# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001795351-25-000522
**Filing Date:** 2025-8
**Character Count:** 47402
**Document Hash:** fc33ef5f715cc01ea1a5b7da75d69115
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001795351-25-000522.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001795351-25-000522

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Exchange-Traded Funds, Inc.
- **CENTRAL INDEX KEY:** 0001795351

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251257009

**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 Hedged Equity ETF (Series ID: S000089786)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000256566 | T. Rowe Price Hedged Equity ETF | THEQ            |

## 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 Hedged Equity ETF

- **b. EDGAR series identifier (if any):** S000089786

- **c. LEI of Series:** 25490034KDBSU0CDUM67

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $17165251.01

**Total Liabilities:** $75588.88

**Net Assets:** $17089662.13

**Cash Not Reported:** $14870.66

**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 C000256566 | -0.61%               | 3.57%                | 3.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7701.48                | $-56053.64                                 |
| Month 2  | $-286.98                 | $819240.77                                 |
| Month 3  | $-2171.58                | $629151.37                                 |

**Designated Index Information**

- **Index Name:** S&P 500 INDEX

- **Index Identifier:** SP500

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                              | AT+T INC COMMON STOCK USD1.0                                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |       439 | NS      | $12704.66     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                            | ABBVIE INC COMMON STOCK USD.01                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       158 | NS      | $29327.96     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc              | AGILENT TECHNOLOGIES INC COMMON STOCK USD.01                | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |        72 | NS      | $8496.72      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc               | AKAMAI TECHNOLOGIES INC COMMON STOCK USD.01                 | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       164 | NS      | $13080.64     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                     | ALLSTATE CORP COMMON STOCK USD.01                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       115 | NS      | $23150.65     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                           | AMEREN CORPORATION COMMON STOCK USD.01                      | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |        90 | NS      | $8643.60      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                           | CENCORA INC COMMON STOCK USD.01                             | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       128 | NS      | $38380.80     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                         | AMPHENOL CORP CL A COMMON STOCK USD.001                     | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |       182 | NS      | $17972.50     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                             | APPLE INC COMMON STOCK USD.00001                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |        21 | NS      | $4308.57      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                     | ATMOS ENERGY CORP COMMON STOCK                              | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |        47 | NS      | $7243.17      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc         | AUTOMATIC DATA PROCESSING COMMON STOCK USD.1                | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |        49 | NS      | $15111.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                          | AUTOZONE INC COMMON STOCK USD.01                            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |         8 | NS      | $29697.84     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The      | BANK OF NEW YORK MELLON CORP COMMON STOCK USD.01            | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |        84 | NS      | $7653.24      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                 | BECTON DICKINSON AND CO COMMON STOCK USD1.0                 | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |        36 | NS      | $6201.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                | BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033           | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        59 | NS      | $28660.43     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp      | BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD.01            | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       152 | NS      | $15827.76     | 0.09%             |  |  |  | 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        |       185 | NS      | $8563.65      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions Inc    | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK USD.01            | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |        30 | NS      | $7290.90      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc               | CBOE GLOBAL MARKETS INC COMMON STOCK                        | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       141 | NS      | $32882.61     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                         | CME GROUP INC COMMON STOCK USD.01                           | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       101 | NS      | $27837.62     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                       | CMS ENERGY CORP COMMON STOCK USD.01                         | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       160 | NS      | $11084.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                              | CSX CORP COMMON STOCK USD1.0                                | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       167 | NS      | $5449.21      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc                     | CISCO SYSTEMS INC COMMON STOCK USD.001                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       396 | NS      | $27474.48     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp   | COGNIZANT TECH SOLUTIONS A COMMON STOCK USD.01              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |       278 | NS      | $21692.34     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co                  | COLGATE PALMOLIVE CO COMMON STOCK USD1.0                    | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       333 | NS      | $30269.70     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                        | CONOCOPHILLIPS COMMON STOCK USD.01                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       123 | NS      | $11038.02     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc               | CONSOLIDATED EDISON INC COMMON STOCK USD.1                  | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |        93 | NS      | $9332.55      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                           | CORTEVA INC COMMON STOCK USD.01                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |       171 | NS      | $12744.63     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                         | DTE ENERGY COMPANY COMMON STOCK                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |        68 | NS      | $9007.28      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                      | DUKE ENERGY CORP COMMON STOCK USD.001                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       234 | NS      | $27612.