# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-003673
**Filing Date:** 2025-11
**Character Count:** 46624
**Document Hash:** 3c4107c034c4d7a4246b8dd211a64af8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003673.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003673

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251522074

**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 Technology ETF (Series ID: S000086172)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000251574 | T. Rowe Price Technology ETF | TTEQ            |

## Nport-Ex

T. ROWE PRICE TECHNOLOGY ETF

------

September 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 100.1%** | **COMMON STOCKS 100.1%** | **COMMON STOCKS 100.1%** |
| **ENERGY 0.4%** | **ENERGY 0.4%** | **ENERGY 0.4%** |
| **Energy 0.4%** |  |  |
| First Solar (1) | &nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| Total Energy |  | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| **FINANCIAL SERVICES 9.4%** | **FINANCIAL SERVICES 9.4%** | **FINANCIAL SERVICES 9.4%** |
| **Other Financial Services 2.9%** |  |  |
| Circle Internet Group (1) | &nbsp;&nbsp;&nbsp;2056 | &nbsp;&nbsp;&nbsp;&nbsp;272 |
| Coinbase Global, Class A (1) | &nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp;401 |
| Gemini Space Station, Class A (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;10 |
| NU Holdings, Class A (1) | 18668 | &nbsp;&nbsp;&nbsp;&nbsp;299 |
| Robinhood Markets, Class A (1) | &nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp;728 |
|  |  | **1710** |
| **Payments 6.5%** |  |  |
| Adyen, ADR (1) | 70635 | 1129 |
| Block (1) | &nbsp;&nbsp;&nbsp;5655 | &nbsp;&nbsp;&nbsp;&nbsp;409 |
| Mastercard, Class A | &nbsp;&nbsp;&nbsp;2090 | 1189 |
| Visa, Class A | &nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;909 |
| Wise, Class A (GBP) (1) | 16795 | &nbsp;&nbsp;&nbsp;&nbsp;234 |
|  |  | **3870** |
| Total Financial Services |  | 5580 |
| **HARDWARE 5.5%** | **HARDWARE 5.5%** | **HARDWARE 5.5%** |
| **Consumer Electronics 4.9%** |  |  |
| Apple | 11515 | 2932 |
|  |  | **2932** |
| **Enterprise Hardware 0.6%** |  |  |
| Keyence (JPY) | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**335** |
| Total Hardware |  | 3267 |
| **INDUSTRIALS 1.2%** | **INDUSTRIALS 1.2%** | **INDUSTRIALS 1.2%** |
| **Aerospace & Defense 0.1%** |  |  |
| Firefly Aerospace (1) | &nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp;25 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**25** |
| **Automobile Manufacturers 1.1%** |  |  |
| Tesla (1) | &nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**667** |
| Total Industrials |  | &nbsp;&nbsp;&nbsp;&nbsp;692 |

