# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001795351-25-000382
**Filing Date:** 2025-7
**Character Count:** 47480
**Document Hash:** 47b304085d19021b376bbcdbbaa6582c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001795351-25-000382.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001795351-25-000382

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250531

**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:** 251161571

**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 U.S. High Yield ETF (Series ID: S000077051)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000237191 | T. Rowe Price U.S. High Yield ETF | THYF            |

## 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 U.S. High Yield ETF

- **b. EDGAR series identifier (if any):** S000077051

- **c. LEI of Series:** 549300BA4BIBITWKOB05

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

- **a. Date of fiscal year-end:** 2025-05-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $754627074.92

**Total Liabilities:** $5155824.35

**Net Assets:** $749471250.57

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000 | **1-Year:** -1717.093189 | **5-Year:** -2504.402051 | **10-Year:** 0.000000 | **30-Year:** 0.000000

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

- **3-Month:** -1359.460325 | **1-Year:** -57394.123645 | **5-Year:** -121144.510945 | **10-Year:** -25717.235693 | **30-Year:** -1568.923081

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237191 | -1.49%               | -0.48%               | 2.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-975206.93              | $-10533827.68                              |
| Month 2  | $-14846.44               | $-7937673.27                               |
| Month 3  | $-620300.67              | $12087759.36                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMC Entertainment Holdings Inc                                                   | AMC ENTERTAINMENT HLDINGS INC 2024 TERM LOAN            | CUSIP: 00164CAD7<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |   7450250 | PA      | $7457997.83   | 1.00%             | 2029-01-04      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves | APH/APH2/APH3/AQUARIAN SR UNSECURED 144A 11/29 7.875    | CUSIP: 00188QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8710000 | PA      | $8622900.00   | 1.15%             | 2029-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| AAR Escrow Issuer LLC                                                            | AAR ESCROW ISSUER LLC COMPANY GUAR 144A 03/29 6.75      | CUSIP: 00253PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7185000 | PA      | $7335885.00   | 0.98%             | 2029-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Osaic Holdings Inc                                                               | OSAIC HOLDINGS INC SR UNSECURED 144A 08/27 10.75        | CUSIP: 00791GAA5<br>LEI: 549300XL60BDV6UW5C86 | Long             | DBT              | CORP              | US        |   5765000 | PA      | $5801031.25   | 0.77%             | 2027-08-01      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Aethon United BR LP / Aethon United Finance Corp                                 | AETHON UN/AETHIN UN FIN SR UNSECURED 144A 10/29 7.5     | CUSIP: 00810GAD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7275000 | PA      | $7429593.75   | 0.99%             | 2029-10-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AG TTMT Escrow Issuer LLC                                                        | AG TTMT ESCROW ISSUER SR SECURED 144A 09/27 8.625       | CUSIP: 00840KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7160000 | PA      | $7401650.00   | 0.99%             | 2027-09-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Bread Financial Holdings Inc                                                     | BREAD FINANCIAL HLDGS SUBORDINATED 144A 06/35 VAR       | CUSIP: 018581AQ1<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   7920000 | PA      | $7662600.00   | 1.02%             | 2035-06-15      | Variable      | 8.38%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                   | ALLIANT HOLD / CO ISSUER SR SECURED 144A 01/31 7        | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7155000 | PA      | $7298100.00   | 0.97%             | 2031-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Aretec Group Inc                                                                 | ARETEC GROUP INC SR SECURED 144A 08/30 10               | CUSIP: 04020JAA4<br>LEI: 549300NV2T8A33L0PQ58 | Long             | DBT              | CORP              | US        |  12795000 | PA      | $13914562.50  | 1.86%             | 2030-08-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp                           | ASCENT RESOURCES/ARU FIN SR UNSECURED 144A 12/28 8.25   | CUSIP: 04364VAR4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7155000 | PA      | $7262325.00   | 0.97%             | 2028-12-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Aston Martin Capital Holdings Ltd                                                | ASTON MARTIN CAPITAL HOL SR SECURED 144A 03/29 10       | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |  10825000 | PA      | $10148437.50  | 1.35%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Avianca Midco 2 PLC                                                              | AVIANCA MIDCO 2 PLC SR SECURED 144A 02/30 9.625         | CUSIP: 05369YAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   3975000 | PA      | $3537750.00   | 0.47%             | 2030-02-14      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental LLC / Avis Budget