# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-006632
**Filing Date:** 2026-5
**Character Count:** 65617
**Document Hash:** dee94bab72691ca87a0ced34de893260
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-006632.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001099263-26-006632

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261035312

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price Health Care ETF (Series ID: S000092023)

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

## Nport-Ex

T. ROWE PRICE HEALTH CARE ETF

------

March 31, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** | **COMMON STOCKS 99.8%** |
| **HEALTH CARE 99.8%** | **HEALTH CARE 99.8%** | **HEALTH CARE 99.8%** |
| **Biotechnology 35.7%** |  |  |
| 89bio (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2477 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Agios Pharmaceuticals (2) | &nbsp;&nbsp;&nbsp;&nbsp;3906 | 132 |
| Aktis Oncology (2) | &nbsp;&nbsp;&nbsp;&nbsp;2721 | &nbsp;&nbsp;&nbsp;49 |
| Alkermes (2) | &nbsp;&nbsp;&nbsp;&nbsp;3048 | 108 |
| Alnylam Pharmaceuticals (2) | &nbsp;&nbsp;&nbsp;&nbsp;1262 | 418 |
| Annexon (2) | &nbsp;&nbsp;&nbsp;&nbsp;9315 | &nbsp;&nbsp;&nbsp;52 |
| Apogee Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;1658 | 140 |
| Applied Therapeutics (1)(2) | 153622 | &nbsp;&nbsp;&nbsp;&nbsp;- |
| Arcus Biosciences (2) | &nbsp;&nbsp;&nbsp;&nbsp;5162 | 208 |
| Arcus Biosciences (2) | &nbsp;&nbsp;&nbsp;&nbsp;3833 | &nbsp;&nbsp;&nbsp;83 |
| Ascendis Pharma, ADR (2) | &nbsp;&nbsp;&nbsp;&nbsp;1235 | 282 |
| Avalo Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;6914 | 103 |
| Bicara Therapeutics (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;8310 | 165 |
| Biogen (2) | &nbsp;&nbsp;&nbsp;&nbsp;1390 | 255 |
| Biohaven (2) | &nbsp;&nbsp;&nbsp;&nbsp;4623 | &nbsp;&nbsp;&nbsp;39 |
| BioNTech, ADR (2) | &nbsp;&nbsp;&nbsp;&nbsp;1829 | 163 |
| Black Diamond Therapeutics (2) | &nbsp;&nbsp;&nbsp;15543 | &nbsp;&nbsp;&nbsp;33 |
| Cabaletta Bio (2)(3) | &nbsp;&nbsp;&nbsp;43630 | 117 |
| Caris Life Sciences (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;3377 | &nbsp;&nbsp;&nbsp;60 |
| Centessa Pharmaceuticals, ADR (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;79 |
| CG Oncology (2) | &nbsp;&nbsp;&nbsp;&nbsp;2028 | 137 |
| CRISPR Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;34 |
| Cytokinetics (2) | &nbsp;&nbsp;&nbsp;&nbsp;4722 | 311 |
| Denali Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;5116 | &nbsp;&nbsp;&nbsp;98 |
| Dianthus Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;71 |
| Disc Medicine (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;54 |
| Dyne Therapeutics (2) | &nbsp;&nbsp;&nbsp;20969 | 380 |
| Eikon Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;62 |
| Erasca (2) | &nbsp;&nbsp;&nbsp;&nbsp;6348 | 103 |
| Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;6020 | 839 |
| GRAIL (2) | &nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;73 |
| Immatics (2)(3) | &nbsp;&nbsp;&nbsp;16368 | 161 |
| Immucore Holdings, ADR (2) | &nbsp;&nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;74 |
| Immunome (2) | &nbsp;&nbsp;&nbsp;10669 | 233 |
| Immunovant (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;19 |
| Incyte (2) | &nbsp;&nbsp;&nbsp;&nbsp;1398 | 132 |
| Ionis Pharmaceuticals (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;64 |
| Janux Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;20 |
| Jasper Therapeutics, Warrants, 3/22/30 (1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;5370 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Karyopharm Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;4484 | &nbsp;&nbsp;&nbsp;25 |
| Karyopharm Therapeutics, Warrants, 10/3/28, Acquisition Date: 10/8/25, Cost $0 (2)(4) | &nbsp;&nbsp;&nbsp;&nbsp;3159 | &nbsp;&nbsp;&nbsp;10 |

