# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-003665
**Filing Date:** 2025-11
**Character Count:** 73062
**Document Hash:** 71f9d1785ee55e55e6dea78483ca7a2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003665.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003665

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251522034

**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 Equity Income ETF (Series ID: S000067976)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000217972 | T. Rowe Price Equity Income ETF | TEQI            |

## Nport-Ex

T. ROWE PRICE EQUITY INCOME ETF

------

September 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** | **COMMON STOCKS 98.9%** |
| **COMMUNICATION SERVICES 6.3%** | **COMMUNICATION SERVICES 6.3%** | **COMMUNICATION SERVICES 6.3%** |
| **Diversified Telecommunication Services 0.2%** |  |  |
| AT&T | &nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Verizon Communications | &nbsp;&nbsp;&nbsp;10757 | &nbsp;&nbsp;&nbsp;&nbsp;473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**538** |
| **Entertainment 1.0%** |  |  |
| Walt Disney | &nbsp;&nbsp;&nbsp;29258 | &nbsp;&nbsp;&nbsp;3350 |
|  |  | &nbsp;&nbsp;&nbsp;**3350** |
| **Interactive Media & Services 3.6%** |  |  |
| Alphabet, Class A | &nbsp;&nbsp;&nbsp;22366 | &nbsp;&nbsp;&nbsp;5437 |
| Alphabet, Class C | &nbsp;&nbsp;&nbsp;17061 | &nbsp;&nbsp;&nbsp;4155 |
| Meta Platforms, Class A | &nbsp;&nbsp;&nbsp;&nbsp;2897 | &nbsp;&nbsp;&nbsp;2128 |
|  |  | **11720** |
| **Media 1.4%** |  |  |
| Comcast, Class A | &nbsp;&nbsp;&nbsp;49971 | &nbsp;&nbsp;&nbsp;1570 |
| News, Class A | 104266 | &nbsp;&nbsp;&nbsp;3202 |
|  |  | &nbsp;&nbsp;&nbsp;**4772** |
| **Wireless Telecommunication Services 0.1%** |  |  |
| T-Mobile US | &nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp;440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**440** |
| Total Communication Services |  | 20820 |
| **CONSUMER DISCRETIONARY 4.6%** | **CONSUMER DISCRETIONARY 4.6%** | **CONSUMER DISCRETIONARY 4.6%** |
| **Automobiles 0.4%** |  |  |
| General Motors | &nbsp;&nbsp;&nbsp;22354 | &nbsp;&nbsp;&nbsp;1363 |
|  |  | &nbsp;&nbsp;&nbsp;**1363** |
| **Broadline Retail 1.6%** |  |  |
| Amazon.com (1) | &nbsp;&nbsp;&nbsp;23401 | &nbsp;&nbsp;&nbsp;5138 |
|  |  | &nbsp;&nbsp;&nbsp;**5138** |
| **Hotels, Restaurants & Leisure 1.3%** |  |  |
| Las Vegas Sands | &nbsp;&nbsp;&nbsp;79725 | &nbsp;&nbsp;&nbsp;4288 |
|  |  | &nbsp;&nbsp;&nbsp;**4288** |
| **Leisure Products 0.3%** |  |  |
| Mattel (1) | &nbsp;&nbsp;&nbsp;61970 | &nbsp;&nbsp;&nbsp;1043 |
|  |  | &nbsp;&nbsp;&nbsp;**1043** |

