# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-003666
**Filing Date:** 2025-11
**Character Count:** 57104
**Document Hash:** 7b9021a479229faea7113005a896f09e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003666.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003666

**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:** 251522031

**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 Dividend Growth ETF (Series ID: S000067975)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000217971 | T. Rowe Price Dividend Growth ETF | TDVG            |

## Nport-Ex

T. ROWE PRICE DIVIDEND GROWTH ETF

------

September 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** | **COMMON STOCKS 98.7%** |
| **COMMUNICATION SERVICES 1.1%** | **COMMUNICATION SERVICES 1.1%** | **COMMUNICATION SERVICES 1.1%** |
| **Wireless Telecommunication Services 1.1%** |  |  |
| T-Mobile US | &nbsp;&nbsp;&nbsp;49585 | 11870 |
| Total Communication Services |  | 11870 |
| **CONSUMER DISCRETIONARY 6.5%** | **CONSUMER DISCRETIONARY 6.5%** | **CONSUMER DISCRETIONARY 6.5%** |
| **Hotels, Restaurants & Leisure 3.1%** |  |  |
| Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;52711 | 13676 |
| Marriott International, Class A | &nbsp;&nbsp;&nbsp;11039 | &nbsp;&nbsp;&nbsp;2875 |
| McDonald's | &nbsp;&nbsp;&nbsp;38380 | 11663 |
| Yum! Brands | &nbsp;&nbsp;&nbsp;40158 | &nbsp;&nbsp;&nbsp;6104 |
|  |  | **34318** |
| **Specialty Retail 3.0%** |  |  |
| Home Depot | &nbsp;&nbsp;&nbsp;40700 | 16491 |
| Ross Stores | &nbsp;&nbsp;&nbsp;91577 | 13955 |
| Tractor Supply | &nbsp;&nbsp;&nbsp;65931 | &nbsp;&nbsp;&nbsp;3750 |
|  |  | **34196** |
| **Textiles, Apparel & Luxury Goods 0.4%** |  |  |
| NIKE, Class B | &nbsp;&nbsp;&nbsp;57565 | &nbsp;&nbsp;&nbsp;4014 |
|  |  | &nbsp;&nbsp;&nbsp;**4014** |
| Total Consumer Discretionary |  | 72528 |
| **CONSUMER STAPLES 6.8%** | **CONSUMER STAPLES 6.8%** | **CONSUMER STAPLES 6.8%** |
| **Beverages 1.2%** |  |  |
| Coca-Cola | 201862 | 13387 |
|  |  | **13387** |
| **Consumer Staples Distribution & Retail 2.3%** |  |  |
| Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;6302 | &nbsp;&nbsp;&nbsp;5833 |
| Walmart | 190369 | 19620 |
|  |  | **25453** |
| **Food Products 0.8%** |  |  |
| Mondelez International | 148645 | &nbsp;&nbsp;&nbsp;9286 |
|  |  | &nbsp;&nbsp;&nbsp;**9286** |
| **Household Products 0.9%** |  |  |
| Colgate-Palmolive | 128214 | 10249 |
|  |  | **10249** |
| **Personal Care Products 0.6%** |  |  |
| Kenvue | 432519 | &nbsp;&nbsp;&nbsp;7020 |
|  |  | &nbsp;&nbsp;&nbsp;**7020** |

