518 |
|  |  | **11835** |
| **Specialty Retail 2.1%** |  |  |
| AutoZone (1) | &nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;1885 |
| Home Depot | 19472 | &nbsp;&nbsp;&nbsp;6404 |
| Ross Stores | &nbsp;&nbsp;&nbsp;7016 | &nbsp;&nbsp;&nbsp;1520 |
| TJX | 19155 | &nbsp;&nbsp;&nbsp;3059 |
|  |  | **12868** |
| Total Consumer Discretionary |  | 37219 |

---

------

T. ROWE PRICE VALUE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **CONSUMER STAPLES 6.4%** | **CONSUMER STAPLES 6.4%** | **CONSUMER STAPLES 6.4%** |
| **Beverages 0.5%** |  |  |
| Coca-Cola | &nbsp;&nbsp;&nbsp;44711 | &nbsp;&nbsp;&nbsp;3400 |
|  |  | &nbsp;&nbsp;&nbsp;**3400** |
| **Consumer Staples Distribution & Retail 1.6%** |  |  |
| U.S. Foods Holding (1) | &nbsp;&nbsp;&nbsp;19746 | &nbsp;&nbsp;&nbsp;1821 |
| Walmart | &nbsp;&nbsp;&nbsp;65540 | &nbsp;&nbsp;&nbsp;8145 |
|  |  | &nbsp;&nbsp;&nbsp;**9966** |
| **Household Products 2.9%** |  |  |
| Colgate-Palmolive | &nbsp;&nbsp;&nbsp;87320 | &nbsp;&nbsp;&nbsp;7442 |
| Procter & Gamble | &nbsp;&nbsp;&nbsp;69355 | 10018 |
|  |  | **17460** |
| **Tobacco 1.4%** |  |  |
| Philip Morris International | &nbsp;&nbsp;&nbsp;50374 | &nbsp;&nbsp;&nbsp;8329 |
|  |  | &nbsp;&nbsp;&nbsp;**8329** |
| Total Consumer Staples |  | 39155 |
| **ENERGY 9.4%** | **ENERGY 9.4%** | **ENERGY 9.4%** |
| **Energy Equipment & Services 1.0%** |  |  |
| SLB | &nbsp;&nbsp;&nbsp;78206 | &nbsp;&nbsp;&nbsp;4019 |
| TechnipFMC | &nbsp;&nbsp;&nbsp;29142 | &nbsp;&nbsp;&nbsp;2015 |
|  |  | &nbsp;&nbsp;&nbsp;**6034** |
| **Oil, Gas & Consumable Fuels 8.4%** |  |  |
| Cheniere Energy | &nbsp;&nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp;1432 |
| Chevron | &nbsp;&nbsp;&nbsp;23990 | &nbsp;&nbsp;&nbsp;4963 |
| ConocoPhillips | 101925 | 13454 |
| Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;9965 | &nbsp;&nbsp;&nbsp;1971 |
| EOG Resources | &nbsp;&nbsp;&nbsp;29086 | &nbsp;&nbsp;&nbsp;4205 |
| Expand Energy | &nbsp;&nbsp;&nbsp;18705 | &nbsp;&nbsp;&nbsp;2053 |
| Exxon Mobil | &nbsp;&nbsp;&nbsp;90524 | 15358 |
| TotalEnergies (2) | &nbsp;&nbsp;&nbsp;52997 | &nbsp;&nbsp;&nbsp;4822 |
| Williams | &nbsp;&nbsp;&nbsp;37560 | &nbsp;&nbsp;&nbsp;2734 |
|  |  | **50992** |
| Total Energy |  | 57026 |
| **FINANCIALS 19.4%** | **FINANCIALS 19.4%** | **FINANCIALS 19.4%** |
| **Banks 7.9%** |  |  |
| Bank of America | 231888 | 11304 |
| Citigroup | &nbsp;&nbsp;&nbsp;74873 | &nbsp;&nbsp;&nbsp;8491 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;36433 | &nbsp;&nbsp;&nbsp;1693 |
| Huntington Bancshares | 219089 | &nbsp;&nbsp;&nbsp;3429 |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;33300 | &nbsp;&nbsp;&nbsp;9795 |
| U.S. Bancorp | 131338 | &nbsp;&nbsp;&nbsp;6831 |