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc                     | EOG RESOURCES INC COMMON STOCK USD.01                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       134 | NS      | $16027.74     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc                   | ELECTRONIC ARTS INC COMMON STOCK USD.01                     | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |        44 | NS      | $7026.80      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                 | ENCOMPASS HEALTH CORP COMMON STOCK USD.01                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |        76 | NS      | $9319.88      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                          | ENTERGY CORP COMMON STOCK USD.01                            | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |        55 | NS      | $4571.60      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergy Inc                            | EVERGY INC COMMON STOCK                                     | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       204 | NS      | $14061.72     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp                      | EXXON MOBIL CORP COMMON STOCK                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       267 | NS      | $28782.60     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | META PLATFORMS INC CLASS A COMMON STOCK USD.000006          | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |        21 | NS      | $15499.89     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp                       | FAIR ISAAC CORP COMMON STOCK USD.01                         | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |         4 | NS      | $7311.84      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                | F5 INC COMMON STOCK                                         | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |        53 | NS      | $15598.96     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                          | FORTINET INC COMMON STOCK USD.001                           | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       202 | NS      | $21355.44     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co               | ARTHUR J GALLAGHER + CO COMMON STOCK USD1.0                 | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |        15 | NS      | $4801.80      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills Inc                     | GENERAL MILLS INC COMMON STOCK USD.1                        | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |       206 | NS      | $10672.86     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc                   | GILEAD SCIENCES INC COMMON STOCK USD.001                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |        87 | NS      | $9645.69      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                           | GODADDY INC   CLASS A COMMON STOCK USD.001                  | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       101 | NS      | $18186.06     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/The      | HARTFORD INSURANCE GROUP INC COMMON STOCK USD.01            | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       131 | NS      | $16619.97     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The                    | HOME DEPOT INC COMMON STOCK USD.05                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        11 | NS      | $4033.04      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                         | INGREDION INC COMMON STOCK USD.01                           | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |        67 | NS      | $9086.54      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp  | INTL BUSINESS MACHINES CORP COMMON STOCK USD.2              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |        81 | NS      | $23877.18     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                     | JOHNSON + JOHNSON COMMON STOCK USD1.0                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       139 | NS      | $21232.25     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Juniper Networks Inc                  | JUNIPER NETWORKS INC COMMON STOCK USD.00001                 | CUSIP: 48203R104<br>LEI: AUHIXNGG7U2U7JEHM527 | Long             | EC               | CORP              | US        |       255 | NS      | $10182.15     | 0.06%             |  |  |  | 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        |       353 | NS      | $11670.18     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp                   | KIMBERLY CLARK CORP COMMON STOCK USD1.25                    | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |       128 | NS      | $16501.76     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kraft Heinz Co/The                    | KRAFT HEINZ CO/THE COMMON STOCK USD.01                      | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |       231 | NS      | $5964.42      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                        | ELI LILLY + CO COMMON STOCK                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |         9 | NS      | $7015.77      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                  | LOCKHEED MARTIN CORP COMMON STOCK USD1.0                    | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        16 | NS      | $7410.24      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe s Cos Inc                        | LOWE S COS INC COMMON STOCK USD.5                           | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |        52 | NS      | $11537.