Finance Inc                             | AVIS BUDGET CAR/FINANCE COMPANY GUAR 144A 01/30 8.25    | CUSIP: 053773BJ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10906000 | PA      | $11069590.00  | 1.48%             | 2030-01-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Blackstone Mortgage Trust Inc                                                    | BLACKSTONE MORTGAGE TR SR SECURED 144A 12/29 7.75       | CUSIP: 09257WAF7<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   6880000 | PA      | $7206800.00   | 0.96%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                                                                   | BOMBARDIER INC SR UNSECURED 144A 07/31 7.25             | CUSIP: 097751CB5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   7095000 | PA      | $7307850.00   | 0.98%             | 2031-07-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | BROOKFIELD PPTY REIT INC SR SECURED 144A 04/27 4.5      | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5659000 | PA      | $5496303.75   | 0.73%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp                                     | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 09/29 6.375    | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7270000 | PA      | $7360875.00   | 0.98%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CCO Holdings LLC / CCO Holdings Capital Corp                                     | CCO HLDGS LLC/CAP CORP SR UNSECURED 144A 03/31 7.375    | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8550000 | PA      | $8870625.00   | 1.18%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CHS/Community Health Systems Inc                                                 | CHS/COMMUNITY HEALTH SYS SR SECURED 144A 01/32 10.875   | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   8405000 | PA      | $8972337.50   | 1.20%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                                                                 | CSC HOLDINGS LLC COMPANY GUAR 144A 05/28 11.25          | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   7165000 | PA      | $7075437.50   | 0.94%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| Celanese US Holdings LLC                                                         | CELANESE US HOLDINGS LLC COMPANY GUAR 04/33 6.75        | CUSIP: 15089QBA1<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |   9225000 | PA      | $8998009.65   | 1.20%             | 2033-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Civitas Resources Inc                                                            | CIVITAS RESOURCES INC COMPANY GUAR 144A 06/33 9.625     | CUSIP: 17888HAD5<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1710000 | PA      | $1712544.74   | 0.23%             | 2033-06-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP / Clarios US Finance Co                                        | CLARIOS GLOBAL LP/US FIN SR SECURED 144A 02/30 6.75     | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1781000 | PA      | $1807715.00   | 0.24%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                         | CLOUD SOFTWARE GRP INC SECURED 144A 09/29 9             | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   8705000 | PA      | $8889981.25   | 1.19%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Cloud Software Group Inc                                                         | CLOUD SOFTWARE GRP INC SR SECURED 144A 06/32 8.25       | CUSIP: 18912UAC6<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   6930000 | PA      | $7267837.50   | 0.97%             | 2032-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Cougar JV Subsidiary LLC                                                         | COUGAR JV SUBSIDIARY LLC SR UNSECURED 144A 05/32 8      | CUSIP: 22208WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6873000 | PA      | $7199467.50   | 0.96%             | 2032-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Deluxe Corp                                                                      | DELUXE CORP SR SECURED 144A 09/29 8.125                 | CUSIP: 248019AW1<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |   7315000 | PA      | $7369862.50   | 0.98%             | 2029-09-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Directv Financing LLC                                                            | DIRECTV FINANCING LLC SR SECURED 144A 02/30 8.875       | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7567000 | PA      | $7491330.00   | 1.00%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| DISH Network Corp                                                                | DISH NETWORK CORP SR SECURED 144A 11/27 11.75           | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  13945000 | PA      | $14380781.25  | 1.92%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| EchoStar Corp                                                                    | ECHOSTAR CORP SR SECURED 11/29 10.75                    | CUSIP: 278768AC0<br>LEI: 549300EE20907QZ9GT38 | Long             | DBT              | CORP              | US        |   8295000 | PA      | $8336475.00   | 1.11%             | 2029-11-30      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Edison International                                                             | EDISON INTERNATIONAL JR SUBORDINA 06/53 VAR             | CUSIP: 281020AX5<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |   4410000 | PA      | $4332825.00   | 0.58%             | 2053-06-15      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| eG Global Finance PLC                                                            | EG GLOBAL FINANCE PLC SR SECURED 144A 11/28 12          | CUSIP: 28228PAC5<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |  11555000 | PA      | $12774295.16  | 1.70%             | 2028-11-30      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| Ellucian Holdings Inc                                                            | ELLUCIAN HOLDINGS, INC. 2024 2ND LIEN TERM LOAN         | CUSIP: 28917XAE0<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |   7375000 | PA      | $7457968.75   | 1.00%             | 2032-11-22      | Floating      | 9.08%                 | No            |                  2 | On Loan: No      |
