# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-006625
**Filing Date:** 2026-5
**Character Count:** 62126
**Document Hash:** 5f154ea228e7dc894c09674add506a47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-006625.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001099263-26-006625

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**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:** 261035302

**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 Capital Appreciation Equity ETF (Series ID: S000079834)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000241222 | T. Rowe Price Capital Appreciation Equity ETF | TCAF            |

## Nport-Ex

T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

------

March 31, 2026 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** | **COMMON STOCKS 98.8%** |
| **COMMUNICATION SERVICES 8.2%** | **COMMUNICATION SERVICES 8.2%** | **COMMUNICATION SERVICES 8.2%** |
| **Entertainment 0.1%** |  |  |
| Madison Square Garden Sports (1) | &nbsp;&nbsp;&nbsp;&nbsp;28013 | &nbsp;&nbsp;&nbsp;&nbsp;9004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**9004** |
| **Interactive Media & Services 8.1%** |  |  |
| Alphabet, Class A | &nbsp;&nbsp;&nbsp;&nbsp;876575 | 252068 |
| Alphabet, Class C | &nbsp;&nbsp;&nbsp;&nbsp;19808 | &nbsp;&nbsp;&nbsp;&nbsp;5682 |
| Meta Platforms, Class A | &nbsp;&nbsp;&nbsp;&nbsp;427377 | 244515 |
|  |  | **502265** |
| Total Communication Services |  | 511269 |
| **CONSUMER DISCRETIONARY 11.6%** | **CONSUMER DISCRETIONARY 11.6%** | **CONSUMER DISCRETIONARY 11.6%** |
| **Broadline Retail 6.4%** |  |  |
| Amazon.com (1) | 1911603 | 398130 |
|  |  | **398130** |
| **Diversified Consumer Services 0.2%** |  |  |
| Service International | &nbsp;&nbsp;&nbsp;&nbsp;146469 | &nbsp;&nbsp;&nbsp;12085 |
|  |  | &nbsp;&nbsp;&nbsp;**12085** |
| **Hotels, Restaurants & Leisure 4.8%** |  |  |
| Booking Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;21645 |
| Chipotle Mexican Grill (1) | &nbsp;&nbsp;&nbsp;&nbsp;288805 | &nbsp;&nbsp;&nbsp;&nbsp;9244 |
| DoorDash, Class A (1) | &nbsp;&nbsp;&nbsp;&nbsp;290084 | &nbsp;&nbsp;&nbsp;43556 |
| Hilton Worldwide Holdings | &nbsp;&nbsp;&nbsp;&nbsp;76022 | &nbsp;&nbsp;&nbsp;23117 |
| Marriott International, Class A | &nbsp;&nbsp;&nbsp;&nbsp;38141 | &nbsp;&nbsp;&nbsp;12475 |
| Starbucks | &nbsp;&nbsp;&nbsp;&nbsp;981091 | &nbsp;&nbsp;&nbsp;87896 |
| Yum! Brands | &nbsp;&nbsp;&nbsp;&nbsp;651768 | 101337 |
|  |  | **299270** |
| **Textiles, Apparel & Luxury Goods 0.2%** |  |  |
| NIKE, Class B | &nbsp;&nbsp;&nbsp;&nbsp;207109 | &nbsp;&nbsp;&nbsp;10940 |
|  |  | &nbsp;&nbsp;&nbsp;**10940** |
| Total Consumer Discretionary |  | 720425 |
| **CONSUMER STAPLES 3.5%** | **CONSUMER STAPLES 3.5%** | **CONSUMER STAPLES 3.5%** |
| **Beverages 2.4%** |  |  |
| Keurig Dr Pepper | 5717884 | 150552 |
|  |  | **150552** |
| **Consumer Staples Distribution & Retail 0.6%** |  |  |
| U.S. Foods Holding (1) | &nbsp;&nbsp;&nbsp;&nbsp;417038 | &nbsp;&nbsp;&nbsp;38455 |
|  |  | &nbsp;&nbsp;&nbsp;**38455** |