---

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T. ROWE PRICE TECHNOLOGY ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **INTERNET 24.1%** | **INTERNET 24.1%** | **INTERNET 24.1%** |
| **China Internet Media/Advertising 2.2%** |  |  |
| Tencent Holdings (HKD) | 15200 | &nbsp;&nbsp;&nbsp;1295 |
|  |  | &nbsp;&nbsp;&nbsp;**1295** |
| **China Internet Retail 2.7%** |  |  |
| Alibaba Group Holding, ADR | &nbsp;&nbsp;&nbsp;6935 | &nbsp;&nbsp;&nbsp;1240 |
| PDD Holdings, ADR (1) | &nbsp;&nbsp;&nbsp;2824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 |
|  |  | &nbsp;&nbsp;&nbsp;**1613** |
| **Rest of World Internet Retail 2.0%** |  |  |
| MercadoLibre (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 |
| Sea, ADR (1) | &nbsp;&nbsp;&nbsp;4473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
|  |  | &nbsp;&nbsp;&nbsp;**1194** |
| **U.S. Internet Media/Advertising 11.8%** |  |  |
| Alphabet, Class A | &nbsp;&nbsp;&nbsp;5116 | &nbsp;&nbsp;&nbsp;1244 |
| Alphabet, Class C | &nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;1094 |
| AppLovin, Class A (1) | &nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;1800 |
| Meta Platforms, Class A | &nbsp;&nbsp;&nbsp;3957 | &nbsp;&nbsp;&nbsp;2906 |
|  |  | &nbsp;&nbsp;&nbsp;**7044** |
| **U.S. Internet Retail 4.9%** |  |  |
| Amazon.com (1) | 13236 | &nbsp;&nbsp;&nbsp;2906 |
|  |  | &nbsp;&nbsp;&nbsp;**2906** |
| **U.S. Internet Services 0.5%** |  |  |
| DoorDash, Class A (1) | &nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**301** |
| Total Internet |  | 14353 |
| **MEDIA & ENTERTAINMENT 1.6%** | **MEDIA & ENTERTAINMENT 1.6%** | **MEDIA & ENTERTAINMENT 1.6%** |
| **Direct-To-Consumer Subscription Services 0.6%** |  |  |
| Netflix (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**374** |
| **Video Gaming 1.0%** |  |  |
| Nintendo (JPY) | &nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**606** |
| Total Media & Entertainment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| **SEMICONDUCTORS 37.0%** | **SEMICONDUCTORS 37.0%** | **SEMICONDUCTORS 37.0%** |
| **Analog Semiconductors 0.7%** |  |  |
| Analog Devices | &nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**405** |
| **Digital Systems 10.7%** |  |  |
| NVIDIA | 34274 | &nbsp;&nbsp;&nbsp;6395 |
|  |  | &nbsp;&nbsp;&nbsp;**6395** |

---

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T. ROWE PRICE TECHNOLOGY ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Foundry 5.8%** |  |  |
| Taiwan Semiconductor Manufacturing, ADR | 12383 | &nbsp;&nbsp;&nbsp;3459 |
|  |  | &nbsp;&nbsp;&nbsp;**3459** |
| **Memory 0.9%** |  |  |
| SK Hynix (KRW) | &nbsp;&nbsp;&nbsp;2129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**528** |
| **Microcontrollers 1.6%** |  |  |
| Infineon Technologies, ADR | 24516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**958** |
| **Processors 12.4%** |  |  |
| Advanced Micro Devices (1) | 12655 | &nbsp;&nbsp;&nbsp;2047 |
| ARM Holdings, ADR (1) | &nbsp;&nbsp;&nbsp;2826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| Broadcom | 10317 | &nbsp;&nbsp;&nbsp;3404 |
| Credo Technology Group Holding (1) | &nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 |
| Intel (1) | 17562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 |
| Lattice Semiconductor (1) | &nbsp;&nbsp;&nbsp;9540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
|  |  | &nbsp;&nbsp;&nbsp;**7402** |
| **Semiconductor Capital Equipment 4.9%** |  |  |
| ASM International (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| ASML Holding | &nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;1767 |
| BE Semiconductor Industries (EUR) | &nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
| Entegris | &nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 |
|  |  | &nbsp;&nbsp;&nbsp;**2899** |
| Total Semiconductors |  | 22046 |
| **SOFTWARE 20.3%** | **SOFTWARE 20.3%** | **SOFTWARE 20.3%** |
| **Back-Office Applications Software 1.7%** |  |  |
| Samsara, Class A (1) | &nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| SAP, ADR | &nbsp;&nbsp;&nbsp;3435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**994** |
| **Collaboration And Productivity Software 1.3%** |  |  |
| MicroStrategy, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 |
| ServiceNow (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**794** |
| **Design Software 2.5%** |  |  |
| Cadence Design Systems (1) | &nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 |
| Synopsys (1) | &nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 |
|  |  | &nbsp;&nbsp;&nbsp;**1506** |
| **Front-Office Applications Software 0.4%** |  |  |
| HubSpot (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**212** |

