# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-006633
**Filing Date:** 2026-5
**Character Count:** 52442
**Document Hash:** 50a7ea1175e77df9f39d9e9a29bd0b22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-006633.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001099263-26-006633

**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:** 261035314

**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            |

## Nport-Ex

T. ROWE PRICE NATURAL RESOURCES ETF

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March 31, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** | **COMMON STOCKS 99.3%** |
| **AGRICULTURE 27.7%** | **AGRICULTURE 27.7%** | **AGRICULTURE 27.7%** |
| **Agricultural Products 13.7%** |  |  |
| Archer-Daniels-Midland | &nbsp;&nbsp;&nbsp;46148 | &nbsp;&nbsp;&nbsp;3355 |
| Bunge Global | &nbsp;&nbsp;&nbsp;16331 | &nbsp;&nbsp;&nbsp;2077 |
| Corteva | &nbsp;&nbsp;&nbsp;75327 | &nbsp;&nbsp;&nbsp;6306 |
| Muyuan Foods, Class A (CNY) | 339900 | &nbsp;&nbsp;&nbsp;2064 |
| United Plantations (MYR) | 185300 | &nbsp;&nbsp;&nbsp;1559 |
|  |  | **15361** |
| **Fertilizers & Agricultural Chemicals 7.7%** |  |  |
| CF Industries Holdings | &nbsp;&nbsp;&nbsp;&nbsp;7420 | &nbsp;&nbsp;&nbsp;&nbsp;963 |
| K&S (EUR) | &nbsp;&nbsp;&nbsp;41536 | &nbsp;&nbsp;&nbsp;&nbsp;790 |
| Mosaic | &nbsp;&nbsp;&nbsp;39429 | &nbsp;&nbsp;&nbsp;1006 |
| Nutrien (CAD) (1) | &nbsp;&nbsp;&nbsp;62726 | &nbsp;&nbsp;&nbsp;4735 |
| Yara International (NOK) | &nbsp;&nbsp;&nbsp;18427 | &nbsp;&nbsp;&nbsp;1077 |
|  |  | &nbsp;&nbsp;&nbsp;**8571** |
| **Packaged Foods & Meats 6.3%** |  |  |
| Mowi (NOK) | &nbsp;&nbsp;&nbsp;92284 | &nbsp;&nbsp;&nbsp;2099 |
| Muyuan Foods, Class H (HKD) (2) | 134400 | &nbsp;&nbsp;&nbsp;&nbsp;648 |
| Salmar (NOK) | &nbsp;&nbsp;&nbsp;26423 | &nbsp;&nbsp;&nbsp;1547 |
| Tyson Foods, Class A | &nbsp;&nbsp;&nbsp;43595 | &nbsp;&nbsp;&nbsp;2793 |
|  |  | &nbsp;&nbsp;&nbsp;**7087** |
| Total Agriculture |  | 31019 |
| **COMMODITY INDUSTRIALS 1.1%** | **COMMODITY INDUSTRIALS 1.1%** | **COMMODITY INDUSTRIALS 1.1%** |
| **Construction Materials 1.1%** |  |  |
| Knife River (2) | &nbsp;&nbsp;&nbsp;&nbsp;9020 | &nbsp;&nbsp;&nbsp;&nbsp;736 |
| Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;1667 | &nbsp;&nbsp;&nbsp;&nbsp;454 |
| Total Commodity Industrials |  | &nbsp;&nbsp;&nbsp;1190 |
| **EXPLORATION & PRODUCTION 14.6%** | **EXPLORATION & PRODUCTION 14.6%** | **EXPLORATION & PRODUCTION 14.6%** |
| **OUS Oil & Gas Exploration & Production 8.4%** |  |  |
| ARC Resources (CAD) | &nbsp;&nbsp;&nbsp;58568 | &nbsp;&nbsp;&nbsp;1219 |
| Canadian Natural Resources (CAD) | &nbsp;&nbsp;&nbsp;59784 | &nbsp;&nbsp;&nbsp;2916 |
| Headwater Exploration (CAD) (1) | &nbsp;&nbsp;&nbsp;96963 | &nbsp;&nbsp;&nbsp;&nbsp;896 |
| Kelt Exploration (CAD) (1)(2) | &nbsp;&nbsp;&nbsp;97675 | &nbsp;&nbsp;&nbsp;&nbsp;658 |
| PrairieSky Royalty (CAD) | &nbsp;&nbsp;&nbsp;15354 | &nbsp;&nbsp;&nbsp;&nbsp;355 |
| Tamarack Valley Energy (CAD) (1) | &nbsp;&nbsp;&nbsp;63626 | &nbsp;&nbsp;&nbsp;&nbsp;526 |
| Tourmaline Oil (CAD) | &nbsp;&nbsp;&nbsp;19143 | &nbsp;&nbsp;&nbsp;&nbsp;916 |
| Var Energi (NOK) | 148535 | &nbsp;&nbsp;&nbsp;&nbsp;765 |
| Woodside Energy Group (AUD) | &nbsp;&nbsp;&nbsp;48009 | &nbsp;&nbsp;&nbsp;1139 |
|  |  | &nbsp;&nbsp;&nbsp;**9390** |

