# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-003676
**Filing Date:** 2025-11
**Character Count:** 58054
**Document Hash:** 003f7d0bac07a30295a99301bf154a75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003676.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003676

**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:** 251522091

**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 Health Care ETF (Series ID: S000092023)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000259933 | T. Rowe Price Health Care ETF | TMED            |

## Nport-Ex

T. ROWE PRICE HEALTH CARE ETF

------

September 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
| **HEALTH CARE 99.2%** | **HEALTH CARE 99.2%** | **HEALTH CARE 99.2%** |
| **Biotechnology 33.2%** |  |  |
| 89bio (1) | &nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;30 |
| AbbVie | &nbsp;&nbsp;&nbsp;&nbsp;3385 | 784 |
| Alnylam Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;25 |
| Apogee Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;53 |
| Applied Therapeutics (1) | 130473 | &nbsp;&nbsp;&nbsp;79 |
| Arcellx (1) | &nbsp;&nbsp;&nbsp;&nbsp;2471 | 203 |
| Ascendis Pharma, ADR (1) | &nbsp;&nbsp;&nbsp;&nbsp;1089 | 216 |
| Avidity Biosciences (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;38 |
| Bicara Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;42 |
| Biogen (1) | &nbsp;&nbsp;&nbsp;&nbsp;1061 | 149 |
| BioNTech, ADR (1) | &nbsp;&nbsp;&nbsp;&nbsp;1079 | 106 |
| Black Diamond Therapeutics (1) | &nbsp;&nbsp;&nbsp;29039 | 110 |
| Cabaletta Bio (1) | &nbsp;&nbsp;&nbsp;33114 | &nbsp;&nbsp;&nbsp;77 |
| Caris Life Sciences (1) | &nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;35 |
| CRISPR Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;31 |
| Cytokinetics (1) | &nbsp;&nbsp;&nbsp;&nbsp;6156 | 338 |
| Denali Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;3936 | &nbsp;&nbsp;&nbsp;57 |
| Dyne Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;6470 | &nbsp;&nbsp;&nbsp;82 |
| Erasca (1) | &nbsp;&nbsp;&nbsp;33016 | &nbsp;&nbsp;&nbsp;72 |
| Exact Sciences (1) | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;77 |
| Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;4229 | 469 |
| Immatics (1) | &nbsp;&nbsp;&nbsp;17218 | 147 |
| Immucore Holdings, ADR (1) | &nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;99 |
| Immunome (1) | &nbsp;&nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp;&nbsp;36 |
| Immunovant (1) | &nbsp;&nbsp;&nbsp;&nbsp;3149 | &nbsp;&nbsp;&nbsp;51 |
| Ionis Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;87 |
| Iovance Biotherapeutics (1) | &nbsp;&nbsp;&nbsp;12638 | &nbsp;&nbsp;&nbsp;27 |
| Jasper Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;&nbsp;13 |
| Jasper Therapeutics, Warrants, 3/22/30 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Kymera Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;17 |
| Metsera (1) | &nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;82 |
| Moderna (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;22 |
| Nurix Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;3168 | &nbsp;&nbsp;&nbsp;29 |
| Prime Medicine (1) | &nbsp;&nbsp;&nbsp;&nbsp;9047 | &nbsp;&nbsp;&nbsp;50 |
| Regeneron Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | 245 |
| REVOLUTION Medicines (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;21 |
| Roivant Sciences (1) | &nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;39 |
| Sarepta Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;92 |
| Soleno Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;31 |
| Tango Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp;&nbsp;63 |
| uniQure (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;57 |

