# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-003670
**Filing Date:** 2025-11
**Character Count:** 137323
**Document Hash:** b6c475ae3f76dd64b29771c6636a071a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003670.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003670

**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:** 251522071

**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 Small-Mid Cap ETF (Series ID: S000079837)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000241225 | T. Rowe Price Small-Mid Cap ETF | TMSL            |

## Nport-Ex

T. ROWE PRICE SMALL-MID CAP ETF

------

September 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **COMMUNICATION SERVICES 2.1%** | **COMMUNICATION SERVICES 2.1%** | **COMMUNICATION SERVICES 2.1%** |
| **Entertainment 0.5%** |  |  |
| TKO Group Holdings | &nbsp;&nbsp;&nbsp;20799 | &nbsp;&nbsp;&nbsp;4201 |
|  |  | &nbsp;&nbsp;&nbsp;**4201** |
| **Interactive Media & Services 1.1%** |  |  |
| Pinterest, Class A (1) | 100685 | &nbsp;&nbsp;&nbsp;3239 |
| Reddit, Class A (1) | &nbsp;&nbsp;&nbsp;29259 | &nbsp;&nbsp;&nbsp;6729 |
|  |  | &nbsp;&nbsp;&nbsp;**9968** |
| **Media 0.3%** |  |  |
| Nexstar Media Group | &nbsp;&nbsp;&nbsp;16064 | &nbsp;&nbsp;&nbsp;3176 |
|  |  | &nbsp;&nbsp;&nbsp;**3176** |
| **Wireless Telecommunication Services 0.2%** |  |  |
| Millicom International Cellular | &nbsp;&nbsp;&nbsp;44493 | &nbsp;&nbsp;&nbsp;2160 |
|  |  | &nbsp;&nbsp;&nbsp;**2160** |
| Total Communication Services |  | 19505 |
| **CONSUMER DISCRETIONARY 10.7%** | **CONSUMER DISCRETIONARY 10.7%** | **CONSUMER DISCRETIONARY 10.7%** |
| **Automobile Components 0.5%** |  |  |
| Autoliv | &nbsp;&nbsp;&nbsp;21693 | &nbsp;&nbsp;&nbsp;2679 |
| Phinia | &nbsp;&nbsp;&nbsp;31259 | &nbsp;&nbsp;&nbsp;1797 |
|  |  | &nbsp;&nbsp;&nbsp;**4476** |
| **Broadline Retail 0.4%** |  |  |
| Ollie's Bargain Outlet Holdings (1) | &nbsp;&nbsp;&nbsp;31916 | &nbsp;&nbsp;&nbsp;4098 |
|  |  | &nbsp;&nbsp;&nbsp;**4098** |
| **Diversified Consumer Services 2.4%** |  |  |
| Duolingo (1) | &nbsp;&nbsp;&nbsp;12403 | &nbsp;&nbsp;&nbsp;3992 |
| Frontdoor (1) | &nbsp;&nbsp;&nbsp;50587 | &nbsp;&nbsp;&nbsp;3404 |
| H&R Block | &nbsp;&nbsp;&nbsp;31913 | &nbsp;&nbsp;&nbsp;1614 |
| Laureate Education (1) | &nbsp;&nbsp;&nbsp;57292 | &nbsp;&nbsp;&nbsp;1807 |
| Perdoceo Education | &nbsp;&nbsp;&nbsp;79216 | &nbsp;&nbsp;&nbsp;2983 |
| Service International | &nbsp;&nbsp;&nbsp;55208 | &nbsp;&nbsp;&nbsp;4594 |
| Stride (1) | &nbsp;&nbsp;&nbsp;27138 | &nbsp;&nbsp;&nbsp;4042 |
|  |  | **22436** |
| **Hotels, Restaurants & Leisure 3.6%** |  |  |
| Aramark | &nbsp;&nbsp;&nbsp;64942 | &nbsp;&nbsp;&nbsp;2494 |
| Boyd Gaming | &nbsp;&nbsp;&nbsp;15205 | &nbsp;&nbsp;&nbsp;1315 |
| Churchill Downs | &nbsp;&nbsp;&nbsp;26414 | &nbsp;&nbsp;&nbsp;2562 |
| Domino's Pizza | &nbsp;&nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;1408 |
| DraftKings (1) | 101300 | &nbsp;&nbsp;&nbsp;3789 |

---

------

T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Dutch Bros, Class A (1) | &nbsp;&nbsp;&nbsp;30804 | &nbsp;&nbsp;&nbsp;&nbsp;1612 |
| Planet Fitness, Class A (1) | &nbsp;&nbsp;&nbsp;62802 | &nbsp;&nbsp;&nbsp;&nbsp;6519 |
| Texas Roadhouse | &nbsp;&nbsp;&nbsp;14971 | &nbsp;&nbsp;&nbsp;&nbsp;2487 |
| Travel Leisure | &nbsp;&nbsp;&nbsp;77488 | &nbsp;&nbsp;&nbsp;&nbsp;4610 |
| Viking Holdings (1) | &nbsp;&nbsp;&nbsp;45801 | &nbsp;&nbsp;&nbsp;&nbsp;2847 |
| Wingstop | &nbsp;&nbsp;&nbsp;15449 | &nbsp;&nbsp;&nbsp;&nbsp;3888 |
|  |  | &nbsp;&nbsp;&nbsp;**33531** |
| **Household Durables 0.7%** |  |  |
| NVR (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;2660 |
| Toll Brothers | &nbsp;&nbsp;&nbsp;31673 | &nbsp;&nbsp;&nbsp;&nbsp;4375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7035** |
| **Specialty Retail 1.7%** |  |  |
| Bath & Body Works | &nbsp;&nbsp;&nbsp;82176 | &nbsp;&nbsp;&nbsp;&nbsp;2117 |
| Burlington Stores (1) | &nbsp;&nbsp;&nbsp;13997 | &nbsp;&nbsp;&nbsp;&nbsp;3562 |
| Carvana (1) | &nbsp;&nbsp;&nbsp;&nbsp;6738 | &nbsp;&nbsp;&nbsp;&nbsp;2542 |
| Floor & Decor Holdings, Class A (1) | &nbsp;&nbsp;&nbsp;39968 | &nbsp;&nbsp;&nbsp;&nbsp;2946 |
| Ulta Beauty (1) | &nbsp;&nbsp;&nbsp;&nbsp;8762 | &nbsp;&nbsp;&nbsp;&nbsp;4790 |
|  |  | &nbsp;&nbsp;&nbsp;**15957** |
| **Textiles, Apparel & Luxury Goods 1.4%** |  |  |
| Crocs (1) | &nbsp;&nbsp;&nbsp;29672 | &nbsp;&nbsp;&nbsp;&nbsp;2479 |
| Ralph Lauren | &nbsp;&nbsp;&nbsp;21646 | &nbsp;&nbsp;&nbsp;&nbsp;6787 |
| Tapestry | &nbsp;&nbsp;&nbsp;25983 | &nbsp;&nbsp;&nbsp;&nbsp;2942 |
| VF | 104316 | &nbsp;&nbsp;&nbsp;&nbsp;1505 |
|  |  | &nbsp;&nbsp;&nbsp;**13713** |
| Total Consumer Discretionary |  | 101246 |
| **CONSUMER STAPLES 2.8%** | **CONSUMER STAPLES 2.8%** | **CONSUMER STAPLES 2.8%** |
| **Beverages 0.4%** |  |  |
| Celsius Holdings (1) | &nbsp;&nbsp;&nbsp;31786 | &nbsp;&nbsp;&nbsp;&nbsp;1827 |
| Molson Coors Beverage, Class B | &nbsp;&nbsp;&nbsp;30914 | &nbsp;&nbsp;&nbsp;&nbsp;1399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3226** |
| **Consumer Staples Distribution & Retail 2.0%** |  |  |
| BJ's Wholesale Club Holdings (1) | &nbsp;&nbsp;&nbsp;27006 | &nbsp;&nbsp;&nbsp;&nbsp;2518 |
| Casey's General Stores | &nbsp;&nbsp;&nbsp;&nbsp;7810 | &nbsp;&nbsp;&nbsp;&nbsp;4415 |
| Maplebear (1) | &nbsp;&nbsp;&nbsp;42343 | &nbsp;&nbsp;&nbsp;&nbsp;1557 |
| Performance Food Group (1) | &nbsp;&nbsp;&nbsp;65260 | &nbsp;&nbsp;&nbsp;&nbsp;6790 |
| US Foods Holding (1) | &nbsp;&nbsp;&nbsp;47370 | &nbsp;&nbsp;&nbsp;&nbsp;3629 |
|  |  | &nbsp;&nbsp;&nbsp;**18909** |
| **Food Products 0.4%** |  |  |
| Lamb Weston Holdings | &nbsp;&nbsp;&nbsp;63873 | &nbsp;&nbsp;&nbsp;&nbsp;3710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3710** |
| Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;25845 |

