# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001795351-25-000523
**Filing Date:** 2025-8
**Character Count:** 39064
**Document Hash:** dd952e7103ff790191e80a9a72859810
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001795351-25-000523.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001795351-25-000523

**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:** 251257011

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $9926868.14

**Total Liabilities:** $2262.80

**Net Assets:** $9924605.34

**Cash Not Reported:** $86052.13

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259933 |  |  | -0.76%               |

**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  | $17573.78                | $-98588.62                                 |

### Schedule of Portfolio Investments

| Name                                  | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories                   | ABBOTT LABORATORIES COMMON STOCK                   | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      3357 | NS      | $456585.57    | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                            | ABBVIE INC COMMON STOCK USD.01                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      3437 | NS      | $637975.94    | 6.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc              | AGILENT TECHNOLOGIES INC COMMON STOCK USD.01       | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      1375 | NS      | $162263.75    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                  | ALIGN TECHNOLOGY INC COMMON STOCK USD.0001         | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |        86 | NS      | $16282.38     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc           | ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01    | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |       283 | NS      | $92283.47     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                           | CENCORA INC COMMON STOCK USD.01                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       419 | NS      | $125637.15    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc                   | ELEVANCE HEALTH INC COMMON STOCK USD.01            | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       541 | NS      | $210427.36    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Apellis Pharmaceuticals Inc           | APELLIS PHARMACEUTICALS INC COMMON STOCK USD.0001  | CUSIP: 03753U106<br>LEI: 254900HS0ZFRXXSB9D42 | Long             | EC               | CORP              | US        |       778 | NS      | $13467.18     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc               | APOGEE THERAPEUTICS INC COMMON STOCK USD.00001     | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       350 | NS      | $15200.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Therapeutics Inc              | APPLIED THERAPEUTICS INC COMMON STOCK USD.0001     | CUSIP: 03828A101<br>LEI: 549300KL3IJPHZM2GR04 | Long             | EC               | CORP              | US        |     67568 | NS      | $21020.40     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                           | ARCELLX INC COMMON STOCK USD.001                   | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1335 | NS      | $87909.75     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                             | ARGENX SE   ADR ADR                                | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |        52 | NS      | $28663.44     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrowhead Pharmaceuticals Inc         | ARROWHEAD PHARMACEUTICALS IN COMMON STOCK USD.001  | CUSIP: 04280A100<br>LEI: 549300O3CSB8T7OZ3D66 | Long             | EC               | CORP              | US        |       582 | NS      | $9195.60      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                   | ASCENDIS PHARMA A/S   ADR ADR DKK1.0               | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |       812 | NS      | $140151.20    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                       | ASTRAZENECA PLC SPONS ADR ADR                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       814 | NS      | $56882.32     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                           | AVANTOR INC COMMON STOCK USD.01                    | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4068 | NS      | $54755.28     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                 | BECTON DICKINSON AND CO COMMON STOCK USD1.0        | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |      2045 | NS      | $352251.25    | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd                   | BEONE MEDICINES LTD ADR ADR USD.0001               | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |       115 | NS      | $27838.05     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                            | BIOGEN INC COMMON STOCK USD.0005                   | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |       825 | NS      | $103611.75    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                       | BIO TECHNE CORP COMMON STOCK USD.01                | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |       799 | NS      | $41108.55     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                           | BIONTECH SE ADR ADR                                | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |       609 | NS      | $64840.23     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Diamond Therapeutics Inc        | BLACK DIAMOND THERAPEUTICS I COMMON STOCK          | CUSIP: 09203E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18908 | NS      | $46891.84     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co               | BRISTOL MYERS SQUIBB CO COMMON STOCK USD.1         | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3113 | NS      | $144100.77    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Bruker Corp                           | BRUKER CORP COMMON STOCK USD.01                    | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Long             | EC               | CORP              | US        |       878 | NS      | $36173.60     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                       | CVS HEALTH CORP COMMON STOCK USD.01                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      2367 | NS      | $163275.66    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabaletta Bio Inc                     | CABALETTA BIO INC COMMON STOCK USD.00001           | CUSIP: 12674W109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14369 | NS      | $21840.88     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc                   | CARDINAL HEALTH INC COMMON STOCK                   | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       556 | NS      | $93408.00     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc               | CARIS LIFE SCIENCES INC COMMON STOCK USD.001       | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |       416 | NS      | $11115.52     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Centessa Pharmaceuticals PLC          | CENTESSA PHARMACEUTICALS ADR ADR USD.0001          | CUSIP: 152309100<br>LEI: 213800GIDAARDSKOI827 | Long             | EC               | CORP              | GB        |       401 | NS      | $5269.14      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovis Corp                           | ENOVIS CORP COMMON STOCK USD.001                   | CUSIP: 194014502<br>LEI: 635400OP2DYYYMOIYL17 | Long             | EC               | CORP              | US        |      1202 | NS      | $37694.72     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                    | COOPER COS INC/THE COMMON STOCK USD.1              | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |      1259 | NS      | $89590.44     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp                      | QUIDELORTHO CORP COMMON STOCK USD.001              | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |       976 | NS      | $28128.32     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                      | CYTOKINETICS INC COMMON STOCK USD.001              | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |      4011 | NS      | $132523.44    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                          | DANAHER CORP COMMON STOCK USD.01                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2020 | NS      | $399030.80    | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Denali Therapeutics Inc               | DENALI THERAPEUTICS INC COMMON STOCK USD.01        | CUSIP: 24823R105<br>LEI: 549300ZTQ2HO18L3Q830 | Long             | EC               | CORP              | US        |      2283 | NS      | $31939.17     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                            | DEXCOM INC COMMON STOCK USD.001                    | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |       528 | NS      | $46089.12     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dyne Therapeutics Inc                 | DYNE THERAPEUTICS INC COMMON STOCK USD.0001        | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3047 | NS      | $29007.44     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp             | EDWARDS LIFESCIENCES CORP COMMON STOCK USD1.0      | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |      2002 | NS      | $156576.42    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| 89bio Inc                             | 89BIO INC COMMON STOCK USD.001                     | CUSIP: 282559103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       974 | NS      | $9564.68      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc              | ELANCO ANIMAL HEALTH INC COMMON STOCK              | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |     13713 | NS      | $195821.64    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Erasca Inc                            | ERASCA INC COMMON STOCK USD.0001                   | CUSIP: 29479A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22508 | NS      | $28585.16     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                   | EXACT SCIENCES CORP COMMON STOCK USD.01            | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      1084 | NS      | $57603.76     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc        | GE HEALTHCARE TECHNOLOGY COMMON STOCK USD.01       | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |       672 | NS      | $49775.04     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                   | GILEAD SCIENCES INC COMMON STOCK USD.001           | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      2516 | NS      | $278948.92    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                      | HAEMONETICS CORP/MASS COMMON STOCK USD.01          | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |       770 | NS      | $57449.70     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                           | HOLOGIC INC COMMON STOCK USD.01                    | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |      2024 | NS      | $131883.84    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                            | HUMANA INC COMMON STOCK USD.1666666                | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       246 | NS      | $60142.08     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                       | ICU MEDICAL INC COMMON STOCK USD.1                 | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               | CORP              | US        |       261 | NS      | $34491.15     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunome Inc                          | IMMUNOME INC COMMON STOCK USD.0001                 | CUSIP: 45257U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1055 | NS      | $9811.50      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunocore Holdings PLC               | IMMUNOCORE HOLDINGS PLC ADR ADR GBP.0001           | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             | EC               | CORP              | GB        |      2172 | NS      | $68157.36     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunovant Inc                        | IMMUNOVANT INC COMMON STOCK USD.0001               | CUSIP: 45258J102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1515 | NS      | $24240.