# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-006634
**Filing Date:** 2026-5
**Character Count:** 48436
**Document Hash:** cc3f250cd6b701e8ad8819215c37e2e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-006634.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001099263-26-006634

**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:** 261035316

**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 Financials ETF (Series ID: S000092021)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000259931 | T. Rowe Price Financials ETF | TFNS            |

## Nport-Ex

T. ROWE PRICE FINANCIALS ETF

------

March 31, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** | **COMMON STOCKS 99.6%** |
| **BANKS 28.0%** | **BANKS 28.0%** | **BANKS 28.0%** |
| **Community Banks 2.1%** |  |  |
| Associated Banc | &nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| Central BanCo | &nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| Columbia Banking System | &nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| Fulton Financial | &nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| UMB Financial | &nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;57 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**262** |
| **Large Regional Banks 7.6%** |  |  |
| East West Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;67 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;2909 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| Huntington Bancshares | &nbsp;&nbsp;&nbsp;8129 | &nbsp;&nbsp;&nbsp;&nbsp;127 |
| Pinnacle Financial Partners | &nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| Popular | &nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| Regions Financial | &nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;5083 | &nbsp;&nbsp;&nbsp;&nbsp;264 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp;118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**958** |
| **Money Center Banks 17.1%** |  |  |
| Bank of America | 12669 | &nbsp;&nbsp;&nbsp;&nbsp;618 |
| Citigroup | &nbsp;&nbsp;&nbsp;4549 | &nbsp;&nbsp;&nbsp;&nbsp;516 |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp;620 |
| Wells Fargo | &nbsp;&nbsp;&nbsp;4860 | &nbsp;&nbsp;&nbsp;&nbsp;387 |
|  |  | **2141** |
| **Trust Banks 1.2%** |  |  |
| Bank of New York Mellon | &nbsp;&nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| State Street | &nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;31 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**151** |
| Total Banks |  | 3512 |
| **CAPITAL MARKETS 22.5%** | **CAPITAL MARKETS 22.5%** | **CAPITAL MARKETS 22.5%** |
| **Alternative Asset Managers 3.5%** |  |  |
| Apollo Global Management | &nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp;156 |
| Ares Management | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;70 |
| Blackstone | &nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;35 |
| KKR | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;157 |
| StepStone Group, Class A | &nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;26 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**444** |
| **Brokerage & Wealth Managers 5.9%** |  |  |
| Ameriprise Financial | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;103 |
| Charles Schwab | &nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp;503 |

---

------

T. ROWE PRICE FINANCIALS ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Etoro Group, Class A (1) | 2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| LPL Financial Holdings | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Robinhood Markets, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**741** |
| **Exchanges 3.0%** |  |  |
| CME Group | &nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| Intercontinental Exchange | 1142 | &nbsp;&nbsp;&nbsp;&nbsp;180 |
| Miami International Holdings (1) | &nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| StoneX Group (1) | &nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**373** |
| **Investment Banks 7.7%** |  |  |
| Goldman Sachs Group | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;491 |
| Morgan Stanley | 2260 | &nbsp;&nbsp;&nbsp;&nbsp;372 |
| Stifel Financial | &nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| UBS Group | 1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**975** |
| **Traditional Asset Managers 2.4%** |  |  |
| Blackrock | &nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;191 |
| Invesco | 4074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| WisdomTree | &nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**298** |
| Total Capital Markets |  | 2831 |
| **CONSUMER FINANCE 5.4%** | **CONSUMER FINANCE 5.4%** | **CONSUMER FINANCE 5.4%** |
| **Consumer Finance 5.4%** |  |  |
| American Express | &nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;165 |
| Capital One Financial | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;369 |
| LendingClub (1) | 2091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| SLM | 3976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Total Consumer Finance |  | &nbsp;&nbsp;&nbsp;&nbsp;675 |
| **INSURANCE 25.4%** | **INSURANCE 25.4%** | **INSURANCE 25.4%** |
| **Brokers 4.1%** |  |  |
| Aon, Class A | &nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;115 |
| Brown & Brown | &nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Marsh & McLennan | 1618 | &nbsp;&nbsp;&nbsp;&nbsp;281 |
| Willis Towers Watson | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**521** |
| **Life & Health 1.9%** |  |  |
| Corebridge Financial | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| Equitable Holdings | 1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 |
| MetLife | 1870 | &nbsp;&nbsp;&nbsp;&nbsp;132 |