---

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T. ROWE PRICE HEALTH CARE ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Vaxcyte (1) | 1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| Veracyte (1) | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Xenon Pharmaceuticals (1) | 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
|  |  | **4420** |
| **Health Care Equipment & Supplies 22.2%** |  |  |
| Abbott Laboratories | 4969 | &nbsp;&nbsp;&nbsp;&nbsp;665 |
| Alcon | &nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Align Technology (1) | &nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Becton Dickinson & Company | 2428 | &nbsp;&nbsp;&nbsp;&nbsp;454 |
| Cooper (1) | 1821 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| Dexcom (1) | 2087 | &nbsp;&nbsp;&nbsp;&nbsp;140 |
| Edwards Lifesciences (1) | 2506 | &nbsp;&nbsp;&nbsp;&nbsp;195 |
| Enovis (1) | 1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| GE HealthCare Technologies | &nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Haemonetics (1) | &nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Hologic (1) | 1968 | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| ICU Medical (1) | &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Insulet (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| Intuitive Surgical (1) | 1095 | &nbsp;&nbsp;&nbsp;&nbsp;490 |
| Masimo (1) | &nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Medtronic | 1375 | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| Novocure (1) | 4779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Outset Medical (1) | 2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Penumbra (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| PROCEPT BioRobotics (1) | &nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| QuidelOrtho (1) | &nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| RxSight (1) | &nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Steris | &nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| Stryker | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Teleflex | &nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  |  | **2966** |
| **Health Care Providers & Services 16.0%** |  |  |
| Alignment Healthcare (1) | 1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Cencora | &nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| CVS Health | 3410 | &nbsp;&nbsp;&nbsp;&nbsp;257 |
| GeneDx Holdings (1) | &nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Humana | &nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;150 |
| McKesson | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;179 |
| Molina Healthcare (1) | &nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| Oscar Health, Class A (1) | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| UnitedHealth Group | 3073 | 1061 |
|  |  | **2135** |

---

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T. ROWE PRICE HEALTH CARE ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Health Care Technology 0.1%** |  |  |
| Schrodinger (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12** |
| **Life Sciences Tools & Services 8.8%** |  |  |
| Agilent Technologies | &nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| Avantor (1) | &nbsp;&nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Bruker | &nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Danaher | &nbsp;&nbsp;&nbsp;2318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 |
| Maravai LifeSciences Holdings, Class A (1) | &nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Mettler-Toledo International (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 |
| Stevanato Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| West Pharmaceutical Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
|  |  | &nbsp;&nbsp;&nbsp;**1176** |
| **Pharmaceuticals 18.9%** |  |  |
| Amylyx Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| AstraZeneca, ADR | &nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| ATAI Life Sciences (1) | &nbsp;&nbsp;&nbsp;3807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Elanco Animal Health (1) | 17141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;1801 |
| Rapport Therapeutics (1) | &nbsp;&nbsp;&nbsp;2547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| Sanofi, ADR | &nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| Teva Pharmaceutical Industries, ADR (1) | &nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
|  |  | &nbsp;&nbsp;&nbsp;**2514** |
| Total Health Care |  | 13223 |
| **Total Common Stocks (Cost $12,315)** |  | **13223** |
| **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** | **PREFERRED STOCKS 0.2%** |
| **HEALTH CARE 0.2%** | **HEALTH CARE 0.2%** | **HEALTH CARE 0.2%** |
| **Life Sciences Tools & Services 0.2%** |  |  |
| Sartorius (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Total Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| **Total Preferred Stocks (Cost $25)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25** |

---

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T. ROWE PRICE HEALTH CARE ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SHORT-TERM INVESTMENTS 0.6%** | **SHORT-TERM INVESTMENTS 0.6%** | **SHORT-TERM INVESTMENTS 0.6%** |
| **Money Market Funds 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.09% (3) | 83254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| **Total Short-Term Investments (Cost $83)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**83** |
| **Total Investments in Securities<br> 100.0% of Net Assets (Cost $12,423)** |  | **$13331** |
| **Other Assets Less Liabilities (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** |
| **Net Assets 100.0%** |  | **$13330** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Non-income producing. |
| (2) | Level 3 in fair value hierarchy. |
| (3) | Seven-day yield |
| ADR | American Depositary Receipts |
| EUR | Euro |

---

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

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T. ROWE PRICE HEALTH CARE ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The T. Rowe Price Health Care 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 shareholder report and its prospectus.