---

------

T. ROWE PRICE VALUE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Wells Fargo | &nbsp;&nbsp;&nbsp;80591 | &nbsp;&nbsp;&nbsp;&nbsp;6416 |
|  |  | &nbsp;&nbsp;&nbsp;**47959** |
| **Capital Markets 5.0%** |  |  |
| Bank of New York Mellon | &nbsp;&nbsp;&nbsp;14756 | &nbsp;&nbsp;&nbsp;&nbsp;1750 |
| Blackrock | &nbsp;&nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;&nbsp;&nbsp;2899 |
| Cboe Global Markets | &nbsp;&nbsp;&nbsp;&nbsp;4813 | &nbsp;&nbsp;&nbsp;&nbsp;1353 |
| Charles Schwab | 118788 | &nbsp;&nbsp;&nbsp;11164 |
| CME Group | &nbsp;&nbsp;&nbsp;10739 | &nbsp;&nbsp;&nbsp;&nbsp;3172 |
| KKR | &nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp;&nbsp;&nbsp;1313 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;32015 | &nbsp;&nbsp;&nbsp;&nbsp;5269 |
| Robinhood Markets, Class A (1) | &nbsp;&nbsp;&nbsp;14123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 |
| S&P Global | &nbsp;&nbsp;&nbsp;&nbsp;6116 | &nbsp;&nbsp;&nbsp;&nbsp;2601 |
|  |  | &nbsp;&nbsp;&nbsp;**30500** |
| **Consumer Finance 0.6%** |  |  |
| American Express | &nbsp;&nbsp;&nbsp;&nbsp;6716 | &nbsp;&nbsp;&nbsp;&nbsp;2031 |
| Capital One Financial | &nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp;1870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3901** |
| **Financial Services 0.5%** |  |  |
| Apollo Global Management | &nbsp;&nbsp;&nbsp;&nbsp;7494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| Equitable Holdings | &nbsp;&nbsp;&nbsp;62471 | &nbsp;&nbsp;&nbsp;&nbsp;2318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3153** |
| **Insurance 5.4%** |  |  |
| Allstate | &nbsp;&nbsp;&nbsp;31559 | &nbsp;&nbsp;&nbsp;&nbsp;6543 |
| American International Group | &nbsp;&nbsp;&nbsp;24330 | &nbsp;&nbsp;&nbsp;&nbsp;1831 |
| Chubb | &nbsp;&nbsp;&nbsp;34151 | &nbsp;&nbsp;&nbsp;11131 |
| Hartford Insurance Group | &nbsp;&nbsp;&nbsp;16957 | &nbsp;&nbsp;&nbsp;&nbsp;2293 |
| Marsh & McLennan | &nbsp;&nbsp;&nbsp;&nbsp;9863 | &nbsp;&nbsp;&nbsp;&nbsp;1711 |
| MetLife | &nbsp;&nbsp;&nbsp;77995 | &nbsp;&nbsp;&nbsp;&nbsp;5516 |
| Progressive | &nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;&nbsp;&nbsp;1794 |
| Travelers | &nbsp;&nbsp;&nbsp;&nbsp;6156 | &nbsp;&nbsp;&nbsp;&nbsp;1796 |
|  |  | &nbsp;&nbsp;&nbsp;**32615** |
| Total Financials |  | 118128 |
| **HEALTH CARE 11.9%** | **HEALTH CARE 11.9%** | **HEALTH CARE 11.9%** |
| **Biotechnology 1.3%** |  |  |
| AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;6341 | &nbsp;&nbsp;&nbsp;&nbsp;1379 |
| Gilead Sciences | &nbsp;&nbsp;&nbsp;28237 | &nbsp;&nbsp;&nbsp;&nbsp;3935 |
| Regeneron Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp;1253 |
| Vertex Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;1503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8070** |
| **Health Care Equipment & Supplies 1.2%** |  |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;12520 | &nbsp;&nbsp;&nbsp;&nbsp;1286 |
| Becton Dickinson & Company | &nbsp;&nbsp;&nbsp;12281 | &nbsp;&nbsp;&nbsp;&nbsp;1931 |

---

------

T. ROWE PRICE VALUE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Stryker | &nbsp;&nbsp;&nbsp;&nbsp;7402 | &nbsp;&nbsp;&nbsp;2432 |
| Zimmer Biomet Holdings | &nbsp;&nbsp;&nbsp;16693 | &nbsp;&nbsp;&nbsp;1509 |
|  |  | &nbsp;&nbsp;&nbsp;**7158** |
| **Health Care Providers & Services 4.3%** |  |  |
| Cencora | &nbsp;&nbsp;&nbsp;&nbsp;6140 | &nbsp;&nbsp;&nbsp;1929 |
| Cigna | &nbsp;&nbsp;&nbsp;&nbsp;6527 | &nbsp;&nbsp;&nbsp;1741 |
| CVS Health | &nbsp;&nbsp;&nbsp;73939 | &nbsp;&nbsp;&nbsp;5310 |
| Elevance Health | &nbsp;&nbsp;&nbsp;19481 | &nbsp;&nbsp;&nbsp;5703 |
| HCA Healthcare | &nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;2655 |
| McKesson | &nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;1957 |
| Quest Diagnostics | &nbsp;&nbsp;&nbsp;&nbsp;8907 | &nbsp;&nbsp;&nbsp;1746 |
| Tenet Healthcare (1) | &nbsp;&nbsp;&nbsp;&nbsp;8007 | &nbsp;&nbsp;&nbsp;1511 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;13879 | &nbsp;&nbsp;&nbsp;3756 |
|  |  | **26308** |
| **Life Sciences Tools & Services 1.0%** |  |  |
| Danaher | &nbsp;&nbsp;&nbsp;&nbsp;7926 | &nbsp;&nbsp;&nbsp;1503 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;8882 | &nbsp;&nbsp;&nbsp;4366 |
|  |  | &nbsp;&nbsp;&nbsp;**5869** |
| **Pharmaceuticals 4.1%** |  |  |
| AstraZeneca | &nbsp;&nbsp;&nbsp;23273 | &nbsp;&nbsp;&nbsp;4590 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;36079 | &nbsp;&nbsp;&nbsp;8819 |
| Merck | &nbsp;&nbsp;&nbsp;57870 | &nbsp;&nbsp;&nbsp;6961 |
| Viatris | 282060 | &nbsp;&nbsp;&nbsp;3811 |
|  |  | **25172** |
| Total Health Care |  | 72577 |
| **INDUSTRIALS & BUSINESS SERVICES 13.2%** | **INDUSTRIALS & BUSINESS SERVICES 13.2%** | **INDUSTRIALS & BUSINESS SERVICES 13.2%** |
| **Aerospace & Defense 4.3%** |  |  |
| Boeing (1) | &nbsp;&nbsp;&nbsp;31168 | &nbsp;&nbsp;&nbsp;6203 |
| GE Aerospace | &nbsp;&nbsp;&nbsp;18938 | &nbsp;&nbsp;&nbsp;5374 |
| Howmet Aerospace | &nbsp;&nbsp;&nbsp;10718 | &nbsp;&nbsp;&nbsp;2470 |
| L3Harris Technologies | &nbsp;&nbsp;&nbsp;22276 | &nbsp;&nbsp;&nbsp;7688 |
| Northrop Grumman | &nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;2584 |
| TransDigm Group | &nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;1610 |
|  |  | **25929** |
| **Electrical Equipment 2.0%** |  |  |
| AMETEK | &nbsp;&nbsp;&nbsp;&nbsp;8920 | &nbsp;&nbsp;&nbsp;1912 |
| Eaton | &nbsp;&nbsp;&nbsp;&nbsp;5557 | &nbsp;&nbsp;&nbsp;1988 |
| GE Vernova | &nbsp;&nbsp;&nbsp;&nbsp;2366 | &nbsp;&nbsp;&nbsp;2065 |
| Hubbell | &nbsp;&nbsp;&nbsp;&nbsp;3417 | &nbsp;&nbsp;&nbsp;1677 |
| Rockwell Automation | &nbsp;&nbsp;&nbsp;&nbsp;9358 | &nbsp;&nbsp;&nbsp;3359 |
| Vertiv Holdings, Class A | &nbsp;&nbsp;&nbsp;&nbsp;5856 | &nbsp;&nbsp;&nbsp;1467 |
|  |  | **12468** |