---

------

T. ROWE PRICE FINANCIALS ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Voya Financial | &nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**236** |
| **Miscellaneous Insurance 10.3%** |  |  |
| Berkshire Hathaway, Class B (1) | 2691 | &nbsp;&nbsp;&nbsp;1289 |
|  |  | &nbsp;&nbsp;&nbsp;**1289** |
| **Primary Commercial 5.9%** |  |  |
| American International Group | 2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| Axis Capital Holdings | 1104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |
| Chubb | 1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 |
| Hartford Insurance Group | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Travelers | &nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**743** |
| **Primary Personal Lines 2.8%** |  |  |
| Allstate | 1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
| Progressive | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**346** |
| **Reinsurance 0.4%** |  |  |
| Everest Re Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| RenaissanceRe Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48** |
| Total Insurance |  | &nbsp;&nbsp;&nbsp;3183 |
| **PAYMENTS & BUSINESS SERVICES & MISCELLANEOUS 18.3%** | **PAYMENTS & BUSINESS SERVICES & MISCELLANEOUS 18.3%** | **PAYMENTS & BUSINESS SERVICES & MISCELLANEOUS 18.3%** |
| **Business Services 0.5%** |  |  |
| Equifax | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| MSCI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68** |
| **Payments 15.9%** |  |  |
| Block (1) | 1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Corpay (1) | &nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Fiserv (1) | 1709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Global Payments | 1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Mastercard, Class A | 1533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
| PayPal Holdings | 1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Visa, Class A | 2791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 |
|  |  | &nbsp;&nbsp;&nbsp;**2000** |
| **Rating Agencies & Miscellaneous 1.9%** |  |  |
| Moody's | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| S&P Global | &nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**236** |
| Total Payments & Business services & Miscellaneous |  | &nbsp;&nbsp;&nbsp;2304 |
| **Total Common Stocks (Cost $12,795)** |  | **12505** |

---

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T. ROWE PRICE FINANCIALS ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SHORT-TERM INVESTMENTS 0.3%** | **SHORT-TERM INVESTMENTS 0.3%** | **SHORT-TERM INVESTMENTS 0.3%** |
| **Money Market Funds 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.60% (2) | 42956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| **Total Short-Term Investments (Cost $43)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43** |
| **Total Investments in Securities<br> 99.9% of Net Assets (Cost $12,838)** |  | **$12548** |
| **Other Assets Less Liabilities 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7** |
| **Net Assets 100.0%** |  | **$12555** |

---

‡ Shares are denominated in U.S. dollars unless otherwise noted.

(1) Non-income producing

(2) Seven-day yield

------

T. ROWE PRICE FINANCIALS 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;&nbsp;$31 | ¤ | ¤ | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $—^ |

---

---

| |
|:---|
| 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 $0. |

---

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

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T. ROWE PRICE FINANCIALS ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

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

#### VALUATION

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

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

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

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

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

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

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

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

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T. ROWE PRICE FINANCIALS ETF

------

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford 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
On March 31, 2026, all of the fund's financial instruments were classified as Level 1, based on the inputs used to determine their fair values.