| Enbridge Inc                                                                     | ENBRIDGE INC SUBORDINATED 01/84 VAR                     | CUSIP: 29250NBS3<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |  13140000 | PA      | $13792782.06  | 1.84%             | 2084-01-15      | Variable      | 8.25%                 | No            |                  2 | On Loan: No      |
| Encino Acquisition Partners Holdings LLC                                         | ENCINO ACQUISITION PARTN SR UNSECURED 144A 05/31 8.75   | CUSIP: 29254BAB3<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |   6950000 | PA      | $7575500.00   | 1.01%             | 2031-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Encore Capital Group Inc                                                         | ENCORE CAPITAL GROUP INC SR SECURED 144A 04/29 9.25     | CUSIP: 292554AQ5<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |   6965000 | PA      | $7426431.25   | 0.99%             | 2029-04-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Energy Transfer LP                                                               | ENERGY TRANSFER LP JR SUBORDINA 05/54 VAR               | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   8182000 | PA      | $8557791.08   | 1.14%             | 2054-05-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Endo Finance Holdings Inc                                                        | ENDO LUX FINAN COMPANY I SARL 2024 1ST LIEN TERM LOAN   | CUSIP: 29280UAD5<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |   7628828 | PA      | $7442913.83   | 0.99%             | 2031-04-23      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| ERO Copper Corp                                                                  | ERO COPPER CORP COMPANY GUAR 144A 02/30 6.5             | CUSIP: 296006AA7<br>LEI: 549300KL8A21SEIO8I47 | Long             | DBT              | CORP              | CA        |   7540000 | PA      | $7426664.68   | 0.99%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Excelerate Energy LP                                                             | EXCELERATE ENERGY LP COMPANY GUAR 144A 05/30 8          | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |   7425000 | PA      | $7666312.50   | 1.02%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                                                       | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 06/31 8.625  | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   7534000 | PA      | $7637592.50   | 1.02%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd                                                       | FIRST QUANTUM MINERALS L COMPANY GUAR 144A 03/33 8      | CUSIP: 335934AW5<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   3730000 | PA      | $3697362.50   | 0.49%             | 2033-03-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| FirstCash Inc                                                                    | FIRSTCASH INC COMPANY GUAR 144A 03/32 6.875             | CUSIP: 33767DAD7<br>LEI: 549300V2X3UU7K0DG350 | Long             | DBT              | CORP              | US        |   2176000 | PA      | $2230400.00   | 0.30%             | 2032-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Gray Media Inc                                                                   | GRAY MEDIA INC SR SECURED 144A 07/29 10.5               | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   4175000 | PA      | $4430718.75   | 0.59%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| HLF Financing Sarl LLC / Herbalife International Inc                             | HLF FIN SARL LLC/HERBALI SR SECURED 144A 04/29 12.25    | CUSIP: 40390DAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10980000 | PA      | $11940750.00  | 1.59%             | 2029-04-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| Harvest Midstream I LP                                                           | HARVEST MIDSTREAM I LP SR UNSECURED 144A 09/28 7.5      | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    935000 | PA      | $944350.00    | 0.13%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Heartland Dental LLC / Heartland Dental Finance Corp                             | HRT DNT / HRT DNT FIN SR SECURED 144A 04/28 10.5        | CUSIP: 42239PAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10243000 | PA      | $10793561.25  | 1.44%             | 2028-04-30      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Hertz Corp/The                                                                   | HERTZ CORP/THE SR SECURED 144A 07/29 12.625             | CUSIP: 428040DC0<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |   3920000 | PA      | $3978800.00   | 0.53%             | 2029-07-15      | Fixed         | 12.62%                | No            |                  2 | On Loan: No      |