---

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T. ROWE PRICE HEALTH CARE ETF

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| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Kodiak Sciences (2) | &nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Kymera Therapeutics (2) | &nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp;125 |
| MapLight Therapeutics (2) | &nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| Metsera (1)(2) | &nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| MoonLake Immunotherapeutics (2) | &nbsp;&nbsp;&nbsp;9719 | &nbsp;&nbsp;&nbsp;&nbsp;181 |
| Natera (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| Olema Pharmaceuticals (2) | &nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Prime Medicine (2) | 18451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Regeneron Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;206 |
| Relay Therapeutics (2) | &nbsp;&nbsp;&nbsp;5205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| Revolution Medicines (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Sarepta Therapeutics (2) | &nbsp;&nbsp;&nbsp;6817 | &nbsp;&nbsp;&nbsp;&nbsp;148 |
| Shattuck Labs (2) | &nbsp;&nbsp;24111 | &nbsp;&nbsp;&nbsp;&nbsp;155 |
| Soleno Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Stoke Therapeutics (2) | &nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| Tango Therapeutics (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Travere Therapeutics (2) | &nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Vaxcyte (2) | &nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp;240 |
| Xenon Pharmaceuticals (2) | &nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp;149 |
|  |  | **7238** |
| **Health Care Equipment & Supplies 16.8%** |  |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;7720 | &nbsp;&nbsp;&nbsp;&nbsp;793 |
| Align Technology (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;109 |
| Becton Dickinson & Company | &nbsp;&nbsp;&nbsp;2202 | &nbsp;&nbsp;&nbsp;&nbsp;346 |
| Boston Scientific (2) | &nbsp;&nbsp;&nbsp;4745 | &nbsp;&nbsp;&nbsp;&nbsp;298 |
| Cooper (2) | &nbsp;&nbsp;&nbsp;2197 | &nbsp;&nbsp;&nbsp;&nbsp;157 |
| Dexcom (2) | &nbsp;&nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp;204 |
| Edwards Lifesciences (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| IDEXX Laboratories (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;149 |
| Insulet (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;168 |
| Intuitive Surgical (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Medtronic | &nbsp;&nbsp;&nbsp;5245 | &nbsp;&nbsp;&nbsp;&nbsp;454 |
| Novocure (2) | &nbsp;&nbsp;&nbsp;8598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 |
| PROCEPT BioRobotics (2) | &nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| Stryker | &nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp;406 |
| Ypsomed Holding (CHF) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
|  |  | **3404** |
| **Health Care Providers & Services 11.9%** |  |  |
| Billiontoone, Class A (2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| Cencora | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;215 |
| CVS Health | &nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp;194 |
| GeneDx Holdings (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Guardant Health (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Humana | &nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;318 |
| Molina Healthcare (2) | &nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp;144 |

---

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T. ROWE PRICE HEALTH CARE ETF

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| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Oscar Health, Class A (2) | &nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;1326 |
|  |  | &nbsp;&nbsp;&nbsp;**2404** |
| **Health Care Technology 0.1%** |  |  |
| Schrodinger (2) | &nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19** |
| **Life Sciences Tools & Services 16.5%** |  |  |
| Adaptive Biotechnologies (2) | 12084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Agilent Technologies | &nbsp;&nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 |
| Bio-Techne | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Bruker | &nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Charles River Laboratories International (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| Danaher | &nbsp;&nbsp;&nbsp;2918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 |
| ICON (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| Mettler-Toledo International (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| Personalis (2) | &nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| Repligen (2) | &nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| Stevanato Group | &nbsp;&nbsp;&nbsp;6509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 |
| Waters (2) | &nbsp;&nbsp;&nbsp;1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| West Pharmaceutical Services | &nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
|  |  | &nbsp;&nbsp;&nbsp;**3333** |
| **Pharmaceuticals 18.8%** |  |  |
| Amylyx Pharmaceuticals (2) | &nbsp;&nbsp;&nbsp;5711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| Bristol-Myers Squibb | &nbsp;&nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Crinetics Pharmaceuticals (2) | &nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Elanco Animal Health (2) | 13428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;3189 | &nbsp;&nbsp;&nbsp;2933 |
| Enliven Therapeutics (2) | &nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Novo Nordisk, ADR | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 |
| Rapport Therapeutics (2) | &nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
|  |  | &nbsp;&nbsp;&nbsp;**3814** |
| Total Health Care |  | 20212 |
| **Total Common Stocks (Cost $20,454)** |  | **20212** |
| **SHORT-TERM INVESTMENTS 0.1%** | **SHORT-TERM INVESTMENTS 0.1%** | **SHORT-TERM INVESTMENTS 0.1%** |
| **Money Market Funds 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.60% (5) | 27008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| **Total Short-Term Investments (Cost $27)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27** |