---

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T. ROWE PRICE NATURAL RESOURCES ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **U.S. Mixed Exploration & Production 2.1%** |  |  |
| EQT | &nbsp;&nbsp;&nbsp;17529 | &nbsp;&nbsp;&nbsp;1116 |
| Range Resources | &nbsp;&nbsp;&nbsp;15865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 |
| Viper Energy, Class A | &nbsp;&nbsp;&nbsp;11395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 |
|  |  | &nbsp;&nbsp;&nbsp;**2368** |
| **U.S. Oil Exploration & Production 4.1%** |  |  |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;18492 | &nbsp;&nbsp;&nbsp;2441 |
| Diamondback Energy | &nbsp;&nbsp;&nbsp;&nbsp;4292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 |
| Ovintiv | &nbsp;&nbsp;&nbsp;21818 | &nbsp;&nbsp;&nbsp;1295 |
|  |  | &nbsp;&nbsp;&nbsp;**4585** |
| Total Exploration & Production |  | 16343 |
| **INTEGRATEDS 21.0%** | **INTEGRATEDS 21.0%** | **INTEGRATEDS 21.0%** |
| **Integrated Oil & Gas 21.0%** |  |  |
| BP (GBP) | 129654 | &nbsp;&nbsp;&nbsp;1015 |
| Cenovus Energy (CAD) (1) | &nbsp;&nbsp;&nbsp;76855 | &nbsp;&nbsp;&nbsp;2040 |
| Chevron | &nbsp;&nbsp;&nbsp;22021 | &nbsp;&nbsp;&nbsp;4556 |
| Exxon Mobil | &nbsp;&nbsp;&nbsp;35063 | &nbsp;&nbsp;&nbsp;5949 |
| Shell (GBP) | 108286 | &nbsp;&nbsp;&nbsp;5015 |
| Suncor Energy (CAD) | &nbsp;&nbsp;&nbsp;38921 | &nbsp;&nbsp;&nbsp;2574 |
| TotalEnergies (EUR) | &nbsp;&nbsp;&nbsp;25734 | &nbsp;&nbsp;&nbsp;2362 |
| Total Integrateds |  | 23511 |
| **METALS & MINING 30.3%** | **METALS & MINING 30.3%** | **METALS & MINING 30.3%** |
| **Coal & Consumable Fuels 3.1%** |  |  |
| Cameco (CAD) | &nbsp;&nbsp;&nbsp;18496 | &nbsp;&nbsp;&nbsp;2012 |
| Uranium Energy (2) | &nbsp;&nbsp;&nbsp;81849 | &nbsp;&nbsp;&nbsp;1105 |
| Warrior Met Coal | &nbsp;&nbsp;&nbsp;&nbsp;3847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |
|  |  | &nbsp;&nbsp;&nbsp;**3475** |
| **Diversified Metals & Mining 13.9%** |  |  |
| Anglo American (GBP) | &nbsp;&nbsp;&nbsp;17849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
| BHP Group (AUD) | &nbsp;&nbsp;&nbsp;83577 | &nbsp;&nbsp;&nbsp;3024 |
| Firefly Aerospace (2) | &nbsp;&nbsp;&nbsp;&nbsp;3720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 |
| First Quantum Minerals (CAD) (2) | &nbsp;&nbsp;&nbsp;37621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 |
| Freeport-McMoRan | &nbsp;&nbsp;&nbsp;41417 | &nbsp;&nbsp;&nbsp;2435 |
| Glencore (GBP) (2) | 317835 | &nbsp;&nbsp;&nbsp;2407 |
| Ivanhoe Electric (2) | &nbsp;&nbsp;&nbsp;28223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 |
| MP Materials (1)(2) | &nbsp;&nbsp;&nbsp;10494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| NGEx Minerals (CAD) (1)(2) | &nbsp;&nbsp;&nbsp;35398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
| Rio Tinto (GBP) | &nbsp;&nbsp;&nbsp;11841 | &nbsp;&nbsp;&nbsp;1099 |
| Southern Copper | &nbsp;&nbsp;&nbsp;&nbsp;4874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 |
| USA Rare Earth (2) | &nbsp;&nbsp;&nbsp;&nbsp;9781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| Vale, ADR | &nbsp;&nbsp;&nbsp;52809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 |
| Zijin Mining Group, Class A (CNY) | 307000 | &nbsp;&nbsp;&nbsp;1495 |
|  |  | **15542** |