---

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T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Tobacco 0.5%** |  |  |
| Philip Morris International | &nbsp;&nbsp;&nbsp;&nbsp;180515 | &nbsp;&nbsp;&nbsp;29846 |
|  |  | &nbsp;&nbsp;&nbsp;**29846** |
| Total Consumer Staples |  | 218853 |
| **ENERGY 2.1%** | **ENERGY 2.1%** | **ENERGY 2.1%** |
| **Energy Equipment & Services 0.3%** |  |  |
| SLB | &nbsp;&nbsp;&nbsp;&nbsp;421101 | &nbsp;&nbsp;&nbsp;21640 |
|  |  | &nbsp;&nbsp;&nbsp;**21640** |
| **Oil, Gas & Consumable Fuels 1.8%** |  |  |
| Canadian Natural Resources | 1425995 | &nbsp;&nbsp;&nbsp;69489 |
| Chevron | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97071 | &nbsp;&nbsp;&nbsp;20084 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;163061 | &nbsp;&nbsp;&nbsp;21524 |
|  |  | &nbsp;&nbsp;**111097** |
| Total Energy |  | 132737 |
| **FINANCIALS 7.1%** | **FINANCIALS 7.1%** | **FINANCIALS 7.1%** |
| **Banks 1.7%** |  |  |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;352645 | 103734 |
|  |  | **103734** |
| **Capital Markets 1.1%** |  |  |
| Blackrock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16751 | &nbsp;&nbsp;&nbsp;16109 |
| MSCI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39475 | &nbsp;&nbsp;&nbsp;21277 |
| S&P Global | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76893 | &nbsp;&nbsp;&nbsp;32706 |
|  |  | &nbsp;&nbsp;&nbsp;**70092** |
| **Financial Services 2.9%** |  |  |
| Mastercard, Class A | &nbsp;&nbsp;&nbsp;&nbsp;177683 | &nbsp;&nbsp;&nbsp;88781 |
| Visa, Class A | &nbsp;&nbsp;&nbsp;&nbsp;293733 | &nbsp;&nbsp;&nbsp;88778 |
|  |  | **177559** |
| **Insurance 1.4%** |  |  |
| Arthur J. Gallagher | &nbsp;&nbsp;&nbsp;&nbsp;195260 | &nbsp;&nbsp;&nbsp;42289 |
| Ryan Specialty Holdings | &nbsp;&nbsp;&nbsp;&nbsp;157493 | &nbsp;&nbsp;&nbsp;&nbsp;5314 |
| Willis Towers Watson | &nbsp;&nbsp;&nbsp;&nbsp;142572 | &nbsp;&nbsp;&nbsp;41446 |
|  |  | &nbsp;&nbsp;&nbsp;**89049** |
| Total Financials |  | 440434 |
| **HEALTH CARE 19.6%** | **HEALTH CARE 19.6%** | **HEALTH CARE 19.6%** |
| **Biotechnology 6.4%** |  |  |
| Alnylam Pharmaceuticals (1) | &nbsp;&nbsp;&nbsp;&nbsp;149361 | &nbsp;&nbsp;&nbsp;49419 |
| Apogee Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;634668 | &nbsp;&nbsp;&nbsp;53420 |
| Arcellx (1) | &nbsp;&nbsp;&nbsp;&nbsp;168402 | &nbsp;&nbsp;&nbsp;19336 |
| Ascendis Pharma, ADR (1) | &nbsp;&nbsp;&nbsp;&nbsp;333230 | &nbsp;&nbsp;&nbsp;76220 |
| Biogen (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95646 | &nbsp;&nbsp;&nbsp;17535 |
| BioNTech, ADR (1) | &nbsp;&nbsp;&nbsp;&nbsp;282452 | &nbsp;&nbsp;&nbsp;25104 |