---

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T. ROWE PRICE TECHNOLOGY ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Industry-Specific Software 1.0%** |  |  |
| Shopify, Class A (1) | 3951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**587** |
| **Infrastructure And Developer Tool Software 11.5%** |  |  |
| Arista Networks (1) | 4558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 |
| Microsoft | 9119 | &nbsp;&nbsp;&nbsp;&nbsp;4723 |
| Oracle | 3631 | &nbsp;&nbsp;&nbsp;&nbsp;1021 |
| Snowflake (1) | 2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**6861** |
| **Security Software 1.9%** |  |  |
| Crowdstrike Holdings, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| CyberArk Software (1) | &nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 |
| Zscaler (1) | 1097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1156** |
| Total Software |  | &nbsp;&nbsp;&nbsp;12110 |
| **TELECOM EQUIPMENT 0.6%** | **TELECOM EQUIPMENT 0.6%** | **TELECOM EQUIPMENT 0.6%** |
| **Wireline Equipment 0.6%** |  |  |
| Ciena (1) | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| Total Telecom Equipment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| **Total Common Stocks (Cost $48,876)** |  | &nbsp;&nbsp;&nbsp;**59660** |
| **SECURITIES LENDING COLLATERAL 0.0%** | **SECURITIES LENDING COLLATERAL 0.0%** | **SECURITIES LENDING COLLATERAL 0.0%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 0.0%** |  |  |
| **Money Market Funds 0.0%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.16% (3)(4) | 5202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5** |
| **Total Securities Lending Collateral (Cost $5)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5** |
| **Total Investments in Securities<br> 100.1% of Net Assets (Cost $48,881)** |  | **$59665** |
| **Other Assets Less Liabilities (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(48)** |
| **Net Assets 100.0%** |  | **$59617** |

---

---

| | |
|:---|:---|
| ‡ | 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 September 30, 2025. |
| (3) | Seven-day yield |
| (4) | Affiliated Companies |
| ADR | American Depositary Receipts |
| EUR | Euro |
| GBP | British Pound |

---

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T. ROWE PRICE TECHNOLOGY ETF

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HKD Hong Kong Dollar <br> JPY Japanese Yen <br> KRW South Korean Won

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T. ROWE PRICE TECHNOLOGY ETF

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#### AFFILIATED COMPANIES
($000s)

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 12/31/24** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 9/30/25** |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;$— | ¤ | ¤ | &nbsp;&nbsp;$5 |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $5^ |

---

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
| Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
| Investment income comprised $0 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $5. |

---

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

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T. ROWE PRICE TECHNOLOGY ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The T. Rowe Price Technology 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 and the last quoted sale or closing price for international securities.

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T. ROWE PRICE TECHNOLOGY ETF

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The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE, if the Valuation Designee determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund's portfolio securities. Each business day, the Valuation Designee uses information from outside pricing services to evaluate the quoted prices of portfolio securities and, if appropriate, decides whether it is necessary to adjust quoted prices to reflect fair value by reviewing a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The Valuation Designee uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The Valuation Designee cannot predict how often it will use quoted prices or how often it will determine it necessary to adjust those prices to reflect fair value.

Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as provided by an outside pricing service.

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

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

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on September 30, 2025 (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;$55943 | &nbsp;&nbsp;$3717 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$59660 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Total | &nbsp;&nbsp;$55948 | &nbsp;&nbsp;$3717 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$59665 |

---

#### 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

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T. ROWE PRICE TECHNOLOGY ETF

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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.