---

------

T. ROWE PRICE DIVIDEND GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Tobacco 1.0%** |  |  |
| Philip Morris International | &nbsp;&nbsp;&nbsp;69764 | 11316 |
|  |  | **11316** |
| Total Consumer Staples |  | 76711 |
| **ENERGY 4.3%** | **ENERGY 4.3%** | **ENERGY 4.3%** |
| **Energy Equipment & Services 0.5%** |  |  |
| Schlumberger | 163624 | &nbsp;&nbsp;&nbsp;5624 |
|  |  | &nbsp;&nbsp;&nbsp;**5624** |
| **Oil, Gas & Consumable Fuels 3.8%** |  |  |
| ConocoPhillips | &nbsp;&nbsp;110112 | 10415 |
| EOG Resources | &nbsp;&nbsp;&nbsp;52252 | &nbsp;&nbsp;&nbsp;5859 |
| EQT | &nbsp;&nbsp;&nbsp;92106 | &nbsp;&nbsp;&nbsp;5013 |
| Exxon Mobil | 133544 | 15057 |
| Williams | &nbsp;&nbsp;&nbsp;94399 | &nbsp;&nbsp;&nbsp;5980 |
|  |  | **42324** |
| Total Energy |  | 47948 |
| **FINANCIALS 20.3%** | **FINANCIALS 20.3%** | **FINANCIALS 20.3%** |
| **Banks 5.8%** |  |  |
| Bank of America | 379680 | 19588 |
| JPMorgan Chase | 115007 | 36276 |
| Wells Fargo | 109901 | &nbsp;&nbsp;&nbsp;9212 |
|  |  | **65076** |
| **Capital Markets 4.6%** |  |  |
| Charles Schwab | 165812 | 15830 |
| CME Group | &nbsp;&nbsp;&nbsp;18047 | &nbsp;&nbsp;&nbsp;4876 |
| Goldman Sachs Group | &nbsp;&nbsp;&nbsp;10094 | &nbsp;&nbsp;&nbsp;8038 |
| Morgan Stanley | 101594 | 16150 |
| S&P Global | &nbsp;&nbsp;&nbsp;14833 | &nbsp;&nbsp;&nbsp;7219 |
|  |  | **52113** |
| **Consumer Finance 1.5%** |  |  |
| American Express | &nbsp;&nbsp;&nbsp;51500 | 17106 |
|  |  | **17106** |
| **Financial Services 2.8%** |  |  |
| Visa, Class A | &nbsp;&nbsp;&nbsp;90762 | 30984 |
|  |  | **30984** |
| **Insurance 5.6%** |  |  |
| Aon, Class A | &nbsp;&nbsp;&nbsp;&nbsp;9982 | &nbsp;&nbsp;&nbsp;3559 |
| Chubb | &nbsp;&nbsp;&nbsp;72034 | 20332 |
| Hartford Insurance Group | &nbsp;&nbsp;&nbsp;58877 | &nbsp;&nbsp;&nbsp;7854 |
| Marsh & McLennan | &nbsp;&nbsp;&nbsp;83210 | 16769 |
| MetLife | &nbsp;&nbsp;&nbsp;33989 | &nbsp;&nbsp;&nbsp;2800 |