---

------

T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **ENERGY 4.5%** | **ENERGY 4.5%** | **ENERGY 4.5%** |
| **Energy Equipment & Services 1.7%** |  |  |
| TechnipFMC | 241338 | &nbsp;&nbsp;&nbsp;9521 |
| Tidewater (1) | &nbsp;&nbsp;&nbsp;35899 | &nbsp;&nbsp;&nbsp;1914 |
| Weatherford International | &nbsp;&nbsp;&nbsp;71087 | &nbsp;&nbsp;&nbsp;4864 |
|  |  | **16299** |
| **Oil, Gas & Consumable Fuels 2.8%** |  |  |
| HF Sinclair | &nbsp;&nbsp;&nbsp;73721 | &nbsp;&nbsp;&nbsp;3859 |
| Ovintiv | &nbsp;&nbsp;&nbsp;67248 | &nbsp;&nbsp;&nbsp;2715 |
| Permian Resources | 420021 | &nbsp;&nbsp;&nbsp;5376 |
| Range Resources | 126613 | &nbsp;&nbsp;&nbsp;4766 |
| Uranium Energy (1) | 329230 | &nbsp;&nbsp;&nbsp;4392 |
| Viper Energy, Class A | 140498 | &nbsp;&nbsp;&nbsp;5370 |
|  |  | **26478** |
| Total Energy |  | 42777 |
| **FINANCIALS 16.6%** | **FINANCIALS 16.6%** | **FINANCIALS 16.6%** |
| **Banks 6.6%** |  |  |
| Amalgamated Financial | &nbsp;&nbsp;&nbsp;41467 | &nbsp;&nbsp;&nbsp;1126 |
| Columbia Banking System | 119086 | &nbsp;&nbsp;&nbsp;3065 |
| East West Bancorp | &nbsp;&nbsp;&nbsp;19556 | &nbsp;&nbsp;&nbsp;2082 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;73461 | &nbsp;&nbsp;&nbsp;3273 |
| First BanCorp / Puerto Rico | 218766 | &nbsp;&nbsp;&nbsp;4824 |
| Hancock Whitney | &nbsp;&nbsp;&nbsp;30777 | &nbsp;&nbsp;&nbsp;1927 |
| Hanmi Financial | &nbsp;&nbsp;&nbsp;55540 | &nbsp;&nbsp;&nbsp;1371 |
| Huntington Bancshares | 342824 | &nbsp;&nbsp;&nbsp;5920 |
| KeyCorp | 295840 | &nbsp;&nbsp;&nbsp;5529 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;55398 | &nbsp;&nbsp;&nbsp;2409 |
| Popular | &nbsp;&nbsp;&nbsp;97811 | 12423 |
| Webster Financial | 153141 | &nbsp;&nbsp;&nbsp;9103 |
| Western Alliance Bancorp | &nbsp;&nbsp;111057 | &nbsp;&nbsp;&nbsp;9631 |
|  |  | **62683** |
| **Capital Markets 2.4%** |  |  |
| Lazard | &nbsp;&nbsp;&nbsp;87138 | &nbsp;&nbsp;&nbsp;4599 |
| Main Street Capital | &nbsp;&nbsp;&nbsp;54861 | &nbsp;&nbsp;&nbsp;3489 |
| Miami International Holdings (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| StepStone Group, Class A | &nbsp;&nbsp;&nbsp;53079 | &nbsp;&nbsp;&nbsp;3466 |
| StoneX Group (1) | &nbsp;&nbsp;&nbsp;58657 | &nbsp;&nbsp;&nbsp;5920 |
| TPG | &nbsp;&nbsp;&nbsp;55541 | &nbsp;&nbsp;&nbsp;3191 |
| Virtus Investment Partners | &nbsp;&nbsp;&nbsp;&nbsp;9071 | &nbsp;&nbsp;&nbsp;1724 |
|  |  | **22391** |
| **Consumer Finance 0.5%** |  |  |
| FirstCash Holdings | &nbsp;&nbsp;&nbsp;15453 | &nbsp;&nbsp;&nbsp;2448 |

---

------

T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| OneMain Holdings | &nbsp;&nbsp;&nbsp;43795 | &nbsp;&nbsp;&nbsp;&nbsp;2473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4921** |
| **Financial Services 3.3%** |  |  |
| Corebridge Financial | 193351 | &nbsp;&nbsp;&nbsp;&nbsp;6197 |
| Corpay (1) | &nbsp;&nbsp;&nbsp;31050 | &nbsp;&nbsp;&nbsp;&nbsp;8944 |
| Equitable Holdings | 110953 | &nbsp;&nbsp;&nbsp;&nbsp;5634 |
| Payoneer Global (1) | 531706 | &nbsp;&nbsp;&nbsp;&nbsp;3217 |
| Voya Financial | &nbsp;&nbsp;&nbsp;88878 | &nbsp;&nbsp;&nbsp;&nbsp;6648 |
|  |  | &nbsp;&nbsp;&nbsp;**30640** |
| **Insurance 3.4%** |  |  |
| Assurant | &nbsp;&nbsp;&nbsp;14121 | &nbsp;&nbsp;&nbsp;&nbsp;3058 |
| Axis Capital Holdings | &nbsp;&nbsp;&nbsp;73456 | &nbsp;&nbsp;&nbsp;&nbsp;7037 |
| Everest Re Group | &nbsp;&nbsp;&nbsp;&nbsp;8877 | &nbsp;&nbsp;&nbsp;&nbsp;3109 |
| Hanover Insurance Group | &nbsp;&nbsp;&nbsp;27528 | &nbsp;&nbsp;&nbsp;&nbsp;5000 |
| RenaissanceRe Holdings | &nbsp;&nbsp;&nbsp;40868 | &nbsp;&nbsp;&nbsp;10378 |
| Skyward Specialty Insurance Group (1) | &nbsp;&nbsp;&nbsp;68925 | &nbsp;&nbsp;&nbsp;&nbsp;3278 |
|  |  | &nbsp;&nbsp;&nbsp;**31860** |
| **Mortgage Real Estate Investment Trusts 0.4%** |  |  |
| Annaly Capital Management, REIT | &nbsp;&nbsp;&nbsp;68325 | &nbsp;&nbsp;&nbsp;&nbsp;1381 |
| Rithm Capital, REIT | 245123 | &nbsp;&nbsp;&nbsp;&nbsp;2792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4173** |
| Total Financials |  | 156668 |
| **HEALTH CARE 12.9%** | **HEALTH CARE 12.9%** | **HEALTH CARE 12.9%** |
| **Biotechnology 5.9%** |  |  |
| Akero Therapeutics (1) | &nbsp;&nbsp;&nbsp;36071 | &nbsp;&nbsp;&nbsp;&nbsp;1713 |
| Alkermes (1) | &nbsp;&nbsp;&nbsp;65992 | &nbsp;&nbsp;&nbsp;&nbsp;1980 |
| Ascendis Pharma, ADR (1) | &nbsp;&nbsp;&nbsp;&nbsp;6186 | &nbsp;&nbsp;&nbsp;&nbsp;1230 |
| Avidity Biosciences (1)(2) | &nbsp;&nbsp;&nbsp;67338 | &nbsp;&nbsp;&nbsp;&nbsp;2934 |
| Bicara Therapeutics (1) | &nbsp;&nbsp;&nbsp;26574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 |
| Caris Life Sciences (1) | &nbsp;&nbsp;&nbsp;14382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 |
| Celldex Therapeutics (1) | &nbsp;&nbsp;&nbsp;42497 | &nbsp;&nbsp;&nbsp;&nbsp;1099 |
| Centessa Pharmaceuticals, ADR (1) | &nbsp;&nbsp;&nbsp;34708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 |
| CG Oncology (1)(2) | &nbsp;&nbsp;&nbsp;18475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 |
| Denali Therapeutics (1) | &nbsp;&nbsp;&nbsp;81743 | &nbsp;&nbsp;&nbsp;&nbsp;1187 |
| Insmed (1) | &nbsp;&nbsp;&nbsp;46584 | &nbsp;&nbsp;&nbsp;&nbsp;6709 |
| Ionis Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;37570 | &nbsp;&nbsp;&nbsp;&nbsp;2458 |
| Janux Therapeutics (1) | &nbsp;&nbsp;&nbsp;26125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 |
| Kymera Therapeutics (1) | &nbsp;&nbsp;&nbsp;47871 | &nbsp;&nbsp;&nbsp;&nbsp;2709 |
| Madrigal Pharmaceuticals, ADR (1) | &nbsp;&nbsp;&nbsp;&nbsp;5523 | &nbsp;&nbsp;&nbsp;&nbsp;2533 |
| Natera (1) | &nbsp;&nbsp;&nbsp;44094 | &nbsp;&nbsp;&nbsp;&nbsp;7098 |
| Neurocrine Biosciences (1) | &nbsp;&nbsp;&nbsp;27783 | &nbsp;&nbsp;&nbsp;&nbsp;3900 |
| Nurix Therapeutics (1) | &nbsp;&nbsp;&nbsp;54353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 |
| Nuvalent, Class A (1) | &nbsp;&nbsp;&nbsp;23574 | &nbsp;&nbsp;&nbsp;&nbsp;2039 |
| Praxis Precision Medicines (1) | &nbsp;&nbsp;&nbsp;26358 | &nbsp;&nbsp;&nbsp;&nbsp;1397 |

---

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T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Replimune Group (1) | 155547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 |
| REVOLUTION Medicines (1) | &nbsp;&nbsp;&nbsp;47895 | &nbsp;&nbsp;&nbsp;&nbsp;2237 |
| Rhythm Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;14184 | &nbsp;&nbsp;&nbsp;&nbsp;1432 |
| Roivant Sciences (1) | &nbsp;&nbsp;&nbsp;38731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 |
| Scholar Rock Holding (1) | &nbsp;&nbsp;&nbsp;58607 | &nbsp;&nbsp;&nbsp;&nbsp;2183 |
| Soleno Therapeutics (1) | &nbsp;&nbsp;&nbsp;24016 | &nbsp;&nbsp;&nbsp;&nbsp;1623 |
| Ultragenyx Pharmaceutical (1) | &nbsp;&nbsp;&nbsp;34384 | &nbsp;&nbsp;&nbsp;&nbsp;1034 |
| Vaxcyte (1) | &nbsp;&nbsp;&nbsp;31268 | &nbsp;&nbsp;&nbsp;&nbsp;1126 |
| Vera Therapeutics (1) | &nbsp;&nbsp;&nbsp;30609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 |
| Viridian Therapeutics (1) | &nbsp;&nbsp;&nbsp;28512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
| Xencor (1) | &nbsp;&nbsp;&nbsp;54869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
|  |  | &nbsp;&nbsp;&nbsp;**55588** |
| **Health Care Equipment & Supplies 0.8%** |  |  |
| Globus Medical, Class A (1) | &nbsp;&nbsp;&nbsp;16430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 |
| Penumbra (1) | &nbsp;&nbsp;&nbsp;11157 | &nbsp;&nbsp;&nbsp;&nbsp;2826 |
| Zimmer Biomet Holdings | &nbsp;&nbsp;&nbsp;38847 | &nbsp;&nbsp;&nbsp;&nbsp;3827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7594** |
| **Health Care Providers & Services 4.1%** |  |  |
| BrightSpring Health Services (1) | 128747 | &nbsp;&nbsp;&nbsp;&nbsp;3806 |
| Concentra Group Holdings Parent | 195977 | &nbsp;&nbsp;&nbsp;&nbsp;4102 |
| Encompass Health | &nbsp;&nbsp;&nbsp;62347 | &nbsp;&nbsp;&nbsp;&nbsp;7919 |
| Guardant Health (1) | &nbsp;&nbsp;&nbsp;39109 | &nbsp;&nbsp;&nbsp;&nbsp;2444 |
| Quest Diagnostics | &nbsp;&nbsp;&nbsp;21209 | &nbsp;&nbsp;&nbsp;&nbsp;4042 |
| Select Medical Holdings | 231061 | &nbsp;&nbsp;&nbsp;&nbsp;2967 |
| Tenet Healthcare (1) | &nbsp;&nbsp;&nbsp;55311 | &nbsp;&nbsp;&nbsp;11230 |
| Universal Health Services, Class B | &nbsp;&nbsp;&nbsp;11086 | &nbsp;&nbsp;&nbsp;&nbsp;2266 |
|  |  | &nbsp;&nbsp;&nbsp;**38776** |
| **Health Care Technology 0.0%** |  |  |
| HeartFlow (1) | &nbsp;&nbsp;&nbsp;14658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**493** |
| **Life Sciences Tools & Services 0.6%** |  |  |
| Repligen (1) | &nbsp;&nbsp;&nbsp;16768 | &nbsp;&nbsp;&nbsp;&nbsp;2241 |
| Revvity | &nbsp;&nbsp;&nbsp;35078 | &nbsp;&nbsp;&nbsp;&nbsp;3075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5316** |
| **Pharmaceuticals 1.5%** |  |  |
| Crinetics Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;52206 | &nbsp;&nbsp;&nbsp;&nbsp;2175 |
| Perrigo | 246755 | &nbsp;&nbsp;&nbsp;&nbsp;5495 |
| Prestige Consumer Healthcare (1) | &nbsp;&nbsp;&nbsp;21142 | &nbsp;&nbsp;&nbsp;&nbsp;1319 |
| Viatris | 503902 | &nbsp;&nbsp;&nbsp;&nbsp;4989 |
|  |  | &nbsp;&nbsp;&nbsp;**13978** |
| Total Health Care |  | 121745 |

