# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-002584
**Filing Date:** 2026-2
**Character Count:** 31600
**Document Hash:** 33ce668c8b9d0577c18189b9b2d3bcda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-002584.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001099263-26-002584

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26686631

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

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

## Series and Classes Contracts Data

### T. Rowe Price Natural Resources ETF (Series ID: S000092025)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Baltimore

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21231

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

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

- **a. Name of Series:** T. Rowe Price Natural Resources ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $16684571.17

**Total Liabilities:** $748640.00

**Net Assets:** $15935931.17

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259935 | -0.87%               | 4.17%                | 3.34%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-43290.56               | $-85245.06                                 |
| Month 2  | $178815.75               | $338375.94                                 |
| Month 3  | $30.82                   | $429510.14                                 |

### Schedule of Portfolio Investments

| Name                                 | Title                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGNICO EAGLE MINES LTD               | AGNICO EAGLE MINES LTD COMMON STOCK                        | CUSIP: CA2009822<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      2995 | NS      | $507898.58    | 3.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ALAMOS GOLD INC-CLASS A              | ALAMOS GOLD INC CLASS A COMMON STOCK                       | CUSIP: TC8M86QR9<br>LEI: 894500GIHFJZW7YS9660 | Long             | EC               | CORP              | CA        |      3657 | NS      | $141212.34    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| ANGLO AMERICAN PLC                   | ANGLO AMERICAN PLC COMMON STOCK                            | CUSIP: 0348GB994<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      3200 | NS      | $132360.01    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ARC RESOURCES LTD                    | ARC RESOURCES LTD COMMON STOCK                             | CUSIP: 0019CA997<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |      2611 | NS      | $48984.19     | 0.31%             |  |  |  | No            |                  2 | On Loan: —       |
| ARCHER-DANIELS-MIDLAND CO            | ARCHER DANIELS MIDLAND CO COMMON STOCK                     | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      6530 | NS      | $375409.70    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ARTEMIS GOLD INC                     | ARTEMIS GOLD INC COMMON STOCK                              | CUSIP: TC6AUIZU9<br>LEI: 529900GXBX7DGL5YMO49 | Long             | EC               | CORP              | CA        |      5400 | NS      | $144348.84    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| BARRICK MINING CORP                  | BARRICK MINING CORP COMMON STOCK                           | CUSIP: 067901967<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      3036 | NS      | $132251.97    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP GROUP LTD                        | BHP GROUP LTD COMMON STOCK                                 | CUSIP: 112169990<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     17647 | NS      | $532571.06    | 3.34%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                               | BP PLC COMMON STOCK USD.25                                 | CUSIP: 055622997<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     22033 | NS      | $128495.65    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| BUNGE GLOBAL SA                      | BUNGE GLOBAL SA COMMON STOCK USD.01                        | CUSIP: H11356104<br>LEI: 254900IVXSV9K0B7PO26 | Long             | EC               | CORP              | CH        |      2000 | NS      | $178160.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CAMECO CORP                          | CAMECO CORP COMMON STOCK                                   | CUSIP: 13321L991<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |      4023 | NS      | $368373.20    | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| CANADIAN NATURAL RESOURCES           | CANADIAN NATURAL RESOURCES COMMON STOCK                    | CUSIP: 1363CA998<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      7611 | NS      | $257794.17    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| CAPRICORN METALS LTD                 | CAPRICORN METALS LTD COMMON STOCK                          | CUSIP: TC4F6XUV7<br>LEI: 529900CRG304NUYMOV23 | Long             | EC               | CORP              | AU        |      7911 | NS      | $74850.37     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| CENOVUS ENERGY INC                   | CENOVUS ENERGY INC COMMON STOCK                            | CUSIP: CA57FG046<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      7808 | NS      | $132091.19    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| CF INDUSTRIES HOLDINGS INC           | CF INDUSTRIES HOLDINGS INC COMMON STOCK USD.01             | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1221 | NS      | $94432.14     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CHAMPION IRON LTD                    | CHAMPION IRON LTD COMMON STOCK                             | CUSIP: TC8F4QYN4<br>LEI: 894500WQI96G4T75O202 | Long             | EC               | CORP              | AU        |     25934 | NS      | $104454.17    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| CHEVRON CORP                         | CHEVRON CORP COMMON STOCK USD.75                           | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3820 | NS      | $582206.20    | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                       | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      3215 | NS      | $300956.15    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                          | CORTEVA INC COMMON STOCK USD.01                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |     12529 | NS      | $839818.87    | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMONDBACK ENERGY INC               | DIAMONDBACK ENERGY INC COMMON STOCK USD.01                 | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |       924 | NS      | $138904.92    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| EMERALD RESOURCES NL                 | EMERALD RESOURCES NL COMMON STOCK                          | CUSIP: TC7PTP3S1<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     25303 | NS      | $105252.29    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT CORP                             | EQT CORP COMMON STOCK                                      | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |      2733 | NS      | $146488.80    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPAND ENERGY CORP                   | EXPAND ENERGY CORP COMMON STOCK USD.01                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |      1156 | NS      | $127576.16    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP                     | EXXON MOBIL CORP COMMON STOCK                              | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      5697 | NS      | $685576.98    | 4.30%             |  |  |  | No            |                  1 | On Loan: No      |
| FIREFLY AEROSPACE INC                | FIREFLY AEROSPACE INC COMMON STOCK USD.0001                | CUSIP: 31816X106<br>LEI: 529900JPYLDP30163X55 | Long             | EC               | CORP              | US        |       614 | NS      | $13735.18     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST QUANTUM MINERALS LTD           | FIRST QUANTUM MINERALS LTD COMMON STOCK                    | CUSIP: CA2347602<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | EC               | CORP              | CA        |      6194 | NS      | $166069.87    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FRANCO-NEVADA CORP                   | FRANCO NEVADA CORP COMMON STOCK                            | CUSIP: CA29NF311<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |      1341 | NS      | $277970.14    | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                 | FREEPORT MCMORAN INC COMMON STOCK USD.1                    | CUSIP: 35671D857<br>LEI: 549300IRDTHJQ1PVET45 | Long             | EC               | CORP              | US        |      7405 | NS      | $376099.95    | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| G MINING VENTURE CORP                | G MINING VENTURE CORP COMMON STOCK                         | CUSIP: TC90BEXS5<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      4961 | NS      | $149963.13    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| GALP ENERGIA SGPS SA                 | GALP ENERGIA SGPS SA COMMON STOCK EUR1.0                   | CUSIP: PT1FW7519<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |      2177 | NS      | $37488.64     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| GLENCORE PLC                         | GLENCORE PLC COMMON STOCK USD.01                           | CUSIP: GB4T3BW67<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     68104 | NS      | $372301.45    | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLD FIELDS LTD                      | GOLD FIELDS LTD COMMON STOCK ZAR.5                         | CUSIP: 380ZA9995<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      2080 | NS      | $90692.94     | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| HEADWATER EXPLORATION INC            | HEADWATER EXPLORATION INC COMMON STOCK                     | CUSIP: CA2126030<br>LEI: 549300XIU4JQ0GKLRG88 | Long             | EC               | CORP              | CA        |     15972 | NS      | $109036.20    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| IVANHOE ELECTRIC INC / US            | IVANHOE ELECTRIC INC / US COMMON STOCK USD.0001            | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6675 | NS      | $106666.