---

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T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| CG Oncology (1) | &nbsp;&nbsp;&nbsp;&nbsp;240549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16280 |
| Cytokinetics (1) | 1044803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68863 |
| Dyne Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;347697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 |
| Erasca (1) | &nbsp;&nbsp;&nbsp;&nbsp;546449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8841 |
| Gilead Sciences | &nbsp;&nbsp;&nbsp;&nbsp;157407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21938 |
| Kymera Therapeutics (1) | &nbsp;&nbsp;&nbsp;&nbsp;125023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10413 |
| Vaxcyte (1) | &nbsp;&nbsp;&nbsp;&nbsp;469602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**400962** |
| **Health Care Equipment & Supplies 2.7%** |  |  |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;392426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40290 |
| Becton Dickinson & Company | &nbsp;&nbsp;&nbsp;&nbsp;799129 | &nbsp;&nbsp;&nbsp;&nbsp;125647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**165937** |
| **Health Care Providers & Services 4.2%** |  |  |
| Cencora | &nbsp;&nbsp;&nbsp;&nbsp;422005 | &nbsp;&nbsp;&nbsp;&nbsp;132569 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;&nbsp;465660 | &nbsp;&nbsp;&nbsp;&nbsp;126003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**258572** |
| **Life Sciences Tools & Services 4.9%** |  |  |
| Danaher | &nbsp;&nbsp;&nbsp;&nbsp;273040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51768 |
| Revvity | &nbsp;&nbsp;&nbsp;&nbsp;835884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73232 |
| Thermo Fisher Scientific | &nbsp;&nbsp;&nbsp;&nbsp;105425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51820 |
| Waters (1) | &nbsp;&nbsp;&nbsp;&nbsp;342733 | &nbsp;&nbsp;&nbsp;&nbsp;102066 |
| West Pharmaceutical Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**301498** |
| **Pharmaceuticals 1.4%** |  |  |
| Eli Lilly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89369** |
| Total Health Care |  | 1216338 |
| **INDUSTRIALS & BUSINESS SERVICES 5.0%** | **INDUSTRIALS & BUSINESS SERVICES 5.0%** | **INDUSTRIALS & BUSINESS SERVICES 5.0%** |
| **Aerospace & Defense 1.2%** |  |  |
| GE Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;188801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53576 |
| TransDigm Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**73479** |
| **Commercial Services & Supplies 0.7%** |  |  |
| Republic Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14600 |
| Veralto | &nbsp;&nbsp;&nbsp;&nbsp;275022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24318 |
| Waste Connections | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46366** |
| **Electrical Equipment 0.4%** |  |  |
| Acuity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19610 |
| AMETEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27106** |

---

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T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Machinery 2.2%** |  |  |
| Ingersoll-Rand | 1063440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85203 |
| ITT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12456 |
| Otis Worldwide | &nbsp;&nbsp;&nbsp;&nbsp;193509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14916 |
| SPX Technologies (1) | &nbsp;&nbsp;&nbsp;&nbsp;108615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**134291** |
| **Professional Services 0.5%** |  |  |
| Booz Allen Hamilton | &nbsp;&nbsp;&nbsp;&nbsp;101714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7937 |
| Equifax | &nbsp;&nbsp;&nbsp;&nbsp;126547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30724** |
| Total Industrials & Business Services |  | &nbsp;&nbsp;&nbsp;&nbsp;311966 |
| **INFORMATION TECHNOLOGY 31.3%** | **INFORMATION TECHNOLOGY 31.3%** | **INFORMATION TECHNOLOGY 31.3%** |
| **Communications Equipment 0.5%** |  |  |
| Arista Networks (1) | &nbsp;&nbsp;&nbsp;&nbsp;140525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254 |
| Ciena (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29425** |
| **Semiconductors & Semiconductor Equipment 13.3%** |  |  |
| Advanced Micro Devices (1) | &nbsp;&nbsp;&nbsp;&nbsp;680066 | &nbsp;&nbsp;&nbsp;&nbsp;138346 |
| Broadcom | &nbsp;&nbsp;&nbsp;&nbsp;619467 | &nbsp;&nbsp;&nbsp;&nbsp;191731 |
| KLA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34834 |
| Micron Technology | &nbsp;&nbsp;&nbsp;&nbsp;128384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43373 |
| NVIDIA | 1904692 | &nbsp;&nbsp;&nbsp;&nbsp;332178 |
| Taiwan Semiconductor Manufacturing, ADR | &nbsp;&nbsp;&nbsp;&nbsp;261446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**828818** |
| **Software 11.6%** |  |  |
| Aurora Innovation (1) | 7304732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30095 |
| Bentley Systems, Class B | 1052728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36972 |
| Cadence Design Systems (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12084 |
| Microsoft | 1196941 | &nbsp;&nbsp;&nbsp;&nbsp;443072 |
| PTC (1) | &nbsp;&nbsp;&nbsp;&nbsp;958962 | &nbsp;&nbsp;&nbsp;&nbsp;136642 |
| SAP, ADR | &nbsp;&nbsp;&nbsp;&nbsp;120220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20583 |
| Tyler Technologies (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497 |
| Workday (1) | &nbsp;&nbsp;&nbsp;&nbsp;304615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**721521** |
| **Technology Hardware, Storage & Peripherals 5.9%** |  |  |
| Apple | 1459194 | &nbsp;&nbsp;&nbsp;&nbsp;370329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**370329** |
| Total Information Technology |  | 1950093 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
| **Construction Materials 0.1%** |  |  |
| Vulcan Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8803 |
| Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8803 |