---

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T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **INDUSTRIALS & BUSINESS SERVICES 20.5%** | **INDUSTRIALS & BUSINESS SERVICES 20.5%** | **INDUSTRIALS & BUSINESS SERVICES 20.5%** |
| **Aerospace & Defense 4.4%** |  |  |
| BWX Technologies | &nbsp;&nbsp;&nbsp;10476 | &nbsp;&nbsp;&nbsp;1932 |
| Carpenter Technology | &nbsp;&nbsp;&nbsp;15997 | &nbsp;&nbsp;&nbsp;3928 |
| Curtiss-Wright | &nbsp;&nbsp;&nbsp;&nbsp;9548 | &nbsp;&nbsp;&nbsp;5184 |
| Firefly Aerospace (1) | &nbsp;&nbsp;&nbsp;10246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| Hexcel | &nbsp;&nbsp;&nbsp;64575 | &nbsp;&nbsp;&nbsp;4049 |
| Howmet Aerospace | &nbsp;&nbsp;&nbsp;10892 | &nbsp;&nbsp;&nbsp;2137 |
| Karman Holdings (1) | &nbsp;&nbsp;&nbsp;94753 | &nbsp;&nbsp;&nbsp;6841 |
| Loar Holdings (1) | &nbsp;&nbsp;&nbsp;21174 | &nbsp;&nbsp;&nbsp;1694 |
| Rocket Lab (1) | &nbsp;&nbsp;&nbsp;48910 | &nbsp;&nbsp;&nbsp;2343 |
| Standardaero (1) | 198576 | &nbsp;&nbsp;&nbsp;5419 |
| Textron | &nbsp;&nbsp;&nbsp;94439 | &nbsp;&nbsp;&nbsp;7979 |
|  |  | **41807** |
| **Building Products 0.2%** |  |  |
| Owens Corning | &nbsp;&nbsp;&nbsp;12007 | &nbsp;&nbsp;&nbsp;1698 |
| Trex (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
|  |  | &nbsp;&nbsp;&nbsp;**1704** |
| **Commercial Services & Supplies 0.1%** |  |  |
| Clean Harbors (1) | &nbsp;&nbsp;&nbsp;&nbsp;5524 | &nbsp;&nbsp;&nbsp;1283 |
|  |  | &nbsp;&nbsp;&nbsp;**1283** |
| **Construction & Engineering 3.0%** |  |  |
| AECOM | &nbsp;&nbsp;&nbsp;17609 | &nbsp;&nbsp;&nbsp;2297 |
| API Group (1) | 275295 | &nbsp;&nbsp;&nbsp;9462 |
| Comfort Systems | &nbsp;&nbsp;&nbsp;&nbsp;8641 | &nbsp;&nbsp;&nbsp;7130 |
| EMCOR Group | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;4872 |
| Primoris Services | &nbsp;&nbsp;&nbsp;28970 | &nbsp;&nbsp;&nbsp;3979 |
|  |  | **27740** |
| **Electrical Equipment 2.6%** |  |  |
| Acuity | &nbsp;&nbsp;&nbsp;18597 | &nbsp;&nbsp;&nbsp;6405 |
| EnerSys | &nbsp;&nbsp;&nbsp;21232 | &nbsp;&nbsp;&nbsp;2398 |
| Hubbell | &nbsp;&nbsp;&nbsp;&nbsp;9812 | &nbsp;&nbsp;&nbsp;4222 |
| NEXTracker, Class A (1) | &nbsp;&nbsp;&nbsp;47149 | &nbsp;&nbsp;&nbsp;3489 |
| Sensata Technologies Holding | 255544 | &nbsp;&nbsp;&nbsp;7807 |
|  |  | **24321** |
| **Ground Transportation 0.3%** |  |  |
| Saia (1) | &nbsp;&nbsp;&nbsp;&nbsp;9657 | &nbsp;&nbsp;&nbsp;2891 |
|  |  | &nbsp;&nbsp;&nbsp;**2891** |
| **Machinery 5.4%** |  |  |
| AGCO | &nbsp;&nbsp;&nbsp;43069 | &nbsp;&nbsp;&nbsp;4612 |
| Atmus Filtration Technologies | 136799 | &nbsp;&nbsp;&nbsp;6168 |
| Blue Bird (1) | &nbsp;&nbsp;&nbsp;45733 | &nbsp;&nbsp;&nbsp;2632 |

---

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T. ROWE PRICE SMALL-MID CAP ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Esab | &nbsp;&nbsp;&nbsp;52500 | &nbsp;&nbsp;&nbsp;&nbsp;5866 |
| Fortive | &nbsp;&nbsp;&nbsp;57428 | &nbsp;&nbsp;&nbsp;&nbsp;2813 |
| Gates Industrial (1) | 115424 | &nbsp;&nbsp;&nbsp;&nbsp;2865 |
| IDEX | &nbsp;&nbsp;&nbsp;15570 | &nbsp;&nbsp;&nbsp;&nbsp;2534 |
| Middleby (1) | &nbsp;&nbsp;&nbsp;62421 | &nbsp;&nbsp;&nbsp;&nbsp;8298 |
| Mueller Water Products, Class A | &nbsp;&nbsp;&nbsp;74425 | &nbsp;&nbsp;&nbsp;&nbsp;1899 |
| RBC Bearings (1) | &nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp;2283 |
| Stanley Black & Decker | &nbsp;&nbsp;&nbsp;46747 | &nbsp;&nbsp;&nbsp;&nbsp;3475 |
| Timken | &nbsp;&nbsp;&nbsp;27216 | &nbsp;&nbsp;&nbsp;&nbsp;2046 |
| Toro | &nbsp;&nbsp;&nbsp;39748 | &nbsp;&nbsp;&nbsp;&nbsp;3029 |
| Watts Water Technologies, Class A | &nbsp;&nbsp;&nbsp;&nbsp;8344 | &nbsp;&nbsp;&nbsp;&nbsp;2330 |
|  |  | &nbsp;&nbsp;&nbsp;**50850** |
| **Passenger Airlines 0.2%** |  |  |
| Southwest Airlines | &nbsp;&nbsp;&nbsp;54226 | &nbsp;&nbsp;&nbsp;&nbsp;1730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1730** |
| **Professional Services 3.7%** |  |  |
| Booz Allen Hamilton Holdings | &nbsp;&nbsp;&nbsp;31593 | &nbsp;&nbsp;&nbsp;&nbsp;3158 |
| CSG Systems International | &nbsp;&nbsp;&nbsp;21349 | &nbsp;&nbsp;&nbsp;&nbsp;1374 |
| First Advantage (1) | 282630 | &nbsp;&nbsp;&nbsp;&nbsp;4350 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;35836 | &nbsp;&nbsp;&nbsp;&nbsp;2508 |
| Leidos Holdings | &nbsp;&nbsp;&nbsp;32845 | &nbsp;&nbsp;&nbsp;&nbsp;6206 |
| Paylocity Holding (1) | &nbsp;&nbsp;&nbsp;12428 | &nbsp;&nbsp;&nbsp;&nbsp;1979 |
| SS&C Technologies Holdings | &nbsp;&nbsp;&nbsp;69879 | &nbsp;&nbsp;&nbsp;&nbsp;6203 |
| Upwork (1) | 257345 | &nbsp;&nbsp;&nbsp;&nbsp;4779 |
| Verra Mobility (1) | 173454 | &nbsp;&nbsp;&nbsp;&nbsp;4284 |
|  |  | &nbsp;&nbsp;&nbsp;**34841** |
| **Trading Companies & Distributors 0.6%** |  |  |
| Applied Industrial Technologies | &nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp;1761 |
| SiteOne Landscape Supply (1) | &nbsp;&nbsp;&nbsp;32851 | &nbsp;&nbsp;&nbsp;&nbsp;4231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5992** |
| Total Industrials & Business Services |  | 193159 |
| **INFORMATION TECHNOLOGY 16.5%** | **INFORMATION TECHNOLOGY 16.5%** | **INFORMATION TECHNOLOGY 16.5%** |
| **Electronic Equipment, Instruments & Components 3.9%** |  |  |
| Bel Fuse, Class B | &nbsp;&nbsp;&nbsp;16368 | &nbsp;&nbsp;&nbsp;&nbsp;2308 |
| Belden | &nbsp;&nbsp;&nbsp;61684 | &nbsp;&nbsp;&nbsp;&nbsp;7419 |
| Cognex | &nbsp;&nbsp;&nbsp;34392 | &nbsp;&nbsp;&nbsp;&nbsp;1558 |
| Fabrinet (1) | &nbsp;&nbsp;&nbsp;&nbsp;7477 | &nbsp;&nbsp;&nbsp;&nbsp;2726 |
| Flex (1) | &nbsp;&nbsp;&nbsp;67933 | &nbsp;&nbsp;&nbsp;&nbsp;3938 |
| Jabil | &nbsp;&nbsp;&nbsp;26910 | &nbsp;&nbsp;&nbsp;&nbsp;5844 |
| TD SYNNEX | &nbsp;&nbsp;&nbsp;14763 | &nbsp;&nbsp;&nbsp;&nbsp;2418 |
| Teledyne Technologies (1) | &nbsp;&nbsp;&nbsp;13087 | &nbsp;&nbsp;&nbsp;&nbsp;7670 |
| Vontier | &nbsp;&nbsp;&nbsp;32474 | &nbsp;&nbsp;&nbsp;&nbsp;1363 |
| Zebra Technologies, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;4860 | &nbsp;&nbsp;&nbsp;&nbsp;1444 |
|  |  | &nbsp;&nbsp;&nbsp;**36688** |