---

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T. ROWE PRICE NATURAL RESOURCES ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Precious Metals & Minerals 13.3%** |  |  |
| Agnico Eagle Mines (CAD) | &nbsp;&nbsp;&nbsp;17270 | &nbsp;&nbsp;&nbsp;&nbsp;3505 |
| Anglogold Ashanti (ZAR) | &nbsp;&nbsp;&nbsp;&nbsp;5686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 |
| Artemis Gold (CAD) (2) | &nbsp;&nbsp;&nbsp;30847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 |
| Barrick Mining (CAD) | &nbsp;&nbsp;&nbsp;26376 | &nbsp;&nbsp;&nbsp;&nbsp;1078 |
| Capricorn Metals (AUD) | &nbsp;&nbsp;&nbsp;48008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 |
| Emerald Resources (AUD) (2) | 147079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
| Franco-Nevada (CAD) | &nbsp;&nbsp;&nbsp;&nbsp;7683 | &nbsp;&nbsp;&nbsp;&nbsp;1902 |
| G Mining Ventures (CAD) (1)(2) | &nbsp;&nbsp;&nbsp;28170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 |
| Gold Fields (ZAR) | &nbsp;&nbsp;&nbsp;12616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| Hemlo Mining (CAD) (2) | &nbsp;&nbsp;&nbsp;48138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| OR Royalties (CAD) | &nbsp;&nbsp;&nbsp;26369 | &nbsp;&nbsp;&nbsp;&nbsp;1004 |
| Skeena Resources (CAD) (2) | &nbsp;&nbsp;&nbsp;32514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
| Snowline Gold (CAD) (1)(2) | &nbsp;&nbsp;&nbsp;57482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 |
| Wheaton Precious Metals (CAD) | &nbsp;&nbsp;&nbsp;10297 | &nbsp;&nbsp;&nbsp;&nbsp;1352 |
| Zijin Gold International (HKD) (2) | &nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 |
|  |  | &nbsp;&nbsp;&nbsp;**14967** |
| Total Metals & Mining |  | &nbsp;&nbsp;&nbsp;33984 |
| **OTHER 4.6%** | **OTHER 4.6%** | **OTHER 4.6%** |
| **Building Products 0.9%** |  |  |
| UFP Industries | &nbsp;&nbsp;&nbsp;11129 | &nbsp;&nbsp;&nbsp;&nbsp;1025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1025** |
| **Paper & Forest Products 3.7%** |  |  |
| Stora Enso, Class R (EUR) (1) | &nbsp;&nbsp;&nbsp;97736 | &nbsp;&nbsp;&nbsp;&nbsp;1148 |
| UPM-Kymmene (EUR) | &nbsp;&nbsp;&nbsp;55288 | &nbsp;&nbsp;&nbsp;&nbsp;1730 |
| West Fraser Timber (CAD) | &nbsp;&nbsp;&nbsp;19519 | &nbsp;&nbsp;&nbsp;&nbsp;1275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4153** |
| Total Other |  | &nbsp;&nbsp;&nbsp;&nbsp;5178 |
| **Total Common Stocks (Cost $104,048)** |  | **111225** |
| **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** |
| **Money Market Funds 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.60% (3) | 570893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| **Total Short-Term Investments (Cost $571)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**571** |