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T. ROWE PRICE HEALTH CARE ETF

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| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SECURITIES LENDING COLLATERAL 0.6%** | **SECURITIES LENDING COLLATERAL 0.6%** | **SECURITIES LENDING COLLATERAL 0.6%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 0.6%** |  |  |
| **Money Market Funds 0.6%** |  |  |
| T. Rowe Price Treasury Reserve Fund, 3.68% (5)(6) | 123211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**123** |
| **Total Securities Lending Collateral (Cost $123)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**123** |
| **Total Investments in Securities<br> 100.5% of Net Assets (Cost $20,604)** |  | **$20362** |
| **Other Assets Less Liabilities (0.5%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(102)** |
| **Net Assets 100.0%** |  | **$20260** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Level 3 in fair value hierarchy. |
| (2) | Non-income producing |
| (3) | All or a portion of this security is on loan at March 31, 2026. |
| (4) | Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The fund may have registration rights for certain restricted securities. Any costs related to such registration are generally borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at period-end amounts to $10 and represents 0.0% of net assets. |
| (5) | Seven-day yield |
| (6) | Affiliated Companies |
| ADR | American Depositary Receipts |
| CHF | Swiss Franc |

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T. ROWE PRICE HEALTH CARE ETF

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#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the three months ended March 31, 2026. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 12/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 3/31/26** |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;$111 | ¤ | ¤ | &nbsp;&nbsp;$123 |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $123^ |

---

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| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $0 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $123. |

---

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

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T. ROWE PRICE HEALTH CARE ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

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T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Health Care ETF (the fund) is an open-end management investment company established by the corporation and follows accounting and reporting guidance of the Financial Accounting Standards Board *Accounting Standards Codification* Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund's significant accounting policies and investment related disclosures, please refer to the fund's most recent semiannual or annual shareholder report and its prospectus.

#### VALUATION

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

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

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

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

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

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

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

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T. ROWE PRICE HEALTH CARE ETF

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

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

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

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

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on March 31, 2026 (for further detail by category, please refer to the accompanying Portfolio of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$20151 | &nbsp;&nbsp;$60 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$20212 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Total | &nbsp;&nbsp;$20301 | &nbsp;&nbsp;$60 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$20362 |

---

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

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T. ROWE PRICE HEALTH CARE ETF