---

------

T. ROWE PRICE DIVIDEND GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Progressive | &nbsp;&nbsp;&nbsp;45377 | &nbsp;&nbsp;&nbsp;11206 |
|  |  | &nbsp;&nbsp;&nbsp;**62520** |
| Total Financials |  | 227799 |
| **HEALTH CARE 11.8%** | **HEALTH CARE 11.8%** | **HEALTH CARE 11.8%** |
| **Biotechnology 1.8%** |  |  |
| AbbVie | &nbsp;&nbsp;&nbsp;60561 | &nbsp;&nbsp;&nbsp;14022 |
| Gilead Sciences | &nbsp;&nbsp;&nbsp;61312 | &nbsp;&nbsp;&nbsp;&nbsp;6806 |
|  |  | &nbsp;&nbsp;&nbsp;**20828** |
| **Health Care Equipment & Supplies 1.9%** |  |  |
| Becton Dickinson | &nbsp;&nbsp;&nbsp;27146 | &nbsp;&nbsp;&nbsp;&nbsp;5081 |
| GE HealthCare Technologies | &nbsp;&nbsp;&nbsp;59544 | &nbsp;&nbsp;&nbsp;&nbsp;4471 |
| Stryker | &nbsp;&nbsp;&nbsp;32564 | &nbsp;&nbsp;&nbsp;12038 |
|  |  | &nbsp;&nbsp;&nbsp;**21590** |
| **Health Care Providers & Services 3.8%** |  |  |
| Cigna | &nbsp;&nbsp;&nbsp;13862 | &nbsp;&nbsp;&nbsp;&nbsp;3996 |
| Elevance Health | &nbsp;&nbsp;&nbsp;12466 | &nbsp;&nbsp;&nbsp;&nbsp;4028 |
| McKesson | &nbsp;&nbsp;&nbsp;18428 | &nbsp;&nbsp;&nbsp;14236 |
| Quest Diagnostics | &nbsp;&nbsp;&nbsp;47729 | &nbsp;&nbsp;&nbsp;&nbsp;9096 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;31918 | &nbsp;&nbsp;&nbsp;11021 |
|  |  | &nbsp;&nbsp;&nbsp;**42377** |
| **Life Sciences Tools & Services 2.0%** |  |  |
| Danaher | &nbsp;&nbsp;&nbsp;48903 | &nbsp;&nbsp;&nbsp;&nbsp;9696 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;25451 | &nbsp;&nbsp;&nbsp;12344 |
|  |  | &nbsp;&nbsp;&nbsp;**22040** |
| **Pharmaceuticals 2.3%** |  |  |
| AstraZeneca, ADR | 148007 | &nbsp;&nbsp;&nbsp;11355 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;19120 | &nbsp;&nbsp;&nbsp;14589 |
|  |  | &nbsp;&nbsp;&nbsp;**25944** |
| Total Health Care |  | 132779 |
| **INDUSTRIALS & BUSINESS SERVICES 15.9%** | **INDUSTRIALS & BUSINESS SERVICES 15.9%** | **INDUSTRIALS & BUSINESS SERVICES 15.9%** |
| **Aerospace & Defense 4.9%** |  |  |
| GE Aerospace | &nbsp;&nbsp;&nbsp;87990 | &nbsp;&nbsp;&nbsp;26469 |
| Howmet Aerospace | &nbsp;&nbsp;&nbsp;75947 | &nbsp;&nbsp;&nbsp;14903 |
| Northrop Grumman | &nbsp;&nbsp;&nbsp;22936 | &nbsp;&nbsp;&nbsp;13976 |
|  |  | &nbsp;&nbsp;&nbsp;**55348** |
| **Building Products 0.7%** |  |  |
| Trane Technologies | &nbsp;&nbsp;&nbsp;19632 | &nbsp;&nbsp;&nbsp;&nbsp;8284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8284** |
| **Commercial Services & Supplies 1.0%** |  |  |
| Waste Connections | &nbsp;&nbsp;&nbsp;63508 | &nbsp;&nbsp;&nbsp;11165 |
|  |  | &nbsp;&nbsp;&nbsp;**11165** |