#### VALUATION

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

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

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

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

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

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

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

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T. ROWE PRICE HEALTH CARE ETF

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

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

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

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

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on September 30, 2025 (for further detail by category, please refer to the accompanying Portfolio of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$13217 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6 | &nbsp;&nbsp;$13223 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| Total | &nbsp;&nbsp;$13300 | &nbsp;&nbsp;$25 | &nbsp;&nbsp;$6 | &nbsp;&nbsp;$13331 |

---

#### OTHER MATTERS
Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict, terrorism, geopolitical and regulatory developments (including trading and tariff arrangements), and public health epidemics or threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted. These and other similar events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic

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T. ROWE PRICE HEALTH CARE ETF

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regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks. The fund's performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.

#### ETF1194-054Q3

#### 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 Health Care ETF

- **b. EDGAR series identifier (if any):** S000092023

- **c. LEI of Series:** 254900CNTFK0LMKYHJ19

**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:** $13334712.54

**Total Liabilities:** $4668.90

**Net Assets:** $13330043.64

**Cash Not Reported:** $8.63

**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 C000259933 | -3.06%               | 4.95%                | 5.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13425.26                | $-351103.51                                |
| Month 2  | $-56734.08               | $671200.99                                 |
| Month 3  | $11375.01                | $687016.48                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 89BIO INC                       | 89BIO INC COMMON STOCK USD.001                             | CUSIP: 282559103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2047 | NS      | $30090.90     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBOTT LABORATORIES             | ABBOTT LABORATORIES COMMON STOCK                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      4969 | NS      | $665547.86    | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ABBVIE INC                      | ABBVIE INC COMMON STOCK USD.01                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3385 | NS      | $783762.90    | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES INC        | AGILENT TECHNOLOGIES INC COMMON STOCK USD.01               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      1719 | NS      | $220633.65    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ALCON INC                       | ALCON INC COMMON STOCK CHF.04                              | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |       410 | NS      | $30549.10     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY INC            | ALIGN TECHNOLOGY INC COMMON STOCK USD.0001                 | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       178 | NS      | $22289.16     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGNMENT HEALTHCARE INC        | ALIGNMENT HEALTHCARE INC COMMON STOCK USD.001              | CUSIP: 01625V104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1184 | NS      | $20660.80     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS INC     | ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01            | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |        55 | NS      | $25080.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMYLYX PHARMACEUTICALS INC      | AMYLYX PHARMACEUTICALS INC COMMON STOCK USD.0001           | CUSIP: 03237H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2741 | NS      | $37250.19     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| APOGEE THERAPEUTICS INC         | APOGEE THERAPEUTICS INC COMMON STOCK USD.00001             | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1346 | NS      | $53476.58     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED THERAPEUTICS INC        | APPLIED THERAPEUTICS INC COMMON STOCK USD.0001             | CUSIP: 03828A101<br>LEI: 549300KL3IJPHZM2GR04 | Long             | EC               | CORP              | US        |    130473 | NS      | $78923.12     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELLX INC                     | ARCELLX INC COMMON STOCK USD.001                           | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2471 | NS      | $202869.10    | 1.52%             |  |  |  | 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        |      1089 | NS      | $216504.09    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC-SPONS ADR       | ASTRAZENECA PLC SPONS ADR ADR                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      1141 | NS      | $87537.52     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ATAI LIFE SCIENCES NV           | ATAI LIFE SCIENCES NV COMMON STOCK EUR.16                  | CUSIP: N0731H103<br>LEI: 391200Z8UWPJSNBNCA11 | Long             | EC               | CORP              | NL        |      3807 | NS      | $20139.03     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AVANTOR INC                     | AVANTOR INC COMMON STOCK USD.01                            | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4087 | NS      | $51005.76     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| AVIDITY BIOSCIENCES INC         | AVIDITY BIOSCIENCES INC COMMON STOCK                       | CUSIP: 