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                | INTUITIVE SURGICAL INC COMMON STOCK USD.001        | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       830 | NS      | $451030.30    | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionis Pharmaceuticals Inc             | IONIS PHARMACEUTICALS INC COMMON STOCK USD.001     | CUSIP: 462222100<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | EC               | CORP              | US        |      1646 | NS      | $65033.46     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Jasper Therapeutics Inc               | JASPER THERAPEUTICS INC COMMON STOCK               | CUSIP: 471871202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       891 | NS      | $4945.05      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | JOHNSON + JOHNSON COMMON STOCK USD1.0              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       323 | NS      | $49338.25     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KalVista Pharmaceuticals Inc          | KALVISTA PHARMACEUTICALS INC COMMON STOCK USD.001  | CUSIP: 483497103<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | EC               | CORP              | US        |       364 | NS      | $4115.02      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kymera Therapeutics Inc               | KYMERA THERAPEUTICS INC COMMON STOCK USD.0001      | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       449 | NS      | $19594.36     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                 | LANTHEUS HOLDINGS INC COMMON STOCK USD.01          | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |       186 | NS      | $15225.96     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                        | ELI LILLY + CO COMMON STOCK                        | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1741 | NS      | $1357161.73   | 13.67%            |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                           | MASIMO CORP COMMON STOCK USD.001                   | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |       539 | NS      | $90670.58     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                         | MCKESSON CORP COMMON STOCK USD.01                  | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       195 | NS      | $142892.10    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius AG                          | SARTORIUS AG VORZUG PREFERENCE                     | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EP               | CORP              | DE        |        84 | NS      | $21394.62     | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Metsera Inc                           | METSERA INC COMMON STOCK USD.00001                 | CUSIP: 59267L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       307 | NS      | $8734.15      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International Inc      | METTLER TOLEDO INTERNATIONAL COMMON STOCK USD.01   | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |        98 | NS      | $115122.56    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Moderna Inc                           | MODERNA INC COMMON STOCK USD.0001                  | CUSIP: 60770K107<br>LEI: 549300EI6OKH5K5Q2G38 | Long             | EC               | CORP              | US        |       681 | NS      | $18788.79     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc                 | MOLINA HEALTHCARE INC COMMON STOCK USD.001         | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |       215 | NS      | $64048.50     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics           | MOONLAKE IMMUNOTHERAPEUTICS COMMON STOCK USD.0001  | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       447 | NS      | $21098.40     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NeoGenomics Inc                       | NEOGENOMICS INC COMMON STOCK USD.001               | CUSIP: 64049M209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1958 | NS      | $14312.98     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Nuvalent Inc                          | NUVALENT INC A COMMON STOCK USD.0001               | CUSIP: 670703107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       128 | NS      | $9766.40      | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Nurix Therapeutics Inc                | NURIX THERAPEUTICS INC COMMON STOCK                | CUSIP: 67080M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1958 | NS      | $22301.62     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                      | OSCAR HEALTH INC   CLASS A COMMON STOCK USD.00001  | CUSIP: 687793109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2809 | NS      | $60224.96     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Outset Medical Inc                    | OUTSET MEDICAL INC COMMON STOCK USD.001            | CUSIP: 690145206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1860 | NS      | $35730.60     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Biosciences of California Inc | PACIFIC BIOSCIENCES OF CALIF COMMON STOCK USD.0001 | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Long             | EC               | CORP              | US        |      4329 | NS      | $5367.96      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                          | PENUMBRA INC COMMON STOCK USD.001                  | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |        20 | NS      | $5132.60      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                            | PFIZER INC COMMON STOCK USD.05                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      9229 | NS      | $223710.96    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Prime Medicine Inc                    | PRIME MEDICINE INC COMMON STOCK USD.00001          | CUSIP: 74168J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15974 | NS      | $39455.78     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp              | PROCEPT BIOROBOTICS CORP COMMON STOCK USD.00001    | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        80 | NS      | $4608.