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

#### ETF1194-054Q1

#### 03/26

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $21729336.32

**Total Liabilities:** $1469386.31

**Net Assets:** $20259950.01

**Cash Not Reported:** $3.58

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259933 | -0.51%               | 3.32%                | -5.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $243007.74               | $-337912.35                                |
| Month 2  | $238397.90               | $381510.27                                 |
| Month 3  | $468795.52               | $-1495264.95                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABBOTT LABORATORIES               | ABBOTT LABORATORIES COMMON STOCK                           | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      7720 | NS      | $792612.40    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ADAPTIVE BIOTECHNOLOGIES          | ADAPTIVE BIOTECHNOLOGIES COMMON STOCK USD.0001             | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |     12084 | NS      | $167725.92    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| AGILENT TECHNOLOGIES INC          | AGILENT TECHNOLOGIES INC COMMON STOCK USD.01               | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      2996 | NS      | $341484.08    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AGIOS PHARMACEUTICALS INC         | AGIOS PHARMACEUTICALS INC COMMON STOCK USD.001             | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |      3906 | NS      | $132139.98    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| AKTIS ONCOLOGY INC                | AKTIS ONCOLOGY INC COMMON STOCK                            | CUSIP: 01021M104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2721 | NS      | $48678.69     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY INC              | ALIGN TECHNOLOGY INC COMMON STOCK USD.0001                 | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |       634 | NS      | $108686.62    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| ALKERMES PLC                      | ALKERMES PLC COMMON STOCK USD.01                           | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      3048 | NS      | $107777.28    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS INC       | ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01            | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      1262 | NS      | $417557.94    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMYLYX PHARMACEUTICALS INC        | AMYLYX PHARMACEUTICALS INC COMMON STOCK USD.0001           | CUSIP: 03237H101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5711 | NS      | $79382.90     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ANNEXON INC                       | ANNEXON INC COMMON STOCK                                   | CUSIP: 03589W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9315 | NS      | $51605.10     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| APELLIS PHARMACEUTICALS INC       | APELLIS PHARMACEUTICALS INC COMMON STOCK USD.0001          | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |      5162 | NS      | $207667.26    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| APOGEE THERAPEUTICS INC           | APOGEE THERAPEUTICS INC COMMON STOCK USD.00001             | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1658 | NS      | $139553.86    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCUS BIOSCIENCES INC             | ARCUS BIOSCIENCES INC COMMON STOCK USD.0001                | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3833 | NS      | $82792.80     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S - ADR         | ASCENDIS PHARMA A/S   ADR ADR DKK1.0                       | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |      1235 | NS      | $282481.55    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALO THERAPEUTICS INC            | AVALO THERAPEUTICS INC COMMON STOCK USD.001                | CUSIP: 05338F306<br>LEI: 549300GPK6FPJ3X8SZ39 | Long             | EC               | CORP              | US        |      6914 | NS      | $103226.02    | 0.51%             |  |  |  | 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        |      2202 | NS      | $346220.46    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BICARA THERAPEUTICS INC           | BICARA THERAPEUTICS INC COMMON STOCK USD.0001              | CUSIP: 055477103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8310 | NS      | $165285.90    | 0.82%             |  |  |  | No            |                  1 | On Loan: —       |
| BILLIONTOONE INC CL A             | BILLIONTOONE INC CL A COMMON STOCK USD.00001               | CUSIP: 090168105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       228 | NS      | $17998.32     | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| BIO-TECHNE CORP                   | BIO TECHNE CORP COMMON STOCK USD.01                        | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |       593 | NS      | $30990.18     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                        | BIOGEN INC COMMON STOCK USD.0005                           | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      1390 | NS      | $254828.70    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOHAVEN LTD                      | BIOHAVEN LTD COMMON STOCK                                  | CUSIP: G1110E107<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |      4623 | NS      | $39110.58     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BIONTECH SE-ADR                   | BIONTECH SE ADR ADR                                        | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      1829 | NS      | $162561.52    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK DIAMOND THERAPEUTICS I      | BLACK DIAMOND THERAPEUTICS I COMMON STOCK                  | CUSIP: 09203E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15543 | NS      | $33106.59     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON SCIENTIFIC CORP            | BOSTON SCIENTIFIC CORP COMMON STOCK USD.01                 | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      4745 | NS      | $297748.75    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO           | BRISTOL MYERS SQUIBB CO COMMON STOCK USD.1                 | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      2432 | NS      | $147500.80    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BRUKER CORP                       | BRUKER CORP COMMON STOCK USD.01                            | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |      1196 | NS      | $43199.52     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CABALETTA BIO INC                 | CABALETTA BIO INC COMMON STOCK USD.00001                   | CUSIP: 12674W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43630 | NS      | $117364.70    | 0.58%             |  |  |  | No            |                  1 | On Loan: —       |