---

------

T. ROWE PRICE VALUE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Ground Transportation 1.6%** |  |  |
| CSX | 238557 | &nbsp;&nbsp;&nbsp;9793 |
|  |  | &nbsp;&nbsp;&nbsp;**9793** |
| **Industrial Conglomerates 0.4%** |  |  |
| Siemens, ADR | &nbsp;&nbsp;&nbsp;22649 | &nbsp;&nbsp;&nbsp;2760 |
|  |  | &nbsp;&nbsp;&nbsp;**2760** |
| **Machinery 4.3%** |  |  |
| AGCO | &nbsp;&nbsp;&nbsp;25837 | &nbsp;&nbsp;&nbsp;2994 |
| Cummins | &nbsp;&nbsp;&nbsp;&nbsp;7585 | &nbsp;&nbsp;&nbsp;4081 |
| Deere | &nbsp;&nbsp;&nbsp;&nbsp;7546 | &nbsp;&nbsp;&nbsp;4251 |
| Fortive | &nbsp;&nbsp;&nbsp;83223 | &nbsp;&nbsp;&nbsp;4600 |
| Middleby (1) | &nbsp;&nbsp;&nbsp;23193 | &nbsp;&nbsp;&nbsp;3075 |
| Parker-Hannifin | &nbsp;&nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;3555 |
| Stanley Black & Decker | &nbsp;&nbsp;&nbsp;34587 | &nbsp;&nbsp;&nbsp;2458 |
| Westinghouse Air Brake Technologies | &nbsp;&nbsp;&nbsp;&nbsp;3871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 |
|  |  | **25981** |
| **Trading Companies & Distributors 0.6%** |  |  |
| Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;9121 | &nbsp;&nbsp;&nbsp;2127 |
| WW Grainger | &nbsp;&nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;1605 |
|  |  | &nbsp;&nbsp;&nbsp;**3732** |
| Total Industrials & Business Services |  | 80663 |
| **INFORMATION TECHNOLOGY 13.1%** | **INFORMATION TECHNOLOGY 13.1%** | **INFORMATION TECHNOLOGY 13.1%** |
| **Communications Equipment 1.4%** |  |  |
| Cisco Systems | &nbsp;&nbsp;&nbsp;89760 | &nbsp;&nbsp;&nbsp;6964 |
| Motorola Solutions | &nbsp;&nbsp;&nbsp;&nbsp;4055 | &nbsp;&nbsp;&nbsp;1760 |
|  |  | &nbsp;&nbsp;&nbsp;**8724** |
| **Electronic Equipment, Instruments & Components 2.8%** |  |  |
| Amphenol, Class A | &nbsp;&nbsp;&nbsp;10086 | &nbsp;&nbsp;&nbsp;1274 |
| Coherent (1) | &nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;1087 |
| Corning | &nbsp;&nbsp;&nbsp;10713 | &nbsp;&nbsp;&nbsp;1457 |
| Keysight Technologies (1) | &nbsp;&nbsp;&nbsp;21969 | &nbsp;&nbsp;&nbsp;6203 |
| TD SYNNEX | &nbsp;&nbsp;&nbsp;&nbsp;6902 | &nbsp;&nbsp;&nbsp;1165 |
| TE Connectivity | &nbsp;&nbsp;&nbsp;10645 | &nbsp;&nbsp;&nbsp;2225 |
| Teledyne Technologies (1) | &nbsp;&nbsp;&nbsp;&nbsp;5544 | &nbsp;&nbsp;&nbsp;3354 |
|  |  | **16765** |
| **IT Services 0.3%** |  |  |
| International Business Machines | &nbsp;&nbsp;&nbsp;&nbsp;6422 | &nbsp;&nbsp;&nbsp;1557 |
|  |  | &nbsp;&nbsp;&nbsp;**1557** |
| **Semiconductors & Semiconductor Equipment 6.5%** |  |  |
| Advanced Micro Devices (1) | &nbsp;&nbsp;&nbsp;36603 | &nbsp;&nbsp;&nbsp;7446 |
| Analog Devices | &nbsp;&nbsp;&nbsp;10412 | &nbsp;&nbsp;&nbsp;3312 |