---

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T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
| **Specialized REITs 0.1%** |  |  |
| American Tower, REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376 |
| Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376 |
| **UTILITIES 10.2%** | **UTILITIES 10.2%** | **UTILITIES 10.2%** |
| **Electric Utilities 1.5%** |  |  |
| Entergy | &nbsp;&nbsp;&nbsp;&nbsp;138724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15587 |
| PPL | 2038927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**93474** |
| **Multi-Utilities 8.7%** |  |  |
| Ameren | &nbsp;&nbsp;&nbsp;&nbsp;856835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94183 |
| CenterPoint Energy | 4948357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213571 |
| NiSource | 4252293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198412 |
| WEC Energy Group | &nbsp;&nbsp;&nbsp;&nbsp;276471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**538173** |
| Total Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631647 |
| **Total Common Stocks (Cost $6,149,196)** |  | &nbsp;&nbsp;&nbsp;**6145941** |
| **CONVERTIBLE PREFERRED STOCKS 1.1%** | **CONVERTIBLE PREFERRED STOCKS 1.1%** | **CONVERTIBLE PREFERRED STOCKS 1.1%** |
| **INFORMATION TECHNOLOGY 1.1%** | **INFORMATION TECHNOLOGY 1.1%** | **INFORMATION TECHNOLOGY 1.1%** |
| **Software 1.1%** |  |  |
| Waymo, Acquisition Date: 2/2/26, Cost $65,476 (1)(2)(3) | &nbsp;&nbsp;&nbsp;&nbsp;398478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65476 |
| Total Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65476 |
| **Total Convertible Preferred Stocks (Cost $65,477)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65476** |
| **SHORT-TERM INVESTMENTS 0.1%** | **SHORT-TERM INVESTMENTS 0.1%** | **SHORT-TERM INVESTMENTS 0.1%** |
| **Money Market Funds 0.1%** |  |  |
| T. Rowe Price Government Reserve Fund, 3.71% (4)(5) | 7895332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 |
| **Total Short-Term Investments (Cost $7,895)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7895** |
| **Total Investments in Securities<br> 100.0% of Net Assets (Cost $6,222,568)** |  | **$6219312** |
| **Other Assets Less Liabilities 0.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1956** |
| **Net Assets 100.0%** |  | **$6221268** |

---

‡ Shares are denominated in U.S. dollars unless otherwise noted.

(1) Non-income producing

(2) Level 3 in fair value hierarchy.

(3) Security cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules ("restricted security"). Acquisition date
represents the day on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The fund may have registration rights for certain
restricted securities. Any costs related to such registration are generally borne by the issuer. The aggregate value of restricted securities (excluding 144A holdings) at period-end amounts to $65,476 and
represents 1.1% of net assets.