---

------

T. ROWE PRICE EQUITY INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Specialty Retail 1.0%** |  |  |
| Home Depot | &nbsp;&nbsp;&nbsp;&nbsp;7736 | &nbsp;&nbsp;&nbsp;3135 |
|  |  | &nbsp;&nbsp;&nbsp;**3135** |
| Total Consumer Discretionary |  | 14967 |
| **CONSUMER STAPLES 8.1%** | **CONSUMER STAPLES 8.1%** | **CONSUMER STAPLES 8.1%** |
| **Beverages 0.1%** |  |  |
| Keurig Dr Pepper | &nbsp;&nbsp;&nbsp;10987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**280** |
| **Consumer Staples Distribution & Retail 0.8%** |  |  |
| Dollar General | &nbsp;&nbsp;&nbsp;&nbsp;8138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 |
| Walmart | &nbsp;&nbsp;&nbsp;17179 | &nbsp;&nbsp;&nbsp;1770 |
|  |  | &nbsp;&nbsp;&nbsp;**2611** |
| **Food Products 1.0%** |  |  |
| Conagra Brands | &nbsp;&nbsp;&nbsp;42928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 |
| Tyson Foods, Class A | &nbsp;&nbsp;&nbsp;45021 | &nbsp;&nbsp;&nbsp;2445 |
|  |  | &nbsp;&nbsp;&nbsp;**3231** |
| **Household Products 3.9%** |  |  |
| Colgate-Palmolive | &nbsp;&nbsp;&nbsp;47536 | &nbsp;&nbsp;&nbsp;3800 |
| Kimberly-Clark | &nbsp;&nbsp;&nbsp;42960 | &nbsp;&nbsp;&nbsp;5342 |
| Procter & Gamble | &nbsp;&nbsp;&nbsp;23672 | &nbsp;&nbsp;&nbsp;3637 |
|  |  | **12779** |
| **Personal Care Products 1.0%** |  |  |
| Kenvue | 217843 | &nbsp;&nbsp;&nbsp;3536 |
|  |  | &nbsp;&nbsp;&nbsp;**3536** |
| **Tobacco 1.3%** |  |  |
| Philip Morris International | &nbsp;&nbsp;&nbsp;25920 | &nbsp;&nbsp;&nbsp;4204 |
|  |  | &nbsp;&nbsp;&nbsp;**4204** |
| Total Consumer Staples |  | 26641 |
| **ENERGY 8.8%** | **ENERGY 8.8%** | **ENERGY 8.8%** |
| **Energy Equipment & Services 0.6%** |  |  |
| Schlumberger | &nbsp;&nbsp;&nbsp;62241 | &nbsp;&nbsp;&nbsp;2139 |
|  |  | &nbsp;&nbsp;&nbsp;**2139** |
| **Oil, Gas & Consumable Fuels 8.2%** |  |  |
| Chevron | &nbsp;&nbsp;&nbsp;15930 | &nbsp;&nbsp;&nbsp;2474 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;47497 | &nbsp;&nbsp;&nbsp;4493 |
| EOG Resources | &nbsp;&nbsp;&nbsp;11062 | &nbsp;&nbsp;&nbsp;1240 |
| EQT | &nbsp;&nbsp;&nbsp;25296 | &nbsp;&nbsp;&nbsp;1377 |
| Expand Energy | &nbsp;&nbsp;&nbsp;19583 | &nbsp;&nbsp;&nbsp;2080 |
| Exxon Mobil | &nbsp;&nbsp;&nbsp;36182 | &nbsp;&nbsp;&nbsp;4080 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;11055 | &nbsp;&nbsp;&nbsp;1504 |

---

------

T. ROWE PRICE EQUITY INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| South Bow (2) | &nbsp;&nbsp;&nbsp;46087 | &nbsp;&nbsp;&nbsp;1304 |
| TC Energy | &nbsp;&nbsp;&nbsp;28733 | &nbsp;&nbsp;&nbsp;1563 |
| TotalEnergies, ADR (2) | &nbsp;&nbsp;&nbsp;81878 | &nbsp;&nbsp;&nbsp;4887 |
| Williams | &nbsp;&nbsp;&nbsp;29129 | &nbsp;&nbsp;&nbsp;1845 |
|  |  | **26847** |
| Total Energy |  | 28986 |
| **FINANCIALS 23.0%** | **FINANCIALS 23.0%** | **FINANCIALS 23.0%** |
| **Banks 10.3%** |  |  |
| Bank of America | &nbsp;&nbsp;&nbsp;96802 | &nbsp;&nbsp;&nbsp;4994 |
| Citigroup | &nbsp;&nbsp;&nbsp;64288 | &nbsp;&nbsp;&nbsp;6525 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;76132 | &nbsp;&nbsp;&nbsp;3392 |
| Huntington Bancshares | 202283 | &nbsp;&nbsp;&nbsp;3493 |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;20445 | &nbsp;&nbsp;&nbsp;6449 |
| US Bancorp | &nbsp;&nbsp;&nbsp;78953 | &nbsp;&nbsp;&nbsp;3816 |
| Wells Fargo | &nbsp;&nbsp;&nbsp;62063 | &nbsp;&nbsp;&nbsp;5202 |
|  |  | **33871** |
| **Capital Markets 2.6%** |  |  |
| Charles Schwab | &nbsp;&nbsp;&nbsp;66713 | &nbsp;&nbsp;&nbsp;6369 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 |
| State Street | &nbsp;&nbsp;&nbsp;15142 | &nbsp;&nbsp;&nbsp;1757 |
|  |  | &nbsp;&nbsp;&nbsp;**8709** |
| **Financial Services 2.7%** |  |  |
| Apollo Global Management | &nbsp;&nbsp;&nbsp;&nbsp;6293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 |
| Corebridge Financial | &nbsp;&nbsp;&nbsp;42348 | &nbsp;&nbsp;&nbsp;1357 |
| Equitable Holdings | &nbsp;&nbsp;&nbsp;83697 | &nbsp;&nbsp;&nbsp;4250 |
| Fiserv (1) | &nbsp;&nbsp;&nbsp;14668 | &nbsp;&nbsp;&nbsp;1891 |
| Global Payments | &nbsp;&nbsp;&nbsp;&nbsp;5689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 |
|  |  | &nbsp;&nbsp;&nbsp;**8810** |
| **Insurance 7.4%** |  |  |
| Allstate | &nbsp;&nbsp;&nbsp;10106 | &nbsp;&nbsp;&nbsp;2169 |
| American International Group | &nbsp;&nbsp;&nbsp;50190 | &nbsp;&nbsp;&nbsp;3942 |
| Chubb | &nbsp;&nbsp;&nbsp;14663 | &nbsp;&nbsp;&nbsp;4139 |
| Hartford Insurance Group | &nbsp;&nbsp;&nbsp;22540 | &nbsp;&nbsp;&nbsp;3007 |
| Loews | &nbsp;&nbsp;&nbsp;36113 | &nbsp;&nbsp;&nbsp;3625 |
| MetLife | &nbsp;&nbsp;&nbsp;88348 | &nbsp;&nbsp;&nbsp;7277 |
|  |  | **24159** |
| Total Financials |  | 75549 |
| **HEALTH CARE 13.1%** | **HEALTH CARE 13.1%** | **HEALTH CARE 13.1%** |
| **Biotechnology 0.2%** |  |  |
| Biogen (1) | &nbsp;&nbsp;&nbsp;&nbsp;6011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**842** |