| CARIS LIFE SCIENCES INC           | CARIS LIFE SCIENCES INC COMMON STOCK USD.001               | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |      3377 | NS      | $60380.76     | 0.30%             |  |  |  | No            |                  1 | On Loan: —       |
| CENCORA INC                       | CENCORA INC COMMON STOCK USD.01                            | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       685 | NS      | $215185.90    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTESSA PHARMACEUTICALS-ADR      | CENTESSA PHARMACEUTICALS ADR ADR USD.0001                  | CUSIP: 152309100<br>LEI: 213800GIDAARDSKOI827 | Long             | EC               | CORP              | GB        |      1990 | NS      | $79042.80     | 0.39%             |  |  |  | No            |                  1 | On Loan: —       |
| CG ONCOLOGY INC                   | CG ONCOLOGY INC COMMON STOCK                               | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2028 | NS      | $137255.04    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CHARLES RIVER LABORATORIES        | CHARLES RIVER LABORATORIES COMMON STOCK USD.01             | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       252 | NS      | $43470.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | CONTRA 89BIO INC COMMON STOCK                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2477 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| APPLIED THERAPEUTICS INC CVR      | CONTRA APPLIED THERAPE COMMON STOCK                        | CUSIP: 038CVR031<br>LEI: 549300KL3IJPHZM2GR04 | Long             | EC               | CORP              | US        |    153622 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| METSERA INC CVR                   | CONTRA METSERA INC COMMON STOCK                            | CUSIP: 592CVR013<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1892 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| COOPER COS INC/THE                | COOPER COS INC/THE COMMON STOCK USD.1                      | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      2197 | NS      | $157085.50    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CRINETICS PHARMACEUTICALS IN      | CRINETICS PHARMACEUTICALS IN COMMON STOCK USD.001          | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |      1758 | NS      | $63850.56     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CRISPR THERAPEUTICS AG            | CRISPR THERAPEUTICS AG COMMON STOCK CHF.03                 | CUSIP: H17182108<br>LEI: 506700O6IRRIQLT3W370 | Long             | EC               | CORP              | CH        |       709 | NS      | $33727.13     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                   | CVS HEALTH CORP COMMON STOCK USD.01                        | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      2698 | NS      | $193770.36    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS INC                  | CYTOKINETICS INC COMMON STOCK USD.001                      | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      4722 | NS      | $311227.02    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                      | DANAHER CORP COMMON STOCK USD.01                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2918 | NS      | $553252.80    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| DENALI THERAPEUTICS INC           | DENALI THERAPEUTICS INC COMMON STOCK USD.01                | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |      5116 | NS      | $98227.20     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                        | DEXCOM INC COMMON STOCK USD.001                            | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |      3251 | NS      | $204162.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| DIANTHUS THERAPEUTICS INC         | DIANTHUS THERAPEUTICS INC COMMON STOCK USD.001             | CUSIP: 252828108<br>LEI: 549300Z3N6ODPCOFC890 | Long             | EC               | CORP              | US        |       848 | NS      | $71164.16     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| DISC MEDICINE INC                 | DISC MEDICINE INC COMMON STOCK USD.0001                    | CUSIP: 254604101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       841 | NS      | $53773.54     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNE THERAPEUTICS INC             | DYNE THERAPEUTICS INC COMMON STOCK USD.0001                | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20969 | NS      | $380167.97    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| EDWARDS LIFESCIENCES CORP         | EDWARDS LIFESCIENCES CORP COMMON STOCK USD1.0              | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |       971 | NS      | $77757.68     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EIKON THERAPEUTICS INC            | EIKON THERAPEUTICS INC COMMON STOCK USD.0001               | CUSIP: 282564103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5840 | NS      | $61787.20     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ELANCO ANIMAL HEALTH INC          | ELANCO ANIMAL HEALTH INC COMMON STOCK                      | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     13428 | NS      | $321332.04    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                    | ELI LILLY + CO COMMON STOCK                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      3189 | NS      | $2933146.53   | 14.48%            |  |  |  | No            |                  1 | On Loan: No      |