---

------

T. ROWE PRICE DIVIDEND GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Electrical Equipment 1.0%** |  |  |
| GE Vernova | &nbsp;&nbsp;&nbsp;&nbsp;6376 | &nbsp;&nbsp;&nbsp;&nbsp;3921 |
| Rockwell Automation | &nbsp;&nbsp;&nbsp;19221 | &nbsp;&nbsp;&nbsp;&nbsp;6718 |
|  |  | &nbsp;&nbsp;&nbsp;**10639** |
| **Ground Transportation 2.1%** |  |  |
| CSX | 198474 | &nbsp;&nbsp;&nbsp;&nbsp;7048 |
| Old Dominion Freight Line | &nbsp;&nbsp;&nbsp;41264 | &nbsp;&nbsp;&nbsp;&nbsp;5809 |
| Union Pacific | &nbsp;&nbsp;&nbsp;46132 | &nbsp;&nbsp;&nbsp;10904 |
|  |  | &nbsp;&nbsp;&nbsp;**23761** |
| **Industrial Conglomerates 2.0%** |  |  |
| Honeywell International | &nbsp;&nbsp;&nbsp;48599 | &nbsp;&nbsp;&nbsp;10230 |
| Roper Technologies | &nbsp;&nbsp;&nbsp;24478 | &nbsp;&nbsp;&nbsp;12207 |
|  |  | &nbsp;&nbsp;&nbsp;**22437** |
| **Machinery 2.2%** |  |  |
| Caterpillar | &nbsp;&nbsp;&nbsp;13200 | &nbsp;&nbsp;&nbsp;&nbsp;6298 |
| Deere | &nbsp;&nbsp;&nbsp;24838 | &nbsp;&nbsp;&nbsp;11357 |
| Illinois Tool Works | &nbsp;&nbsp;&nbsp;14255 | &nbsp;&nbsp;&nbsp;&nbsp;3717 |
| Otis Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;3046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 |
| Stanley Black & Decker | &nbsp;&nbsp;&nbsp;37335 | &nbsp;&nbsp;&nbsp;&nbsp;2775 |
|  |  | &nbsp;&nbsp;&nbsp;**24426** |
| **Professional Services 2.0%** |  |  |
| Automatic Data Processing | &nbsp;&nbsp;&nbsp;23908 | &nbsp;&nbsp;&nbsp;&nbsp;7017 |
| Booz Allen Hamilton Holding | &nbsp;&nbsp;&nbsp;15204 | &nbsp;&nbsp;&nbsp;&nbsp;1520 |
| Broadridge Financial Solutions, ADR | &nbsp;&nbsp;&nbsp;56016 | &nbsp;&nbsp;&nbsp;13341 |
|  |  | &nbsp;&nbsp;&nbsp;**21878** |
| Total Industrials & Business Services |  | 177938 |
| **INFORMATION TECHNOLOGY 23.7%** | **INFORMATION TECHNOLOGY 23.7%** | **INFORMATION TECHNOLOGY 23.7%** |
| **Electronic Equipment, Instruments & Components 2.5%** |  |  |
| Amphenol, Class A | 138301 | &nbsp;&nbsp;&nbsp;17115 |
| TE Connectivity | &nbsp;&nbsp;&nbsp;47537 | &nbsp;&nbsp;&nbsp;10436 |
|  |  | &nbsp;&nbsp;&nbsp;**27551** |
| **IT Services 0.5%** |  |  |
| Accenture, Class A | &nbsp;&nbsp;&nbsp;23564 | &nbsp;&nbsp;&nbsp;&nbsp;5811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5811** |
| **Semiconductors & Semiconductor Equipment 8.2%** |  |  |
| Analog Devices | &nbsp;&nbsp;&nbsp;55707 | &nbsp;&nbsp;&nbsp;13687 |
| Applied Materials | &nbsp;&nbsp;&nbsp;34149 | &nbsp;&nbsp;&nbsp;&nbsp;6992 |
| Broadcom | 102976 | &nbsp;&nbsp;&nbsp;33973 |
| KLA | &nbsp;&nbsp;&nbsp;14999 | &nbsp;&nbsp;&nbsp;16178 |
| QUALCOMM | &nbsp;&nbsp;&nbsp;33678 | &nbsp;&nbsp;&nbsp;&nbsp;5603 |
| Taiwan Semiconductor Manufacturing, ADR | &nbsp;&nbsp;&nbsp;30762 | &nbsp;&nbsp;&nbsp;&nbsp;8591 |