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

#### ETF1193-054Q1

#### 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 Financials ETF

- **b. EDGAR series identifier (if any):** S000092021

- **c. LEI of Series:** 254900XY0Z2IDV06WD97

**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:** $12559812.28

**Total Liabilities:** $4400.56

**Net Assets:** $12555411.72

**Cash Not Reported:** $105.62

**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 C000259931 | -1.78%               | -3.60%               | -3.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $175220.35               | $-393799.61                                |
| Month 2  | $24728.42                | $-473968.68                                |
| Month 3  | $-27525.43               | $-393080.75                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALLSTATE CORP                   | ALLSTATE CORP COMMON STOCK USD.01                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1048 | NS      | $217292.32    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS CO             | AMERICAN EXPRESS CO COMMON STOCK USD.2                     | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |       544 | NS      | $164549.12    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP    | AMERICAN INTERNATIONAL GROUP COMMON STOCK USD2.5           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      2269 | NS      | $170742.25    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERIPRISE FINANCIAL INC        | AMERIPRISE FINANCIAL INC COMMON STOCK USD.01               | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |       232 | NS      | $103100.80    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| AON PLC-CLASS A                 | AON PLC CLASS A COMMON STOCK                               | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |       357 | NS      | $115232.46    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT INC    | APOLLO GLOBAL MANAGEMENT INC COMMON STOCK USD.0001         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      1396 | NS      | $155542.32    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORP            | ARES MANAGEMENT CORP   A COMMON STOCK                      | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |       645 | NS      | $70369.50     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| ASSOCIATED BANC-CORP            | ASSOCIATED BANC CORP COMMON STOCK USD.01                   | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |       994 | NS      | $25704.84     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LTD       | AXIS CAPITAL HOLDINGS LTD COMMON STOCK USD.0125            | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      1104 | NS      | $111956.64    | 0.89%             |  |  |  | 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        |     12669 | NS      | $617613.75    | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF NEW YORK MELLON CORP    | BANK OF NEW YORK MELLON CORP COMMON STOCK USD.01           | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      1015 | NS      | $120409.45    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC-CL B     | BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033          | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      2691 | NS      | $1289527.20   | 10.27%            |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK INC                   | BLACKROCK INC COMMON STOCK USD.01                          | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       199 | NS      | $191380.29    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE INC                  | BLACKSTONE INC COMMON STOCK USD.00001                      | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |       308 | NS      | $35416.92     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                       | BLOCK INC COMMON STOCK USD.0000001                         | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |      1033 | NS      | $62165.94     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN & BROWN INC               | BROWN + BROWN INC COMMON STOCK USD.1                       | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |       594 | NS      | $38734.74     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL ONE FINANCIAL CORP      | CAPITAL ONE FINANCIAL CORP COMMON STOCK USD.01             | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      1989 | NS      | $362853.27    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAL BANCOMPANY              | CENTRAL BANCOMPANY COMMON STOCK                            | CUSIP: 152413100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1850 | NS      | $44307.50     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                       | CHUBB LTD COMMON STOCK                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |      1107 | NS      | $360804.51    | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                   | CITIGROUP INC COMMON STOCK USD.01                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      4549 | NS      | $515902.09    | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                   | CME GROUP INC COMMON STOCK USD.01                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       459 | NS      | $135565.65    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COLUMBIA BANKING SYSTEM INC     | COLUMBIA BANKING SYSTEM INC COMMON STOCK                   | CUSIP: 197236102<br>LEI: 254900CTRJTQZ3BJ2V17 | Long             | EC               | CORP              | US        |      2664 | NS      | $73073.52     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC        | COREBRIDGE FINANCIAL INC COMMON STOCK USD.01               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |       512 | NS      | $12216.32     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPAY INC                      | CORPAY INC COMMON STOCK USD.001                            | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |       252 | NS      | $73329.48     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| EAST WEST BANCORP INC           | EAST WEST BANCORP INC COMMON STOCK USD.001                 | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |       631 | NS      | $67365.56     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC                     | EQUIFAX INC COMMON STOCK USD1.25                           | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |       108 | NS      | $19447.56     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC          | EQUITABLE HOLDINGS INC COMMON STOCK USD.01                 | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      1018 | NS      | $37777.98     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| ETORO GROUP LTD-A               | ETORO GROUP LTD A COMMON STOCK NPV                         | CUSIP: G32089107<br>LEI: 213800XPRPJK2X5QRG86 | Long             | EC               | CORP              | VG        |      2123 | NS      | $63753.69     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd               | EVEREST GROUP LTD COMMON STOCK USD.01                      | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | BM        |        63 | NS      | $20591.55     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP             | FIFTH THIRD BANCORP COMMON STOCK                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      2748 | NS      | $127672.08    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                      | FISERV INC COMMON STOCK USD.01                             | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      1709 | NS      | $95362.20     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| FULTON FINANCIAL CORP           | FULTON FINANCIAL CORP COMMON STOCK USD2.5                  | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |      3026 | NS      | $61548.84     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC             | GLOBAL PAYMENTS INC COMMON STOCK                           | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      1480 | NS      | $99604.00     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDMAN SACHS GROUP INC         | GOLDMAN SACHS GROUP INC COMMON STOCK USD.01                | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       580 | NS      | $490674.20    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/T  | HARTFORD INSURANCE GROUP INC COMMON STOCK USD.01           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       356 | NS      | $48141.88     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC       | HUNTINGTON BANCSHARES INC COMMON STOCK USD.01              | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      7812 | NS      | $122257.80    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE INC   | INTERCONTINENTAL EXCHANGE IN COMMON STOCK USD.01           | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      1142 | NS      | $179613.76    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| INVESCO LTD                     | INVESCO LTD COMMON STOCK USD.2                             | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | BM        |      4074 | NS      | $98957.46     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN CHASE & CO.         | JPMORGAN CHASE + CO COMMON STOCK USD1.0                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2109 | NS      | $620383.44    | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                    | KKR + CO INC COMMON STOCK USD.01                           | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      1700 | NS      | $157250.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| LENDINGCLUB CORP                | LENDINGCLUB CORP COMMON STOCK USD.01                       | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |      2091 | NS      | $29943.12     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL FINANCIAL HOLDINGS INC      | LPL FINANCIAL HOLDINGS INC COMMON STOCK                    | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       124 | NS      | $37302.92     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS            | MARSH + MCLENNAN COS COMMON STOCK USD1.0                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      1618 | NS      | $280642.10    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC - A              | MASTERCARD INC   A COMMON STOCK USD.0001                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1533 | NS      | $765978.78    | 6.10%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                     | METLIFE INC COMMON STOCK USD.01                            | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      1870 | NS      | $132246.40    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS    | MIAMI INTERNATIONAL HOLDINGS COMMON STOCK USD.001          | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |       796 | NS      | $30980.32     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MOODY S CORP                    | MOODY S CORP COMMON STOCK USD.01                           | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |        74 | NS      | $32282.50     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                  | MORGAN STANLEY COMMON STOCK USD.01                         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      2260 | NS      | $371928.20    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                        | MSCI INC COMMON STOCK USD.01                               | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |        89 | NS      | $47971.89     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PAYPAL HOLDINGS INC             | PAYPAL HOLDINGS INC COMMON STOCK                           | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |      1881 | NS      | $85077.63     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In  | PINNACLE FINANCIAL PARTNERS COMMON STOCK USD1.0            | CUSIP: 72348N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       964 | NS      | $83038.96     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| POPULAR INC                     | POPULAR INC COMMON STOCK USD.01                            | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |       954 | NS      | $127998.18    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP                | PROGRESSIVE CORP COMMON STOCK USD1.0                       | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |       649 | NS      | $128657.76    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| REGIONS FINANCIAL CORP          | REGIONS FINANCIAL CORP COMMON STOCK USD.01                 | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |       984 | NS      | $25702.08     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD      | RENAISSANCERE HOLDINGS LTD COMMON STOCK USD1.0             | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |        91 | NS      | $27047.93     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ROBINHOOD MARKETS INC - A       | ROBINHOOD MARKETS INC   A COMMON STOCK USD.0001            | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |       491 | NS      | $34026.30     | 0.27%             |  |  |  | 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        |       479 | NS      | $203737.86    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB (CHARLES) CORP           | SCHWAB (CHARLES) CORP COMMON STOCK USD.01                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      5348 | NS      | $502605.04    | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM CORP                        | SLM CORP COMMON STOCK USD.2                                | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3976 | NS      | $85126.16     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP               | STATE STREET CORP COMMON STOCK USD1.0                      | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |       242 | NS      | $30627.52     | 0.24%             |  |  |  | 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        |     42956 | NS      | $42956.13     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| STEPSTONE GROUP INC-CLASS A     | STEPSTONE GROUP INC CLASS A COMMON STOCK USD.001           | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       539 | NS      | $25721.08     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| STIFEL FINANCIAL CORP           | STIFEL FINANCIAL CORP COMMON STOCK USD.15                  | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |       770 | NS      | $56918.40     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| STONEX GROUP INC                | STONEX GROUP INC COMMON STOCK USD.01                       | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |       337 | NS      | $27179.05     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SYNCHRONY FINANCIAL             | SYNCHRONY FINANCIAL COMMON STOCK USD.001                   | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |       384 | NS      | $26119.68     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC/THE           | TRAVELERS COS INC/THE COMMON STOCK                         | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |       176 | NS      | $51335.68     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS GROUP AG-REG                | UBS GROUP AG REG COMMON STOCK USD.1                        | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |      1569 | NS      | $61300.83     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB FINANCIAL CORP              | UMB FINANCIAL CORP COMMON STOCK USD1.0                     | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |       509 | NS      | $57410.11     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                      | US BANCORP COMMON STOCK USD.01                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      5083 | NS      | $264366.83    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC-CLASS A SHARES         | VISA INC CLASS A SHARES COMMON STOCK USD.0001              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2791 | NS      | $843551.84    | 6.72%             |  |  |  | No            |                  1 | On Loan: No      |
| VOYA FINANCIAL INC              | VOYA FINANCIAL INC COMMON STOCK USD.01                     | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |       784 | NS      | $53562.88     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO                | WELLS FARGO + CO COMMON STOCK USD1.666                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      4860 | NS      | $386904.60    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN ALLIANCE BANCORP        | WESTERN ALLIANCE BANCORP COMMON STOCK USD.0001             | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      1658 | NS      | $117469.30    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIS TOWERS WATSON PLC        | WILLIS TOWERS WATSON PLC COMMON STOCK USD.000304635        | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |       297 | NS      | $86337.90     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| WISDOMTREE INC                  | WISDOMTREE INC COMMON STOCK USD.01                         | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |       526 | NS      | $7658.56      | 0.06%             |  |  |  | No            |                  1 | 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