| Howard Midstream Energy Partners LLC                                             | HOWARD MIDSTREAM ENERGY SR UNSECURED 144A 07/32 7.375   | CUSIP: 442722AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2830000 | PA      | $2918437.50   | 0.39%             | 2032-07-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                                                            | HUB INTERNATIONAL LTD SR SECURED 144A 06/30 7.25        | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   6390000 | PA      | $6621637.50   | 0.88%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Iliad Holding SASU                                                               | ILIAD HOLDING SAS SR SECURED 144A 04/32 7               | CUSIP: 449691AG9<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |   7335000 | PA      | $7380843.75   | 0.98%             | 2032-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Icon Parent Inc                                                                  | INSTRUCTURE HOLDINGS INC 2024 2ND LIEN TERM LOAN        | CUSIP: 45115MAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7485000 | PA      | $7485000.00   | 1.00%             | 2032-11-12      | Floating      | 9.21%                 | No            |                  2 | On Loan: No      |
| Ithaca Energy North Sea PLC                                                      | ITHACA ENERGY NORTH SR UNSECURED 144A 10/29 8.125       | CUSIP: 46567TAC8<br>LEI: 213800BMMUN3AKWBIO91 | Long             | DBT              | CORP              | GB        |   7420000 | PA      | $7438550.00   | 0.99%             | 2029-10-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd                                                                | IVANHOE MINES LTD COMPANY GUAR 144A 01/30 7.875         | CUSIP: 46579RAE4<br>LEI: 5299006XZISURYIA4G32 | Long             | DBT              | CORP              | CA        |   5985000 | PA      | $5820412.50   | 0.78%             | 2030-01-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| JetBlue Airways Corp / JetBlue Loyalty LP                                        | JETBLUE AIRWAYS/LOYALTY SR SECURED 144A 09/31 9.875     | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11175000 | PA      | $11021343.75  | 1.47%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| LGI Homes Inc                                                                    | LGI HOMES INC COMPANY GUAR 144A 12/28 8.75              | CUSIP: 50187TAH9<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   6980000 | PA      | $7154500.00   | 0.95%             | 2028-12-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| LCM Investments Holdings II LLC                                                  | LCM INVESTMENTS HOLDINGS SR UNSECURED 144A 08/31 8.25   | CUSIP: 50190EAC8<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |   7035000 | PA      | $7457100.00   | 0.99%             | 2031-08-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Victra Holdings LLC                                                              | LSF9 ATLANTIS HOLDINGS LLC 2025 REPRICED TERM LOAN B    | CUSIP: 50226BAM0<br>LEI: 549300KWDYQKQSF0MQ18 | Long             | LON              | CORP              | US        |   7625878 | PA      | $7606813.44   | 1.01%             | 2029-03-31      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| Vital Energy Inc                                                                 | VITAL ENERGY INC COMPANY GUAR 144A 04/32 7.875          | CUSIP: 516806AK2<br>LEI: 549300X0PTWU2QSLSL14 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1498500.00   | 0.20%             | 2032-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Latam Airlines Group SA                                                          | LATAM AIRLINES GROUP SA SR SECURED 144A 04/30 7.875     | CUSIP: 51817RAD8<br>LEI: 549300HX3UUDPEFTG707 | Long             | DBT              | CORP              | CL        |   9770000 | PA      | $9818850.00   | 1.31%             | 2030-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Level 3 Financing Inc                                                            | LEVEL 3 FINANCING INC 2025 TERM LOAN B                  | CUSIP: 52729KAT3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | LON              | CORP              | US        |   7410000 | PA      | $7447050.00   | 0.99%             | 2032-03-20      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Lumen Technologies Inc                                                           | LUMEN TECHNOLOGIES INC 2024 EXTENDED TERM LOAN B1       | CUSIP: 55024EAF2<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | LON              | CORP              | US        |   3702101 | PA      | $3662525.90   | 0.49%             | 2029-04-16      | Floating      | 6.79%                 | No            |                  2 | On Loan: No      |
| McAfee Corp                                                                      | MCAFEE CORP SR UNSECURED 144A 02/30 7.375               | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |   8370000 | PA      | $7742250.00   | 1.03%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Midcontinent Communications                                                      | MIDCONTINENT COMMUNICATI SR UNSECURED 144A 08/32 8      | CUSIP: 59565XAD2<br>LEI: 549300ZI9GDQBS28C408 | Long             | DBT              | CORP              | US        |   7131000 | PA      | $7362757.50   | 0.98%             | 2032-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NGL Energy Operating LLC / NGL Energy Finance Corp                               | NGL ENRGY OP/FIN CORP SR SECURED 144A 02/29 8.125       | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7646000 | PA      | $7473965.00   | 1.00%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NRG Energy Inc                                                                   | NRG ENERGY INC JR SUBORDINA 144A 12/99 VAR              | CUSIP: 629377CU4<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   4822000 | PA      | $5292145.00   | 0.71%             | 2173-09-15      | Variable      | 10.25%                | No            |                  2 | On Loan: No      |