#### ETF1156-054Q3

#### 09/25

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 1307 Point Street

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

- **a. Name of Series:** T. Rowe Price Technology ETF

- **b. EDGAR series identifier (if any):** S000086172

- **c. LEI of Series:** 254900KVQDATNZX1IA52

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $59677292.78

**Total Liabilities:** $60587.79

**Net Assets:** $59616704.99

**Cash Not Reported:** $0.94

**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 C000251574 | 4.07%                | 0.66%                | 6.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $28534.93                | $1804194.25                                |
| Month 2  | $-256872.72              | $646297.44                                 |
| Month 3  | $-33386.67               | $3347787.27                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADVANCED MICRO DEVICES                | ADVANCED MICRO DEVICES COMMON STOCK USD.01              | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     12655 | NS      | $2047452.45   | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ADYEN NV-UNSPON ADR                   | ADYEN NV UNSPON ADR ADR                                 | CUSIP: 00783V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     70635 | NS      | $1129453.65   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIBABA GROUP HOLDING-SP ADR          | ALIBABA GROUP HOLDING SP ADR ADR USD.000025             | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      6935 | NS      | $1239492.55   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL A                     | ALPHABET INC CL A COMMON STOCK USD.001                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5116 | NS      | $1243699.60   | 2.09%             |  |  |  | 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        |      4491 | NS      | $1093783.05   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                        | AMAZON.COM INC COMMON STOCK USD.01                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     13236 | NS      | $2906228.52   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES INC                    | ANALOG DEVICES INC COMMON STOCK USD.167                 | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1649 | NS      | $405159.30    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                             | APPLE INC COMMON STOCK USD.00001                        | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     11515 | NS      | $2932064.45   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLOVIN CORP-CLASS A                 | APPLOVIN CORP CLASS A COMMON STOCK USD.00003            | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      2506 | NS      | $1800661.24   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC                   | ARISTA NETWORKS INC COMMON STOCK USD.0001               | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      4558 | NS      | $664146.18    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM HOLDINGS PLC-ADR                  | ARM HOLDINGS PLC ADR ADR USD.001                        | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      2826 | NS      | $399850.74    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM INTERNATIONAL NV                  | ASM INTERNATIONAL NV COMMON STOCK EUR.04                | CUSIP: N070NL999<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |       541 | NS      | $326304.03    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML HOLDING NV NY                    | ASML HOLDING NV NY REG SHS NY REG SHRS EUR.09           | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      1825 | NS      | $1766764.25   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BE SEMICONDUCTOR INDUSTRIES           | BE SEMICONDUCTOR INDUSTRIES COMMON STOCK EUR.01         | CUSIP: NL4233580<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |      2626 | NS      | $393192.56    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| BLOCK INC                             | BLOCK INC COMMON STOCK USD.0000001                      | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      5655 | NS      | $408686.85    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                          | BROADCOM INC COMMON STOCK                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     10317 | NS      | $3403681.47   | 5.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYS INC                | CADENCE DESIGN SYS INC COMMON STOCK USD.01              | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1536 | NS      | $539535.36    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORP                            | CIENA CORP COMMON STOCK USD.01                          | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      2600 | NS      | $378742.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CIRCLE INTERNET GROUP INC             | CIRCLE INTERNET GROUP INC COMMON STOCK                  | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |      2056 | NS      | $272584.48    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL INC -CLASS A          | COINBASE GLOBAL INC  CLASS A COMMON STOCK USD.00001     | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      1188 | NS      | $400938.12    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDO TECHNOLOGY GROUP HOLDI          | CREDO TECHNOLOGY GROUP HOLDI COMMON STOCK USD.00005     | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      1802 | NS      | $262389.22    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWDSTRIKE HOLDINGS INC - A          | CROWDSTRIKE HOLDINGS INC   A COMMON STOCK               | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       784 | NS      | $384457.92    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CYBER-ARK SOFTWARE LTD/ISRAEL         | CYBERARK SOFTWARE LTD/ISRAEL COMMON STOCK ILS.01        | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       916 | NS      | $442565.40    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC - A                      | DOORDASH INC   A COMMON STOCK USD.00001                 | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      1105 | NS      | $300548.95    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTEGRIS INC                          | ENTEGRIS INC COMMON STOCK USD.01                        | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |      4467 | NS      | $413018.82    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| FIREFLY AEROSPACE INC                 | FIREFLY AEROSPACE INC COMMON STOCK USD.0001             | CUSIP: 31816X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       855 | NS      | $25068.60     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR INC                       | FIRST SOLAR INC COMMON STOCK USD.001                    | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      1146 | NS      | $252727.38    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GEMINI SPACE STATION INC-A            | GEMINI SPACE STATION INC A COMMON STOCK USD.001         | CUSIP: 36866J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       413 | NS      | $9895.48      | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| HUBSPOT