---

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T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **IT Services 1.1%** |  |  |
| Amdocs | &nbsp;&nbsp;&nbsp;27455 | &nbsp;&nbsp;&nbsp;&nbsp;2253 |
| ASGN (1) | &nbsp;&nbsp;&nbsp;19458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 |
| GoDaddy, Class A (1) | &nbsp;&nbsp;&nbsp;39388 | &nbsp;&nbsp;&nbsp;&nbsp;5389 |
| Okta (1) | &nbsp;&nbsp;&nbsp;23062 | &nbsp;&nbsp;&nbsp;&nbsp;2115 |
|  |  | &nbsp;&nbsp;&nbsp;**10678** |
| **Semiconductors & Semiconductor Equipment 5.0%** |  |  |
| Credo Technology Group Holding (1) | &nbsp;&nbsp;&nbsp;26323 | &nbsp;&nbsp;&nbsp;&nbsp;3833 |
| Entegris | &nbsp;&nbsp;&nbsp;58612 | &nbsp;&nbsp;&nbsp;&nbsp;5419 |
| First Solar (1) | &nbsp;&nbsp;&nbsp;10034 | &nbsp;&nbsp;&nbsp;&nbsp;2213 |
| Lattice Semiconductor (1) | 115907 | &nbsp;&nbsp;&nbsp;&nbsp;8498 |
| MKS | &nbsp;&nbsp;&nbsp;85437 | &nbsp;&nbsp;&nbsp;10575 |
| Rambus (1) | 103349 | &nbsp;&nbsp;&nbsp;10769 |
| Synaptics (1) | &nbsp;&nbsp;&nbsp;33004 | &nbsp;&nbsp;&nbsp;&nbsp;2255 |
| Teradyne | &nbsp;&nbsp;&nbsp;26618 | &nbsp;&nbsp;&nbsp;&nbsp;3664 |
|  |  | &nbsp;&nbsp;&nbsp;**47226** |
| **Software 6.0%** |  |  |
| A10 Networks | 103940 | &nbsp;&nbsp;&nbsp;&nbsp;1886 |
| Appfolio, Class A (1) | &nbsp;&nbsp;&nbsp;11651 | &nbsp;&nbsp;&nbsp;&nbsp;3212 |
| CCC Intelligent Solutions Holdings (1) | 516427 | &nbsp;&nbsp;&nbsp;&nbsp;4705 |
| Clearwater Analytics Holdings, Class A (1) | 154211 | &nbsp;&nbsp;&nbsp;&nbsp;2779 |
| CyberArk Software (1) | &nbsp;&nbsp;&nbsp;&nbsp;3199 | &nbsp;&nbsp;&nbsp;&nbsp;1546 |
| Descartes Systems Group (1) | &nbsp;&nbsp;&nbsp;69234 | &nbsp;&nbsp;&nbsp;&nbsp;6524 |
| DocuSign (1) | &nbsp;&nbsp;&nbsp;59235 | &nbsp;&nbsp;&nbsp;&nbsp;4270 |
| Dynatrace (1) | &nbsp;&nbsp;&nbsp;71652 | &nbsp;&nbsp;&nbsp;&nbsp;3472 |
| Gen Digital | 148432 | &nbsp;&nbsp;&nbsp;&nbsp;4214 |
| InterDigital | &nbsp;&nbsp;&nbsp;23241 | &nbsp;&nbsp;&nbsp;&nbsp;8023 |
| Manhattan Associates (1) | &nbsp;&nbsp;&nbsp;&nbsp;7047 | &nbsp;&nbsp;&nbsp;&nbsp;1444 |
| Monday.com (1) | &nbsp;&nbsp;&nbsp;&nbsp;7549 | &nbsp;&nbsp;&nbsp;&nbsp;1462 |
| Nutanix, Class A (1) | &nbsp;&nbsp;&nbsp;71869 | &nbsp;&nbsp;&nbsp;&nbsp;5346 |
| PTC (1) | &nbsp;&nbsp;&nbsp;32336 | &nbsp;&nbsp;&nbsp;&nbsp;6565 |
| Samsara, Class A (1) | &nbsp;&nbsp;&nbsp;34867 | &nbsp;&nbsp;&nbsp;&nbsp;1299 |
|  |  | &nbsp;&nbsp;&nbsp;**56747** |
| **Technology Hardware, Storage & Peripherals 0.5%** |  |  |
| Sandisk (1) | &nbsp;&nbsp;&nbsp;40979 | &nbsp;&nbsp;&nbsp;&nbsp;4598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4598** |
| Total Information Technology |  | 155937 |
| **MATERIALS 5.0%** | **MATERIALS 5.0%** | **MATERIALS 5.0%** |
| **Chemicals 1.4%** |  |  |
| Axalta Coating Systems (1) | &nbsp;&nbsp;&nbsp;75591 | &nbsp;&nbsp;&nbsp;&nbsp;2164 |
| CF Industries Holdings | &nbsp;&nbsp;&nbsp;21993 | &nbsp;&nbsp;&nbsp;&nbsp;1973 |
| NewMarket | &nbsp;&nbsp;&nbsp;&nbsp;2461 | &nbsp;&nbsp;&nbsp;&nbsp;2038 |
| RPM International | &nbsp;&nbsp;&nbsp;41078 | &nbsp;&nbsp;&nbsp;&nbsp;4842 |

---

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T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Sensient Technologies | &nbsp;&nbsp;&nbsp;&nbsp;9358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 |
| Westlake Chemical | &nbsp;&nbsp;&nbsp;15437 | &nbsp;&nbsp;&nbsp;1190 |
|  |  | **13085** |
| **Construction Materials 0.3%** |  |  |
| Knife River (1) | &nbsp;&nbsp;&nbsp;34036 | &nbsp;&nbsp;&nbsp;2616 |
|  |  | &nbsp;&nbsp;&nbsp;**2616** |
| **Containers & Packaging 1.1%** |  |  |
| International Paper | 112322 | &nbsp;&nbsp;&nbsp;5212 |
| Packaging of America | &nbsp;&nbsp;&nbsp;15316 | &nbsp;&nbsp;&nbsp;3338 |
| Sealed Air | &nbsp;&nbsp;&nbsp;56521 | &nbsp;&nbsp;&nbsp;1998 |
|  |  | **10548** |
| **Metals & Mining 2.0%** |  |  |
| Alamos Gold, Class A | &nbsp;&nbsp;&nbsp;86527 | &nbsp;&nbsp;&nbsp;3016 |
| Coeur Mining (1) | 107824 | &nbsp;&nbsp;&nbsp;2023 |
| MP Materials (1) | &nbsp;&nbsp;&nbsp;29403 | &nbsp;&nbsp;&nbsp;1972 |
| OR Royalties (2) | &nbsp;&nbsp;&nbsp;32821 | &nbsp;&nbsp;&nbsp;1316 |
| Reliance Steel & Aluminum | &nbsp;&nbsp;&nbsp;11175 | &nbsp;&nbsp;&nbsp;3138 |
| Steel Dynamics | &nbsp;&nbsp;&nbsp;38724 | &nbsp;&nbsp;&nbsp;5399 |
| Warrior Met Coal | &nbsp;&nbsp;&nbsp;29525 | &nbsp;&nbsp;&nbsp;1879 |
|  |  | **18743** |
| **Paper & Forest Products 0.2%** |  |  |
| Louisiana-Pacific | &nbsp;&nbsp;&nbsp;20590 | &nbsp;&nbsp;&nbsp;1829 |
|  |  | &nbsp;&nbsp;&nbsp;**1829** |
| Total Materials |  | 46821 |
| **REAL ESTATE 5.7%** | **REAL ESTATE 5.7%** | **REAL ESTATE 5.7%** |
| **Health Care REITs 0.2%** |  |  |
| Healthcare Realty Trust, REIT | 108717 | &nbsp;&nbsp;&nbsp;1960 |
|  |  | &nbsp;&nbsp;&nbsp;**1960** |
| **Hotel & Resort REITs 0.4%** |  |  |
| Apple Hospitality, REIT | 186015 | &nbsp;&nbsp;&nbsp;2234 |
| Park Hotels & Resorts, REIT (2) | 124279 | &nbsp;&nbsp;&nbsp;1377 |
|  |  | &nbsp;&nbsp;&nbsp;**3611** |
| **Industrial REITs 0.5%** |  |  |
| Rexford Industrial Realty, REIT | 114417 | &nbsp;&nbsp;&nbsp;4704 |
|  |  | &nbsp;&nbsp;&nbsp;**4704** |
| **Office REITs 0.8%** |  |  |
| Kilroy Realty, REIT (2) | &nbsp;&nbsp;&nbsp;53047 | &nbsp;&nbsp;&nbsp;2241 |
| Vornado Realty Trust, REIT | 131437 | &nbsp;&nbsp;&nbsp;5327 |
|  |  | &nbsp;&nbsp;&nbsp;**7568** |
| **Real Estate Management & Development 0.6%** |  |  |
| FirstService (2) | &nbsp;&nbsp;&nbsp;&nbsp;7297 | &nbsp;&nbsp;&nbsp;1390 |

---

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T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Jones Lang LaSalle (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14502 | &nbsp;&nbsp;&nbsp;&nbsp;4326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5716** |
| **Residential REITs 1.0%** |  |  |
| Equity LifeStyle Properties, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28994 | &nbsp;&nbsp;&nbsp;&nbsp;1760 |
| Essex Property Trust, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6478 | &nbsp;&nbsp;&nbsp;&nbsp;1734 |
| Sun Communities, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47762 | &nbsp;&nbsp;&nbsp;&nbsp;6161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9655** |
| **Retail REITs 0.8%** |  |  |
| Brixmor Property Group, REIT | &nbsp;&nbsp;&nbsp;&nbsp;137798 | &nbsp;&nbsp;&nbsp;&nbsp;3814 |
| Regency Centers, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45109 | &nbsp;&nbsp;&nbsp;&nbsp;3289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7103** |
| **Specialized REITs 1.4%** |  |  |
| CubeSmart, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86812 | &nbsp;&nbsp;&nbsp;&nbsp;3530 |
| EPR Properties, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22381 | &nbsp;&nbsp;&nbsp;&nbsp;1298 |
| Lamar Advertising, Class A, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46080 | &nbsp;&nbsp;&nbsp;&nbsp;5641 |
| Smartstop Self Storage, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77717 | &nbsp;&nbsp;&nbsp;&nbsp;2925 |
|  |  | &nbsp;&nbsp;&nbsp;**13394** |
| Total Real Estate |  | &nbsp;&nbsp;&nbsp;53711 |
| **UTILITIES 2.5%** | **UTILITIES 2.5%** | **UTILITIES 2.5%** |
| **Electric Utilities 0.6%** |  |  |
| Evergy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43223 | &nbsp;&nbsp;&nbsp;&nbsp;3286 |
| Portland General Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57358 | &nbsp;&nbsp;&nbsp;&nbsp;2524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5810** |
| **Gas Utilities 0.6%** |  |  |
| National Fuel Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48012 | &nbsp;&nbsp;&nbsp;&nbsp;4435 |
| UGI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5332** |
| **Independent Power & Renewable Electricity Producer 0.3%** |  |  |
| Talen Energy (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373 | &nbsp;&nbsp;&nbsp;&nbsp;2711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2711** |
| **Multi-Utilities 1.0%** |  |  |
| Ameren | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59080 | &nbsp;&nbsp;&nbsp;&nbsp;6167 |
| NiSource | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76306 | &nbsp;&nbsp;&nbsp;&nbsp;3304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9471** |
| Total Utilities |  | &nbsp;&nbsp;&nbsp;23324 |
| **Total Common Stocks (Cost $859,539)** |  | **940738** |
| **SHORT-TERM INVESTMENTS 0.4%** | **SHORT-TERM INVESTMENTS 0.4%** | **SHORT-TERM INVESTMENTS 0.4%** |
| **Money Market Funds 0.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.09% (3) | 3864528 | &nbsp;&nbsp;&nbsp;&nbsp;3865 |
| **Total Short-Term Investments (Cost $3,865)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**3865** |