---

------

T. ROWE PRICE VALUE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Applied Materials | &nbsp;&nbsp;&nbsp;22938 | &nbsp;&nbsp;&nbsp;7840 |
| Intel (1) | 101151 | &nbsp;&nbsp;&nbsp;4464 |
| Micron Technology | &nbsp;&nbsp;&nbsp;22129 | &nbsp;&nbsp;&nbsp;7476 |
| QUALCOMM | &nbsp;&nbsp;&nbsp;13795 | &nbsp;&nbsp;&nbsp;1777 |
| Taiwan Semiconductor Manufacturing, ADR | &nbsp;&nbsp;&nbsp;&nbsp;7395 | &nbsp;&nbsp;&nbsp;2499 |
| Texas Instruments | &nbsp;&nbsp;&nbsp;25801 | &nbsp;&nbsp;&nbsp;5009 |
|  |  | **39823** |
| **Software 1.0%** |  |  |
| Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;9066 | &nbsp;&nbsp;&nbsp;3356 |
| Salesforce.com | &nbsp;&nbsp;&nbsp;15496 | &nbsp;&nbsp;&nbsp;2892 |
|  |  | &nbsp;&nbsp;&nbsp;**6248** |
| **Technology Hardware, Storage & Peripherals 1.1%** |  |  |
| Samsung Electronics, GDR | &nbsp;&nbsp;&nbsp;&nbsp;2256 | &nbsp;&nbsp;&nbsp;6524 |
|  |  | &nbsp;&nbsp;&nbsp;**6524** |
| Total Information Technology |  | 79641 |
| **MATERIALS 4.5%** | **MATERIALS 4.5%** | **MATERIALS 4.5%** |
| **Chemicals 3.0%** |  |  |
| CF Industries Holdings | &nbsp;&nbsp;&nbsp;36642 | &nbsp;&nbsp;&nbsp;4757 |
| Corteva | &nbsp;&nbsp;&nbsp;15812 | &nbsp;&nbsp;&nbsp;1324 |
| Ecolab | &nbsp;&nbsp;&nbsp;&nbsp;6314 | &nbsp;&nbsp;&nbsp;1680 |
| Linde | &nbsp;&nbsp;&nbsp;18055 | &nbsp;&nbsp;&nbsp;8951 |
| RPM International | &nbsp;&nbsp;&nbsp;14153 | &nbsp;&nbsp;&nbsp;1407 |
|  |  | **18119** |
| **Containers & Packaging 0.7%** |  |  |
| International Paper | &nbsp;&nbsp;&nbsp;80758 | &nbsp;&nbsp;&nbsp;2883 |
| Packaging of America | &nbsp;&nbsp;&nbsp;&nbsp;5671 | &nbsp;&nbsp;&nbsp;1203 |
|  |  | &nbsp;&nbsp;&nbsp;**4086** |
| **Metals & Mining 0.8%** |  |  |
| Freeport-McMoRan | &nbsp;&nbsp;&nbsp;43818 | &nbsp;&nbsp;&nbsp;2576 |
| Kinross Gold | &nbsp;&nbsp;&nbsp;36443 | &nbsp;&nbsp;&nbsp;1112 |
| Steel Dynamics | &nbsp;&nbsp;&nbsp;&nbsp;8841 | &nbsp;&nbsp;&nbsp;1591 |
|  |  | &nbsp;&nbsp;&nbsp;**5279** |
| Total Materials |  | 27484 |
| **REAL ESTATE 3.0%** | **REAL ESTATE 3.0%** | **REAL ESTATE 3.0%** |
| **Health Care REITs 0.2%** |  |  |
| Ventas, REIT | &nbsp;&nbsp;&nbsp;14408 | &nbsp;&nbsp;&nbsp;1178 |
|  |  | &nbsp;&nbsp;&nbsp;**1178** |
| **Industrial REITs 0.6%** |  |  |
| Prologis, REIT | &nbsp;&nbsp;&nbsp;15049 | &nbsp;&nbsp;&nbsp;1989 |
| Rexford Industrial Realty, REIT | &nbsp;&nbsp;&nbsp;53218 | &nbsp;&nbsp;&nbsp;1742 |
|  |  | &nbsp;&nbsp;&nbsp;**3731** |