---

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T. ROWE PRICE NATURAL RESOURCES ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SECURITIES LENDING COLLATERAL 0.2%** | **SECURITIES LENDING COLLATERAL 0.2%** | **SECURITIES LENDING COLLATERAL 0.2%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 0.2%** |  |  |
| **Money Market Funds 0.2%** |  |  |
| T. Rowe Price Treasury Reserve Fund, 3.68% (3)(4) | 188147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| **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;**188** |
| **Total Securities Lending Collateral (Cost $188)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**188** |
| **Total Investments in Securities<br> 100.0% of Net Assets (Cost $104,807)** |  | **$111984** |
| **Other Assets Less Liabilities (0.0%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** |
| **Net Assets 100.0%** |  | **$111978** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | All or a portion of this security is on loan at March 31, 2026. |
| (2) | Non-income producing |
| (3) | Seven-day yield |
| (4) | Affiliated Companies |
| ADR | American Depositary Receipts |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CNY | China Renminbi |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| ZAR | South African Rand |

---

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T. ROWE PRICE NATURAL RESOURCES 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 | $149 | ¤ | ¤ | &nbsp;&nbsp;$188 |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $188^ |

---

---

| |
|:---|
| 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 $188. |

---

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

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T. ROWE PRICE NATURAL RESOURCES 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 Natural Resources 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 NATURAL RESOURCES 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;$42844 | &nbsp;&nbsp;$68381 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$111225 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |
| Total | &nbsp;&nbsp;$43603 | &nbsp;&nbsp;$68381 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$111984 |

---

#### 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 NATURAL RESOURCES 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.

#### ETF1192-054Q1

#### 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 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:** 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:** $116117956.92

**Total Liabilities:** $4139981.28

**Net Assets:** $111977975.64

**Cash Not Reported:** $78516.98

**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 | 11.74%               | 9.11%                | -0.93%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2502.36                | $1866048.79                                |
| Month 2  | $481851.21               | $2951682.78                                |
| Month 3  | $439933.34               | $701997.01                                 |