05370A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       863 | NS      | $37600.91     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON DICKINSON AND CO         | BECTON DICKINSON AND CO COMMON STOCK USD1.0                | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      2428 | NS      | $454448.76    | 3.41%             |  |  |  | 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        |      2635 | NS      | $41606.65     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                      | BIOGEN INC COMMON STOCK USD.0005                           | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1061 | NS      | $148624.88    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| BIONTECH SE-ADR                 | BIONTECH SE ADR ADR                                        | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      1079 | NS      | $106410.98    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK DIAMOND THERAPEUTICS I    | BLACK DIAMOND THERAPEUTICS I COMMON STOCK                  | CUSIP: 09203E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29039 | NS      | $110057.81    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORP                     | BRUKER CORP COMMON STOCK USD.01                            | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      1482 | NS      | $48150.18     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CABALETTA BIO INC               | CABALETTA BIO INC COMMON STOCK USD.00001                   | CUSIP: 12674W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33114 | NS      | $77486.76     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC             | CARDINAL HEALTH INC COMMON STOCK                           | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       620 | NS      | $97315.20     | 0.73%             |  |  |  | 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        |      1161 | NS      | $35120.25     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                     | CENCORA INC COMMON STOCK USD.01                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       579 | NS      | $180954.87    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| COOPER COS INC/THE              | COOPER COS INC/THE COMMON STOCK USD.1                      | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      1821 | NS      | $124847.76    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CRISPR THERAPEUTICS AG          | CRISPR THERAPEUTICS AG COMMON STOCK CHF.03                 | CUSIP: H17182108<br>LEI: 506700O6IRRIQLT3W370 | Long             | EC               | CORP              | CH        |       475 | NS      | $30784.75     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                 | CVS HEALTH CORP COMMON STOCK USD.01                        | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      3410 | NS      | $257079.90    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS INC                | CYTOKINETICS INC COMMON STOCK USD.001                      | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      6156 | NS      | $338333.76    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                    | DANAHER CORP COMMON STOCK USD.01                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2318 | NS      | $459566.68    | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| DENALI THERAPEUTICS INC         | DENALI THERAPEUTICS INC COMMON STOCK USD.01                | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |      3936 | NS      | $57150.72     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                      | DEXCOM INC COMMON STOCK USD.001                            | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      2087 | NS      | $140434.23    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNE THERAPEUTICS INC           | DYNE THERAPEUTICS INC COMMON STOCK USD.0001                | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6470 | NS      | $81845.50     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORP       | EDWARDS LIFESCIENCES CORP COMMON STOCK USD1.0              | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      2506 | NS      | $194891.62    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC        | ELANCO ANIMAL HEALTH INC COMMON STOCK                      | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     17141 | NS      | $345219.74    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                  | ELI LILLY + CO COMMON STOCK                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2361 | NS      | $1801443.00   | 13.51%            |  |  |  | No            |                  1 | On Loan: No      |
| ENOVIS CORP                     | ENOVIS CORP COMMON STOCK USD.001                           | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      1078 | NS      | $32706.52     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ERASCA INC                      | ERASCA INC COMMON STOCK USD.0001                           | CUSIP: 29479A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33016 | NS      | $71974.88     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP             | EXACT SCIENCES CORP COMMON STOCK USD.01                    | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      1402 | NS      | $76703.42     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HEALTHCARE TECHNOLOGIES INC  | GE HEALTHCARE TECHNOLOGY COMMON STOCK USD.01               | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |       742 | NS      | $55724.20     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GENEDX HOLDINGS CORP            | GENEDX HOLDINGS CORP COMMON STOCK USD.0001                 | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       107 | NS      | $11528.18     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC             | GILEAD SCIENCES INC COMMON STOCK USD.001                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      4229 | NS      | $469419.00    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| HAEMONETICS CORP/MASS           | HAEMONETICS CORP/MASS COMMON STOCK USD.01                  | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |       476 | NS      | $23200.24     