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc              | MARSH + MCLENNAN COS COMMON STOCK USD1.0                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |        78 | NS      | $17053.92     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                        | MASTERCARD INC   A COMMON STOCK USD.0001                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |        62 | NS      | $34840.28     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald s Corp                       | MCDONALD S CORP COMMON STOCK USD.01                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       105 | NS      | $30677.85     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                         | MCKESSON CORP COMMON STOCK USD.01                           | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        58 | NS      | $42501.24     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                        | MERCK + CO. INC. COMMON STOCK USD.5                         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       171 | NS      | $13536.36     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                        | MICROSOFT CORP COMMON STOCK USD.00000625                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       103 | NS      | $51233.23     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co              | MOLSON COORS BEVERAGE CO   B COMMON STOCK USD.01            | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |       180 | NS      | $8656.20      | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                | MOTOROLA SOLUTIONS INC COMMON STOCK USD.01                  | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |        37 | NS      | $15557.02     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                            | NETAPP INC COMMON STOCK USD.001                             | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |       130 | NS      | $13851.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                 | NORTHROP GRUMMAN CORP COMMON STOCK USD1.0                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        21 | NS      | $10499.58     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                       | GEN DIGITAL INC COMMON STOCK USD.01                         | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |       528 | NS      | $15523.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| O Reilly Automotive Inc               | O REILLY AUTOMOTIVE INC COMMON STOCK USD.01                 | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       203 | NS      | $18296.39     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                           | ORACLE CORP COMMON STOCK USD.01                             | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |        85 | NS      | $18583.55     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                               | PTC INC COMMON STOCK USD.01                                 | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       101 | NS      | $17406.34     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc                | PALO ALTO NETWORKS INC COMMON STOCK USD.0001                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |        66 | NS      | $13506.24     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                           | PEPSICO INC COMMON STOCK USD.017                            | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |        74 | NS      | $9770.96      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International Inc       | PHILIP MORRIS INTERNATIONAL COMMON STOCK                    | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |        93 | NS      | $16938.09     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The               | PROCTER + GAMBLE CO/THE COMMON STOCK                        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       224 | NS      | $35687.68     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                  | PROGRESSIVE CORP COMMON STOCK USD1.0                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |        68 | NS      | $18146.48     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc         | REGENERON PHARMACEUTICALS COMMON STOCK USD.001              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |         7 | NS      | $3675.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc                 | REPUBLIC SERVICES INC COMMON STOCK USD.01                   | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       111 | NS      | $27373.71     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                            | RESMED INC COMMON STOCK USD.004                             | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |        54 | NS      | $13932.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                | ROPER TECHNOLOGIES INC COMMON STOCK USD.01                  | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |        53 | NS      | $30042.52     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc        | SS+C TECHNOLOGIES HOLDINGS COMMON STOCK USD.01              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |       164 | NS      | $13579.20     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                        | SALESFORCE INC COMMON STOCK USD.001                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |        18 | NS      | $4908.42      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                        | SERVICENOW INC COMMON STOCK USD.001                         | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        17 | NS      | $17477.36     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                       | SOUTHERN CO/THE COMMON STOCK USD5.0                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |       188 | NS      | $17264.04     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                       | TJX COMPANIES INC COMMON STOCK USD1.0                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |       101 | NS      | $12472.49     | 0.07%             |  |  |  | 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        |       118 | NS      | $28114.68     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price US Equity Research ETF   | T ROWE PRICE US EQUITY RESEARC T ROWE PRICE US EQY RESEARCH | CUSIP: 87283Q503<br>LEI: 549300G9627FK2SYEV38 | Long             | EC               | RF                | US        |    358186 | NS      | $13929853.54  | 81.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc             | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01               | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |        27 | NS      | $13832.37     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc                 | TEXAS INSTRUMENTS INC COMMON STOCK USD1.0                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |        32 | NS      | $6643.84      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                 | TRAVELERS COS INC/THE COMMON STOCK                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |        40 | NS      | $10701.