(4) Seven-day yield

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T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

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(5) Affiliated Companies <br> ADR American Depositary Receipts <br> REIT A domestic Real Estate Investment Trust whose distributions pass-through with original tax character to the shareholder

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T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

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#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the three months ended March 31, 2026. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price Government Reserve Fund | &nbsp;&nbsp;$— | $— | &nbsp;&nbsp;$80 |
| Totals | $—# | $— | $80+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 12/31/25** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 3/31/26** |
| T. Rowe Price Government Reserve Fund | $7382 | ¤ | ¤ | &nbsp;&nbsp;$7895 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $7,895^ |

---

---

| |
|:---|
| Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss). |
| Investment income comprised $80 of dividend income and $0 of interest income. |
| Purchase and sale information not shown for cash management funds. |
| The cost basis of investments in affiliated companies was $7,895. |

---

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

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T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The Capital Appreciation Equity ETF (the fund) is an open-end management investment company established by the corporation and follows accounting and reporting guidance of the Financial Accounting Standards Board *Accounting Standards Codification* Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund's significant accounting policies and investment related disclosures, please refer to the fund's most recent semiannual or annual shareholder report and its prospectus.

#### VALUATION

#### Fair Value
The fund's financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. Eastern Time, each day the NYSE is open for business, and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fund's Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund's valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date

Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)

Level 3 – unobservable inputs (including the Valuation Designee's assumptions in determining fair value)

Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.

#### Valuation Techniques
Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities.

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation.

------

T. ROWE PRICE CAPITAL APPRECIATION EQUITY ETF

------

Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford the greatest weight to actual prices in arm's length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.

#### Valuation Inputs
The following table summarizes the fund's financial instruments, based on the inputs used to determine their fair values on March 31, 2026 (for further detail by category, please refer to the accompanying Portfolio of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total Value** |
| **Assets** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$6145941 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$6145941 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;65476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65476 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7895 |
| Total | &nbsp;&nbsp;$6153836 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$65476 | &nbsp;&nbsp;$6219312 |

---

Following is a reconciliation of the fund's Level 3 holdings for the period ended March 31, 2026. Gain (loss) reflects both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized gain/loss on Level 3 instruments held at March 31, 2026, totaled less than $1,000 for the period ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | &nbsp;&nbsp;**Beginning<br> Balance<br> 12/31/25** | &nbsp;&nbsp;**Gain<br> (Loss)<br> During<br> Period** | &nbsp;&nbsp;**Total<br> Purchases** | &nbsp;&nbsp;**Ending<br> Balance<br> 3/31/26** |
| Investment in Securities |  |  |  |  |
| Convertible Preferred Stocks | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$65476 | &nbsp;&nbsp;$65476 |

---

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

#### ETF1072-054Q1

#### 03/26

## 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 Capital Appreciation Equity ETF

- **b. EDGAR series identifier (if any):** S000079834

- **c. LEI of Series:** 254900NAQ4BORDZJ5A89

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $6224850304.64

**Total Liabilities:** $1804080.57

**Net Assets:** $6223046224.07

**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 C000241222 | -0.05%               | -1.18%               | -5.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17458869.03             | $-22381718.51                              |
| Month 2  | $16561188.37             | $-33693789.17                              |
| Month 3  | $33987467.34             | $-407811427.11                             |

