# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001795351-25-000524
**Filing Date:** 2025-8
**Character Count:** 26630
**Document Hash:** 92cad2e65426d425bfdaa0aae9f27b1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001795351-25-000524.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001795351-25-000524

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Exchange-Traded Funds, Inc.
- **CENTRAL INDEX KEY:** 0001795351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251257012

**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 Natural Resources ETF (Series ID: S000092025)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000259935 | T. Rowe Price Natural Resources ETF | TURF            |

## 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 Natural Resources ETF

- **b. EDGAR series identifier (if any):** S000092025

- **c. LEI of Series:** 254900CWV5QCE6WBCD81

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $10045648.12

**Total Liabilities:** $5531.43

**Net Assets:** $10040116.69

**Cash Not Reported:** $29055.48

**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 C000259935 |  |  | 0.40%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $-66.54                  | $24895.54                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Agnico Eagle Mines Ltd         | AGNICO EAGLE MINES LTD COMMON STOCK             | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      2232 | NS      | $265922.29    | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc                | ALAMOS GOLD INC CLASS A COMMON STOCK            | CUSIP: 011532108<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |      2635 | NS      | $70086.07     | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Archer-Daniels-Midland Co      | ARCHER DANIELS MIDLAND CO COMMON STOCK          | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      4907 | NS      | $258991.46    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Artemis Gold Inc               | ARTEMIS GOLD INC COMMON STOCK                   | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3475 | NS      | $63209.66     | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Barrick Mining Corp            | BARRICK MINING CORP COMMON STOCK                | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      1992 | NS      | $41471.05     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                  | RIO TINTO PLC COMMON STOCK GBP.1                | CUSIP: G75754104<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      3245 | NS      | $188872.19    | 1.88%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                         | BP PLC COMMON STOCK USD.25                      | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     16409 | NS      | $81754.42     | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc     | CF INDUSTRIES HOLDINGS INC COMMON STOCK USD.01  | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      2516 | NS      | $231472.00    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                    | CAMECO CORP COMMON STOCK                        | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |      2943 | NS      | $218561.11    | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Ltd | CANADIAN NATURAL RESOURCES COMMON STOCK         | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      5652 | NS      | $177643.18    | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Cenovus Energy Inc             | CENOVUS ENERGY INC COMMON STOCK                 | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      3891 | NS      | $52946.74     | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Expand Energy Corp             | EXPAND ENERGY CORP COMMON STOCK USD.01          | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |       851 | NS      | $99515.94     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | CHEVRON CORP COMMON STOCK USD.75                | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2002 | NS      | $286666.38    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | CONOCOPHILLIPS COMMON STOCK USD.01              | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      2412 | NS      | $216452.88    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                    | CORTEVA INC COMMON STOCK USD.01                 | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      9219 | NS      | $687092.07    | 6.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | DIAMONDBACK ENERGY INC COMMON STOCK USD.01      | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       718 | NS      | $98653.20     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG RESOURCES INC COMMON STOCK USD.01           | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       897 | NS      | $107290.17    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT Corp                       | EQT CORP COMMON STOCK                           | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      2171 | NS      | $126612.72    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | EXXON MOBIL CORP COMMON STOCK                   | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      4196 | NS      | $452328.80    | 4.51%             |  |  |  | No            |                  1 | On Loan: No      |
| FMC Corp                       | FMC CORP COMMON STOCK USD.1                     | CUSIP: 302491303<br>LEI: CKDHZ2X64EEBQCSP7013 | Long             | EC               | CORP              | US        |       916 | NS      | $38243.00     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| First Quantum Minerals Ltd     | FIRST QUANTUM MINERALS LTD COMMON STOCK         | CUSIP: 335934105<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      4145 | NS      | $73631.39     | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Franco-Nevada Corp             | FRANCO NEVADA CORP COMMON STOCK                 | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      1117 | NS      | $183387.33    | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc           | FREEPORT MCMORAN INC COMMON STOCK USD.1         | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      5874 | NS      | $254637.90    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Headwater Exploration Inc      | HEADWATER EXPLORATION INC COMMON STOCK          | CUSIP: 422096107<br>LEI: 549300XIU4JQ0GKLRG88 | Long             | EC               | CORP              | CA        |     10510 | NS      | $51942.21     | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Hess Corp                      | HESS CORP COMMON STOCK USD1.0                   | CUSIP: 42809H107<br>LEI: UASVRYNXNK17ULIGK870 | Long             | EC               | CORP              | US        |       533 | NS      | $73841.82     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Interfor Corp                  | INTERFOR CORP COMMON STOCK                      | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |      5939 | NS      | $54690.70     | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Electric Inc / US      | IVANHOE ELECTRIC INC / US COMMON STOCK USD.0001 | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3190 | NS      | $28933.30     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd              | IVANHOE MINES LTD CL A COMMON STOCK             | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |      6096 | NS      | $45795.54     | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Knife River Corp               | KNIFE RIVER CORP COMMON STOCK USD.01            | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       739 | NS      | $60331.96     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| UPM-Kymmene Oyj                | UPM KYMMENE OYJ COMMON STOCK                    | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |      4878 | NS      | $133208.51    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Stora Enso Oyj                 | STORA ENSO OYJ R SHS COMMON STOCK EUR1.7        | CUSIP: 000000000<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |      8540 | NS      | $92843.36     | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                  | BHP GROUP LTD COMMON STOCK                      | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     16699 | NS      | $401737.77    | 4.