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HOLOGIC INC                     | HOLOGIC INC COMMON STOCK USD.01                            | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      1968 | NS      | $132820.32    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC                      | HUMANA INC COMMON STOCK USD.1666666                        | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       578 | NS      | $150378.26    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU MEDICAL INC                 | ICU MEDICAL INC COMMON STOCK USD.1                         | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |       198 | NS      | $23752.08     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMATICS NV                     | IMMATICS NV COMMON STOCK                                   | CUSIP: N44445109<br>LEI: 984500DC691EZ96AF394 | Long             | EC               | CORP              | NL        |     17218 | NS      | $146697.36    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOCORE HOLDINGS PLC-ADR     | IMMUNOCORE HOLDINGS PLC ADR ADR GBP.0001                   | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             | EC               | CORP              | GB        |      2716 | NS      | $98672.28     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOME INC                    | IMMUNOME INC COMMON STOCK USD.0001                         | CUSIP: 45257U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3096 | NS      | $36254.16     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOVANT INC                  | IMMUNOVANT INC COMMON STOCK USD.0001                       | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3149 | NS      | $50761.88     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORP                    | INSULET CORP COMMON STOCK USD.001                          | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |        76 | NS      | $23463.48     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC          | INTUITIVE SURGICAL INC COMMON STOCK USD.001                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1095 | NS      | $489716.85    | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| IONIS PHARMACEUTICALS INC       | IONIS PHARMACEUTICALS INC COMMON STOCK USD.001             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      1326 | NS      | $86746.92     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| IOVANCE BIOTHERAPEUTICS INC     | IOVANCE BIOTHERAPEUTICS INC COMMON STOCK USD.000041666     | CUSIP: 462260100<br>LEI: 2549002L8WT2ACU5Q878 | Long             | EC               | CORP              | US        |     12638 | NS      | $27424.46     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                             | JASPER THERA WTS 3/30 TC8U3IZJ8                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5370 | NS      | $6116.97      | 0.05%             |  |  |  | No            |                  3 | On Loan: No      |
| JASPER THERAPEUTICS INC         | JASPER THERAPEUTICS INC COMMON STOCK                       | CUSIP: 471871202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5370 | NS      | $12780.60     | 0.10%             |  |  |  | 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        |       303 | NS      | $17149.80     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MARAVAI LIFESCIENCES HLDGS-A    | MARAVAI LIFESCIENCES HLDGS A COMMON STOCK USD.01           | CUSIP: 56600D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2752 | NS      | $7898.24      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MASIMO CORP                     | MASIMO CORP COMMON STOCK USD.001                           | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |       673 | NS      | $99301.15     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                   | MCKESSON CORP COMMON STOCK USD.01                          | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       232 | NS      | $179229.28    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                   | MEDTRONIC PLC COMMON STOCK USD.1                           | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      1375 | NS      | $130955.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| METSERA INC                     | METSERA INC COMMON STOCK USD.00001                         | CUSIP: 59267L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1564 | NS      | $81844.12     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL    | METTLER TOLEDO INTERNATIONAL COMMON STOCK USD.01           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       122 | NS      | $149768.42    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MODERNA THERAPEUTICS INC        | MODERNA INC COMMON STOCK USD.0001                          | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |       851 | NS      | $21981.33     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE INC           | MOLINA HEALTHCARE INC COMMON STOCK USD.001                 | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       627 | NS      | $119982.72    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOCURE LTD                    | NOVOCURE LTD COMMON STOCK                                  | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |      4779 | NS      | $61744.68     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NURIX THERAPEUTICS INC          | NURIX THERAPEUTICS INC COMMON STOCK                        | CUSIP: 67080M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3168 | NS      | $29272.32     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| OSCAR HEALTH INC - CLASS A      | OSCAR HEALTH INC   CLASS A COMMON STOCK USD.00001          | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |      3000 | NS      | $56790.