| NCR Atleos Corp                                                                  | NCR ATLEOS LLC SR SECURED 144A 04/29 9.5                | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   5270000 | PA      | $5731125.00   | 0.76%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Chord Energy Corp                                                                | CHORD ENERGY CORP COMPANY GUAR 144A 03/33 6.75          | CUSIP: 674215AN8<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | DBT              | CORP              | US        |   7465000 | PA      | $7371687.50   | 0.98%             | 2033-03-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OneMain Finance Corp                                                             | ONEMAIN FINANCE CORP COMPANY GUAR 03/30 7.875           | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   7100000 | PA      | $7392875.00   | 0.99%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OneSky Flight LLC                                                                | ONESKY FLIGHT LLC SR UNSECURED 144A 12/29 8.875         | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   9250000 | PA      | $9296250.00   | 1.24%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| 1261229 BC Ltd                                                                   | 1261229 BC LTD SR SECURED 144A 04/32 10                 | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   7420000 | PA      | $7345800.00   | 0.98%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Owens-Brockway Glass Container Inc                                               | OWENS BROCKWAY COMPANY GUAR 144A 05/31 7.25             | CUSIP: 69073TAU7<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |   7258000 | PA      | $7258000.00   | 0.97%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PBF Holding Co LLC / PBF Finance Corp                                            | PBF HOLDING CO LLC COMPANY GUAR 144A 09/30 7.875        | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8750000 | PA      | $7634375.00   | 1.02%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PBF Holding Co LLC / PBF Finance Corp                                            | PBF HOLDING CO LLC COMPANY GUAR 144A 03/30 9.875        | CUSIP: 69318FAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3820000 | PA      | $3648100.00   | 0.49%             | 2030-03-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| PRA Group Inc                                                                    | PRA GROUP INC COMPANY GUAR 144A 01/30 8.875             | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |   7043000 | PA      | $7219075.00   | 0.96%             | 2030-01-31      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| Permian Resources Operating LLC                                                  | PERMIAN RESOURC OPTG LLC COMPANY GUAR 144A 01/32 7      | CUSIP: 71424VAA8<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   7155000 | PA      | $7315987.50   | 0.98%             | 2032-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                            | QUIKRETE HOLDINGS INC SR UNSECURED 144A 03/33 6.75      | CUSIP: 74843PAB6<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   7210000 | PA      | $7318150.00   | 0.98%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Rfna LP                                                                          | RFNA LP SR UNSECURED 144A 02/30 7.875                   | CUSIP: 74984AAA0<br>LEI: 2549002A4GSOTYKKHR45 | Long             | DBT              | CORP              | US        |   7010000 | PA      | $7018762.50   | 0.94%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp                         | ANYWHERE REAL EST/CO ISS SECURED 144A 04/30 7           | CUSIP: 75606DAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8371349 | PA      | $7596999.22   | 1.01%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RB Global Holdings Inc                                                           | RB GLOBAL HOLDINGS INC COMPANY GUAR 144A 03/31 7.75     | CUSIP: 76774LAC1<br>LEI: 254900LH3N0EGB1LQ203 | Long             | DBT              | CORP              | US        |   2835000 | PA      | $2969662.50   | 0.40%             | 2031-03-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Sabre GLBL Inc                                                                   | SABRE GLBL INC SR SECURED 144A 11/29 10.75              | CUSIP: 78573NAL6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |   9288000 | PA      | $9473760.00   | 1.26%             | 2029-11-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| Saks Global Enterprises LLC                                                      | SAKS GLOBAL ENTERPRISES SR SECURED 144A 12/29 11        | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7695000 | PA      | $3443512.50   | 0.46%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Sally Holdings LLC / Sally Capital Inc                                           | SALLY HOLDINGS/SALLY CAP COMPANY GUAR 03/32 6.75        | CUSIP: 79546VAQ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7275000 | PA      | $7393218.75   | 0.99%             | 2032-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Sigma Holdco