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| K+S AG-REG                           | K S AG REG COMMON STOCK                                    | CUSIP: DE5761628<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |      6832 | NS      | $99455.00     | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| KELT EXPLORATION LTD                 | KELT EXPLORATION LTD COMMON STOCK                          | CUSIP: CA9KF5Q80<br>LEI: 549300OBXGWYN1VOFC24 | Long             | EC               | CORP              | CA        |     16090 | NS      | $89913.15     | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| KNIFE RIVER CORP                     | KNIFE RIVER CORP COMMON STOCK                              | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1308 | NS      | $92017.80     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSAIC CO                            | MOSAIC CO/THE COMMON STOCK USD.01                          | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      4693 | NS      | $113054.37    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| MOWI ASA                             | MOWI ASA COMMON STOCK NOK7.5                               | CUSIP: 698NO9994<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |     13487 | NS      | $324428.66    | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MP MATERIALS CORP                    | MP MATERIALS CORP COMMON STOCK USD.0001                    | CUSIP: 553368101<br>LEI: 89450063PHPS61USMT84 | Long             | EC               | CORP              | US        |      1194 | NS      | $60320.88     | 0.38%             |  |  |  | No            |                  1 | On Loan: —       |
| MUYUAN FOODSTUFF CO LTD-A SHS QFII   | MUYUAN FOODS CO LTD A COMMON STOCK CNY1.0                  | CUSIP: TC7LNA813<br>LEI: 3003006NCTDQW4KZR676 | Long             | EC               | CORP              | CN        |     50700 | NS      | $367717.90    | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NGEX MINERALS LTD                    | NGEX MINERALS LTD COMMON STOCK                             | CUSIP: TC0AQ7UQ8<br>LEI: 549300M2DU5ORAGOIG27 | Long             | EC               | CORP              | CA        |      4294 | NS      | $80089.18     | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| NUTRIEN LTD                          | NUTRIEN LTD COMMON STOCK                                   | CUSIP: TC46F60W7<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     10854 | NS      | $669958.02    | 4.20%             |  |  |  | No            |                  2 | On Loan: No      |
| NUVISTA ENERGY LTD                   | NUVISTA ENERGY LTD COMMON STOCK                            | CUSIP: 67072QCA0<br>LEI: 549300MG32TDSM60SX75 | Long             | EC               | CORP              | CA        |      6010 | NS      | $79342.25     | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| OR ROYALTIES INC                     | OR ROYALTIES INC COMMON STOCK                              | CUSIP: TC7KZUES2<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |      4676 | NS      | $165638.50    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| OVINTIV INC                          | OVINTIV INC COMMON STOCK                                   | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      2857 | NS      | $111965.83    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.        | PURCHASED HKD/ SOLD USD                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | HK        |         1 | NC      | $-3.46        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.        | PURCHASED NOK/ SOLD USD                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | NO        |         1 | NC      | $-208.65      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| State Street Bank & Trust Co.        | PURCHASED USD/ SOLD HKD                                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | HK        |         1 | NC      | $1.68         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORP                 | RANGE RESOURCES CORP COMMON STOCK USD.01                   | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |      2742 | NS      | $96682.92     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| RIO TINTO PLC                        | RIO TINTO PLC COMMON STOCK GBP.1                           | CUSIP: 767204993<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      2093 | NS      | $168593.28    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SALMAR ASA                           | SALMAR ASA COMMON STOCK NOK.25                             | CUSIP: NO1W5NW28<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |      4233 | NS      | $258712.93    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| SHELL PLC                            | SHELL PLC COMMON STOCK EUR.07                              | CUSIP: TC9XVQT42<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     20721 | NS      | $763615.61    | 4.79%             |  |  |  | No            |                  2 | On Loan: No      |
| SKEENA RESOURCES LTD                 | SKEENA RESOURCES LTD COMMON STOCK                          | CUSIP: TC0R5HBL4<br>LEI: 549300DCWSQFVVZ21289 | Long             | EC               | CORP              | CA        |      5355 | NS      | $127188.81    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| SNOWLINE GOLD CORP                   | SNOWLINE GOLD CORP COMMON STOCK                            | CUSIP: TC1C7OZO7<br>LEI: 529900VVFSE66NAIST38 | Long             | EC               | CORP              | CA        |      9471 | NS      | $119789.12    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| SOUTHERN COPPER CORP                 | SOUTHERN COPPER CORP COMMON STOCK USD.01                   | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       982 | NS      | $140887.54    | 0.88%             |  |  |  | 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        |    102604 | NS      | $102604.03    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| STORA ENSO OYJ-R SHS                 | STORA ENSO OYJ R SHS COMMON STOCK EUR1.7                   | CUSIP: 86210M999<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |     11858 | NS      | $148054.63    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SUNCOR ENERGY INC                    | SUNCOR ENERGY INC COMMON STOCK                             | CUSIP: CA2861149<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      6792 | NS      | $301459.79    | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| TECK RESOURCES LTD-B                 | TECK RESOURCES LTD CLS B COMMON STOCK                      | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |       767 | NS      | $36731.63     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TECK RESOURCES LTD-B                 | TECK RESOURCES LTD CLS B COMMON STOCK                      | CUSIP: 878742998<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      4197 | NS      | $200928.83    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTALENERGIES SE                     | TOTALENERGIES SE COMMON STOCK EUR2.5                       | CUSIP: 89150A991<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      5069 | NS      | $330488.61    | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| TOURMALINE OIL CORP                  | TOURMALINE OIL CORP COMMON STOCK                           | CUSIP: CA9355590<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |      3153 | NS      | $141437.62    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| GRS - SECURITY LENDING COLLATERAL    | TREASURY RESERVE FUND - Collateral                         | CUSIP: 76105YYY9<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | STIV             | RF                | US        |    121508 | NS      | $121507.85    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TYSON FOODS INC-CL A                 | TYSON FOODS INC CL A COMMON STOCK USD.1                    | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |      6100 | NS      | $357582.00    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP INDUSTRIES INC                   | UFP INDUSTRIES INC COMMON STOCK                            | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      1313 | NS      | $119548.65    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PLANTATIONS BHD               | UNITED PLANTATIONS BHD COMMON STOCK                        | CUSIP: MY6917142<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     21000 | NS      | $155546.48    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-KYMMENE OYJ                      | UPM KYMMENE OYJ COMMON STOCK                               | CUSIP: 915436992<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |      7400 | NS      | $213929.61    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| URANIUM ENERGY CORP                  | URANIUM ENERGY CORP COMMON STOCK USD.001                   | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |     18799 | NS      | $219572.32    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE SA ADR                          | VALE SA SP ADR ADR                                         | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     31437 | NS      | $409624.11    | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| VAR ENERGI ASA                       | VAR ENERGI ASA COMMON STOCK NOK.16                         | CUSIP: TC0447WQ4<br>LEI: 549300LIVN3FFOJN2K47 | Long             | EC               | CORP              | NO        |     24427 | NS      | $79861.79     | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| VIPER ENERGY INC-CL A                | VIPER ENERGY INC CL A COMMON STOCK USD.000001              | CUSIP: 64361Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2490 | NS      | $96188.70     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO                  | VULCAN MATERIALS CO COMMON STOCK USD1.0                    | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |       276 | NS      | $78720.72     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WARRIOR MET COAL INC                 | WARRIOR MET COAL INC COMMON STOCK USD.01                   | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      1684 | NS      | $148478.28    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST FRASER TIMBER CO LTD            | WEST FRASER TIMBER CO LTD COMMON STOCK                     | CUSIP: 952845998<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |      2125 | NS      | $130003.46    | 0.82%             |  |  |  | No            |                  2 | On Loan: —       |
| WHEATON PRECIOUS METALS CORP         | WHEATON PRECIOUS METALS CORP COMMON STOCK                  | CUSIP: CA058ZX60<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      1804 | NS      | $212082.21    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| WOODSIDE ENERGY GROUP LTD            | WOODSIDE ENERGY GROUP LTD COMMON STOCK                     | CUSIP: 980AU8994<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      7912 | NS      | $123368.66    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| YARA INTERNATIONAL ASA               | YARA INTERNATIONAL ASA COMMON STOCK NOK1.7                 | CUSIP: NO9710990<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      3269 | NS      | $133774.05    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIJIN GOLD INTERNATIONAL CO          | ZIJIN GOLD INTERNATIONAL CO COMMON STOCK                   | CUSIP: TC7WJ1ER0<br>LEI: 254900FINUJR4MZ8A417 | Long             | EC               | CORP              | HK        |      3200 | NS      | $59931.89     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| ZIJIN MINING GROUP CO LTD-A SHS QFII | ZIJIN MINING GROUP CO LTD A COMMON STOCK CNY.1             | CUSIP: TC9IMO7Q5<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |     57000 | NS      | $281069.07    | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-04

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President