# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001795351-25-000513
**Filing Date:** 2025-8
**Character Count:** 38886
**Document Hash:** 4b70b7d781f12425fe925aa0c9b03590
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001795351-25-000513.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001795351-25-000513

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251256875

**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            |

## 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:** 2025-06-30

**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:** $878725704.23

**Total Liabilities:** $353245.01

**Net Assets:** $878372459.22

**Cash Not Reported:** $14513.60

**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 | -1.44%               | 3.79%                | 2.81%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1187816.88             | $-9592103.64                               |
| Month 2  | $-2191280.47             | $31679414.58                               |
| Month 3  | $147138.22               | $22426642.61                               |

### 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        |     48173 | NS      | $8941872.26   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                                | AMEREN CORPORATION COMMON STOCK USD.01                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     99440 | NS      | $9550217.60   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                                        | AMERICAN EXPRESS CO COMMON STOCK USD.2                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     40735 | NS      | $12993650.30  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                        | AMERICAN TOWER CORP REIT USD.01                            | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     35641 | NS      | $7877373.82   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                              | AMPHENOL CORP CL A COMMON STOCK USD.001                    | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    129323 | NS      | $12770646.25  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                                         | ANALOG DEVICES INC COMMON STOCK USD.167                    | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     43699 | NS      | $10401235.98  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                                        | ELEVANCE HEALTH INC COMMON STOCK USD.01                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     12670 | NS      | $4928123.20   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                                                  | APPLE INC COMMON STOCK USD.00001                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    172920 | NS      | $35477996.40  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc                                      | APPLIED MATERIALS INC COMMON STOCK USD.01                  | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     33876 | NS      | $6201679.32   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                            | ASTRAZENECA PLC SPONS ADR ADR                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    121050 | NS      | $8458974.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                                          | ATMOS ENERGY CORP COMMON STOCK                             | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     42037 | NS      | $6478322.07   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc                              | AUTOMATIC DATA PROCESSING COMMON STOCK USD.1               | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     19128 | NS      | $5899075.20   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp                                        | AVERY DENNISON CORP COMMON STOCK USD1.0                    | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     27537 | NS      | $4831917.39   | 0.55%             |  |  |  | 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        |    302671 | NS      | $14322391.72  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                                      | BECTON DICKINSON AND CO COMMON STOCK USD1.0                | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     26510 | NS      | $4566347.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp                           | BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD.01           | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      9320 | NS      | $970491.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc                         | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK USD.01           | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     43528 | NS      | $10578609.84  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                               | BROADCOM INC COMMON STOCK                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     78367 | NS      | $21601863.55  | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                                            | THE CIGNA GROUP COMMON STOCK USD.01                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     10994 | NS      | $3634396.52   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                                            | CMS ENERGY CORP COMMON STOCK USD.01                        | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     92329 | NS      | $6396553.12   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                                                   | CSX CORP COMMON STOCK USD1.0                               | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    161167 | NS      | $5258879.21   | 0.60%             |  |  |  | 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        |    159620 | NS      | $11293115.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                                       | COLGATE PALMOLIVE CO COMMON STOCK USD1.0                   | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     99992 | NS      | $9089272.80   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                             | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     86711 | NS      | $7781445.14   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                      | COSTCO WHOLESALE CORP COMMON STOCK USD.005                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |      4972 | NS      | $4921981.68   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                               | DANAHER CORP COMMON STOCK USD.01                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     38320 | NS      | $7569732.80   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                                                 | DEERE + CO COMMON STOCK USD1.0                             | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     18442 | NS      | $9377572.58   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                                          | EOG RESOURCES INC COMMON STOCK USD.01                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     42692 | NS      | $5106390.12   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                                                   | EQT CORP COMMON STOCK                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     79142 | NS      | $4615561.44   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                         | EQUITY RESIDENTIAL REIT USD.01                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    128926 | NS      | $8701215.74   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                                           | EXXON MOBIL CORP COMMON STOCK                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    104174 | NS      | $11229957.20  | 1.28%             |  |  |  | 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        |     49028 | NS      | $3631503.96   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                                             | GE VERNOVA INC COMMON STOCK USD.01                         | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      9064 | NS      | $4796215.60   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                                        | GENERAL ELECTRIC COMMON STOCK USD.01                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     80412 | NS      | $20697244.68  | 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        |     44244 | NS      | $4905332.28   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                                | GOLDMAN SACHS GROUP INC COMMON STOCK USD.01                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      8182 | NS      | $5790810.50   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/The                           | HARTFORD INSURANCE GROUP INC COMMON STOCK USD.01           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     47977 | NS      | $6086841.99   | 0.69%             |  |  |  | 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        |     41718 | NS      | $11111172.12  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                                         | HOME DEPOT INC COMMON STOCK USD.05                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     31836 | NS      | $11672351.04  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc                                | HONEYWELL INTERNATIONAL INC COMMON STOCK USD1.0            | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     42370 | NS      | $9867125.60   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                                       | HOWMET AEROSPACE INC COMMON STOCK                          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     66137 | NS      | $12310079.81  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc                                    | ILLINOIS TOOL WORKS COMMON STOCK USD.01                    | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     11387 | NS      | $2815435.75   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                                 | INTUIT INC COMMON STOCK USD.01                             | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      7132 | NS      | $5617377.16   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                                        | JPMORGAN CHASE + CO COMMON STOCK USD1.0                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     91323 | NS      | $26475450.93  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                                   | KLA CORP COMMON STOCK USD.001                              | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     13031 | NS      | $11672387.94  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenvue Inc                                                 | KENVUE INC COMMON STOCK USD.01                             | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    