---

------

T. ROWE PRICE EQUITY INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Health Care Equipment & Supplies 3.8%** |  |  |
| Becton Dickinson & Company | &nbsp;&nbsp;&nbsp;25568 | &nbsp;&nbsp;&nbsp;4786 |
| Medtronic | &nbsp;&nbsp;&nbsp;31104 | &nbsp;&nbsp;&nbsp;2962 |
| Zimmer Biomet Holdings | &nbsp;&nbsp;&nbsp;48112 | &nbsp;&nbsp;&nbsp;4739 |
|  |  | **12487** |
| **Health Care Providers & Services 4.9%** |  |  |
| Cardinal Health | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 |
| Cigna | &nbsp;&nbsp;&nbsp;10799 | &nbsp;&nbsp;&nbsp;3113 |
| CVS Health | &nbsp;&nbsp;&nbsp;62329 | &nbsp;&nbsp;&nbsp;4699 |
| Elevance Health | &nbsp;&nbsp;&nbsp;14193 | &nbsp;&nbsp;&nbsp;4586 |
| Humana | &nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;8717 | &nbsp;&nbsp;&nbsp;3010 |
|  |  | **16017** |
| **Life Sciences Tools & Services 0.5%** |  |  |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;1631 |
|  |  | &nbsp;&nbsp;&nbsp;**1631** |
| **Pharmaceuticals 3.7%** |  |  |
| AstraZeneca, ADR | &nbsp;&nbsp;&nbsp;28299 | &nbsp;&nbsp;&nbsp;2171 |
| Bristol-Myers Squibb | &nbsp;&nbsp;&nbsp;30939 | &nbsp;&nbsp;&nbsp;1395 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;7734 | &nbsp;&nbsp;&nbsp;1434 |
| Merck | &nbsp;&nbsp;&nbsp;28926 | &nbsp;&nbsp;&nbsp;2428 |
| Sanofi, ADR | &nbsp;&nbsp;&nbsp;46913 | &nbsp;&nbsp;&nbsp;2214 |
| Viatris | 249290 | &nbsp;&nbsp;&nbsp;2468 |
|  |  | **12110** |
| Total Health Care |  | 43087 |
| **INDUSTRIALS & BUSINESS SERVICES 12.5%** | **INDUSTRIALS & BUSINESS SERVICES 12.5%** | **INDUSTRIALS & BUSINESS SERVICES 12.5%** |
| **Aerospace & Defense 4.9%** |  |  |
| Boeing (1) | &nbsp;&nbsp;&nbsp;27816 | &nbsp;&nbsp;&nbsp;6003 |
| GE Aerospace | &nbsp;&nbsp;&nbsp;13778 | &nbsp;&nbsp;&nbsp;4145 |
| L3Harris Technologies | &nbsp;&nbsp;&nbsp;20114 | &nbsp;&nbsp;&nbsp;6143 |
|  |  | **16291** |
| **Air Freight & Logistics 0.7%** |  |  |
| United Parcel Service, Class B | &nbsp;&nbsp;&nbsp;26005 | &nbsp;&nbsp;&nbsp;2172 |
|  |  | &nbsp;&nbsp;&nbsp;**2172** |
| **Electrical Equipment 0.7%** |  |  |
| Rockwell Automation | &nbsp;&nbsp;&nbsp;&nbsp;6554 | &nbsp;&nbsp;&nbsp;2291 |
|  |  | &nbsp;&nbsp;&nbsp;**2291** |
| **Ground Transportation 1.9%** |  |  |
| CSX | &nbsp;&nbsp;&nbsp;95394 | &nbsp;&nbsp;&nbsp;3387 |
| Norfolk Southern | &nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 |