### Schedule of Portfolio Investments

| Name                                  | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABBOTT LABORATORIES                   | ABBOTT LABORATORIES COMMON STOCK                    | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    392538 | NS      | $40301876.46  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ACUITY INC                            | ACUITY INC COMMON STOCK USD.01                      | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70001 | NS      | $19615680.22  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES                | ADVANCED MICRO DEVICES COMMON STOCK USD.01          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    680260 | NS      | $138385291.80 | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS INC           | ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01     | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |    149404 | NS      | $49433301.48  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL A                     | ALPHABET INC CL A COMMON STOCK USD.001              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    876826 | NS      | $252140084.56 | 4.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC CL C                     | ALPHABET INC CL C COMMON STOCK USD.001              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     19814 | NS      | $5683844.04   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM INC                        | AMAZON.COM INC COMMON STOCK USD.01                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1912149 | NS      | $398243272.23 | 6.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                    | AMEREN CORPORATION COMMON STOCK USD.01              | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    857080 | NS      | $94210233.60  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                   | AMERICAN TOWER CORP REIT USD.01                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     19566 | NS      | $3376700.28   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                            | AMETEK INC COMMON STOCK USD.01                      | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     34980 | NS      | $7498312.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| APOGEE THERAPEUTICS INC               | APOGEE THERAPEUTICS INC COMMON STOCK USD.00001      | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    634849 | NS      | $53435240.33  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                             | APPLE INC COMMON STOCK USD.00001                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   1459611 | NS      | $370434675.69 | 5.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELLX INC                           | ARCELLX INC COMMON STOCK USD.001                    | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168450 | NS      | $19341429.00  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ARISTA NETWORKS INC                   | ARISTA NETWORKS INC COMMON STOCK USD.0001           | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    140565 | NS      | $17258570.70  | 0.28%             |  |  |  | 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        |    195316 | NS      | $42301539.28  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S - ADR             | ASCENDIS PHARMA A/S   ADR ADR DKK1.0                | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |    333325 | NS      | $76241427.25  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AURORA INNOVATION INC                 | AURORA INNOVATION INC COMMON STOCK USD.0001         | CUSIP: 051774107<br>LEI: 984500AB2E0D9F7D9D76 | Long             | EC               | CORP              | US        |   7306820 | NS      | $30104098.40  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BECTON DICKINSON AND CO               | BECTON DICKINSON AND CO COMMON STOCK USD1.0         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    799357 | NS      | $125682901.11 | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BENTLEY SYSTEMS INC-CLASS B           | BENTLEY SYSTEMS INC CLASS B COMMON STOCK USD.01     | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |   1053029 | NS      | $36982378.48  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                            | BIOGEN INC COMMON STOCK USD.0005                    | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     95673 | NS      | $17539731.09  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BIONTECH SE-ADR                       | BIONTECH SE ADR ADR                                 | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |    282533 | NS      | $25111533.04  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK INC                         | BLACKROCK INC COMMON STOCK USD.01                   | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     16756 | NS      | $16114412.76  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOKING HOLDINGS INC                  | BOOKING HOLDINGS INC COMMON STOCK USD.008           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      5142 | NS      | $21649465.44  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BOOZ ALLEN HAMILTON HOLDINGS          | BOOZ ALLEN HAMILTON HOLDINGS COMMON STOCK USD.01    | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    101743 | NS      | $7939006.29   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                          | BROADCOM INC COMMON STOCK                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    619644 | NS      | $191786014.44 | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CADENCE DESIGN SYS INC                | CADENCE DESIGN SYS INC COMMON STOCK USD.01          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     43500 | NS      | $12087345.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES            | CANADIAN NATURAL RESOURCES COMMON STOCK             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   1426403 | NS      | $69508618.19  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                           | CENCORA INC COMMON STOCK USD.01                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    422126 | NS      | $132606661.64 | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC                | CENTERPOINT ENERGY INC COMMON STOCK USD.01          | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |   4949772 | NS      | $213632159.52 | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CG ONCOLOGY INC                       | CG ONCOLOGY INC COMMON STOCK                        | CUSIP: 156944100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    240618 | NS      | $16285026.24  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CHEVRON CORP                          | CHEVRON CORP COMMON STOCK USD.75                    | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97099 | NS      | $20089783.10  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIPOTLE MEXICAN GRILL INC            | CHIPOTLE MEXICAN GRILL INC COMMON STOCK USD.01      | CUSIP: 169656105<br>LEI: 529900REP5VGTPCP1J71 | Long             | EC               | CORP              | US        |    288888 | NS      | $9247304.