---

------

T. ROWE PRICE VALUE ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Real Estate Management & Development 0.2%** |  |  |
| CBRE Group, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1232** |
| **Residential REITs 1.0%** |  |  |
| AvalonBay Communities, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 |
| Equity LifeStyle Properties, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5783** |
| **Specialized REITs 1.0%** |  |  |
| Equinix, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074 |
| Public Storage, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
| Weyerhaeuser, REIT | &nbsp;&nbsp;&nbsp;&nbsp;125092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6337** |
| Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;18261 |
| **UTILITIES 5.2%** | **UTILITIES 5.2%** | **UTILITIES 5.2%** |
| **Electric Utilities 3.1%** |  |  |
| Constellation Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 |
| Entergy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 |
| NextEra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 |
| Southern | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8550 |
| Xcel Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**18862** |
| **Gas Utilities 0.2%** |  |  |
| Atmos Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1461** |
| **Multi-Utilities 1.9%** |  |  |
| Ameren | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844 |
| DTE Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 |
| Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**11463** |
| Total Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp;31786 |
| **Total Common Stocks (Cost $548,877)** |  | &nbsp;&nbsp;&nbsp;**607014** |
| **SHORT-TERM INVESTMENTS 0.3%** | **SHORT-TERM INVESTMENTS 0.3%** | **SHORT-TERM INVESTMENTS 0.3%** |
| **Money Market Funds 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.60% (3) | 1624882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 |
| **Total Short-Term Investments (Cost $1,625)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1625** |
| **Total Investments in Securities<br> 99.9% of Net Assets (Cost $550,502)** |  | **$608639** |
| **Other Assets Less Liabilities 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**659** |
| **Net Assets 100.0%** |  | **$609298** |

---

------

T. ROWE PRICE VALUE ETF

------

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Non-income producing |
| (2) | All or a portion of this security is on loan at March 31, 2026. |
| (3) | Seven-day yield |
| ADR | American Depositary Receipts |
| GDR | Global Depositary Receipts |
| REIT | A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder |

---

------

T. ROWE PRICE VALUE 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 three months ended March 31, 2026. 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 Treasury 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> 12/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 3/31/26** |
| T. Rowe Price Treasury Reserve Fund | $2833 | ¤ | ¤ | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $—^ |

---

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
| Capital gain distributions from underlying Price 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 VALUE 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 Value 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 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.

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

------

T. ROWE PRICE VALUE ETF

------

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 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
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on March 31, 2026 (for further detail by category, please refer to the accompanying Portfolio of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$600490 | &nbsp;&nbsp;$6524 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$607014 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 |
| Total | &nbsp;&nbsp;$602115 | &nbsp;&nbsp;$6524 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$608639 |

---

#### 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.

#### ETF1074-054Q1

#### 03/26

## 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 Value ETF

- **b. EDGAR series identifier (if any):** S000079838

- **c. LEI of Series:** 254900FB582WEGSQA031

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $609584748.20

**Total Liabilities:** $182190.34

**Net Assets:** $609402557.86

**Cash Not Reported:** $27.29

**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 C000241226 | 4.86%                | 3.36%                | -5.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-462026.08              | $26133665.83                               |
| Month 2  | $2799663.28              | $16493200.67                               |
| Month 3  | $-347035.44              | $-34481612.54                              |