### 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: CA2009822<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     17270 | NS      | $3505520.74   | 3.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                   | ANGLO AMERICAN PLC COMMON STOCK                            | CUSIP: 0348GB994<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |     17849 | NS      | $766357.39    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLOGOLD ASHANTI PLC                | ANGLOGOLD ASHANTI PLC COMMON STOCK                         | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      5686 | NS      | $567530.54    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| ARC RESOURCES LTD                    | ARC RESOURCES LTD COMMON STOCK                             | CUSIP: 0019CA997<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |     58568 | NS      | $1218850.98   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| ARCHER-DANIELS-MIDLAND CO            | ARCHER DANIELS MIDLAND CO COMMON STOCK                     | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     46148 | NS      | $3354498.12   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTEMIS GOLD INC                     | ARTEMIS GOLD INC COMMON STOCK                              | CUSIP: TC6AUIZU9<br>LEI: 529900GXBX7DGL5YMO49 | Long             | EC               | CORP              | CA        |     30847 | NS      | $837088.81    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRICK MINING CORP                  | BARRICK MINING CORP COMMON STOCK                           | CUSIP: 067901967<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     26376 | NS      | $1077906.41   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP GROUP LTD                        | BHP GROUP LTD COMMON STOCK                                 | CUSIP: 112169990<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     83577 | NS      | $3024027.18   | 2.70%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                               | BP PLC COMMON STOCK USD.25                                 | CUSIP: 055622997<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    129654 | NS      | $1014776.48   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| BUNGE GLOBAL SA                      | BUNGE GLOBAL SA COMMON STOCK USD.01                        | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |     16331 | NS      | $2077303.20   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMECO CORP                          | CAMECO CORP COMMON STOCK                                   | CUSIP: 13321L991<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     18496 | NS      | $2011411.75   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RESOURCES           | CANADIAN NATURAL RESOURCES COMMON STOCK                    | CUSIP: 1363CA998<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     59784 | NS      | $2916355.57   | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPRICORN METALS LTD                 | CAPRICORN METALS LTD COMMON STOCK                          | CUSIP: TC4F6XUV7<br>LEI: 529900CRG304NUYMOV23 | Long             | EC               | CORP              | AU        |     48008 | NS      | $379645.28    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                   | CENOVUS ENERGY INC COMMON STOCK                            | CUSIP: CA57FG046<br>LEI: 254900LJGL2N2XEMD470 | Long             | EC               | CORP              | CA        |     76855 | NS      | $2039743.08   | 1.82%             |  |  |  | No            |                  2 | On Loan: —       |
| CF INDUSTRIES HOLDINGS INC           | CF INDUSTRIES HOLDINGS INC COMMON STOCK USD.01             | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      7420 | NS      | $963412.80    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                         | CHEVRON CORP COMMON STOCK USD.75                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22021 | NS      | $4556144.90   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                       | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     18492 | NS      | $2440944.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                          | CORTEVA INC COMMON STOCK USD.01                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     75327 | NS      | $6305623.17   | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC               | DIAMONDBACK ENERGY INC COMMON STOCK USD.01                 | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |      4292 | NS      | $848914.68    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERALD RESOURCES NL                 | EMERALD RESOURCES NL COMMON STOCK                          | CUSIP: TC7PTP3S1<br>LEI: 529900V79JFYUE9ZQB09 | Long             | EC               | CORP              | AU        |    147079 | NS      | $564562.52    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                             | EQT CORP COMMON STOCK                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     17529 | NS      | $1115545.56   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                     | EXXON MOBIL CORP COMMON STOCK                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     35063 | NS      | $5948788.58   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| FIREFLY AEROSPACE INC                | FIREFLY AEROSPACE INC COMMON STOCK USD.0001                | CUSIP: 31816X106<br>LEI: 529900JPYLDP30163X55 | Long             | EC               | CORP              | US        |      3720 | NS      | $105908.40    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD           | FIRST QUANTUM MINERALS LTD COMMON STOCK                    | CUSIP: CA2347602<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |     37621 | NS      | $899485.63    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| FRANCO-NEVADA CORP                   | FRANCO NEVADA CORP COMMON STOCK                            | CUSIP: CA29NF311<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      7683 | NS      | $1902386.13   | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                 | FREEPORT MCMORAN INC COMMON STOCK USD.1                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |     41417 | NS      | $2434491.26   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| G MINING VENTURE CORP                | G MINING VENTURE CORP COMMON STOCK                         | CUSIP: TC90BEXS5<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     28170 | NS      | $988612.90    | 0.88%             |  |  |  | No            |                  2 | On Loan: —       |