---

------

T. ROWE PRICE DIVIDEND GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Texas Instruments | &nbsp;&nbsp;&nbsp;40127 | &nbsp;&nbsp;&nbsp;&nbsp;7372 |
|  |  | &nbsp;&nbsp;&nbsp;**92396** |
| **Software 7.6%** |  |  |
| Intuit | &nbsp;&nbsp;&nbsp;&nbsp;9044 | &nbsp;&nbsp;&nbsp;&nbsp;6176 |
| Microsoft | 152213 | &nbsp;&nbsp;&nbsp;78839 |
|  |  | &nbsp;&nbsp;&nbsp;**85015** |
| **Technology Hardware, Storage & Peripherals 4.9%** |  |  |
| Apple | 218077 | &nbsp;&nbsp;&nbsp;55529 |
|  |  | &nbsp;&nbsp;&nbsp;**55529** |
| Total Information Technology |  | 266302 |
| **MATERIALS 3.2%** | **MATERIALS 3.2%** | **MATERIALS 3.2%** |
| **Chemicals 2.7%** |  |  |
| Linde | &nbsp;&nbsp;&nbsp;32945 | &nbsp;&nbsp;&nbsp;15649 |
| RPM International | &nbsp;&nbsp;&nbsp;29038 | &nbsp;&nbsp;&nbsp;&nbsp;3423 |
| Sherwin-Williams | &nbsp;&nbsp;&nbsp;31416 | &nbsp;&nbsp;&nbsp;10878 |
|  |  | &nbsp;&nbsp;&nbsp;**29950** |
| **Containers & Packaging 0.5%** |  |  |
| Avery Dennison | &nbsp;&nbsp;&nbsp;34229 | &nbsp;&nbsp;&nbsp;&nbsp;5551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5551** |
| Total Materials |  | &nbsp;&nbsp;&nbsp;35501 |
| **REAL ESTATE 1.7%** | **REAL ESTATE 1.7%** | **REAL ESTATE 1.7%** |
| **Residential REITs 0.9%** |  |  |
| Equity Residential, REIT | 165350 | &nbsp;&nbsp;&nbsp;10703 |
|  |  | &nbsp;&nbsp;&nbsp;**10703** |
| **Specialized REITs 0.8%** |  |  |
| American Tower, REIT | &nbsp;&nbsp;&nbsp;45941 | &nbsp;&nbsp;&nbsp;&nbsp;8835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8835** |
| Total Real Estate |  | &nbsp;&nbsp;&nbsp;19538 |
| **UTILITIES 3.4%** | **UTILITIES 3.4%** | **UTILITIES 3.4%** |
| **Electric Utilities 0.7%** |  |  |
| NextEra Energy | &nbsp;&nbsp;&nbsp;98528 | &nbsp;&nbsp;&nbsp;&nbsp;7438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7438** |
| **Gas Utilities 0.8%** |  |  |
| Atmos Energy | &nbsp;&nbsp;&nbsp;53997 | &nbsp;&nbsp;&nbsp;&nbsp;9220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9220** |
| **Multi-Utilities 1.9%** |  |  |
| Ameren | 125914 | &nbsp;&nbsp;&nbsp;13143 |

---

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T. ROWE PRICE DIVIDEND GROWTH ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| CMS Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21448** |
| Total Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38106 |
| **Total Common Stocks (Cost $940,153)** |  | &nbsp;&nbsp;&nbsp;**1107020** |
| **SHORT-TERM INVESTMENTS 1.4%** | **SHORT-TERM INVESTMENTS 1.4%** | **SHORT-TERM INVESTMENTS 1.4%** |
| **Money Market Funds 1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.09% (1) | 15439953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15440 |
| **Total Short-Term Investments (Cost $15,440)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15440** |
| **Total Investments in Securities<br> 100.1% of Net Assets (Cost $955,593)** |  | **$1122460** |
| **Other Assets Less Liabilities (0.1%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1378)** |
| **Net Assets 100.0%** |  | **$1121082** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Seven-day yield |
| ADR | American Depositary Receipts |
| REIT | A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder |

---

The accompanying notes are an integral part of this portfolio of investments.

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T. ROWE PRICE DIVIDEND GROWTH 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 Dividend Growth 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). The fund is considered an actively-managed exchange-traded fund (ETF) that does not disclose its portfolio holdings daily, which is different from a traditional ETF and may create additional risks. 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.

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T. ROWE PRICE DIVIDEND GROWTH ETF

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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
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.