---

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T. ROWE PRICE SMALL-MID CAP ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SECURITIES LENDING COLLATERAL 1.0%** | **SECURITIES LENDING COLLATERAL 1.0%** | **SECURITIES LENDING COLLATERAL 1.0%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 1.0%** |  |  |
| **Money Market Funds 1.0%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.16% (3)(4) | 8986941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8987 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8987** |
| **Total Securities Lending Collateral (Cost $8,987)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8987** |
| **Total Investments in Securities<br> 101.2% of Net Assets (Cost $872,391)** |  | **$953590** |
| **Other Assets Less Liabilities (1.2%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**(10874)** |
| **Net Assets 100.0%** |  | **$942716** |

---

---

| | |
|:---|:---|
| ‡ | 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 |
| REIT | A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder |

---

------

T. ROWE PRICE SMALL-MID CAP ETF

------

#### AFFILIATED COMPANIES
($000s)

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

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 12/31/24** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 9/30/25** |
| T. Rowe Price Government Reserve Fund | $737 | ¤ | ¤ | &nbsp;&nbsp;$8987 |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $8,987^ |

---

---

| |
|:---|
| 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 $8,987. |

---

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

------

T. ROWE PRICE SMALL-MID CAP ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The T. Rowe Price Small-Mid Cap 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 SMALL-MID CAP 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 greatest weight to actual prices in arm's length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