---

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T. ROWE PRICE EQUITY INCOME ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Union Pacific | &nbsp;&nbsp;&nbsp;&nbsp;9106 | &nbsp;&nbsp;&nbsp;2152 |
|  |  | &nbsp;&nbsp;&nbsp;**6230** |
| **Industrial Conglomerates 0.2%** |  |  |
| 3M | &nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**716** |
| **Machinery 3.1%** |  |  |
| AGCO | &nbsp;&nbsp;&nbsp;13776 | &nbsp;&nbsp;&nbsp;1475 |
| Cummins | &nbsp;&nbsp;&nbsp;&nbsp;4236 | &nbsp;&nbsp;&nbsp;1789 |
| Dover | &nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| Fortive | &nbsp;&nbsp;&nbsp;45293 | &nbsp;&nbsp;&nbsp;2219 |
| Stanley Black & Decker | &nbsp;&nbsp;&nbsp;54511 | &nbsp;&nbsp;&nbsp;4052 |
|  |  | **10210** |
| **Passenger Airlines 1.0%** |  |  |
| Southwest Airlines | 100144 | &nbsp;&nbsp;&nbsp;3196 |
|  |  | &nbsp;&nbsp;&nbsp;**3196** |
| **Trading Companies & Distributors 0.0%** |  |  |
| Ferguson Enterprises | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2** |
| Total Industrials & Business Services |  | 41108 |
| **INFORMATION TECHNOLOGY 9.4%** | **INFORMATION TECHNOLOGY 9.4%** | **INFORMATION TECHNOLOGY 9.4%** |
| **Electronic Equipment, Instruments & Components 0.4%** |  |  |
| Ralliant | &nbsp;&nbsp;&nbsp;22757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 |
| TE Connectivity | &nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
|  |  | &nbsp;&nbsp;&nbsp;**1380** |
| **IT Services 0.7%** |  |  |
| Accenture, Class A | &nbsp;&nbsp;&nbsp;&nbsp;8735 | &nbsp;&nbsp;&nbsp;2154 |
|  |  | &nbsp;&nbsp;&nbsp;**2154** |
| **Semiconductors & Semiconductor Equipment 6.1%** |  |  |
| Advanced Micro Devices (1) | &nbsp;&nbsp;&nbsp;11022 | &nbsp;&nbsp;&nbsp;1783 |
| Applied Materials | &nbsp;&nbsp;&nbsp;12359 | &nbsp;&nbsp;&nbsp;2530 |
| Intel (1) | &nbsp;&nbsp;&nbsp;55531 | &nbsp;&nbsp;&nbsp;1863 |
| NXP Semiconductors | &nbsp;&nbsp;&nbsp;16875 | &nbsp;&nbsp;&nbsp;3843 |
| QUALCOMM | &nbsp;&nbsp;&nbsp;41317 | &nbsp;&nbsp;&nbsp;6874 |
| Texas Instruments | &nbsp;&nbsp;&nbsp;16539 | &nbsp;&nbsp;&nbsp;3039 |
|  |  | **19932** |
| **Software 2.2%** |  |  |
| Adobe (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 |
| Microsoft | &nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;3466 |
| Salesforce.com | &nbsp;&nbsp;&nbsp;15055 | &nbsp;&nbsp;&nbsp;3568 |
|  |  | &nbsp;&nbsp;&nbsp;**7380** |
| Total Information Technology |  | 30846 |

---

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T. ROWE PRICE EQUITY INCOME ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **MATERIALS 3.1%** | **MATERIALS 3.1%** | **MATERIALS 3.1%** |
| **Chemicals 1.2%** |  |  |
| CF Industries Holdings | &nbsp;&nbsp;&nbsp;44716 | &nbsp;&nbsp;&nbsp;&nbsp;4011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4011** |
| **Containers & Packaging 1.5%** |  |  |
| Avery Dennison | &nbsp;&nbsp;&nbsp;&nbsp;3466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 |
| International Paper | &nbsp;&nbsp;&nbsp;92719 | &nbsp;&nbsp;&nbsp;&nbsp;4303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4865** |
| **Paper & Forest Products 0.4%** |  |  |
| West Fraser Timber | &nbsp;&nbsp;&nbsp;18463 | &nbsp;&nbsp;&nbsp;&nbsp;1255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1255** |
| Total Materials |  | &nbsp;&nbsp;&nbsp;10131 |
| **REAL ESTATE 3.7%** | **REAL ESTATE 3.7%** | **REAL ESTATE 3.7%** |
| **Industrial REITs 0.6%** |  |  |
| Rexford Industrial Realty, REIT | &nbsp;&nbsp;&nbsp;51078 | &nbsp;&nbsp;&nbsp;&nbsp;2100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2100** |
| **Residential REITs 1.5%** |  |  |
| Equity Residential, REIT | &nbsp;&nbsp;&nbsp;69278 | &nbsp;&nbsp;&nbsp;&nbsp;4484 |
| Sun Communities, REIT | &nbsp;&nbsp;&nbsp;&nbsp;4267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5035** |
| **Specialized REITs 1.6%** |  |  |
| Rayonier, REIT | &nbsp;&nbsp;&nbsp;75811 | &nbsp;&nbsp;&nbsp;&nbsp;2012 |
| Weyerhaeuser, REIT | 127402 | &nbsp;&nbsp;&nbsp;&nbsp;3158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5170** |
| Total Real Estate |  | &nbsp;&nbsp;&nbsp;12305 |
| **UTILITIES 6.2%** | **UTILITIES 6.2%** | **UTILITIES 6.2%** |
| **Electric Utilities 3.5%** |  |  |
| NextEra Energy | &nbsp;&nbsp;&nbsp;35512 | &nbsp;&nbsp;&nbsp;&nbsp;2681 |
| PG&E | &nbsp;&nbsp;&nbsp;13506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| Southern | &nbsp;&nbsp;&nbsp;75390 | &nbsp;&nbsp;&nbsp;&nbsp;7145 |
| Xcel Energy | &nbsp;&nbsp;&nbsp;18748 | &nbsp;&nbsp;&nbsp;&nbsp;1512 |
|  |  | &nbsp;&nbsp;&nbsp;**11541** |
| **Multi-Utilities 2.7%** |  |  |
| Ameren | &nbsp;&nbsp;&nbsp;38557 | &nbsp;&nbsp;&nbsp;&nbsp;4025 |
| Dominion Energy | &nbsp;&nbsp;&nbsp;29366 | &nbsp;&nbsp;&nbsp;&nbsp;1796 |
| Sempra | &nbsp;&nbsp;&nbsp;35021 | &nbsp;&nbsp;&nbsp;&nbsp;3151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8972** |
| Total Utilities |  | &nbsp;&nbsp;&nbsp;20513 |
| Total Miscellaneous Common Stocks 0.1% (3) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| **Total Common Stocks (Cost $301,904)** |  | **325129** |