421670 | NS      | $8825553.10   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                             | ELI LILLY + CO COMMON STOCK                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     17296 | NS      | $13482750.88  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                                   | MARSH + MCLENNAN COS COMMON STOCK USD1.0                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     66041 | NS      | $14439204.24  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD                              | MARRIOTT INTERNATIONAL  CL A COMMON STOCK USD.01           | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      9127 | NS      | $2493587.67   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald s Corp                                            | MCDONALD S CORP COMMON STOCK USD.01                        | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     30371 | NS      | $8873495.07   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                                              | MCKESSON CORP COMMON STOCK USD.01                          | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     15407 | NS      | $11289941.46  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                                | METLIFE INC COMMON STOCK USD.01                            | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     30597 | NS      | $2460610.74   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                             | MICROSOFT CORP COMMON STOCK USD.00000625                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    119205 | NS      | $59293759.05  | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc                                 | MONDELEZ INTERNATIONAL INC A COMMON STOCK                  | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    116940 | NS      | $7886433.60   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                             | MORGAN STANLEY COMMON STOCK USD.01                         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     82474 | NS      | $11617287.64  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                                         | NEXTERA ENERGY INC COMMON STOCK USD.01                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     81320 | NS      | $5645234.40   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                                                   | NIKE INC  CL B COMMON STOCK                                | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     46877 | NS      | $3330142.08   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                                      | NORTHROP GRUMMAN CORP COMMON STOCK USD1.0                  | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     17992 | NS      | $8995640.16   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                              | OLD DOMINION FREIGHT LINE COMMON STOCK USD.1               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |     32116 | NS      | $5212426.80   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp                                        | OTIS WORLDWIDE CORP COMMON STOCK USD.01                    | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |     26447 | NS      | $2618781.94   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc                            | PHILIP MORRIS INTERNATIONAL COMMON STOCK                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     56380 | NS      | $10268489.40  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                                       | PROGRESSIVE CORP COMMON STOCK USD1.0                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     38373 | NS      | $10240218.78  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                                               | QUALCOMM INC COMMON STOCK USD.0001                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     26986 | NS      | $4297790.36   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                                      | QUEST DIAGNOSTICS INC COMMON STOCK USD.01                  | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     37394 | NS      | $6717084.22   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc                                      | RPM INTERNATIONAL INC COMMON STOCK USD.01                  | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |     23402 | NS      | $2570475.68   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                                    | ROCKWELL AUTOMATION INC COMMON STOCK USD1.0                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |     16897 | NS      | $5612676.49   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                                     | ROPER TECHNOLOGIES INC COMMON STOCK USD.01                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     20898 | NS      | $11845822.32  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                            | ROSS STORES INC COMMON STOCK USD.01                        | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |     75900 | NS      | $9683322.00   | 1.10%             |  |  |  | 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        |     11965 | NS      | $6309024.85   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                                            | SCHLUMBERGER LTD COMMON STOCK USD.01                       | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    139220 | NS      | $4705636.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                                    | SCHWAB (CHARLES) CORP COMMON STOCK USD.01                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |    137597 | NS      | $12554350.28  | 1.43%             |  |  |  | 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        |     24248 | NS      | $8325793.28   | 0.95%             |  |  |  | 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        |     36921 | NS      | $2501397.75   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | STATE STREET INSTITUTIONAL US STATE ST INST US GOV MM PREM | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |  13717350 | NS      | $13717350.11  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                                               | STRYKER CORP COMMON STOCK USD.1                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     25871 | NS      | $10235343.73  | 1.17%             |  |  |  | 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        |     39285 | NS      | $9360044.10   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                  | TAIWAN SEMICONDUCTOR SP ADR ADR                            | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     25026 | NS      | $5668138.74   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                                      | TEXAS INSTRUMENTS INC COMMON STOCK USD1.0                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     32479 | NS      | $6743289.98   | 0.77%             |  |  |  | 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        |     20471 | NS      | $8300171.66   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                                          | TRACTOR SUPPLY COMPANY COMMON STOCK USD.008                | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     66723 | NS      | $3520972.71   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp                                         | UNION PACIFIC CORP COMMON STOCK USD2.5                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     37828 | NS      | $8703466.24   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                     | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     23482 | NS      | $7325679.54   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                                   | VISA INC CLASS A SHARES COMMON STOCK USD.0001              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     71843 | NS      | $25507857.15  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                                | WALMART INC COMMON STOCK USD.1                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    151907 | NS      | $14853466.46  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                                      | WASTE CONNECTIONS INC COMMON STOCK                         | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     50233 | NS      | $9379505.76   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                           | WELLS FARGO + CO COMMON STOCK USD1.666                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     88886 | NS      | $7121546.32   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                                       | WILLIAMS COS INC COMMON STOCK USD1.0                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     76249 | NS      | $4789199.69   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum  Brands Inc                                            | YUM  BRANDS INC COMMON STOCK                               | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |     32510 | NS      | $4817331.80   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                                                 | ZOETIS INC COMMON STOCK USD.01                             | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     10610 | NS      | $1654629.50   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                                    | AON PLC CLASS A COMMON STOCK                               | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |      8070 | NS      | $2879053.20   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                                              | ACCENTURE PLC CL A COMMON STOCK USD.0000225                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |     34888 | NS      | $10427674.32  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                                  | LINDE PLC COMMON STOCK                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |     25812 | NS      | $12110474.16  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                                        | TE CONNECTIVITY PLC COMMON STOCK USD.01                    | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     34908 | NS      | $5887932.36   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                                     | TRANE TECHNOLOGIES PLC COMMON STOCK USD1.0                 | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |     15808 | NS      | $6914577.28   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                                  | CHUBB LTD COMMON STOCK                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     57356 | NS      | $16617180.32  | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-04

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President