#### ETF786-054Q3

#### 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 Dividend Growth ETF

- **b. EDGAR series identifier (if any):** S000067975

- **c. LEI of Series:** 549300KSTQCK8M5RT415

**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:** $1120868493.26

**Total Liabilities:** $450752.77

**Net Assets:** $1120417740.49

**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 C000217971 | 0.09%                | 2.05%                | 1.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-527291.98              | $860375.11                                 |
| Month 2  | $-1657723.45             | $21752337.16                               |
| Month 3  | $-595651.54              | $18433160.98                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABBVIE INC                      | ABBVIE INC COMMON STOCK USD.01                             | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     60525 | NS      | $14013958.50  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC CL A              | ACCENTURE PLC CL A COMMON STOCK USD.0000225                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     23543 | NS      | $5805703.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION              | AMEREN CORPORATION COMMON STOCK USD.01                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    125839 | NS      | $13135074.82  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO             | AMERICAN EXPRESS CO COMMON STOCK USD.2                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     51470 | NS      | $17096275.20  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP             | AMERICAN TOWER CORP REIT USD.01                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     45914 | NS      | $8830180.48   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORP-CL A              | AMPHENOL CORP CL A COMMON STOCK USD.001                    | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    138214 | NS      | $17103982.50  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ANALOG DEVICES INC              | ANALOG DEVICES INC COMMON STOCK USD.167                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     55674 | NS      | $13679101.80  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AON PLC-CLASS A                 | AON PLC CLASS A COMMON STOCK                               | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      9976 | NS      | $3557242.08   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                       | APPLE INC COMMON STOCK USD.00001                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    217951 | NS      | $55496863.13  | 4.95%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC           | APPLIED MATERIALS INC COMMON STOCK USD.01                  | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     34131 | NS      | $6987980.94   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC-SPONS ADR       | ASTRAZENECA PLC SPONS ADR ADR                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    147920 | NS      | $11348422.40  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP               | ATMOS ENERGY CORP COMMON STOCK                             | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     53967 | NS      | $9214865.25   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING       | AUTOMATIC DATA PROCESSING COMMON STOCK USD.1               | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     23893 | NS      | $7012595.50   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORP             | AVERY DENNISON CORP COMMON STOCK USD1.0                    | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     34208 | NS      | $5547511.36   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP            | BANK OF AMERICA CORP COMMON STOCK USD.01                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    379455 | NS      | $19576083.45  | 1.75%             |  |  |  | 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        |     27128 | NS      | $5077547.76   | 0.45%             |  |  |  | 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        |     15195 | NS      | $1518740.25   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                    | BROADCOM INC COMMON STOCK                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    102916 | NS      | $33953017.56  | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIO    | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK USD.01           | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     54708 | NS      | $13029804.36  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CATERPILLAR INC                 | CATERPILLAR INC COMMON STOCK USD1.0                        | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     13200 | NS      | $6298380.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                       | CHUBB LTD COMMON STOCK                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     71992 | NS      | $20319742.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                   | CME GROUP INC COMMON STOCK USD.01                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     18038 | NS      | $4873687.22   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                 | CMS ENERGY CORP COMMON STOCK USD.01                        | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    113295 | NS      | $8299991.70   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| COCA-COLA CO/THE                | COCA COLA CO/THE COMMON STOCK USD.25                       | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    201742 | NS      | $13379529.44  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO            | COLGATE PALMOLIVE CO COMMON STOCK USD1.0                   | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |    128139 | NS      | $10243431.66  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                  | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    106690 | NS      | $10091807.10  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| COSTCO WHOLESALE CORP           | COSTCO WHOLESALE CORP COMMON STOCK USD.005                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      6299 | NS      | $5830543.37   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                        | CSX CORP COMMON STOCK USD1.0                               | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    198351 | NS      | $7043444.01   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                    | DANAHER CORP COMMON STOCK USD.01                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     48873 | NS      | $9689560.98   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DEERE & CO                      | DEERE + CO COMMON STOCK USD1.0                             | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     24823 | NS      | $11350564.98  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC             | ELEVANCE HEALTH INC COMMON STOCK USD.01                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     12460 | NS      | $4026075.20   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                  | ELI LILLY + CO COMMON STOCK                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     19108 | NS      | $14579404.00  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC               | EOG RESOURCES INC COMMON STOCK USD.01                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     52222 | NS      | $5855130.64   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                        | EQT CORP COMMON STOCK                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     92049 | NS      | $5010227.07   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL              | EQUITY RESIDENTIAL REIT USD.01                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    165254 | NS      | $10696891.42  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                | EXXON MOBIL CORP COMMON STOCK                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    130441 | NS      | $14707222.75  | 1.31%             |  |  |  | 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        |     59511 | NS      | $4469276.10   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| GE VERNOVA LLC                  | GE VERNOVA INC COMMON STOCK USD.01                         | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      6370 | NS      | $3916913.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL AEROSPACE               | GENERAL ELECTRIC COMMON STOCK USD.01                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     87936 | NS      | $26452907.52  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC             | GILEAD SCIENCES INC COMMON STOCK USD.001                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     61276 | NS      | $6801636.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC         | GOLDMAN SACHS GROUP INC COMMON STOCK USD.01                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     10088 | NS      | $8033578.80   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/T  | HARTFORD INSURANCE GROUP INC COMMON STOCK USD.01           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     58844 | NS      | $7849201.16   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC   | HILTON WORLDWIDE HOLDINGS IN COMMON STOCK USD.01           | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     53481 | NS      | $13875110.64  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                  | HOME DEPOT INC COMMON STOCK USD.05                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     40676 | NS      | $16481508.44  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HONEYWELL INTERNATIONAL INC     | HONEYWELL INTERNATIONAL INC COMMON STOCK USD1.0            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     48569 | NS      | $10223774.50  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HOWMET AEROSPACE INC            | HOWMET AEROSPACE INC COMMON STOCK                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     75902 | NS      | $14894249.46  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ILLINOIS TOOL WORKS             | ILLINOIS TOOL WORKS COMMON STOCK USD.01                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     14246 | NS      | $3714786.96   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                      | INTUIT INC COMMON STOCK USD.01                             | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      9038 | NS      | $6172140.58   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN CHASE & CO.         | JPMORGAN CHASE + CO COMMON STOCK USD1.0                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    114941 | NS      | $36255839.63  | 3.24%             |  |  |  | No            |                  1 | On Loan: No      |
| KENVUE INC                      | KENVUE INC COMMON STOCK USD.01                             | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    432198 | NS      | $7014573.54   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                        | KLA CORP COMMON STOCK USD.001                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     14990 | NS      | $16168214.00  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                       | LINDE PLC COMMON STOCK                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     32927 | NS      | $15640325.00  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL -CL A    | MARRIOTT INTERNATIONAL  CL A COMMON STOCK USD.01           | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     11033 | NS      | $2873434.52   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS            | MARSH + MCLENNAN COS COMMON STOCK USD1.0                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     83162 | NS      | $16759637.86  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD S CORP                 | MCDONALD S CORP COMMON STOCK USD.01                        | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     38359 | NS      | $11656916.51  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                   | MCKESSON CORP COMMON STOCK USD.01                          | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     18419 | NS      | $14229414.26  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                     | METLIFE INC COMMON STOCK USD.01                            | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     33968 | NS      | $2797944.16   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                  | MICROSOFT CORP COMMON STOCK USD.00000625                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    151192 | NS      | $78309896.40  | 6.