### 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        |     12520 | NS      | $1285428.40   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                      | ABBVIE INC COMMON STOCK USD.01                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      6341 | NS      | $1379104.09   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES          | ADVANCED MICRO DEVICES COMMON STOCK USD.01                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     36603 | NS      | $7446148.29   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORP                       | AGCO CORP COMMON STOCK USD.01                              | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     25837 | NS      | $2993733.19   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                   | ALLSTATE CORP COMMON STOCK USD.01                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     31559 | NS      | $6543443.06   | 1.07%             |  |  |  | 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        |     83133 | NS      | $23847532.38  | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                  | AMAZON.COM INC COMMON STOCK USD.01                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     60093 | NS      | $12515569.11  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION              | AMEREN CORPORATION COMMON STOCK USD.01                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     53171 | NS      | $5844556.32   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO             | AMERICAN EXPRESS CO COMMON STOCK USD.2                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      6716 | NS      | $2031455.68   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP    | AMERICAN INTERNATIONAL GROUP COMMON STOCK USD2.5           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     24330 | NS      | $1830832.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                      | AMETEK INC COMMON STOCK USD.01                             | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      8920 | NS      | $1912091.20   | 0.31%             |  |  |  | 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        |     13469 | NS      | $1701808.15   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES INC              | ANALOG DEVICES INC COMMON STOCK USD.167                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     11375 | NS      | $3618842.50   | 0.59%             |  |  |  | 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        |      7494 | NS      | $834981.48    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC           | APPLIED MATERIALS INC COMMON STOCK USD.01                  | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     22938 | NS      | $7839979.02   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC                 | ASTRAZENECA PLC COMMON STOCK USD.25                        | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     23273 | NS      | $4589901.06   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                        | AT+T INC COMMON STOCK USD1.0                               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     91057 | NS      | $2639742.43   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP               | ATMOS ENERGY CORP COMMON STOCK                             | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |      7909 | NS      | $1460950.48   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC                    | AUTOZONE INC COMMON STOCK USD.01                           | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       558 | NS      | $1884801.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC       | AVALONBAY COMMUNITIES INC REIT USD.01                      | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     30143 | NS      | $4923859.05   | 0.81%             |  |  |  | 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        |    231888 | NS      | $11304540.00  | 1.86%             |  |  |  | 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        |     14756 | NS      | $1750504.28   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON DICKINSON AND CO         | BECTON DICKINSON AND CO COMMON STOCK USD1.0                | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     12281 | NS      | $1930941.63   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK INC                   | BLACKROCK INC COMMON STOCK USD.01                          | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      3014 | NS      | $2898593.94   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                   | BOEING CO/THE COMMON STOCK USD5.0                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     31168 | NS      | $6203367.04   | 1.02%             |  |  |  | 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        |     10250 | NS      | $1869907.50   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS INC         | CBOE GLOBAL MARKETS INC COMMON STOCK                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      4813 | NS      | $1352789.91   | 0.22%             |  |  |  | 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        |      9095 | NS      | $1232008.70   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                     | CENCORA INC COMMON STOCK USD.01                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      6140 | NS      | $1928819.60   | 0.32%             |  |  |  | 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        |     36642 | NS      | $4757597.28   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CHENIERE ENERGY INC             | CHENIERE ENERGY INC COMMON STOCK USD.003                   | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      4220 | NS      | $1197467.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                    | CHEVRON CORP COMMON STOCK USD.75                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23990 | NS      | $4963531.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                       | CHUBB LTD COMMON STOCK                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     34151 | NS      | $11130835.43  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC               | CISCO SYSTEMS INC COMMON STOCK USD.001                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     89760 | NS      | $6964478.40   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                   | CITIGROUP INC COMMON STOCK USD.01                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     74873 | NS      | $8491346.93   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                   | CME GROUP INC COMMON STOCK USD.01                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     10739 | NS      | $3171763.65   | 0.52%             |  |  |  | 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        |     44711 | NS      | $3400271.55   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| COHERENT CORP                   | COHERENT CORP COMMON STOCK                                 | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      4564 | NS      | $1087190.44   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO            | COLGATE PALMOLIVE CO COMMON STOCK USD1.0                   | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     80250 | NS      | $6839707.50   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                  | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    101925 | NS      | $13454100.00  | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION ENERGY            | CONSTELLATION ENERGY COMMON STOCK                          | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      5298 | NS      | $1479466.50   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CORNING INC                     | CORNING INC COMMON STOCK USD.5                             | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      7112 | NS      | $967018.64    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                     | CORTEVA INC COMMON STOCK USD.01                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     15812 | NS      | $1323622.52   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                        | CSX CORP COMMON STOCK USD1.0                               | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    238557 | NS      | $9792764.85   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC                     | CUMMINS INC COMMON STOCK USD2.5                            | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      7585 | NS      | $4080881.70   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                 | CVS HEALTH CORP COMMON STOCK USD.01                        | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     73939 | NS      | $5310298.98   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                    | DANAHER CORP COMMON STOCK USD.01                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     12681 | NS      | $2404317.