INC                           | HUBSPOT INC COMMON STOCK USD.001                        | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       453 | NS      | $211913.40    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| INFINEON TECHNOLOGIES-ADR             | INFINEON TECHNOLOGIES ADR ADR                           | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     24516 | NS      | $958085.28    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP                            | INTEL CORP COMMON STOCK USD.001                         | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     17562 | NS      | $589205.10    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYENCE CORP                          | KEYENCE CORP COMMON STOCK                               | CUSIP: 4930JP991<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |       900 | NS      | $335304.55    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORP            | LATTICE SEMICONDUCTOR CORP COMMON STOCK USD.01          | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |      9540 | NS      | $699472.80    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC - A                    | MASTERCARD INC   A COMMON STOCK USD.0001                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2090 | NS      | $1188812.90   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCADOLIBRE INC                      | MERCADOLIBRE INC COMMON STOCK USD.001                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       169 | NS      | $394942.86    | 0.66%             |  |  |  | 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        |      3957 | NS      | $2905941.66   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                        | MICROSOFT CORP COMMON STOCK USD.00000625                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      9119 | NS      | $4723186.05   | 7.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NETFLIX INC                           | NETFLIX INC COMMON STOCK USD.001                        | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       312 | NS      | $374063.04    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NINTENDO CO LTD                       | NINTENDO CO LTD COMMON STOCK                            | CUSIP: 654JP9994<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      7000 | NS      | $605634.63    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NU HOLDINGS LTD/CAYMAN ISL-A          | NU HOLDINGS LTD/CAYMAN ISL A COMMON STOCK USD.000006667 | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     18668 | NS      | $298874.68    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                           | NVIDIA CORP COMMON STOCK USD.001                        | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     34274 | NS      | $6394842.92   | 10.73%            |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                           | ORACLE CORP COMMON STOCK USD.01                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3631 | NS      | $1021182.44   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD HOLDINGS INC-ADR                  | PDD HOLDINGS INC ADR USD.00002                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |      2824 | NS      | $373248.08    | 0.63%             |  |  |  | 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        |      5085 | NS      | $728070.30    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SAMSARA INC-CL A                      | SAMSARA INC CL A COMMON STOCK USD.0001                  | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2040 | NS      | $75990.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE SPONSORED ADR                  | SAP SE SPONSORED ADR ADR                                | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      3435 | NS      | $917866.35    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD ADR                           | SEA LTD ADR ADR USD.0005                                | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      4473 | NS      | $799459.29    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                        | SERVICENOW INC COMMON STOCK USD.001                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       615 | NS      | $565972.20    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| SHOPIFY INC - CLASS A                 | SHOPIFY INC   CLASS A COMMON STOCK                      | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      3951 | NS      | $587158.11    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SK HYNIX INC                          | SK HYNIX INC COMMON STOCK KRW5000.0                     | CUSIP: 449182997<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      2129 | NS      | $527774.55    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| SNOWFLAKE INC                         | SNOWFLAKE INC COMMON STOCK USD1.0                       | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      2008 | NS      | $452904.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategy Inc                          | STRATEGY INC COMMON STOCK USD.001                       | CUSIP: 594972408<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EC               | CORP              | US        |       709 | NS      | $228446.89    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNOPSYS INC                          | SYNOPSYS INC COMMON STOCK USD.01                        | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      1958 | NS      | $966057.62    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Government Reserve Fund | T. Rowe Price Government Reserve Fund - Collateral      | CUSIP: 76105YYY8<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |      5047 | NS      | $5047.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR-SP ADR           | TAIWAN SEMICONDUCTOR SP ADR ADR                         | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     12383 | NS      | $3458448.07   | 5.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TENCENT HOLDINGS LTD                  | TENCENT HOLDINGS LTD COMMON STOCK HKD.00002             | CUSIP: CN01CT306<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     15200 | NS      | $1295185.82   | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| TESLA INC                             | TESLA INC COMMON STOCK USD.001                          | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      1499 | NS      | $666635.28    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC-CLASS A SHARES               | VISA INC CLASS A SHARES COMMON STOCK USD.0001           | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2663 | NS      | $909094.94    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WISE PLC - A                          | WISE PLC   A COMMON STOCK GBP.01                        | CUSIP: TC3QWY4P5<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |     16795 | NS      | $234127.27    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ZSCALER INC                           | ZSCALER INC COMMON STOCK USD.001                        | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      1097 | NS      | $328727.02    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President