---

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T. ROWE PRICE EQUITY INCOME ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SHORT-TERM INVESTMENTS 1.0%** | **SHORT-TERM INVESTMENTS 1.0%** | **SHORT-TERM INVESTMENTS 1.0%** |
| **Money Market Funds 1.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.09% (4) | 3098983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099 |
| **Total Short-Term Investments (Cost $3,099)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3099** |
| **SECURITIES LENDING COLLATERAL 1.4%** | **SECURITIES LENDING COLLATERAL 1.4%** | **SECURITIES LENDING COLLATERAL 1.4%** |
| **Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company 1.4%** |  |  |
| **Money Market Funds 1.4%** |  |  |
| T. Rowe Price Government Reserve Fund, 4.16% (4)(5) | 4644281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4644 |
| **Total Investments in a Pooled Account through Securities Lending Program with State Street Bank and Trust Company** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4644** |
| **Total Securities Lending Collateral (Cost $4,644)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4644** |
| **Total Investments in Securities<br> 101.3% of Net Assets (Cost $309,647)** |  | **$332872** |
| **Other Assets Less Liabilities (1.3%)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4209)** |
| **Net Assets 100.0%** |  | **$328663** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Non-income producing. |
| (2) | All or a portion of this security is on loan at September 30, 2025. |
| (3) | The identity of certain securities has been concealed to protect the fund while it completes a purchase or selling program for the securities. |
| (4) | Seven-day yield |
| (5) | Affiliated Companies |
| ADR | American Depositary Receipts |
| REIT | A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder |

---

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T. ROWE PRICE EQUITY INCOME 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 nine months ended September 30, 2025. 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 Government 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> 12/31/24** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 9/30/25** |
| T. Rowe Price Government Reserve Fund | $5396 | ¤ | ¤ | &nbsp;&nbsp;$4644 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $4,644^ |

---

---

| |
|:---|
| Excludes earnings on securities lending collateral, which are subject to rebates and fees. |
| Capital gain distributions from mutual 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 $4,644. |

---

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

------

T. ROWE PRICE EQUITY INCOME ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The T. Rowe Price Equity Income 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). The fund is considered an actively-managed exchange-traded fund (ETF) that does not disclose its portfolio holdings daily, which is different from a traditional ETF and may create additional risks. 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.

------

T. ROWE PRICE EQUITY INCOME ETF

------

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 greatest weight to actual prices in arm's length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

#### Valuation Inputs
On September 30, 2025, all of the fund's financial instruments were classified as Level 1, based on the inputs used to determine their fair values.