BV                                                                  | SIGMA HOLDCO BV COMPANY GUAR 144A 05/26 7.875           | CUSIP: 82660CAA0<br>LEI: 254900RAPCKVT00GAO59 | Long             | DBT              | CORP              | NL        |   7803000 | PA      | $7754231.25   | 1.03%             | 2026-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group Inc                                                    | SINCLAIR TELEVISION GROU SR SECURED 144A 02/33 8.125    | CUSIP: 829259BH2<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |   3800000 | PA      | $3790500.00   | 0.51%             | 2033-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Six Flags Entertainment Corp                                                     | SIX FLAGS ENTERTAINME COMPANY GUAR 144A 05/31 7.25      | CUSIP: 83001AAD4<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |  14563000 | PA      | $14817852.50  | 1.98%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| South Bow Canadian Infrastructure Holdings Ltd                                   | SOUTH BOW CAN INFRA HOLD COMPANY GUAR 144A 03/55 VAR    | CUSIP: 836720AH5<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |   7420000 | PA      | $7401450.00   | 0.99%             | 2055-03-01      | Variable      | 7.50%                 | No            |                  2 | On Loan: No      |
| Sunoco LP                                                                        | SUNOCO LP COMPANY GUAR 144A 05/29 7                     | CUSIP: 86765KAB5<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   6955000 | PA      | $7163650.00   | 0.96%             | 2029-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply LLC                                                          | TALEN ENERGY SUPPLY LLC SR SECURED 144A 06/30 8.625     | CUSIP: 87422VAK4<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | DBT              | CORP              | US        |   6690000 | PA      | $7124850.00   | 0.95%             | 2030-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | UNITI GROUP/CSL CAPITAL COMPANY GUAR 144A 02/29 6.5     | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4745000 | PA      | $4472162.50   | 0.60%             | 2029-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC                  | UNITI GROUP/CSL CAPITAL SR SECURED 144A 02/28 10.5      | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6886000 | PA      | $7299160.00   | 0.97%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Varsity Brands Inc                                                               | VARSITY BRANDS INC 2025 TERM LOAN                       | CUSIP: 92227QAF3<br>LEI: 254900PLBJA0I5NSTT38 | Long             | LON              | CORP              | US        |   7425000 | PA      | $7369312.50   | 0.98%             | 2031-08-26      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| Venture Global LNG Inc                                                           | VENTURE GLOBAL LNG INC JR SUBORDINA 144A 12/99 VAR      | CUSIP: 92332YAF8<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |  10690000 | PA      | $10048600.00  | 1.34%             | 2174-03-30      | Variable      | 9.00%                 | No            |                  2 | On Loan: No      |
| Vistra Corp                                                                      | VISTRA CORP JR SUBORDINA 144A VAR                       | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |   7223000 | PA      | $7358431.25   | 0.98%             | 2174-04-15      | Variable      | 8.00%                 | No            |                  2 | On Loan: No      |
| Voyager Parent LLC                                                               | VOYAGER PARENT LLC SR SECURED 144A 07/32 9.25           | CUSIP: 92921EAA0<br>LEI: 2549002DYVI4ACSV4V71 | Long             | DBT              | CORP              | US        |   7325000 | PA      | $7553906.25   | 1.01%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WaterBridge Midstream Operating LLC                                              | WATERBRDGE MDSTRM OPRTING LLC 2024 1ST LIEN TERM LOAN B | CUSIP: 94120XAF2<br>LEI: 549300DVU86VSP486341 | Long             | LON              | CORP              | US        |   7713617 | PA      | $7405072.48   | 0.99%             | 2029-06-27      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| Weatherford International Ltd                                                    | WEATHERFORD INTERNATIONA COMPANY GUAR 144A 04/30 8.625  | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |   7120000 | PA      | $7226800.00   | 0.96%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Williams Scotsman Inc                                                            | WILLIAMS SCOTSMAN INC SR SECURED 144A 10/31 7.375       | CUSIP: 96949VAL7<br>LEI: 549300DAKDS8SCO1OT57 | Long             | DBT              | CORP              | US        |  10818000 | PA      | $11210152.50  | 1.50%             | 2031-10-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Windstream Services LLC / Windstream Escrow Finance Corp                         | WINDSTREAM SERVICES/ESCR SR SECURED 144A 10/31 8.25     | CUSIP: 97381AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5145000 | PA      | $5350800.00   | 0.71%             | 2031-10-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| T. Rowe Price Government Reserve Fund                                            | T. Rowe Price Government Reserve Fund                   | CUSIP: 000000000<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |  21268191 | NS      | $21268191.20  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-03

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President