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MONDELEZ INTERNATIONAL INC      | MONDELEZ INTERNATIONAL INC A COMMON STOCK                  | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    148558 | NS      | $9280418.26   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                  | MORGAN STANLEY COMMON STOCK USD.01                         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    101534 | NS      | $16139844.64  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC              | NEXTERA ENERGY INC COMMON STOCK USD.01                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     98474 | NS      | $7433802.26   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC -CL B                  | NIKE INC  CL B COMMON STOCK                                | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     57529 | NS      | $4011497.17   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP           | NORTHROP GRUMMAN CORP COMMON STOCK USD1.0                  | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     22924 | NS      | $13968051.68  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OLD DOMINION FREIGHT LINE       | OLD DOMINION FREIGHT LINE COMMON STOCK USD.1               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     41240 | NS      | $5805767.20   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORP             | OTIS WORLDWIDE CORP COMMON STOCK USD.01                    | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |      3043 | NS      | $278221.49    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL     | PHILIP MORRIS INTERNATIONAL COMMON STOCK                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     69722 | NS      | $11308908.40  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP                | PROGRESSIVE CORP COMMON STOCK USD1.0                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     45350 | NS      | $11199182.50  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                    | QUALCOMM INC COMMON STOCK USD.0001                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     33657 | NS      | $5599178.52   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INC           | QUEST DIAGNOSTICS INC COMMON STOCK USD.01                  | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     45971 | NS      | $8761153.18   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL AUTOMATION INC         | ROCKWELL AUTOMATION INC COMMON STOCK USD1.0                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     19209 | NS      | $6714121.77   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC          | ROPER TECHNOLOGIES INC COMMON STOCK USD.01                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     24463 | NS      | $12199453.47  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| ROSS STORES INC                 | ROSS STORES INC COMMON STOCK USD.01                        | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     91523 | NS      | $13947189.97  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM INTERNATIONAL INC           | RPM INTERNATIONAL INC COMMON STOCK USD.01                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     29020 | NS      | $3420877.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC                  | S+P GLOBAL INC COMMON STOCK USD1.0                         | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     14824 | NS      | $7214989.04   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB (CHARLES) CORP           | SCHWAB (CHARLES) CORP COMMON STOCK USD.01                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    165713 | NS      | $15820620.11  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SHERWIN-WILLIAMS CO/THE         | SHERWIN WILLIAMS CO/THE COMMON STOCK USD1.0                | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     30518 | NS      | $10567162.68  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD                | SLB LTD COMMON STOCK USD.01                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    163522 | NS      | $5620251.14   | 0.50%             |  |  |  | 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        |     37314 | NS      | $2773549.62   | 0.25%             |  |  |  | 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        |  15439953 | NS      | $15439952.55  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                    | STRYKER CORP COMMON STOCK USD.1                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     32546 | NS      | $12031279.82  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                 | T MOBILE US INC COMMON STOCK USD.0001                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     49555 | NS      | $11862475.90  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR-SP ADR     | TAIWAN SEMICONDUCTOR SP ADR ADR                            | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     30744 | NS      | $8586491.76   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PLC             | TE CONNECTIVITY PLC COMMON STOCK USD.01                    | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     47510 | NS      | $10429870.30  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC           | TEXAS INSTRUMENTS INC COMMON STOCK USD1.0                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     40103 | NS      | $7368124.19   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE                 | THE CIGNA GROUP COMMON STOCK USD.01                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     13853 | NS      | $3993127.25   | 0.36%             |  |  |  | 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        |     25436 | NS      | $12336968.72  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TRACTOR SUPPLY COMPANY          | TRACTOR SUPPLY COMPANY COMMON STOCK USD.008                | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     65895 | NS      | $3747448.65   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANE TECHNOLOGIES PLC          | TRANE TECHNOLOGIES PLC COMMON STOCK USD1.0                 | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     19620 | NS      | $8278855.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP              | UNION PACIFIC CORP COMMON STOCK USD2.5                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     46105 | NS      | $10897838.85  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC          | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     31900 | NS      | $11015070.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC-CLASS A SHARES         | VISA INC CLASS A SHARES COMMON STOCK USD.0001              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     90708 | NS      | $30965897.04  | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                     | WALMART INC COMMON STOCK USD.1                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    190258 | NS      | $19607989.48  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC           | WASTE CONNECTIONS INC COMMON STOCK                         | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     63472 | NS      | $11158377.60  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO                | WELLS FARGO + CO COMMON STOCK USD1.666                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |    109835 | NS      | $9206369.70   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                | WILLIAMS COS INC COMMON STOCK USD1.0                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     94339 | NS      | $5976375.65   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM  BRANDS INC                 | YUM  BRANDS INC COMMON STOCK                               | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     40134 | NS      | $6100368.00   | 0.54%             |  |  |  | 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