| GLENCORE PLC                         | GLENCORE PLC COMMON STOCK USD.01                           | CUSIP: GB4T3BW67<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |    317835 | NS      | $2407242.07   | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD FIELDS LTD                      | GOLD FIELDS LTD COMMON STOCK ZAR.5                         | CUSIP: 380ZA9995<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     12616 | NS      | $579731.25    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| HEADWATER EXPLORATION INC            | HEADWATER EXPLORATION INC COMMON STOCK                     | CUSIP: CA2126030<br>LEI: 549300XIU4JQ0GKLRG88 | Long             | EC               | CORP              | CA        |     96963 | NS      | $895675.76    | 0.80%             |  |  |  | No            |                  2 | On Loan: —       |
| HEMLO MINING CORP                    | HEMLO MINING CORP COMMON STOCK                             | CUSIP: TC2CV6RC3<br>LEI: 529900LAXG9T9UEN3T86 | Long             | EC               | CORP              | CA        |     48138 | NS      | $224581.71    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| IVANHOE ELECTRIC INC / US            | IVANHOE ELECTRIC INC / US COMMON STOCK USD.0001            | CUSIP: 46578C108<br>LEI: 529900CQSYGI54GDUR52 | Long             | EC               | CORP              | US        |     28223 | NS      | $333595.86    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| K+S AG-REG                           | K S AG REG COMMON STOCK                                    | CUSIP: DE5761628<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |     41536 | NS      | $789759.63    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| KELT EXPLORATION LTD                 | KELT EXPLORATION LTD COMMON STOCK                          | CUSIP: CA9KF5Q80<br>LEI: 549300OBXGWYN1VOFC24 | Long             | EC               | CORP              | CA        |     97675 | NS      | $657907.23    | 0.59%             |  |  |  | No            |                  2 | On Loan: —       |
| KNIFE RIVER CORP                     | KNIFE RIVER CORP COMMON STOCK                              | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9020 | NS      | $736483.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSAIC CO                            | MOSAIC CO/THE COMMON STOCK USD.01                          | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     39429 | NS      | $1005439.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MOWI ASA                             | MOWI ASA COMMON STOCK NOK7.5                               | CUSIP: 698NO9994<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |     92284 | NS      | $2098888.07   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| MP MATERIALS CORP                    | MP MATERIALS CORP COMMON STOCK USD.0001                    | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |     10494 | NS      | $506440.44    | 0.45%             |  |  |  | No            |                  1 | On Loan: —       |
| MUYUAN FOODSTUFF CO LTD-A SHS QFII   | MUYUAN FOODS CO LTD A COMMON STOCK CNY1.0                  | CUSIP: TC7LNA813<br>LEI: 3003006NCTDQW4KZR676 | Long             | EC               | CORP              | CN        |    339900 | NS      | $2064169.84   | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| MUYUAN FOODS CO LTD-H SHS            | MUYUAN FOODS CO LTD H COMMON STOCK CNY1.0                  | CUSIP: TC773F8J6<br>LEI: 3003006NCTDQW4KZR676 | Long             | EC               | CORP              | CN        |    134400 | NS      | $648243.64    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| NGEX MINERALS LTD                    | NGEX MINERALS LTD COMMON STOCK                             | CUSIP: TC0AQ7UQ8<br>LEI: 549300M2DU5ORAGOIG27 | Long             | EC               | CORP              | CA        |     35398 | NS      | $643785.06    | 0.57%             |  |  |  | No            |                  2 | On Loan: —       |
| NUTRIEN LTD                          | NUTRIEN LTD COMMON STOCK                                   | CUSIP: TC46F60W7<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     62726 | NS      | $4734999.11   | 4.23%             |  |  |  | No            |                  2 | On Loan: —       |
| OR ROYALTIES INC                     | OR ROYALTIES INC COMMON STOCK                              | CUSIP: TC7KZUES2<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     26369 | NS      | $1004072.99   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| OVINTIV INC                          | OVINTIV INC COMMON STOCK                                   | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     21818 | NS      | $1295116.48   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PRAIRIESKY ROYALTY LTD               | PRAIRIESKY ROYALTY LTD COMMON STOCK                        | CUSIP: TC2Q8KZD6<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     15354 | NS      | $355401.34    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                 | RANGE RESOURCES CORP COMMON STOCK USD.01                   | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     15865 | NS      | $716780.70    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                        | RIO TINTO PLC COMMON STOCK GBP.1                           | CUSIP: 767204993<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     11841 | NS      | $1098533.07   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| SALMAR ASA                           | SALMAR ASA COMMON STOCK NOK.25                             | CUSIP: NO1W5NW28<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |     26423 | NS      | $1547010.15   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                            | SHELL PLC COMMON STOCK EUR.07                              | CUSIP: TC9XVQT42<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    108286 | NS      | $5015272.36   | 4.48%             |  |  |  | No            |                  2 | On Loan: No      |