| ENLIVEN THERAPEUTICS INC          | ENLIVEN THERAPEUTICS INC COMMON STOCK USD.001              | CUSIP: 29337E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1135 | NS      | $44492.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ERASCA INC                        | ERASCA INC COMMON STOCK USD.0001                           | CUSIP: 29479A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6348 | NS      | $102710.64    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GENEDX HOLDINGS CORP              | GENEDX HOLDINGS CORP COMMON STOCK USD.0001                 | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       891 | NS      | $57220.02     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC               | GILEAD SCIENCES INC COMMON STOCK USD.001                   | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      6020 | NS      | $839007.40    | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GRAIL INC                         | GRAIL INC COMMON STOCK                                     | CUSIP: 384747101<br>LEI: 2549009XSNESW3VE8024 | Long             | EC               | CORP              | US        |      1404 | NS      | $72558.72     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARDANT HEALTH INC               | GUARDANT HEALTH INC COMMON STOCK USD.00001                 | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |       929 | NS      | $85811.73     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC                        | HUMANA INC COMMON STOCK USD.1666666                        | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      1835 | NS      | $318170.65    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                          | ICON PLC COMMON STOCK EUR.06                               | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |       612 | NS      | $67723.92     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX LABORATORIES INC            | IDEXX LABORATORIES INC COMMON STOCK USD.1                  | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |       266 | NS      | $149462.74    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMATICS NV                       | IMMATICS NV COMMON STOCK                                   | CUSIP: N44445109<br>LEI: 984500DC691EZ96AF394 | Long             | EC               | CORP              | NL        |     16368 | NS      | $161061.12    | 0.79%             |  |  |  | No            |                  1 | On Loan: —       |
| IMMUNOCORE HOLDINGS PLC-ADR       | IMMUNOCORE HOLDINGS PLC ADR ADR GBP.0001                   | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             | EC               | CORP              | GB        |      2468 | NS      | $74410.20     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOME INC                      | IMMUNOME INC COMMON STOCK USD.0001                         | CUSIP: 45257U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10669 | NS      | $233331.03    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IMMUNOVANT INC                    | IMMUNOVANT INC COMMON STOCK USD.0001                       | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       748 | NS      | $18580.32     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| INCYTE CORP                       | INCYTE CORP COMMON STOCK USD.001                           | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |      1398 | NS      | $131579.76    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| INSULET CORP                      | INSULET CORP COMMON STOCK USD.001                          | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |       803 | NS      | $168501.52    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUITIVE SURGICAL INC            | INTUITIVE SURGICAL INC COMMON STOCK USD.001                | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       134 | NS      | $61772.66     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| IONIS PHARMACEUTICALS INC         | IONIS PHARMACEUTICALS INC COMMON STOCK USD.001             | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |       850 | NS      | $63826.50     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JANUX THERAPEUTICS INC            | JANUX THERAPEUTICS INC COMMON STOCK USD.001                | CUSIP: 47103J105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1455 | NS      | $20224.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | JASPER THERA WTS 3/30 TC8U3IZJ8                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5370 | NS      | $1342.50      | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| KARYOPHARM THERAPEUTICS INC       | KARYOPHARM THERAPEUTICS INC COMMON STOCK USD.0001          | CUSIP: 48576U205<br>LEI: 549300J1VANRCNTYST87 | Long             | EC               | CORP              | US        |      4484 | NS      | $24975.88     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                               | KARYOPHARM WTS 10.28 TC4ZZLSW8                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3159 | NS      | $9981.49      | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KODIAK SCIENCES INC               | KODIAK SCIENCES INC COMMON STOCK USD.0001                  | CUSIP: 50015M109<br>LEI: 254900IXI5NI8C9OQE24 | Long             | EC               | CORP              | US        |      2705 | NS      | $103114.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| KYMERA THERAPEUTICS INC           | KYMERA THERAPEUTICS INC COMMON STOCK USD.0001              | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1497 | NS      | $124685.13    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MAPLIGHT THERAPEUTICS INC         | MAPLIGHT THERAPEUTICS INC COMMON STOCK USD.0001            | CUSIP: 56565P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5110 | NS      | $103886.30    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                     | MEDTRONIC PLC COMMON STOCK USD.1                           | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      5245 | NS      | $454479.25    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| METTLER-TOLEDO INTERNATIONAL      | METTLER TOLEDO INTERNATIONAL COMMON STOCK USD.01           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       178 | NS      | $224493.60    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE INC             | MOLINA HEALTHCARE INC COMMON STOCK USD.001                 | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      1082 | NS      | $144230.60    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MOONLAKE IMMUNOTHERAPEUTICS       | MOONLAKE IMMUNOTHERAPEUTICS COMMON STOCK USD.0001          | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9719 | NS      | $181162.16    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NATERA INC                        | NATERA INC COMMON STOCK                                    | CUSIP: 632307104<br>LEI: 529900CQ3OZ0A0VYVU59 | Long             | EC               | CORP              | US        |       504 | NS      | $100794.96    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVO-NORDISK A/S-SPONS ADR        | NOVO NORDISK A/S SPONS ADR ADR                             | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      3200 | NS      | $117600.