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & CO                      | DEERE + CO COMMON STOCK USD1.0                             | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      7546 | NS      | $4250661.80   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC          | DIAMONDBACK ENERGY INC COMMON STOCK USD.01                 | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      9965 | NS      | $1970977.35   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY              | DTE ENERGY COMPANY COMMON STOCK                            | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |      8157 | NS      | $1192716.54   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORP PLC                  | EATON CORP PLC COMMON STOCK USD.01                         | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      5557 | NS      | $1987572.19   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ECOLAB INC                      | ECOLAB INC COMMON STOCK USD1.0                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |      6314 | NS      | $1679650.28   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC             | ELEVANCE HEALTH INC COMMON STOCK USD.01                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     19481 | NS      | $5703062.75   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                  | ELI LILLY + CO COMMON STOCK                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1078 | NS      | $991512.06    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                    | ENTERGY CORP COMMON STOCK USD.01                           | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     31191 | NS      | $3504620.76   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC               | EOG RESOURCES INC COMMON STOCK USD.01                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     29086 | NS      | $4204963.02   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                     | EQUINIX INC REIT USD.001                                   | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      2116 | NS      | $2074187.84   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC          | EQUITABLE HOLDINGS INC COMMON STOCK USD.01                 | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     62471 | NS      | $2318298.81   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES     | EQUITY LIFESTYLE PROPERTIES REIT USD.01                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     13753 | NS      | $858462.26    | 0.14%             |  |  |  | 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        |     13920 | NS      | $999038.40    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP              | EXPAND ENERGY CORP COMMON STOCK USD.01                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     18705 | NS      | $2053434.90   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                | EXXON MOBIL CORP COMMON STOCK                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     90524 | NS      | $15358301.84  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC        | FERGUSON ENTERPRISES INC COMMON STOCK USD.0001             | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      9121 | NS      | $2127564.46   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP             | FIFTH THIRD BANCORP COMMON STOCK                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     36433 | NS      | $1692677.18   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORP                    | FORTIVE CORP COMMON STOCK USD.01                           | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     83223 | NS      | $4600567.44   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FREEPORT-MCMORAN INC            | FREEPORT MCMORAN INC COMMON STOCK USD.1                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     43818 | NS      | $2575622.04   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA LLC                  | GE VERNOVA INC COMMON STOCK USD.01                         | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      2366 | NS      | $2065281.40   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                    | GENERAL ELECTRIC COMMON STOCK USD.01                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     18938 | NS      | $5374036.26   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC             | GILEAD SCIENCES INC COMMON STOCK USD.001                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     28237 | NS      | $3935390.69   | 0.65%             |  |  |  | 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        |     16957 | NS      | $2293095.11   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA HEALTHCARE INC              | HCA HEALTHCARE INC COMMON STOCK USD.01                     | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      5610 | NS      | $2654876.40   | 0.44%             |  |  |  | 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        |      6058 | NS      | $1842116.64   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                  | HOME DEPOT INC COMMON STOCK USD.05                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     19472 | NS      | $6404146.08   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC            | HOWMET AEROSPACE INC COMMON STOCK                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     10718 | NS      | $2470070.28   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INC                     | HUBBELL INC COMMON STOCK USD.01                            | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      3417 | NS      | $1676858.58   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC       | HUNTINGTON BANCSHARES INC COMMON STOCK USD.01              | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    219089 | NS      | $3428742.85   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP                      | INTEL CORP COMMON STOCK USD.001                            | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |    106765 | NS      | $4711539.45   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER CO          | INTERNATIONAL PAPER CO COMMON STOCK USD1.0                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     80758 | NS      | $2883060.60   | 0.47%             |  |  |  | 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        |      6422 | NS      | $1556628.58   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON               | JOHNSON + JOHNSON COMMON STOCK USD1.0                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     36079 | NS      | $8819150.76   | 1.45%             |  |  |  | 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        |     33300 | NS      | $9795528.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYSIGHT TECHNOLOGIES IN        | KEYSIGHT TECHNOLOGIES IN COMMON STOCK USD.01               | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     21969 | NS      | $6203386.53   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| KINROSS GOLD CORP               | KINROSS GOLD CORP COMMON STOCK                             | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     36443 | NS      | $1112240.36   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                    | KKR + CO INC COMMON STOCK USD.01                           | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     14200 | NS      | $1313500.00   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC       | L3HARRIS TECHNOLOGIES INC COMMON STOCK USD1.0              | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     22276 | NS      | $7688561.40   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMAR ADVERTISING CO-A          | LAMAR ADVERTISING CO A REIT USD.001                        | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      9235 | NS      | $1169705.10   | 0.19%             |  |  |  | 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        |     34490 | NS      | $1858321.20   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                       | LINDE PLC COMMON STOCK                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     18055 | NS      | $8950946.80   | 1.47%             |  |  |  | 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        |      7455 | NS      | $2438306.85   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS            | MARSH + MCLENNAN COS COMMON STOCK USD1.0                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     12911 | NS      | $2239412.95   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD S CORP                 | MCDONALD S CORP COMMON STOCK USD.01                        | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     13444 | NS      | $4178260.76   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                   | MCKESSON CORP COMMON STOCK USD.01                          | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      2262 | NS      | $1957444.32   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO. INC.                | MERCK + CO. INC. COMMON STOCK USD.5                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     57870 | NS      | $6961182.30   | 1.14%             |  |  |  | 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        |      8802 | NS      | $5035888.26   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                     | METLIFE INC COMMON STOCK USD.01                            | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     77995 | NS      | $5515806.40   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC           | MICRON TECHNOLOGY INC COMMON STOCK USD.1                   | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     22129 | NS      | $7476061.36   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                  | MICROSOFT CORP COMMON STOCK USD.00000625                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9066 | NS      | $3355961.22   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDDLEBY CORP                   | MIDDLEBY CORP COMMON STOCK USD.01                          | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     23193 | NS      | $3074927.94   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                  | MORGAN STANLEY COMMON STOCK USD.01                         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     32015 | NS      | $5268708.55   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA  SOLUTIONS INC         | MOTOROLA SOLUTIONS INC COMMON STOCK USD.01                 | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      4055 | NS      | $1759748.35   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                     | NETFLIX INC COMMON STOCK USD.001                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      1889 | NS      | $181627.35    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC              | NEXTERA ENERGY INC COMMON STOCK USD.01                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     34226 | NS      | $3178910.88   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP           | NORTHROP GRUMMAN CORP COMMON STOCK USD1.0                  | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |      3787 | NS      | $2583642.88   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| PARKER HANNIFIN CORP            | PARKER HANNIFIN CORP COMMON STOCK USD.5                    | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |      3971 | NS      | $3554998.04   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL     | PHILIP MORRIS INTERNATIONAL COMMON STOCK                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     50374 | NS      | $8328837.16   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE         | PROCTER + GAMBLE CO/THE COMMON STOCK                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     69355 | NS      | $10017636.20  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP                | PROGRESSIVE CORP COMMON STOCK USD1.0                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      9051 | NS      | $1794270.24   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PROLOGIS