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

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

#### ETF1075-054Q3

#### 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 Small-Mid Cap ETF

- **b. EDGAR series identifier (if any):** S000079837

- **c. LEI of Series:** 2549007E1MIRD0TWHQ40

**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:** $966480945.48

**Total Liabilities:** $6188873.90

**Net Assets:** $960292071.58

**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 C000241225 | 1.37%                | 4.22%                | 1.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10053827.57             | $-4416833.86                               |
| Month 2  | $1754102.45              | $39312569.14                               |
| Month 3  | $-874744.79              | $-2148445.04                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| A10 NETWORKS INC                      | A10 NETWORKS INC COMMON STOCK USD.00001                    | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |    103940 | NS      | $1886511.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUITY INC                            | ACUITY INC COMMON STOCK USD.01                             | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18597 | NS      | $6404620.83   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                                 | AECOM COMMON STOCK USD.01                                  | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     17609 | NS      | $2297446.23   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORP                             | AGCO CORP COMMON STOCK USD.01                              | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     43069 | NS      | $4611397.83   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| AKERO THERAPEUTICS INC                | AKERO THERAPEUTICS INC COMMON STOCK USD.0001               | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     36071 | NS      | $1712651.08   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMOS GOLD INC-CLASS A               | ALAMOS GOLD INC CLASS A COMMON STOCK                       | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |     86527 | NS      | $3016331.22   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKERMES PLC                          | ALKERMES PLC COMMON STOCK USD.01                           | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     65992 | NS      | $1979760.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AMALGAMATED FINANCIAL CORP            | AMALGAMATED FINANCIAL CORP COMMON STOCK USD.01             | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41467 | NS      | $1125829.05   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LTD                            | AMDOCS LTD COMMON STOCK GBP.0001                           | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |     27455 | NS      | $2252682.75   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                    | AMEREN CORPORATION COMMON STOCK USD.01                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     59080 | NS      | $6166770.40   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT IN          | ANNALY CAPITAL MANAGEMENT IN REIT USD.01                   | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     68325 | NS      | $1380848.25   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| API GROUP CORP                        | API GROUP CORP COMMON STOCK USD.0001                       | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    275295 | NS      | $9461889.15   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| APPFOLIO INC - A                      | APPFOLIO INC   A COMMON STOCK USD.0001                     | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     11651 | NS      | $3211714.66   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE HOSPITALITY REIT INC            | APPLE HOSPITALITY REIT INC REIT                            | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    186015 | NS      | $2234040.15   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED INDUSTRIAL TECH INC           | APPLIED INDUSTRIAL TECH INC COMMON STOCK                   | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      6745 | NS      | $1760782.25   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ARAMARK                               | ARAMARK COMMON STOCK USD.01                                | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |     64942 | NS      | $2493772.80   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S - ADR             | ASCENDIS PHARMA A/S   ADR ADR DKK1.0                       | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      6186 | NS      | $1229838.66   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN INC                              | ASGN INC COMMON STOCK USD.01                               | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |     19458 | NS      | $921336.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSURANT INC                          | ASSURANT INC COMMON STOCK USD.01                           | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     14121 | NS      | $3058608.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMUS FILTRATION TECHNOLOGIE          | ATMUS FILTRATION TECHNOLOGIE COMMON STOCK                  | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    136799 | NS      | $6168266.91   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOLIV INC                           | AUTOLIV INC COMMON STOCK USD1.0                            | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |     21693 | NS      | $2679085.50   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIDITY BIOSCIENCES INC               | AVIDITY BIOSCIENCES INC COMMON STOCK                       | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67338 | NS      | $2933916.66   | 0.31%             |  |  |  | No            |                  1 | On Loan: —       |
| AXALTA COATING SYSTEMS LTD            | AXALTA COATING SYSTEMS LTD COMMON STOCK USD1.0             | CUSIP: G0750C108<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |     75591 | NS      | $2163414.42   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LTD             | AXIS CAPITAL HOLDINGS LTD COMMON STOCK USD.0125            | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |     73456 | NS      | $7037084.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BATH & BODY WORKS INC                 | BATH + BODY WORKS INC COMMON STOCK USD.5                   | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     82176 | NS      | $2116853.76   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BEL FUSE INC-CL B                     | BEL FUSE INC CL B COMMON STOCK USD.1                       | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     16368 | NS      | $2308215.36   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| BELDEN INC                            | BELDEN INC COMMON STOCK USD.01                             | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |     61684 | NS      | $7418734.68   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| BICARA THERAPEUTICS INC               | BICARA THERAPEUTICS INC COMMON STOCK USD.0001              | CUSIP: 055477103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26574 | NS      | $419603.46    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ S WHOLESALE CLUB HOLDINGS          | BJ S WHOLESALE CLUB HOLDINGS COMMON STOCK USD.01           | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     27006 | NS      | $2518309.50   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BLUE BIRD CORP                        | BLUE BIRD CORP COMMON STOCK USD.0001                       | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     45733 | NS      | $2631934.15   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDINGS          | BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD.01           | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     31593 | NS      | $3157720.35   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| BOYD GAMING CORP                      | BOYD GAMING CORP COMMON STOCK USD.01                       | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     15205 | NS      | $1314472.25   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTSPRING HEALTH SERVICES          | BRIGHTSPRING HEALTH SERVICES COMMON STOCK USD100.0         | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128747 | NS      | $3805761.32   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIXMOR PROPERTY GROUP INC            | BRIXMOR PROPERTY GROUP INC REIT USD.01                     | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    137798 | NS      | $3814248.64   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES INC                 | BURLINGTON STORES INC COMMON STOCK USD.0001                | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |     13997 | NS      | $3562236.50   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES INC                  | BWX TECHNOLOGIES INC COMMON STOCK USD.01                   | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     10476 | NS      | $1931460.12   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CARIS LIFE SCIENCES INC               | CARIS LIFE SCIENCES INC COMMON STOCK USD.001               | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |     14382 | NS      | $435055.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CARPENTER TECHNOLOGY                  | CARPENTER TECHNOLOGY COMMON STOCK USD5.0                   | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     15997 | NS      | $3927903.38   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CARVANA CO                            | CARVANA CO COMMON STOCK USD.001                            | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      6738 | NS      | $2541843.12   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CASEY S GENERAL STORES INC            | CASEY S GENERAL STORES INC COMMON STOCK                    | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      7810 | NS      | $4415149.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC INTELLIGENT SOLUTIONS HO          | CCC INTELLIGENT SOLUTIONS HO COMMON STOCK USD.0001         | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    516427 | NS      | $4704649.97   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| CELLDEX THERAPEUTICS INC              | CELLDEX THERAPEUTICS INC COMMON STOCK USD.001              | CUSIP: 15117B202<br>LEI: 529900F018DMYWH38923 | Long             | EC               | CORP              | US        |     42497 | NS      | $1099397.39   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CELSIUS HOLDINGS INC                  | CELSIUS HOLDINGS INC COMMON STOCK USD.001                  | CUSIP: 15118V207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31786 | NS      | $1827377.14   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTESSA PHARMACEUTICALS-ADR          | CENTESSA PHARMACEUTICALS ADR ADR USD.0001                  | CUSIP: 152309100<br>LEI: 213800GIDAARDSKOI827 | Long             | EC               | CORP              | GB        |     34708 | NS      | $841669.00    | 0.09%             |  |  |  | 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        |     21993 | NS      | $1972772.10   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CG ONCOLOGY INC                       | CG ONCOLOGY INC COMMON STOCK                               | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18475 | NS      | $744173.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| CHURCHILL DOWNS INC                   | CHURCHILL DOWNS INC COMMON STOCK                           | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     26414 | NS      | $2562422.14   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN HARBORS INC                     | CLEAN HARBORS INC COMMON STOCK USD.01                      | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |      5524 | NS      | $1282783.28   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEARWATER ANALYTICS HDS-A            | CLEARWATER ANALYTICS HDS A COMMON STOCK USD.001            | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    154211 | NS      | $2778882.22   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| COEUR MINING INC                      | COEUR MINING INC COMMON STOCK USD.01                       | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |    107824 | NS      | $2022778.24   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNEX CORP                           | COGNEX CORP COMMON STOCK USD.002                           | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     34392 | NS      | $1557957.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM INC           | COLUMBIA BANKING SYSTEM INC COMMON STOCK                   | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    119086 | NS      | $3065273.64   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| COMFORT SYSTEMS USA INC               | COMFORT SYSTEMS USA INC COMMON STOCK USD.01                | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      8641 | NS      | $7130380.38   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CONCENTRA GROUP HOLDINGS PAR          | CONCENTRA GROUP HOLDINGS PAR COMMON STOCK USD.01           | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    195977 | NS      | $4101798.61   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC              | COREBRIDGE FINANCIAL INC COMMON STOCK USD.01               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    193351 | NS      | $6196899.55   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY INC                            | CORPAY INC COMMON STOCK USD.001                            | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     31050 | NS      | $8944263.00   | 0.93%             |  |  |  | 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        |     26323 | NS      | $3832892.03   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| CRINETICS PHARMACEUTICALS IN          | CRINETICS PHARMACEUTICALS IN COMMON STOCK USD.001          | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |     52206 | NS      | $2174379.90   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CROCS INC                             | CROCS INC COMMON STOCK USD.001                             | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |     29672 | NS      | $2479095.60   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG SYSTEMS INTL INC                  | CSG SYSTEMS INTL INC COMMON STOCK USD.01                   | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     21349 | NS      | $1374448.62   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                             | CUBESMART REIT USD.01                                      | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86812 | NS      | $3529775.92   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CURTISS-WRIGHT CORP                   | CURTISS WRIGHT CORP COMMON STOCK USD1.0                    | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |      9548 | NS      | $5183991.12   | 0.54%             |  |  |  | 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        |      3199 | NS      | $1545596.85   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DENALI THERAPEUTICS INC               | DENALI THERAPEUTICS INC COMMON STOCK USD.01                | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |     81743 | NS      | $1186908.36   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DESCARTES SYSTEMS GRP/THE             | DESCARTES SYSTEMS GRP/THE COMMON STOCK                     | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     69234 | NS      | $6523919.82   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DOCUSIGN INC                          | DOCUSIGN INC COMMON STOCK USD.0001                         | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     59235 | NS      | $4270251.15   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINO S PIZZA INC                    | DOMINO S PIZZA INC COMMON STOCK USD.01                     | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      3262 | NS      | $1408238.02   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DRAFTKINGS INC                        | DRAFTKINGS INC CL A COMMON STOCK USD.0001                  | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Long             | EC               | CORP              | US        |    101300 | NS      | $3788620.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DUOLINGO                              | DUOLINGO COMMON STOCK USD.0001                             | CUSIP: 26603R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12403 | NS      | $3991781.52   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DUTCH BROS INC-CLASS A                | DUTCH BROS INC CLASS A COMMON STOCK USD.00001              | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30804 | NS      | $1612281.36   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNATRACE INC                         | DYNATRACE INC COMMON STOCK USD.001                         | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     71652 | NS      | $3471539.40   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP INC                 | EAST WEST BANCORP INC COMMON STOCK USD.001                 | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |     19556 | NS      | $2081736.20   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR GROUP INC                       | EMCOR GROUP INC COMMON STOCK USD.01                        | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      7500 | NS      | $4871550.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORP                 | ENCOMPASS HEALTH CORP COMMON STOCK USD.01                  | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     62347 | NS      | $7919315.94   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERSYS                               | ENERSYS COMMON STOCK USD.01                                | CUSIP: 29275Y102<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | EC               | CORP              | US        |     21232 | NS      | $2398366.72   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTEGRIS INC                          | ENTEGRIS INC COMMON STOCK USD.01                           | CUSIP: 29362U104<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | EC               | CORP              | US        |     58612 | NS      | $5419265.52   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                        | EPR PROPERTIES REIT USD.01                                 | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     22381 | NS      | $1298321.81   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC                | EQUITABLE HOLDINGS INC COMMON STOCK USD.01                 | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    110953 | NS      | $5634193.34   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES           | EQUITY LIFESTYLE PROPERTIES REIT USD.01                    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     28994 | NS      | $1759935.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ESAB CORP                             | ESAB CORP COMMON STOCK USD.001                             | CUSIP: 29605J106<br>LEI: 549300ZNV0SWBXEIWT04 | Long             | EC               | CORP              | US        |     52500 | NS      | $5866350.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ESSEX PROPERTY TRUST INC              | ESSEX PROPERTY TRUST INC REIT USD.0001                     | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      6478 | NS      | $1733901.48   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                     | EVEREST GROUP LTD COMMON STOCK USD.01                      | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |      8877 | NS      | $3108991.71   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                            | EVERGY INC COMMON STOCK                                    | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     43223 | NS      | $3285812.46   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| FABRINET                              | FABRINET COMMON STOCK USD.01                               | CUSIP: G3323L100<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      7477 | NS      | $2726263.74   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                   | FIFTH THIRD BANCORP COMMON STOCK                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     73461 | NS      | $3272687.55   | 0.34%             |  |  |  | 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        |     10246 | NS      | $300412.