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanterix Corp                        | QUANTERIX CORP COMMON STOCK USD.001                | CUSIP: 74766Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       455 | NS      | $3025.75      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapport Therapeutics Inc              | RAPPORT THERAPEUTICS INC COMMON STOCK USD.001      | CUSIP: 75383L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1230 | NS      | $13985.10     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc         | REGENERON PHARMACEUTICALS COMMON STOCK USD.001     | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |       265 | NS      | $139125.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc              | REVOLUTION MEDICINES INC COMMON STOCK              | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |       363 | NS      | $13354.77     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| RxSight Inc                           | RXSIGHT INC COMMON STOCK USD.001                   | CUSIP: 78349D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       332 | NS      | $4316.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                             | SANOFI ADR ADR                                     | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      1707 | NS      | $82465.17     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc              | SAREPTA THERAPEUTICS INC COMMON STOCK USD.0001     | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |      1303 | NS      | $22281.30     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Schrodinger Inc/United States         | SCHRODINGER INC COMMON STOCK USD.01                | CUSIP: 80810D103<br>LEI: 984500044BAE4791E559 | Long             | EC               | CORP              | US        |       373 | NS      | $7504.76      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                          | STRYKER CORP COMMON STOCK USD.1                    | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |       234 | NS      | $92577.42     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Tango Therapeutics Inc                | TANGO THERAPEUTICS INC COMMON STOCK USD.0001       | CUSIP: 87583X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6283 | NS      | $32168.96     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                          | TELEFLEX INC COMMON STOCK USD1.0                   | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |       451 | NS      | $53380.36     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| 10X Genomics Inc                      | 10X GENOMICS INC CLASS A COMMON STOCK USD.00001    | CUSIP: 88025U109<br>LEI: 5493003Z6741WNLG7H43 | Long             | EC               | CORP              | US        |      1851 | NS      | $21434.58     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd    | TEVA PHARMACEUTICAL SP ADR ADR                     | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |      2299 | NS      | $38531.24     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                | UNITEDHEALTH GROUP INC COMMON STOCK USD.01         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      2270 | NS      | $708171.90    | 7.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                           | VAXCYTE INC COMMON STOCK USD.001                   | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |      1255 | NS      | $40800.05     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc            | VERTEX PHARMACEUTICALS INC COMMON STOCK USD.01     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       297 | NS      | $132224.40    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc             | XENON PHARMACEUTICALS INC COMMON STOCK             | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |       610 | NS      | $19093.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd                           | ZAI LAB LTD ADR ADR USD.00006                      | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | KY        |       489 | NS      | $17100.33     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                            | ZOETIS INC COMMON STOCK USD.01                     | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |       615 | NS      | $95909.25     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                          | BIOHAVEN LTD COMMON STOCK                          | CUSIP: G1110E107<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |       311 | NS      | $4388.21      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                          | NOVOCURE LTD COMMON STOCK                          | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |      2552 | NS      | $45425.60     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                            | STERIS PLC COMMON STOCK USD75.0                    | CUSIP: G8473T100<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |       162 | NS      | $38915.64     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon AG                              | ALCON INC COMMON STOCK CHF.04                      | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |       338 | NS      | $29838.64     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CRISPR Therapeutics AG                | CRISPR THERAPEUTICS AG COMMON STOCK CHF.03         | CUSIP: H17182108<br>LEI: 506700O6IRRIQLT3W370 | Long             | EC               | CORP              | CH        |       597 | NS      | $29038.08     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Immatics NV                           | IMMATICS NV COMMON STOCK                           | CUSIP: N44445109<br>LEI: 984500DC691EZ96AF394 | Long             | EC               | CORP              | NL        |     11667 | NS      | $62768.46     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                              | MERUS NV COMMON STOCK EUR.05                       | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |        90 | NS      | $4734.00      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Stevanato Group SpA                   | STEVANATO GROUP SPA COMMON STOCK                   | CUSIP: T9224W109<br>LEI: 81560033F7E1CD477507 | Long             | EC               | CORP              | IT        |       815 | NS      | $19910.45     | 0.20%             |  |  |  | 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