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| OUTSET MEDICAL INC              | OUTSET MEDICAL INC COMMON STOCK USD.001                    | CUSIP: 690145206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2326 | NS      | $32843.12     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PENUMBRA INC                    | PENUMBRA INC COMMON STOCK USD.001                          | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |        95 | NS      | $24065.40     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIME MEDICINE INC              | PRIME MEDICINE INC COMMON STOCK USD.00001                  | CUSIP: 74168J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9047 | NS      | $50120.38     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BIOROBOTICS CORP        | PROCEPT BIOROBOTICS CORP COMMON STOCK USD.00001            | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       783 | NS      | $27945.27     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| QUIDELORTHO CORP                | QUIDELORTHO CORP COMMON STOCK USD.001                      | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |       961 | NS      | $28301.45     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RAPPORT THERAPEUTICS INC        | RAPPORT THERAPEUTICS INC COMMON STOCK USD.001              | CUSIP: 75383L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2547 | NS      | $75645.90     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS       | REGENERON PHARMACEUTICALS COMMON STOCK USD.001             | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       435 | NS      | $244587.45    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION MEDICINES INC        | REVOLUTION MEDICINES INC COMMON STOCK                      | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |       453 | NS      | $21155.10     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ROIVANT SCIENCES LTD            | ROIVANT SCIENCES LTD COMMON STOCK USD.0000001              | CUSIP: G76279101<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | BM        |      2563 | NS      | $38778.19     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| RXSIGHT INC                     | RXSIGHT INC COMMON STOCK USD.001                           | CUSIP: 78349D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       416 | NS      | $3739.84      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI ADR                      | SANOFI ADR ADR                                             | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      2489 | NS      | $117480.80    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SAREPTA THERAPEUTICS INC        | SAREPTA THERAPEUTICS INC COMMON STOCK USD.0001             | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      4789 | NS      | $92284.03     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SARTORIUS AG-VORZUG PREF        | SARTORIUS AG VORZUG PREFERENCE                             | CUSIP: DE5843327<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |       106 | NS      | $24780.31     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| SCHRODINGER INC                 | SCHRODINGER INC COMMON STOCK USD.01                        | CUSIP: 80810D103<br>LEI: 984500044BAE4791E559 | Long             | EC               | CORP              | US        |       588 | NS      | $11795.28     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLENO THERAPEUTICS INC         | SOLENO THERAPEUTICS INC COMMON STOCK USD.001               | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |       453 | NS      | $30622.80     | 0.23%             |  |  |  | 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        |     83254 | NS      | $83253.52     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                      | STERIS PLC COMMON STOCK USD75.0                            | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       132 | NS      | $32662.08     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVANATO GROUP SPA             | STEVANATO GROUP SPA COMMON STOCK                           | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |       775 | NS      | $19956.25     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                    | STRYKER CORP COMMON STOCK USD.1                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       216 | NS      | $79848.72     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TANGO THERAPEUTICS INC          | TANGO THERAPEUTICS INC COMMON STOCK USD.0001               | CUSIP: 87583X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7452 | NS      | $62596.80     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEFLEX INC                    | TELEFLEX INC COMMON STOCK USD1.0                           | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |       246 | NS      | $30100.56     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TEVA PHARMACEUTICAL-SP ADR      | TEVA PHARMACEUTICAL SP ADR ADR                             | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |      1468 | NS      | $29653.60     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC    | THERMO FISHER SCIENTIFIC INC COMMON STOCK USD1.0           | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |       329 | NS      | $159571.58    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIQURE NV                      | UNIQURE NV COMMON STOCK EUR.05                             | CUSIP: N90064101<br>LEI: 724500RPCTZLFYJZ3S98 | Long             | EC               | CORP              | NL        |       977 | NS      | $57027.49     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC          | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3073 | NS      | $1061106.90   | 7.96%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                     | VAXCYTE INC COMMON STOCK USD.001                           | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      1997 | NS      | $71931.94     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VERACYTE INC                    | VERACYTE INC COMMON STOCK USD.001                          | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |       450 | NS      | $15448.50     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES    | WEST PHARMACEUTICAL SERVICES COMMON STOCK USD.25           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |       226 | NS      | $59286.58     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| XENON PHARMACEUTICALS INC       | XENON PHARMACEUTICALS INC COMMON STOCK                     | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      1150 | NS      | $46172.50     | 0.35%             |  |  |  | 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