INC                    | PROLOGIS INC REIT USD.01                                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     15049 | NS      | $1989176.82   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                  | PUBLIC STORAGE REIT USD.1                                  | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      4455 | NS      | $1206770.40   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                    | QUALCOMM INC COMMON STOCK USD.0001                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     13795 | NS      | $1776520.10   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INC           | QUEST DIAGNOSTICS INC COMMON STOCK USD.01                  | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      8907 | NS      | $1745593.86   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS       | REGENERON PHARMACEUTICALS COMMON STOCK USD.001             | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1621 | NS      | $1252449.44   | 0.21%             |  |  |  | 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        |     53218 | NS      | $1741825.14   | 0.29%             |  |  |  | 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        |     14123 | NS      | $978723.90    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL AUTOMATION INC         | ROCKWELL AUTOMATION INC COMMON STOCK USD1.0                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      9358 | NS      | $3358399.04   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC           | RPM INTERNATIONAL INC COMMON STOCK USD.01                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     14153 | NS      | $1406808.20   | 0.23%             |  |  |  | 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        |      6116 | NS      | $2601379.44   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                  | SALESFORCE INC COMMON STOCK USD.001                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     15496 | NS      | $2892638.32   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSUNG ELECTRONICS GDR REGS    | SAMSUNG ELECTR GDR REG S GDR                               | CUSIP: 796050896<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      2574 | NS      | $7443189.53   | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHWAB (CHARLES) CORP           | SCHWAB (CHARLES) CORP COMMON STOCK USD.01                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    118788 | NS      | $11163696.24  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                          | SEMPRA COMMON STOCK                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     45545 | NS      | $4425607.65   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SIEMENS AG-SPONS ADR            | SIEMENS AG SPONS ADR ADR                                   | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     22649 | NS      | $2760460.12   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB LTD                         | SLB LTD COMMON STOCK USD.01                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     78206 | NS      | $4019006.34   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO/THE                 | SOUTHERN CO/THE COMMON STOCK USD5.0                        | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     88585 | NS      | $8550224.20   | 1.40%             |  |  |  | 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        |     34587 | NS      | $2457752.22   | 0.40%             |  |  |  | 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        |   1624882 | NS      | $1624882.11   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS INC              | STEEL DYNAMICS INC COMMON STOCK USD.005                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      8841 | NS      | $1591380.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                    | STRYKER CORP COMMON STOCK USD.1                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      7402 | NS      | $2432223.18   | 0.40%             |  |  |  | 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        |     26332 | NS      | $5530509.96   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR-SP ADR     | TAIWAN SEMICONDUCTOR SP ADR ADR                            | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      7395 | NS      | $2499140.25   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORP                  | TD SYNNEX CORP COMMON STOCK USD.001                        | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      6902 | NS      | $1164436.42   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PLC             | TE CONNECTIVITY PLC COMMON STOCK USD.01                    | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     15031 | NS      | $3141779.62   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                  | TECHNIPFMC PLC COMMON STOCK USD1.0                         | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |     29142 | NS      | $2014586.46   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INC       | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01              | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      5544 | NS      | $3354175.44   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP           | TENET HEALTHCARE CORP COMMON STOCK USD.05                  | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |      6432 | NS      | $1213782.72   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC           | TEXAS INSTRUMENTS INC COMMON STOCK USD1.0                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     25801 | NS      | $5009006.14   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE                 | THE CIGNA GROUP COMMON STOCK USD.01                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      6527 | NS      | $1741077.25   | 0.29%             |  |  |  | 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        |      8882 | NS      | $4365769.46   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COMPANIES INC               | TJX COMPANIES INC COMMON STOCK USD1.0                      | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |     19155 | NS      | $3059053.50   | 0.50%             |  |  |  | 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        |     10725 | NS      | $2162696.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE                | TOTALENERGIES SE COMMON STOCK EUR2.5                       | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     52997 | NS      | $4821667.06   | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| TPG INC                         | TPG INC COMMON STOCK                                       | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     21679 | NS      | $878216.29    | 0.14%             |  |  |  | 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        |      1389 | NS      | $1609795.44   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC          | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     13879 | NS      | $3755518.61   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                      | US BANCORP COMMON STOCK USD.01                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |    131338 | NS      | $6830889.38   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP           | US FOODS HOLDING CORP COMMON STOCK USD.01                  | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |     17788 | NS      | $1640231.48   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                      | VENTAS INC REIT USD.25                                     | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |     11477 | NS      | $938589.06    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC      | VERIZON COMMUNICATIONS INC COMMON STOCK USD.1              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     41760 | NS      | $2096352.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VERTEX PHARMACEUTICALS INC      | VERTEX PHARMACEUTICALS INC COMMON STOCK USD.01             | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      3366 | NS      | $1503053.64   | 0.25%             |  |  |  | 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        |      5856 | NS      | $1467396.48   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                     | VIATRIS INC COMMON STOCK                                   | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    282060 | NS      | $3810630.60   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| VIKING HOLDINGS LTD             | VIKING HOLDINGS LTD COMMON STOCK USD.01                    | CUSIP: G93A5A101<br>LEI: 52990032GOPN7BVQMN13 | Long             | EC               | CORP              | BM        |     17511 | NS      | $1286708.28   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| WABTEC CORP                     | WABTEC CORP COMMON STOCK USD.01                            | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      3871 | NS      | $967401.61    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                     | WALMART INC COMMON STOCK USD.1                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     65540 | NS      | $8145311.20   | 1.34%             |  |  |  | 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        |     34723 | NS      | $3346602.74   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO                | WELLS FARGO + CO COMMON STOCK USD1.666                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     80591 | NS      | $6415849.51   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER CO                 | WEYERHAEUSER CO REIT USD1.25                               | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    125092 | NS      | $3055997.56   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                | WILLIAMS COS INC COMMON STOCK USD1.0                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     37560 | NS      | $2733616.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WW GRAINGER INC                 | WW GRAINGER INC COMMON STOCK USD.5                         | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1471 | NS      | $1604581.51   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                 | XCEL ENERGY INC COMMON STOCK USD2.5                        | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     27045 | NS      | $2148454.80   | 0.35%             |  |  |  | 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        |     16693 | NS      | $1509381.06   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President