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVOCURE LTD                      | NOVOCURE LTD COMMON STOCK                                  | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |      8598 | NS      | $93718.20     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OLEMA PHARMACEUTICALS INC         | OLEMA PHARMACEUTICALS INC COMMON STOCK USD.0001            | CUSIP: 68062P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1997 | NS      | $29775.27     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OSCAR HEALTH INC - CLASS A        | OSCAR HEALTH INC   CLASS A COMMON STOCK USD.00001          | CUSIP: 687793109<br>LEI: 254900AE8KDLFDOPKZ19 | Long             | EC               | CORP              | US        |      3999 | NS      | $45868.53     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PERSONALIS INC                    | PERSONALIS INC COMMON STOCK                                | CUSIP: 71535D106<br>LEI: 549300EZ2NYFK7H0US48 | Long             | EC               | CORP              | US        |      3980 | NS      | $25352.60     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIME MEDICINE INC                | PRIME MEDICINE INC COMMON STOCK USD.00001                  | CUSIP: 74168J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18451 | NS      | $64209.48     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BIOROBOTICS CORP          | PROCEPT BIOROBOTICS CORP COMMON STOCK USD.00001            | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1450 | NS      | $36264.50     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| RAPPORT THERAPEUTICS INC          | RAPPORT THERAPEUTICS INC COMMON STOCK USD.001              | CUSIP: 75383L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3392 | NS      | $106135.68    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS         | REGENERON PHARMACEUTICALS COMMON STOCK USD.001             | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       267 | NS      | $206294.88    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RELAY THERAPEUTICS INC            | RELAY THERAPEUTICS INC COMMON STOCK USD.001                | CUSIP: 75943R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5205 | NS      | $51789.75     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORP                     | REPLIGEN CORP COMMON STOCK USD.01                          | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      1359 | NS      | $160117.38    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| REVOLUTION MEDICINES INC          | REVOLUTION MEDICINES INC COMMON STOCK                      | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |        95 | NS      | $9238.75      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SAREPTA THERAPEUTICS INC          | SAREPTA THERAPEUTICS INC COMMON STOCK USD.0001             | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      6817 | NS      | $148337.92    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHRODINGER INC                   | SCHRODINGER INC COMMON STOCK USD.01                        | CUSIP: 80810D103<br>LEI: 984500044BAE4791E559 | Long             | EC               | CORP              | US        |      1662 | NS      | $18880.32     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SHATTUCK LABS INC                 | SHATTUCK LABS INC COMMON STOCK USD.0001                    | CUSIP: 82024L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24111 | NS      | $155033.73    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLENO THERAPEUTICS INC           | SOLENO THERAPEUTICS INC COMMON STOCK USD.001               | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |       780 | NS      | $26114.40     | 0.13%             |  |  |  | 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        |     27008 | NS      | $27008.29     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| STEVANATO GROUP SPA               | STEVANATO GROUP SPA COMMON STOCK                           | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |      6509 | NS      | $89498.75     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| STOKE THERAPEUTICS INC            | STOKE THERAPEUTICS INC COMMON STOCK                        | CUSIP: 86150R107<br>LEI: 549300RD25SS2DIJHJ67 | Long             | EC               | CORP              | US        |      2468 | NS      | $80358.08     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                      | STRYKER CORP COMMON STOCK USD.1                            | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1235 | NS      | $405808.65    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TANGO THERAPEUTICS INC            | TANGO THERAPEUTICS INC COMMON STOCK USD.0001               | CUSIP: 87583X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       933 | NS      | $19518.36     | 0.10%             |  |  |  | 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        |      1893 | NS      | $930466.29    | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVERE THERAPEUTICS INC          | TRAVERE THERAPEUTICS INC COMMON STOCK USD.0001             | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1982 | NS      | $58885.22     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| GRS - SECURITY LENDING COLLATERAL | TREASURY RESERVE FUND - Collateral                         | CUSIP: 76105YYY9<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |     93610 | NS      | $93609.50     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC            | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      4898 | NS      | $1325349.82   | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                       | VAXCYTE INC COMMON STOCK USD.001                           | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      4136 | NS      | $240342.96    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERS CORP                       | WATERS CORP COMMON STOCK USD.01                            | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      1192 | NS      | $354977.60    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES      | WEST PHARMACEUTICAL SERVICES COMMON STOCK USD.25           | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      1198 | NS      | $300266.72    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| XENON PHARMACEUTICALS INC         | XENON PHARMACEUTICALS INC COMMON STOCK                     | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      2558 | NS      | $148747.70    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| YPSOMED HOLDING AG-REG            | YPSOMED HOLDING AG REG COMMON STOCK CHF14.15               | CUSIP: CH02SWN84<br>LEI: 391200QLIOTTBNPNSI14 | Long             | EC               | CORP              | CH        |       142 | NS      | $49780.40     | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President