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

#### ETF787-054Q3

#### 09/25

## 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 Equity Income ETF

- **b. EDGAR series identifier (if any):** S000067976

- **c. LEI of Series:** 549300491KLLU051IS08

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $336196409.68

**Total Liabilities:** $7535472.30

**Net Assets:** $328660937.38

**Assets Attributable to Miscellaneous Securities:** $176371.31

**Cash Not Reported:** $47537.70

**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 C000217972 | -0.87%               | 4.27%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-44525.57               | $-2815858.66                               |
| Month 2  | $2705604.46              | $10174692.27                               |
| Month 3  | $2653320.13              | $-2415781.37                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 3M CO                                 | 3M CO COMMON STOCK USD.01                                  | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      4615 | NS      | $716155.70    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC CL A                    | ACCENTURE PLC CL A COMMON STOCK USD.0000225                | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      8735 | NS      | $2154051.00   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ADOBE INC                             | ADOBE INC COMMON STOCK USD.0001                            | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       981 | NS      | $346047.75    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES                | ADVANCED MICRO DEVICES COMMON STOCK USD.01                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     11022 | NS      | $1783249.38   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO CORP                             | AGCO CORP COMMON STOCK USD.01                              | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     13776 | NS      | $1474996.32   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIANT ENERGY CORP                   | ALLIANT ENERGY CORP COMMON STOCK USD.01                    | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |      1325 | NS      | $89318.25     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                         | ALLSTATE CORP COMMON STOCK USD.01                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     10106 | NS      | $2169252.90   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL A                     | ALPHABET INC CL A COMMON STOCK USD.001                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     22366 | NS      | $5437174.60   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL C                     | ALPHABET INC CL C COMMON STOCK USD.001                     | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     17061 | NS      | $4155206.55   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                        | AMAZON.COM INC COMMON STOCK USD.01                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     23401 | NS      | $5138157.57   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                    | AMEREN CORPORATION COMMON STOCK USD.01                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     38557 | NS      | $4024579.66   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN INTERNATIONAL GROUP          | AMERICAN INTERNATIONAL GROUP COMMON STOCK USD2.5           | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |     50190 | NS      | $3941922.60   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT INC          | APOLLO GLOBAL MANAGEMENT INC COMMON STOCK USD.0001         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      6293 | NS      | $838668.11    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS INC                 | APPLIED MATERIALS INC COMMON STOCK USD.01                  | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     12359 | NS      | $2530381.66   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| ASTRAZENECA PLC-SPONS ADR             | ASTRAZENECA PLC SPONS ADR ADR                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     28299 | NS      | $2171099.28   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                              | AT+T INC COMMON STOCK USD1.0                               | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      2315 | NS      | $65375.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AVERY DENNISON CORP                   | AVERY DENNISON CORP COMMON STOCK USD1.0                    | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      3466 | NS      | $562081.22    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                  | BANK OF AMERICA CORP COMMON STOCK USD.01                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     96802 | NS      | $4994015.18   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON DICKINSON AND CO               | BECTON DICKINSON AND CO COMMON STOCK USD1.0                | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     25568 | NS      | $4785562.56   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                            | BIOGEN INC COMMON STOCK USD.0005                           | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |      6011 | NS      | $842020.88    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                         | BOEING CO/THE COMMON STOCK USD5.0                          | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     27816 | NS      | $6003527.28   | 1.83%             |  |  |  | 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        |     30939 | NS      | $1395348.90   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CARDINAL HEALTH INC                   | CARDINAL HEALTH INC COMMON STOCK                           | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |       900 | NS      | $141264.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC            | CF INDUSTRIES HOLDINGS INC COMMON STOCK USD.01             | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     44716 | NS      | $4011025.20   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                          | CHEVRON CORP COMMON STOCK USD.75                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15930 | NS      | $2473769.70   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                             | CHUBB LTD COMMON STOCK                                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |     14663 | NS      | $4138631.75   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP INC                         | CITIGROUP INC COMMON STOCK USD.01                          | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     64288 | NS      | $6525232.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO                  | COLGATE PALMOLIVE CO COMMON STOCK USD1.0                   | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     47536 | NS      | $3800027.84   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| COMCAST CORP-CLASS A                  | COMCAST CORP CLASS A COMMON STOCK USD.01                   | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     49971 | NS      | $1570088.82   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| CONAGRA BRANDS INC                    | CONAGRA BRANDS INC COMMON STOCK USD5.0                     | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     42928 | NS      | $786011.68    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                        | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     47497 | NS      | $4492741.23   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| COREBRIDGE FINANCIAL INC              | COREBRIDGE FINANCIAL INC COMMON STOCK USD.01               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |     42348 | NS      | $1357253.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                              | CSX CORP COMMON STOCK USD1.0                               | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     95394 | NS      | $3387440.94   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CUBESMART                             | CUBESMART REIT USD.01                                      | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2141 | NS      | $87053.06     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CUMMINS INC                           | CUMMINS INC COMMON STOCK USD2.5                            | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      4236 | NS      | $1789159.32   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS HEALTH CORP                       | CVS HEALTH CORP COMMON STOCK USD.01                        | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     62329 | NS      | $4698983.31   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLLAR GENERAL CORP                   | DOLLAR GENERAL CORP COMMON STOCK USD.875                   | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      8138 | NS      | $841062.30    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| DOMINION ENERGY INC                   | DOMINION ENERGY INC COMMON STOCK                           | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     29366 | NS      | $1796318.22   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| DOVER CORP                            | DOVER CORP COMMON STOCK USD1.0                             | CUSIP: 260003108<br>LEI: 549300FMC2ALGA7N9E80 | Long             | EC               | CORP              | US        |      4044 | NS      | $674660.52    