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST ADVANTAGE CORP                  | FIRST ADVANTAGE CORP COMMON STOCK USD.001                  | CUSIP: 31846B108<br>LEI: 549300RNJ0PXU8FP7D06 | Long             | EC               | CORP              | US        |    282630 | NS      | $4349675.70   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST BANCORP PUERTO RICO             | FIRST BANCORP PUERTO RICO COMMON STOCK USD.1               | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |    218766 | NS      | $4823790.30   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST SOLAR INC                       | FIRST SOLAR INC COMMON STOCK USD.001                       | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     10034 | NS      | $2212798.02   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTCASH HOLDINGS INC                | FIRSTCASH HOLDINGS INC COMMON STOCK USD.01                 | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15453 | NS      | $2448064.26   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRSTSERVICE CORP                     | FIRSTSERVICE CORP COMMON STOCK                             | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      7297 | NS      | $1390005.53   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| FLEX LTD                              | FLEX LTD COMMON STOCK                                      | CUSIP: Y2573F102<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | SG        |     67933 | NS      | $3938076.01   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| FLOOR & DECOR HOLDINGS INC-A          | FLOOR + DECOR HOLDINGS INC A COMMON STOCK USD.001          | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |     39968 | NS      | $2945641.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORP                          | FORTIVE CORP COMMON STOCK USD.01                           | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     57428 | NS      | $2813397.72   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FRONTDOOR INC                         | FRONTDOOR INC COMMON STOCK USD.01                          | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     50587 | NS      | $3403999.23   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GATES INDUSTRIAL CORP PLC             | GATES INDUSTRIAL CORP PLC COMMON STOCK USD.01              | CUSIP: G39108108<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | GB        |    115424 | NS      | $2864823.68   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC                       | GEN DIGITAL INC COMMON STOCK USD.01                        | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |    148432 | NS      | $4213984.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL INC - A                | GLOBUS MEDICAL INC   A COMMON STOCK USD.001                | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     16430 | NS      | $940946.10    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC - CLASS A                 | GODADDY INC   CLASS A COMMON STOCK USD.001                 | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     39388 | NS      | $5389460.04   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH INC                   | GUARDANT HEALTH INC COMMON STOCK USD.00001                 | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     39109 | NS      | $2443530.32   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R BLOCK INC                         | H+R BLOCK INC COMMON STOCK                                 | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     31913 | NS      | $1613840.41   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HANCOCK WHITNEY CORP                  | HANCOCK WHITNEY CORP COMMON STOCK USD3.33                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     30777 | NS      | $1926947.97   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HANMI FINANCIAL CORPORATION           | HANMI FINANCIAL CORPORATION COMMON STOCK USD.001           | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |     55540 | NS      | $1371282.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HANOVER INSURANCE GROUP INC/          | HANOVER INSURANCE GROUP INC/ COMMON STOCK USD.01           | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     27528 | NS      | $4999910.64   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TRUST INC           | HEALTHCARE REALTY TRUST INC REIT USD.01                    | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    108717 | NS      | $1960167.51   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HEARTFLOW INC                         | HEARTFLOW INC COMMON STOCK USD.001                         | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14658 | NS      | $493388.28    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HEXCEL CORP                           | HEXCEL CORP COMMON STOCK USD.01                            | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     64575 | NS      | $4048852.50   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HF SINCLAIR CORP                      | HF SINCLAIR CORP COMMON STOCK                              | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               | CORP              | US        |     73721 | NS      | $3858557.14   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC                  | HOWMET AEROSPACE INC COMMON STOCK                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     10892 | NS      | $2137337.16   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HUBBELL INC                           | HUBBELL INC COMMON STOCK USD.01                            | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      9812 | NS      | $4222201.72   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC             | HUNTINGTON BANCSHARES INC COMMON STOCK USD.01              | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    342824 | NS      | $5920570.48   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX CORP                             | IDEX CORP COMMON STOCK USD.01                              | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     15570 | NS      | $2534173.20   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| INSMED INC                            | INSMED INC COMMON STOCK USD.01                             | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     46584 | NS      | $6708561.84   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERDIGITAL INC                      | INTERDIGITAL INC COMMON STOCK USD.01                       | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23241 | NS      | $8023490.43   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER CO                | INTERNATIONAL PAPER CO COMMON STOCK USD1.0                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |    112322 | NS      | $5211740.80   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| IONIS PHARMACEUTICALS INC             | IONIS PHARMACEUTICALS INC COMMON STOCK USD.001             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |     37570 | NS      | $2457829.40   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JABIL INC                             | JABIL INC COMMON STOCK USD.001                             | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     26910 | NS      | $5844044.70   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUX THERAPEUTICS INC                | JANUX THERAPEUTICS INC COMMON STOCK USD.001                | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26125 | NS      | $638495.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JONES LANG LASALLE INC                | JONES LANG LASALLE INC COMMON STOCK USD.01                 | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     14502 | NS      | $4325656.56   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| KARMAN HOLDINGS INC                   | KARMAN HOLDINGS INC COMMON STOCK USD.001                   | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94753 | NS      | $6841166.60   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| KEYCORP                               | KEYCORP COMMON STOCK USD1.0                                | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |    295840 | NS      | $5529249.60   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| KILROY REALTY CORP                    | KILROY REALTY CORP REIT USD.01                             | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     53047 | NS      | $2241235.75   | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| KNIFE RIVER CORP                      | KNIFE RIVER CORP COMMON STOCK                              | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34036 | NS      | $2616347.32   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| KORN FERRY                            | KORN FERRY COMMON STOCK USD.01                             | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |     35836 | NS      | $2507803.28   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KYMERA THERAPEUTICS INC               | KYMERA THERAPEUTICS INC COMMON STOCK USD.0001              | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47871 | NS      | $2709498.60   | 0.28%             |  |  |  | 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        |     46080 | NS      | $5641113.60   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMB WESTON HOLDING INC               | LAMB WESTON HOLDINGS INC COMMON STOCK USD1.0               | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |     63873 | NS      | $3709743.84   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LATTICE SEMICONDUCTOR CORP            | LATTICE SEMICONDUCTOR CORP COMMON STOCK USD.01             | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    115907 | NS      | $8498301.24   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| LAUREATE EDUCATION INC                | LAUREATE EDUCATION INC COMMON STOCK USD.001                | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |     57292 | NS      | $1806989.68   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| LAZARD INC                            | LAZARD INC COMMON STOCK USD.01                             | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     87138 | NS      | $4599143.64   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LEIDOS HOLDINGS INC                   | LEIDOS HOLDINGS INC COMMON STOCK USD.0001                  | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |     32845 | NS      | $6206391.20   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| LOAR HOLDINGS INC                     | LOAR HOLDINGS INC COMMON STOCK NPV                         | CUSIP: 53947R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21174 | NS      | $1693920.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LOUISIANA-PACIFIC CORP                | LOUISIANA PACIFIC CORP COMMON STOCK USD1.0                 | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     20590 | NS      | $1829215.60   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MADRIGAL PHARMACEUTICALS INC          | MADRIGAL PHARMACEUTICALS INC COMMON STOCK USD.0001         | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      5523 | NS      | $2533179.18   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MAIN STREET CAPITAL CORP              | MAIN STREET CAPITAL CORP COMMON STOCK USD.01               | CUSIP: 56035L104<br>LEI: 5493001FS9QJLJNF3E20 | Long             | EC               | CORP              | US        |     54861 | NS      | $3488610.99   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MANHATTAN ASSOCIATES INC              | MANHATTAN ASSOCIATES INC COMMON STOCK USD.01               | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      7047 | NS      | $1444494.06   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MAPLEBEAR INC                         | MAPLEBEAR INC COMMON STOCK USD.0001                        | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42343 | NS      | $1556528.68   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS          | MIAMI INTERNATIONAL HOLDINGS COMMON STOCK USD.001          | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |       347 | NS      | $13970.22     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MIDDLEBY CORP                         | MIDDLEBY CORP COMMON STOCK USD.01                          | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     62421 | NS      | $8297623.53   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| MILLICOM INTL CELLULAR S.A.           | MILLICOM INTL CELLULAR S.A. COMMON STOCK USD1.5            | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |     44493 | NS      | $2159690.22   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                               | MKS INC COMMON STOCK                                       | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     85437 | NS      | $10574537.49  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE CO -B           | MOLSON COORS BEVERAGE CO   B COMMON STOCK USD.01           | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     30914 | NS      | $1398858.50   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDAY.COM LTD                        | MONDAY.COM LTD COMMON STOCK                                | CUSIP: M7S64H106<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |      7549 | NS      | $1462165.81   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                     | MP MATERIALS CORP COMMON STOCK USD.0001                    | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     29403 | NS      | $1972059.21   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MUELLER WATER PRODUCTS INC-A          | MUELLER WATER PRODUCTS INC A COMMON STOCK USD.01           | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     74425 | NS      | $1899326.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                            | NATERA INC COMMON STOCK                                    | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44094 | NS      | $7097811.18   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL FUEL GAS CO                  | NATIONAL FUEL GAS CO COMMON STOCK USD1.0                   | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |     48012 | NS      | $4434868.44   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NEUROCRINE BIOSCIENCES INC            | NEUROCRINE BIOSCIENCES INC COMMON STOCK USD.001            | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     27783 | NS      | $3900177.54   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMARKET CORP                        | NEWMARKET CORP COMMON STOCK                                | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |      2461 | NS      | $2038224.81   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXSTAR MEDIA GROUP INC               | NEXSTAR MEDIA GROUP INC COMMON STOCK USD.01                | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |     16064 | NS      | $3176495.36   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTRACKER INC-CL A                   | NEXTRACKER INC CL A COMMON STOCK USD.0001                  | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47149 | NS      | $3488554.51   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                          | NISOURCE INC COMMON STOCK USD.01                           | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |     76306 | NS      | $3304049.80   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NURIX THERAPEUTICS INC                | NURIX THERAPEUTICS INC COMMON STOCK                        | CUSIP: 67080M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54353 | NS      | $502221.72    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX INC - A                       | NUTANIX INC   A COMMON STOCK USD.000025                    | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |     71869 | NS      | $5346334.91   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVALENT INC-A                        | NUVALENT INC A COMMON STOCK USD.0001                       | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23574 | NS      | $2038679.52   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR INC                               | NVR INC COMMON STOCK USD.01                                | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |       331 | NS      | $2659472.46   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG BANCORP                           | OFG BANCORP COMMON STOCK USD1.0                            | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     55398 | NS      | $2409259.02   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA INC                              | OKTA INC COMMON STOCK                                      | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     23062 | NS      | $2114785.40   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OLLIES BARGAIN OUTLET HOLDINGS        | OLLIE S BARGAIN OUTLET HOLDI COMMON STOCK USD.001          | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |     31916 | NS      | $4098014.40   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEMAIN HOLDINGS INC                  | ONEMAIN HOLDINGS INC COMMON STOCK USD.01                   | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     43795 | NS      | $2472665.70   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| OR ROYALTIES INC                      | OR ROYALTIES INC COMMON STOCK                              | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     32821 | NS      | $1315465.68   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| OVINTIV INC                           | OVINTIV INC COMMON STOCK                                   | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     67248 | NS      | $2715474.24   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| OWENS CORNING                         | OWENS CORNING COMMON STOCK USD.001                         | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     12007 | NS      | $1698510.22   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORP OF AMERICA             | PACKAGING CORP OF AMERICA COMMON STOCK USD.01              | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     15316 | NS      | $3337815.88   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK HOTELS & RESORTS INC             | PARK HOTELS + RESORTS INC REIT USD.01                      | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    124279 | NS      | $1377011.32   | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| PAYLOCITY HOLDING CORP                | PAYLOCITY HOLDING CORP COMMON STOCK USD.001                | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     12428 | NS      | $1979407.56   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYONEER GLOBAL INC                   | PAYONEER GLOBAL INC COMMON STOCK USD.01                    | CUSIP: 70451X104<br>LEI: 984500491C64C70FF033 | Long             | EC               | CORP              | US        |    531706 | NS      | $3216821.30   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA INC                          | PENUMBRA INC COMMON STOCK USD.001                          | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     11157 | NS      | $2826291.24   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PERDOCEO EDUCATION CORP               | PERDOCEO EDUCATION CORP COMMON STOCK USD.01                | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     79216 | NS      | $2983274.56   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFORMANCE FOOD GROUP CO             | PERFORMANCE FOOD GROUP CO COMMON STOCK USD.01              | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     65260 | NS      | $6789650.40   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| PERMIAN RESOURCES CORP                | PERMIAN RESOURCES CORP COMMON STOCK USD.0001               | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    420021 | NS      | $5376268.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| PERRIGO CO PLC                        | PERRIGO CO PLC COMMON STOCK EUR.001                        | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |    246755 | NS      | $5495233.85   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PHINIA INC                            | PHINIA INC COMMON STOCK USD.01                             | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     31259 | NS      | $1796767.32   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PINTEREST INC- CLASS A                | PINTEREST INC  CLASS A COMMON STOCK USD.00001              | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100685 | NS      | $3239036.45   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PLANET FITNESS INC - CL A             | PLANET FITNESS INC   CL A COMMON STOCK                     | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     62802 | NS      | $6518847.60   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR INC                           | POPULAR INC COMMON STOCK USD.01                            | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     97811 | NS      | $12422975.11  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PORTLAND GENERAL ELECTRIC CO          | PORTLAND GENERAL ELECTRIC CO COMMON STOCK                  | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |     57358 | NS      | $2523752.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| PRAXIS PRECISION MEDICINES I          | PRAXIS PRECISION MEDICINES I COMMON STOCK USD.0001         | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26358 | NS      | $1396974.