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bill           | TREASURY BILL 07/25 0.00000                                 | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     40000 | PA      | $39958.05     | 0.23%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill           | TREASURY BILL 07/25 0.00000                                 | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19979.03     | 0.12%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill           | TREASURY BILL 07/25 0.00000                                 | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19979.03     | 0.12%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill           | TREASURY BILL 07/25 0.00000                                 | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     30000 | PA      | $29968.54     | 0.18%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill           | TREASURY BILL 07/25 0.00000                                 | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     50000 | PA      | $49947.56     | 0.29%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill           | TREASURY BILL 07/25 0.00000                                 | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199790.25    | 1.17%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bill           | TREASURY BILL 07/25 0.00000                                 | CUSIP: 912797LW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     20000 | PA      | $19979.03     | 0.12%             | 2025-07-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc                | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |        42 | NS      | $13102.74     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign Inc                          | VERISIGN INC COMMON STOCK USD.001                           | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |        43 | NS      | $12418.40     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc            | VERIZON COMMUNICATIONS INC COMMON STOCK USD.1               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       704 | NS      | $30462.08     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc                  | VERISK ANALYTICS INC COMMON STOCK USD.001                   | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |        62 | NS      | $19313.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | VISA INC CLASS A SHARES COMMON STOCK USD.0001               | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |        94 | NS      | $33374.70     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                  | WEC ENERGY GROUP INC COMMON STOCK USD.01                    | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |        30 | NS      | $3126.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                           | WALMART INC COMMON STOCK USD.1                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       330 | NS      | $32267.40     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | TRP TREASURY RES FUND MUTUAL FUND                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    927562 | NS      | $927561.88    | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                 | WASTE CONNECTIONS INC COMMON STOCK                          | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |       108 | NS      | $20165.76     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc                  | WASTE MANAGEMENT INC COMMON STOCK USD.01                    | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |        87 | NS      | $19907.34     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                  | WILLIAMS COS INC COMMON STOCK USD1.0                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |       166 | NS      | $10426.46     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                           | WORKDAY INC CLASS A COMMON STOCK USD.001                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |        29 | NS      | $6960.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Energy Inc                       | XCEL ENERGY INC COMMON STOCK USD2.5                         | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |       245 | NS      | $16684.50     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum  Brands Inc                       | YUM  BRANDS INC COMMON STOCK                                | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |        35 | NS      | $5186.30      | 0.03%             |  |  |  | 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        |       109 | NS      | $9941.89      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc               | ZOOM COMMUNICATIONS INC COMMON STOCK USD.001                | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |        63 | NS      | $4912.74      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | S+P500 EMINI FUT  SEP25 XCME 20250919                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -7 | NC      | $-69941.49    | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | US 10YR NOTE (CBT)SEP25 XCBT 20250919                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        19 | NC      | $36783.38     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | S+P 500 INDEX MAR26 5150 PUT                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         2 | NC      | $18350.00     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                   | S+P 500 INDEX JUN26 5200 PUT                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $12575.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Amdocs Ltd                            | AMDOCS LTD COMMON STOCK GBP.0001                            | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |       133 | NS      | $12134.92     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                         | ACCENTURE PLC CL A COMMON STOCK USD.0000225                 | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |        96 | NS      | $28693.44     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                             | LINDE PLC COMMON STOCK                                      | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |        29 | NS      | $13606.22     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                         | MEDTRONIC PLC COMMON STOCK USD.1                            | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       191 | NS      | $16649.47     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd            | RENAISSANCERE HOLDINGS LTD COMMON STOCK USD1.0              | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |        56 | NS      | $13602.40     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC                   | TE CONNECTIVITY PLC COMMON STOCK USD.01                     | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |        95 | NS      | $16023.65     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                             | CHUBB LTD COMMON STOCK                                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       115 | NS      | $33317.80     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technologies Ltd | CHECK POINT SOFTWARE TECH COMMON STOCK USD.01               | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |        58 | NS      | $12832.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-04

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President