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ELEVANCE HEALTH INC                   | ELEVANCE HEALTH INC COMMON STOCK USD.01                    | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     14193 | NS      | $4586042.16   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC                     | EOG RESOURCES INC COMMON STOCK USD.01                      | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     11062 | NS      | $1240271.44   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT CORP                              | EQT CORP COMMON STOCK                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     25296 | NS      | $1376861.28   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITABLE HOLDINGS INC                | EQUITABLE HOLDINGS INC COMMON STOCK USD.01                 | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |     83697 | NS      | $4250133.66   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUITY RESIDENTIAL                    | EQUITY RESIDENTIAL REIT USD.01                             | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     69278 | NS      | $4484364.94   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP                    | EXPAND ENERGY CORP COMMON STOCK USD.01                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     19583 | NS      | $2080497.92   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                      | EXXON MOBIL CORP COMMON STOCK                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     36182 | NS      | $4079520.50   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FERGUSON ENTERPRISES INC              | FERGUSON ENTERPRISES INC COMMON STOCK                      | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |        10 | NS      | $2245.80      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| FIFTH THIRD BANCORP                   | FIFTH THIRD BANCORP COMMON STOCK                           | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     76132 | NS      | $3391680.60   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV INC                            | FISERV INC COMMON STOCK USD.01                             | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     14668 | NS      | $1891145.24   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORP                          | FORTIVE CORP COMMON STOCK USD.01                           | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |     45293 | NS      | $2218904.07   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL AEROSPACE                     | GENERAL ELECTRIC COMMON STOCK USD.01                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     13778 | NS      | $4144697.96   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MOTORS CO                     | GENERAL MOTORS CO COMMON STOCK USD.01                      | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     22354 | NS      | $1362923.38   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PAYMENTS INC                   | GLOBAL PAYMENTS INC COMMON STOCK                           | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |      5689 | NS      | $472642.12    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/T        | HARTFORD INSURANCE GROUP INC COMMON STOCK USD.01           | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     22540 | NS      | $3006610.60   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                        | HOME DEPOT INC COMMON STOCK USD.05                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      7736 | NS      | $3134549.84   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC                            | HUMANA INC COMMON STOCK USD.1666666                        | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      1797 | NS      | $467525.49    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| HUNTINGTON BANCSHARES INC             | HUNTINGTON BANCSHARES INC COMMON STOCK USD.01              | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |    202283 | NS      | $3493427.41   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| INTEL CORP                            | INTEL CORP COMMON STOCK USD.001                            | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |     55531 | NS      | $1863065.05   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERNATIONAL PAPER CO                | INTERNATIONAL PAPER CO COMMON STOCK USD1.0                 | CUSIP: 460146103<br>LEI: 824LMFJDH41EY779Q875 | Long             | EC               | CORP              | US        |     92719 | NS      | $4302161.60   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON                     | JOHNSON + JOHNSON COMMON STOCK USD1.0                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      7734 | NS      | $1434038.28   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN CHASE & CO.               | JPMORGAN CHASE + CO COMMON STOCK USD1.0                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     20445 | NS      | $6448966.35   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| KENVUE INC                            | KENVUE INC COMMON STOCK USD.01                             | CUSIP: 49177J102<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | EC               | CORP              | US        |    217843 | NS      | $3535591.89   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KEURIG DR PEPPER INC                  | KEURIG DR PEPPER INC COMMON STOCK USD.01                   | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     10987 | NS      | $280278.37    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORP                   | KIMBERLY CLARK CORP COMMON STOCK USD1.25                   | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     42960 | NS      | $5341646.40   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES INC             | L3HARRIS TECHNOLOGIES INC COMMON STOCK USD1.0              | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     20114 | NS      | $6143016.74   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| LAS VEGAS SANDS CORP                  | LAS VEGAS SANDS CORP COMMON STOCK USD.001                  | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     79725 | NS      | $4288407.75   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LOEWS CORP                            | LOEWS CORP COMMON STOCK USD.01                             | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |     36113 | NS      | $3625384.07   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MATTEL INC                            | MATTEL INC COMMON STOCK USD1.0                             | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     61970 | NS      | $1042955.10   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                         | MEDTRONIC PLC COMMON STOCK USD.1                           | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     31104 | NS      | $2962344.96   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO. INC.                      | MERCK + CO. INC. COMMON STOCK USD.5                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     28926 | NS      | $2427759.18   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC-CLASS A            | META PLATFORMS INC CLASS A COMMON STOCK USD.000006         | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2897 | NS      | $2127498.86   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| METLIFE INC                           | METLIFE INC COMMON STOCK USD.01                            | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |     88348 | NS      | $7277224.76   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                        | MICROSOFT CORP COMMON STOCK USD.00000625                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6691 | NS      | $3465603.45   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY                        | MORGAN STANLEY COMMON STOCK USD.01                         | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      3669 | NS      | $583224.24    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWS CORP NEW CLASS A                 | NEWS CORP   CLASS A COMMON STOCK USD.01                    | CUSIP: 65249B109<br>LEI: 549300ITS31QK8VRBQ14 | Long             | EC               | CORP              | US        |    104266 | NS      | $3202008.86   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY INC                    | NEXTERA ENERGY INC COMMON STOCK USD.01                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     35512 | NS      | $2680800.88   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NORFOLK SOUTHERN CORP                 | NORFOLK SOUTHERN CORP COMMON STOCK USD1.0                  | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |      2299 | NS      | $690642.59    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP SEMICONDUCTORS NV                 | NXP SEMICONDUCTORS NV COMMON STOCK EUR.2                   | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     16875 | NS      | $3842943.75   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| P G & E CORP                          | P G + E CORP COMMON STOCK                                  | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |     13506 | NS      | $203670.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL           | PHILIP MORRIS INTERNATIONAL COMMON STOCK                   | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     25920 | NS      | $4204224.