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PRESTIGE CONSUMER HEALTHCARE INC      | PRESTIGE CONSUMER HEALTHCARE COMMON STOCK USD.01           | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21142 | NS      | $1319260.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMORIS SERVICES CORP                | PRIMORIS SERVICES CORP COMMON STOCK USD.0001               | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     28970 | NS      | $3978450.10   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                               | PTC INC COMMON STOCK USD.01                                | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |     32336 | NS      | $6564854.72   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INC                 | QUEST DIAGNOSTICS INC COMMON STOCK USD.01                  | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     21209 | NS      | $4042011.22   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| RALPH LAUREN CORP                     | RALPH LAUREN CORP COMMON STOCK USD.01                      | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |     21646 | NS      | $6787319.76   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC                            | RAMBUS INC COMMON STOCK USD.001                            | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |    103349 | NS      | $10768965.80  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| RANGE RESOURCES CORP                  | RANGE RESOURCES CORP COMMON STOCK USD.01                   | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    126613 | NS      | $4765713.32   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC BEARINGS INC                      | RBC BEARINGS INC COMMON STOCK USD.01                       | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5850 | NS      | $2283196.50   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| REDDIT INC-CL A                       | REDDIT INC CL A COMMON STOCK USD.0001                      | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |     29259 | NS      | $6729277.41   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENCY CENTERS CORP                  | REGENCY CENTERS CORP REIT USD.01                           | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |     45109 | NS      | $3288446.10   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| RELIANCE INC                          | RELIANCE INC COMMON STOCK USD.001                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     11175 | NS      | $3138275.25   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD            | RENAISSANCERE HOLDINGS LTD COMMON STOCK USD1.0             | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |     40868 | NS      | $10377611.24  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORP                         | REPLIGEN CORP COMMON STOCK USD.01                          | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |     16768 | NS      | $2241378.56   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIMUNE GROUP INC                   | REPLIMUNE GROUP INC COMMON STOCK USD.001                   | CUSIP: 76029N106<br>LEI: 549300AY704NEIRC4K64 | Long             | EC               | CORP              | US        |    155547 | NS      | $651741.93    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION MEDICINES INC              | REVOLUTION MEDICINES INC COMMON STOCK                      | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     47895 | NS      | $2236696.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REVVITY INC                           | REVVITY INC COMMON STOCK USD1.0                            | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |     35078 | NS      | $3074586.70   | 0.32%             |  |  |  | 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        |    114417 | NS      | $4703682.87   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| RHYTHM PHARMACEUTICALS INC            | RHYTHM PHARMACEUTICALS INC COMMON STOCK                    | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     14184 | NS      | $1432442.16   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                    | RITHM CAPITAL CORP REIT USD.01                             | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    245123 | NS      | $2791950.97   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKET LAB CORP                       | ROCKET LAB CORP COMMON STOCK                               | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48910 | NS      | $2343278.10   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ROIVANT SCIENCES LTD                  | ROIVANT SCIENCES LTD COMMON STOCK USD.0000001              | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |     38731 | NS      | $586000.03    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC                 | RPM INTERNATIONAL INC COMMON STOCK USD.01                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     41078 | NS      | $4842274.64   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SAIA INC                              | SAIA INC COMMON STOCK USD.001                              | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      9657 | NS      | $2890919.52   | 0.30%             |  |  |  | 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        |     34867 | NS      | $1298795.75   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SANDISK CORP                          | SANDISK CORP COMMON STOCK                                  | CUSIP: 80004C200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40979 | NS      | $4597843.80   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHOLAR ROCK HOLDING CORP             | SCHOLAR ROCK HOLDING CORP COMMON STOCK USD.001             | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     58607 | NS      | $2182524.68   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| SEALED AIR CORP                       | SEALED AIR CORP COMMON STOCK USD.1                         | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |     56521 | NS      | $1998017.35   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| SELECT MEDICAL HOLDINGS CORP          | SELECT MEDICAL HOLDINGS CORP COMMON STOCK USD.001          | CUSIP: 81619Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    231061 | NS      | $2966823.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSATA TECHNOLOGIES HOLDING          | SENSATA TECHNOLOGIES HOLDING COMMON STOCK EUR.01           | CUSIP: G8060N102<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |    255544 | NS      | $7806869.20   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| SENSIENT TECHNOLOGIES CORP            | SENSIENT TECHNOLOGIES CORP COMMON STOCK USD.1              | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      9358 | NS      | $878248.30    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORP INTERNATIONAL            | SERVICE CORP INTERNATIONAL COMMON STOCK USD1.0             | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     55208 | NS      | $4594409.76   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SITEONE LANDSCAPE SUPPLY INC          | SITEONE LANDSCAPE SUPPLY INC COMMON STOCK USD.01           | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Long             | EC               | CORP              | US        |     32851 | NS      | $4231208.80   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYWARD SPECIALTY INSURANCE           | SKYWARD SPECIALTY INSURANCE COMMON STOCK USD.01            | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     68925 | NS      | $3278073.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SMARTSTOP SELF STORAGE REIT           | SMARTSTOP SELF STORAGE REIT REIT                           | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |     77717 | NS      | $2925267.88   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLENO THERAPEUTICS INC               | SOLENO THERAPEUTICS INC COMMON STOCK USD.001               | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     24016 | NS      | $1623481.60   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO                 | SOUTHWEST AIRLINES CO COMMON STOCK USD1.0                  | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     54226 | NS      | $1730351.66   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS            | SS+C TECHNOLOGIES HOLDINGS COMMON STOCK USD.01             | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     69879 | NS      | $6202460.04   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| STANDARDAERO INC                      | STANDARDAERO INC COMMON STOCK USD.01                       | CUSIP: 85423L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    198576 | NS      | $5419139.04   | 0.56%             |  |  |  | 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        |     46747 | NS      | $3474704.51   | 0.36%             |  |  |  | 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        |   3864528 | NS      | $3864527.99   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| STEEL DYNAMICS INC                    | STEEL DYNAMICS INC COMMON STOCK USD.005                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     38724 | NS      | $5399287.32   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE GROUP INC-CLASS A           | STEPSTONE GROUP INC CLASS A COMMON STOCK USD.001           | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53079 | NS      | $3466589.49   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEX GROUP INC                      | STONEX GROUP INC COMMON STOCK USD.01                       | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     58657 | NS      | $5919664.44   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE INC                            | STRIDE INC COMMON STOCK USD.0001                           | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     27138 | NS      | $4041933.72   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC                   | SUN COMMUNITIES INC REIT USD.01                            | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |     47762 | NS      | $6161298.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNAPTICS INC                         | SYNAPTICS INC COMMON STOCK USD.001                         | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |     33004 | NS      | $2255493.36   | 0.23%             |  |  |  | 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        |   5761042 | NS      | $5761042.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TALEN ENERGY CORP                     | TALEN ENERGY CORP COMMON STOCK USD.001                     | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6373 | NS      | $2710946.74   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TAPESTRY INC                          | TAPESTRY INC COMMON STOCK USD.01                           | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     25983 | NS      | $2941795.26   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX CORP                        | TD SYNNEX CORP COMMON STOCK USD.001                        | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |     14763 | NS      | $2417441.25   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TECHNIPFMC PLC                        | TECHNIPFMC PLC COMMON STOCK USD1.0                         | CUSIP: G87110105<br>LEI: 549300D5I93QWCJTCK36 | Long             | EC               | CORP              | GB        |    241338 | NS      | $9520784.10   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INC             | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01              | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     13087 | NS      | $7669505.48   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TENET HEALTHCARE CORP                 | TENET HEALTHCARE CORP COMMON STOCK USD.05                  | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     55311 | NS      | $11230345.44  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TERADYNE INC                          | TERADYNE INC COMMON STOCK USD.125                          | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     26618 | NS      | $3663701.52   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS ROADHOUSE INC                   | TEXAS ROADHOUSE INC COMMON STOCK USD.001                   | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     14971 | NS      | $2487431.65   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXTRON INC                           | TEXTRON INC COMMON STOCK USD.125                           | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |     94439 | NS      | $7979151.11   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TIDEWATER INC                         | TIDEWATER INC COMMON STOCK                                 | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     35899 | NS      | $1914493.67   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TIMKEN CO                             | TIMKEN CO COMMON STOCK                                     | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     27216 | NS      | $2046098.88   | 0.21%             |  |  |  | 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        |     20799 | NS      | $4200566.04   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TOLL BROTHERS INC                     | TOLL BROTHERS INC COMMON STOCK USD.01                      | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     31673 | NS      | $4375308.22   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TORO CO                               | TORO CO COMMON STOCK USD1.0                                | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |     39748 | NS      | $3028797.60   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG INC                               | TPG INC COMMON STOCK                                       | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |     55541 | NS      | $3190830.45   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVEL + LEISURE CO                   | TRAVEL   LEISURE CO COMMON STOCK USD.01                    | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     77488 | NS      | $4609761.12   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TREX COMPANY INC                      | TREX COMPANY INC COMMON STOCK USD.01                       | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       872 | NS      | $45056.24     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                              | UGI CORP COMMON STOCK                                      | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |     26987 | NS      | $897587.62    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTA BEAUTY INC                       | ULTA BEAUTY INC COMMON STOCK                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |      8762 | NS      | $4790623.50   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ULTRAGENYX PHARMACEUTICAL INC         | ULTRAGENYX PHARMACEUTICAL IN COMMON STOCK USD.001          | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     34384 | NS      | $1034270.72   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL HEALTH SERVICES-B           | UNIVERSAL HEALTH SERVICES B COMMON STOCK USD.01            | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     11086 | NS      | $2266421.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UPWORK INC                            | UPWORK INC COMMON STOCK USD.0001                           | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |    257345 | NS      | $4778896.65   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| URANIUM ENERGY CORP                   | URANIUM ENERGY CORP COMMON STOCK USD.001                   | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |    329230 | NS      | $4391928.20   | 0.46%             |  |  |  | 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        |     47370 | NS      | $3629489.40   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                           | VAXCYTE INC COMMON STOCK USD.001                           | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     31268 | NS      | $1126273.36   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| VERA THERAPEUTICS INC                 | VERA THERAPEUTICS INC COMMON STOCK USD.001                 | CUSIP: 92337R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30609 | NS      | $889497.54    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| VERRA MOBILITY CORP                   | VERRA MOBILITY CORP COMMON STOCK USD.0001                  | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    173454 | NS      | $4284313.80   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| VF CORP                               | VF CORP COMMON STOCK                                       | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Long             | EC               | CORP              | US        |    104316 | NS      | $1505279.88   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                           | VIATRIS INC COMMON STOCK                                   | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    503902 | NS      | $4988629.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| VIKING HOLDINGS LTD                   | VIKING HOLDINGS LTD COMMON STOCK USD.01                    | CUSIP: G93A5A101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     45801 | NS      | $2846990.16   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VIPER ENERGY INC-CL A                 | VIPER ENERGY INC CL A COMMON STOCK USD.000001              | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140498 | NS      | $5369833.56   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRIDIAN THERAPEUTICS INC             | VIRIDIAN THERAPEUTICS INC COMMON STOCK USD.01              | CUSIP: 92790C104<br>LEI: 549300C775BNYF550E70 | Long             | EC               | CORP              | US        |     28512 | NS      | $615288.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRTUS INVESTMENT PARTNERS            | VIRTUS INVESTMENT PARTNERS COMMON STOCK USD.01             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      9071 | NS      | $1723762.13   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| VONTIER CORP                          | VONTIER CORP COMMON STOCK USD.0001                         | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     32474 | NS      | $1362933.78   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                  | VORNADO REALTY TRUST REIT USD.04                           | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    131437 | NS      | $5327141.61   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC                    | VOYA FINANCIAL INC COMMON STOCK USD.01                     | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |     88878 | NS      | $6648074.40   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| WARRIOR MET COAL INC                  | WARRIOR MET COAL INC COMMON STOCK USD.01                   | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     29525 | NS      | $1878971.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WATTS WATER TECHNOLOGIES-A            | WATTS WATER TECHNOLOGIES A COMMON STOCK USD.1              | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |      8344 | NS      | $2330312.32   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WEATHERFORD INTERNATIONAL PL          | WEATHERFORD INTERNATIONAL PL COMMON STOCK USD.001          | CUSIP: G48833118<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |     71087 | NS      | $4864483.41   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORP                | WEBSTER FINANCIAL CORP COMMON STOCK USD.01                 | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    153141 | NS      | $9102701.04   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORP              | WESTERN ALLIANCE BANCORP COMMON STOCK USD.0001             | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    111057 | NS      | $9630863.04   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTLAKE CORP                         | WESTLAKE CORP COMMON STOCK USD.01                          | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     15437 | NS      | $1189575.22   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WINGSTOP INC                          | WINGSTOP INC COMMON STOCK USD.01                           | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |     15449 | NS      | $3888204.32   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| XENCOR INC                            | XENCOR INC COMMON STOCK USD.01                             | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |     54869 | NS      | $643613.37    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ZEBRA TECHNOLOGIES CORP-CL A          | ZEBRA TECHNOLOGIES CORP CL A COMMON STOCK USD.01           | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |      4860 | NS      | $1444197.60   | 0.15%             |  |  |  | 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        |     38847 | NS      | $3826429.50   | 0.40%             |  |  |  | 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