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CIENA CORP                            | CIENA CORP COMMON STOCK USD.01                      | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     31359 | NS      | $12174504.57  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                        | CONOCOPHILLIPS COMMON STOCK USD.01                  | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |    163108 | NS      | $21530256.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS INC                      | CYTOKINETICS INC COMMON STOCK USD.001               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |   1045102 | NS      | $68882672.82  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                          | DANAHER CORP COMMON STOCK USD.01                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    273118 | NS      | $51783172.80  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC - A                      | DOORDASH INC   A COMMON STOCK USD.00001             | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    290167 | NS      | $43568575.05  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DYNE THERAPEUTICS INC                 | DYNE THERAPEUTICS INC COMMON STOCK USD.0001         | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    347796 | NS      | $6305541.48   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                        | ELI LILLY + CO COMMON STOCK                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     97192 | NS      | $89394285.84  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                          | ENTERGY CORP COMMON STOCK USD.01                    | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    138764 | NS      | $15591523.04  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC                           | EQUIFAX INC COMMON STOCK USD1.25                    | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |    126583 | NS      | $22793800.81  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ERASCA INC                            | ERASCA INC COMMON STOCK USD.0001                    | CUSIP: 29479A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    546605 | NS      | $8844068.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Aerospace                          | GENERAL ELECTRIC COMMON STOCK USD.01                | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |    188855 | NS      | $53591383.35  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                   | GILEAD SCIENCES INC COMMON STOCK USD.001            | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    157452 | NS      | $21944085.24  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON WORLDWIDE HOLDINGS INC         | HILTON WORLDWIDE HOLDINGS IN COMMON STOCK USD.01    | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     76044 | NS      | $23123459.52  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL-RAND INC                    | INGERSOLL RAND INC COMMON STOCK USD.01              | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |   1063744 | NS      | $85227169.28  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT INC                               | ITT INC COMMON STOCK USD1.0                         | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     65395 | NS      | $12459709.35  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN CHASE & CO.               | JPMORGAN CHASE + CO COMMON STOCK USD1.0             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    352746 | NS      | $103763763.36 | 1.67%             |  |  |  | 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        |   5719519 | NS      | $150594935.27 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                              | KLA CORP COMMON STOCK USD.001                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     23665 | NS      | $34844582.65  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| KYMERA THERAPEUTICS INC               | KYMERA THERAPEUTICS INC COMMON STOCK USD.0001       | CUSIP: 501575104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125059 | NS      | $10416164.11  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| MADISON SQUARE GARDEN SPORTS CORP     | MADISON SQUARE GARDEN SPORTS COMMON STOCK USD.01    | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28021 | NS      | $9005949.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| MARRIOTT INTERNATIONAL -CL A          | MARRIOTT INTERNATIONAL  CL A COMMON STOCK USD.01    | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     38152 | NS      | $12478374.64  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC - A                    | MASTERCARD INC   A COMMON STOCK USD.0001            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    177734 | NS      | $88806570.44  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| META PLATFORMS INC-CLASS A            | META PLATFORMS INC CLASS A COMMON STOCK USD.000006  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    427499 | NS      | $244585002.87 | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MICRON TECHNOLOGY INC                 | MICRON TECHNOLOGY INC COMMON STOCK USD.1            | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |    128421 | NS      | $43385750.64  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                        | MICROSOFT CORP COMMON STOCK USD.00000625            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |   1197283 | NS      | $443198248.11 | 7.12%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                              | MSCI INC COMMON STOCK USD.01                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     39486 | NS      | $21283348.86  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC -CL B                        | NIKE INC  CL B COMMON STOCK                         | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    207168 | NS      | $10942613.76  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                          | NISOURCE INC COMMON STOCK USD.01                    | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |   4253509 | NS      | $198468729.94 | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                           | NVIDIA CORP COMMON STOCK USD.001                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   1905237 | NS      | $332273332.80 | 5.34%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORP                   | OTIS WORLDWIDE CORP COMMON STOCK USD.01             | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    193564 | NS      | $14919913.12  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL           | PHILIP MORRIS INTERNATIONAL COMMON STOCK            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    180567 | NS      | $29854947.78  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORP                              | PPL CORP COMMON STOCK USD.01                        | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   2039510 | NS      | $77909282.