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILLIPS 66                           | PHILLIPS 66 COMMON STOCK                                   | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |     11055 | NS      | $1503701.10   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE               | PROCTER + GAMBLE CO/THE COMMON STOCK                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     23672 | NS      | $3637202.80   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM INC                          | QUALCOMM INC COMMON STOCK USD.0001                         | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     41317 | NS      | $6873496.12   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RALLIANT CORP                         | RALLIANT CORP COMMON STOCK USD.01                          | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22757 | NS      | $995163.61    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYONIER INC                          | RAYONIER INC REIT                                          | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |     75811 | NS      | $2012023.94   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDUSTRIAL REALTY IN          | REXFORD INDUSTRIAL REALTY IN REIT USD.01                   | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     51078 | NS      | $2099816.58   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL AUTOMATION INC               | ROCKWELL AUTOMATION INC COMMON STOCK USD1.0                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      6554 | NS      | $2290819.62   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | S+P500 EMINI FUT  DEC25 XCME 20251219                      | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         2 | NC      | $-1316.36     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                        | SALESFORCE INC COMMON STOCK USD.001                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     15055 | NS      | $3568035.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SANOFI ADR                            | SANOFI ADR ADR                                             | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     46913 | NS      | $2214293.60   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHWAB (CHARLES) CORP                 | SCHWAB (CHARLES) CORP COMMON STOCK USD.01                  | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     66713 | NS      | $6369090.11   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA                                | SEMPRA COMMON STOCK                                        | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     35021 | NS      | $3151189.58   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHLUMBERGER LTD                      | SLB LTD COMMON STOCK USD.01                                | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |     62241 | NS      | $2139223.17   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTH BOW CORP                        | SOUTH BOW CORP COMMON STOCK NPV                            | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |     46087 | NS      | $1303801.23   | 0.40%             |  |  |  | No            |                  1 | On Loan: —       |
| SOUTHERN CO/THE                       | SOUTHERN CO/THE COMMON STOCK USD5.0                        | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     75390 | NS      | $7144710.30   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWEST AIRLINES CO                 | SOUTHWEST AIRLINES CO COMMON STOCK USD1.0                  | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |    100144 | NS      | $3195595.04   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| STANLEY BLACK & DECKER INC            | STANLEY BLACK + DECKER INC COMMON STOCK USD2.5             | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     54511 | NS      | $4051802.63   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE STREET CORP                     | STATE STREET CORP COMMON STOCK USD1.0                      | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     15142 | NS      | $1756623.42   | 0.53%             |  |  |  | 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        |   3098983 | NS      | $3098982.93   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN COMMUNITIES INC                   | SUN COMMUNITIES INC REIT USD.01                            | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      4267 | NS      | $550443.00    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                       | T MOBILE US INC COMMON STOCK USD.0001                      | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      1835 | NS      | $439262.30    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Government Reserve Fund | T. Rowe Price Government Reserve Fund - Collateral         | CUSIP: 76105YYY8<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |   7364476 | NS      | $7364475.50   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| TC ENERGY CORP                        | TC ENERGY CORP COMMON STOCK                                | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |     28733 | NS      | $1563362.53   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PLC                   | TE CONNECTIVITY PLC COMMON STOCK USD.01                    | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      1753 | NS      | $384836.09    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC                 | TEXAS INSTRUMENTS INC COMMON STOCK USD1.0                  | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     16539 | NS      | $3038710.47   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CIGNA GROUP/THE                       | THE CIGNA GROUP COMMON STOCK USD.01                        | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     10799 | NS      | $3112811.75   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC          | THERMO FISHER SCIENTIFIC INC COMMON STOCK USD1.0           | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      3362 | NS      | $1630637.24   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTALENERGIES SE -SPON ADR            | TOTALENERGIES SE  SPON ADR ADR                             | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     81878 | NS      | $4887297.82   | 1.49%             |  |  |  | No            |                  1 | On Loan: —       |
| TYSON FOODS INC-CL A                  | TYSON FOODS INC CL A COMMON STOCK USD.1                    | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     45021 | NS      | $2444640.30   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORP                    | UNION PACIFIC CORP COMMON STOCK USD2.5                     | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      9106 | NS      | $2152385.22   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE-CL B            | UNITED PARCEL SERVICE CL B COMMON STOCK USD.01             | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     26005 | NS      | $2172197.65   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                 | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      8717 | NS      | $3009980.10   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANCORP                            | US BANCORP COMMON STOCK USD.01                             | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     78953 | NS      | $3815798.49   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC            | VERIZON COMMUNICATIONS INC COMMON STOCK USD.1              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     10757 | NS      | $472770.15    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VIATRIS INC                           | VIATRIS INC COMMON STOCK                                   | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    249290 | NS      | $2467971.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                           | WALMART INC COMMON STOCK USD.1                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     17179 | NS      | $1770467.74   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| WALT DISNEY CO/THE                    | WALT DISNEY CO/THE COMMON STOCK USD.01                     | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     29258 | NS      | $3350041.00   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & CO                      | WELLS FARGO + CO COMMON STOCK USD1.666                     | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     62063 | NS      | $5202120.66   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST FRASER TIMBER CO LTD             | WEST FRASER TIMBER CO LTD COMMON STOCK                     | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     18463 | NS      | $1255114.74   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WEYERHAEUSER CO                       | WEYERHAEUSER CO REIT USD1.25                               | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    127402 | NS      | $3158295.58   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC                      | WILLIAMS COS INC COMMON STOCK USD1.0                       | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     29129 | NS      | $1845322.15   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                       | XCEL ENERGY INC COMMON STOCK USD2.5                        | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |     18748 | NS      | $1512026.20   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS INC            | ZIMMER BIOMET HOLDINGS INC COMMON STOCK USD.01             | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |     48112 | NS      | $4739032.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President