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Champion Iron Ltd              | CHAMPION IRON LTD COMMON STOCK                  | CUSIP: 000000000<br>LEI: 894500WQI96G4T75O202 | Long             | EC               | CORP              | AU        |     17350 | NS      | $47800.59     | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Co/The                  | MOSAIC CO/THE COMMON STOCK USD.01               | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      7268 | NS      | $265136.64    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | GOLD FIELDS LTD COMMON STOCK ZAR.5              | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      3174 | NS      | $75159.34     | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                   | NEWMONT CORP COMMON STOCK USD1.6                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      1797 | NS      | $104693.22    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                    | NUTRIEN LTD COMMON STOCK                        | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |      8016 | NS      | $467097.19    | 4.65%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc               | OR ROYALTIES INC COMMON STOCK                   | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |      2153 | NS      | $55336.88     | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Ovintiv Inc                    | OVINTIV INC COMMON STOCK                        | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      1911 | NS      | $72713.55     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | RANGE RESOURCES CORP COMMON STOCK USD.01        | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      2155 | NS      | $87643.85     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Yara International ASA         | YARA INTERNATIONAL ASA COMMON STOCK NOK1.7      | CUSIP: R9900C106<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      2541 | NS      | $93769.70     | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Skeena Resources Ltd           | SKEENA RESOURCES LTD COMMON STOCK               | CUSIP: 83056P715<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |      3583 | NS      | $56991.21     | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corp           | SOUTHERN COPPER CORP COMMON STOCK USD.01        | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       725 | NS      | $73348.25     | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | SUNCOR ENERGY INC COMMON STOCK                  | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      5068 | NS      | $189842.98    | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Teck Resources Ltd             | TECK RESOURCES LTD CLS B COMMON STOCK           | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |       513 | NS      | $20714.94     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | TECK RESOURCES LTD CLS B COMMON STOCK           | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      3087 | NS      | $124840.16    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Tourmaline Oil Corp            | TOURMALINE OIL CORP COMMON STOCK                | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |      1951 | NS      | $94129.39     | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Tyson Foods Inc                | TYSON FOODS INC CL A COMMON STOCK USD.1         | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      4306 | NS      | $240877.64    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc             | UFP INDUSTRIES INC COMMON STOCK                 | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |       659 | NS      | $65478.24     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Uranium Energy Corp            | URANIUM ENERGY CORP COMMON STOCK USD.001        | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |     10444 | NS      | $71019.20     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | VALE SA SP ADR ADR                              | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     13182 | NS      | $127997.22    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc               | VIPER ENERGY INC COMMON STOCK                   | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |      1667 | NS      | $63562.71     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Energy SAB de CV         | VISTA ENERGY SAB DE CV ADR                      | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |      1350 | NS      | $64543.50     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co            | VULCAN MATERIALS CO COMMON STOCK USD1.0         | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       174 | NS      | $45382.68     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | WARRIOR MET COAL INC COMMON STOCK USD.01        | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      1294 | NS      | $59304.02     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd      | WEST FRASER TIMBER CO LTD COMMON STOCK          | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |      1591 | NS      | $116671.39    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corp   | WHEATON PRECIOUS METALS CORP COMMON STOCK       | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      1377 | NS      | $123831.41    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| K+S AG                         | K S AG REG COMMON STOCK                         | CUSIP: 000000000<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |      5528 | NS      | $101400.85    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Var Energi ASA                 | VAR ENERGI ASA COMMON STOCK NOK.16              | CUSIP: 000000000<br>LEI: 549300LIVN3FFOJN2K47 | Long             | EC               | CORP              | NO        |     16365 | NS      | $52440.71     | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd      | WOODSIDE ENERGY GROUP LTD COMMON STOCK          | CUSIP: 980228100<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      7438 | NS      | $114894.12    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC             | ANGLO AMERICAN PLC COMMON STOCK                 | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      4179 | NS      | $123188.06    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                       | MOWI ASA COMMON STOCK NOK7.5                    | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |      9942 | NS      | $192013.86    | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE               | TOTALENERGIES SE COMMON STOCK EUR2.5            | CUSIP: F92124100<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      5211 | NS      | $318510.26    | 3.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA           | GALP ENERGIA SGPS SA COMMON STOCK EUR1.0        | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |      3775 | NS      | $69104.56     | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Salmar ASA                     | SALMAR ASA COMMON STOCK NOK.25                  | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |      3149 | NS      | $136550.63    | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                   | GLENCORE PLC COMMON STOCK USD.01                | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     46350 | NS      | $180609.31    | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Capricorn Metals Ltd           | CAPRICORN METALS LTD COMMON STOCK               | CUSIP: 000000000<br>LEI: 529900CRG304NUYMOV23 | Long             | EC               | CORP              | AU        |      4870 | NS      | $31019.50     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                      | SHELL PLC COMMON STOCK EUR.07                   | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     15223 | NS      | $531123.12    | 5.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunge Global SA                | BUNGE GLOBAL SA COMMON STOCK USD.01             | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |      1457 | NS      | $116967.96    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President