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                               | PTC INC COMMON STOCK USD.01                         | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    959236 | NS      | $136681537.64 | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC                 | REPUBLIC SERVICES INC COMMON STOCK USD.01           | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     66679 | NS      | $14604034.58  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REVVITY INC                           | REVVITY INC COMMON STOCK USD1.0                     | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |    835884 | NS      | $73231797.24  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| RYAN SPECIALTY HOLDINGS               | RYAN SPECIALTY HOLDINGS INC COMMON STOCK USD.001    | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157538 | NS      | $5315332.12   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P GLOBAL INC                        | S+P GLOBAL INC COMMON STOCK USD1.0                  | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |     76915 | NS      | $32715026.10  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE SPONSORED ADR                  | SAP SE SPONSORED ADR ADR                            | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    120254 | NS      | $20588687.34  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORP INTERNATIONAL            | SERVICE CORP INTERNATIONAL COMMON STOCK USD1.0      | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    146511 | NS      | $12088622.61  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB LTD                               | SLB LTD COMMON STOCK USD.01                         | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |    421221 | NS      | $21646547.19  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX TECHNOLOGIES INC                  | SPX TECHNOLOGIES INC COMMON STOCK USD.01            | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |    108646 | NS      | $21722681.24  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORP                        | STARBUCKS CORP COMMON STOCK USD.001                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    981371 | NS      | $87921027.89  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| T. Rowe Price Government Reserve Fund | T. Rowe Price Government Reserve Fund               | CUSIP: 000000000<br>LEI: 5493002Y0IYARJVQ5N24 | Long             | STIV             | RF                | US        |   7895332 | NS      | $7895332.10   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR-SP ADR           | TAIWAN SEMICONDUCTOR SP ADR ADR                     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    261521 | NS      | $88381021.95  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMO FISHER SCIENTIFIC INC          | THERMO FISHER SCIENTIFIC INC COMMON STOCK USD1.0    | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |    105455 | NS      | $51834296.15  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TRANSDIGM GROUP INC                   | TRANSDIGM GROUP INC COMMON STOCK USD.01             | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17178 | NS      | $19908614.88  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| TYLER TECHNOLOGIES INC                | TYLER TECHNOLOGIES INC COMMON STOCK USD.01          | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      7296 | NS      | $2498004.48   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                | UNITEDHEALTH GROUP INC COMMON STOCK USD.01          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    465793 | NS      | $126038927.87 | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| US FOODS HOLDING CORP                 | US FOODS HOLDING CORP COMMON STOCK USD.01           | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    417157 | NS      | $38466046.97  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                           | VAXCYTE INC COMMON STOCK USD.001                    | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    469736 | NS      | $27296358.96  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORP                          | VERALTO CORP COMMON STOCK USD.01                    | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    275101 | NS      | $24324430.42  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| VISA INC-CLASS A SHARES               | VISA INC CLASS A SHARES COMMON STOCK USD.0001       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    293817 | NS      | $88803250.08  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO                   | VULCAN MATERIALS CO COMMON STOCK USD1.0             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     32336 | NS      | $8805092.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                 | WASTE CONNECTIONS INC COMMON STOCK                  | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     45865 | NS      | $7450310.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERS CORP                           | WATERS CORP COMMON STOCK USD.01                     | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |    342831 | NS      | $102095071.80 | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                   | WAYMO LLC SER D CVT PFD TC3ITCE25                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    398478 | NS      | $65476271.20  | 1.05%             |  |  |  | No            |                  3 | On Loan: No      |
| WEC ENERGY GROUP INC                  | WEC ENERGY GROUP INC COMMON STOCK USD.01            | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |    276550 | NS      | $32016193.50  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES          | WEST PHARMACEUTICAL SERVICES COMMON STOCK USD.25    | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     90245 | NS      | $22619006.80  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIS TOWERS WATSON PLC              | WILLIS TOWERS WATSON PLC COMMON STOCK USD.000304635 | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | IE        |    142613 | NS      | $41457599.10  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY INC                           | WORKDAY INC CLASS A COMMON STOCK USD.001            | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    304702 | NS      | $39586883.84  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM  BRANDS INC                       | YUM  BRANDS INC COMMON STOCK                        | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |    651954 | NS      | $101365807.92 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President