| SKEENA RESOURCES LTD                 | SKEENA RESOURCES LTD COMMON STOCK                          | CUSIP: TC0R5HBL4<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |     32514 | NS      | $968338.02    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| SNOWLINE GOLD CORP                   | SNOWLINE GOLD CORP COMMON STOCK                            | CUSIP: TC1C7OZO7<br>LEI: 529900VVFSE66NAIST38 | Long             | EC               | CORP              | CA        |     57482 | NS      | $573539.04    | 0.51%             |  |  |  | No            |                  2 | On Loan: —       |
| SOUTHERN COPPER CORP                 | SOUTHERN COPPER CORP COMMON STOCK USD.01                   | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      4874 | NS      | $838620.44    | 0.75%             |  |  |  | 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        |    570893 | NS      | $570893.45    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| STORA ENSO OYJ-R SHS                 | STORA ENSO OYJ R SHS COMMON STOCK EUR1.7                   | CUSIP: 86210M999<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |     97736 | NS      | $1147703.58   | 1.02%             |  |  |  | No            |                  2 | On Loan: —       |
| SUNCOR ENERGY INC                    | SUNCOR ENERGY INC COMMON STOCK                             | CUSIP: CA2861149<br>LEI: 894500XO86FKXQGPYV71 | Long             | EC               | CORP              | CA        |     38921 | NS      | $2574308.97   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| TAMARACK VALLEY ENERGY LTD           | TAMARACK VALLEY ENERGY LTD COMMON STOCK                    | CUSIP: TC9JOKM09<br>LEI: 549300TLKPX8BE14MH06 | Long             | EC               | CORP              | CA        |     63626 | NS      | $525985.91    | 0.47%             |  |  |  | No            |                  2 | On Loan: —       |
| TOTALENERGIES SE                     | TOTALENERGIES SE COMMON STOCK EUR2.5                       | CUSIP: 89150A991<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     25734 | NS      | $2361714.85   | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| TOURMALINE OIL CORP                  | TOURMALINE OIL CORP COMMON STOCK                           | CUSIP: CA9355590<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |     19143 | NS      | $916210.87    | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| GRS - SECURITY LENDING COLLATERAL    | TREASURY RESERVE FUND - Collateral                         | CUSIP: 76105YYY9<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |    242854 | NS      | $242853.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS INC-CL A                 | TYSON FOODS INC CL A COMMON STOCK USD.1                    | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     43595 | NS      | $2793131.65   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP INDUSTRIES INC                   | UFP INDUSTRIES INC COMMON STOCK                            | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     11129 | NS      | $1025203.48   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PLANTATIONS BHD               | UNITED PLANTATIONS BHD COMMON STOCK                        | CUSIP: MY6917142<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    185300 | NS      | $1558975.08   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-KYMMENE OYJ                      | UPM KYMMENE OYJ COMMON STOCK                               | CUSIP: 915436992<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |     55288 | NS      | $1730500.52   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| URANIUM ENERGY CORP                  | URANIUM ENERGY CORP COMMON STOCK USD.001                   | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |     81849 | NS      | $1104961.50   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| USA RARE EARTH INC                   | USA RARE EARTH INC COMMON STOCK USD.0001                   | CUSIP: 91733P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9781 | NS      | $148035.44    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA ADR                          | VALE SA SP ADR ADR                                         | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     52809 | NS      | $840191.19    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| VAR ENERGI ASA                       | VAR ENERGI ASA COMMON STOCK NOK.16                         | CUSIP: TC0447WQ4<br>LEI: 549300LIVN3FFOJN2K47 | Long             | EC               | CORP              | NO        |    148535 | NS      | $764698.21    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC-CL A                | VIPER ENERGY INC CL A COMMON STOCK USD.000001              | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11395 | NS      | $535451.05    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO                  | VULCAN MATERIALS CO COMMON STOCK USD1.0                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |      1667 | NS      | $453924.10    | 0.41%             |  |  |  | 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        |      3847 | NS      | $358348.05    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST FRASER TIMBER CO LTD            | WEST FRASER TIMBER CO LTD COMMON STOCK                     | CUSIP: 952845998<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     19519 | NS      | $1274887.74   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| WHEATON PRECIOUS METALS CORP         | WHEATON PRECIOUS METALS CORP COMMON STOCK                  | CUSIP: CA058ZX60<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     10297 | NS      | $1351615.41   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| WOODSIDE ENERGY GROUP LTD            | WOODSIDE ENERGY GROUP LTD COMMON STOCK                     | CUSIP: 980AU8994<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     48009 | NS      | $1139614.84   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| YARA INTERNATIONAL ASA               | YARA INTERNATIONAL ASA COMMON STOCK NOK1.7                 | CUSIP: NO9710990<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |     18427 | NS      | $1077138.72   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIJIN GOLD INTERNATIONAL CO          | ZIJIN GOLD INTERNATIONAL CO COMMON STOCK                   | CUSIP: TC7WJ1ER0<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |     19400 | NS      | $441520.79    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIJIN MINING GROUP CO LTD-A SHS QFII | ZIJIN MINING GROUP CO LTD A COMMON STOCK CNY.1             | CUSIP: TC9IMO7Q5<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |    307000 | NS      | $1495384.02   | 1.34%             |  |  |  | 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