# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-26-002576
**Filing Date:** 2026-2
**Character Count:** 35203
**Document Hash:** 8d59153abd0ddf75028a50a865b57851
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-26-002576.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001099263-26-002576

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 26686622

**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            |

## 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:** 2025-12-31

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $6329202617.35

**Total Liabilities:** $1852693.12

**Net Assets:** $6327349924.23

**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 | 2.41%                | 0.52%                | -1.18%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $22983923.57             | $92537696.97                               |
| Month 2  | $15373286.32             | $10982599.91                               |
| Month 3  | $83004130.94             | $-168899900.26                             |

### 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        |   1222178 | NS      | $153126681.62 | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED MICRO DEVICES                | ADVANCED MICRO DEVICES COMMON STOCK USD.01          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    589565 | NS      | $126261240.40 | 2.00%             |  |  |  | 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        |   1070519 | NS      | $335072447.00 | 5.30%             |  |  |  | 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        |     18710 | NS      | $5871198.00   | 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        |   1513862 | NS      | $349429626.84 | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION                    | AMEREN CORPORATION COMMON STOCK USD.01              | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |   1289248 | NS      | $128744305.28 | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN TOWER CORP                   | AMERICAN TOWER CORP REIT USD.01                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     18462 | NS      | $3241373.34   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK INC                            | AMETEK INC COMMON STOCK USD.01                      | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     59791 | NS      | $12275690.21  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| AMPHENOL CORP-CL A                    | AMPHENOL CORP CL A COMMON STOCK USD.001             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    422799 | NS      | $57137056.86  | 0.90%             |  |  |  | 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        |    114772 | NS      | $8662990.56   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                             | APPLE INC COMMON STOCK USD.00001                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   1382883 | NS      | $375950572.38 | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ARCELLX INC                           | ARCELLX INC COMMON STOCK USD.001                    | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    345221 | NS      | $22508409.20  | 0.36%             |  |  |  | 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        |    399251 | NS      | $103322166.29 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AURORA INNOVATION INC                 | AURORA INNOVATION INC COMMON STOCK USD.0001         | CUSIP: 051774107<br>LEI: 984500AB2E0D9F7D9D76 | Long             | EC               | CORP              | US        |   6904047 | NS      | $26511540.48  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTODESK INC                          | AUTODESK INC COMMON STOCK USD.01                    | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |     57555 | NS      | $17036855.55  | 0.27%             |  |  |  | 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        |    916263 | NS      | $177819160.41 | 2.81%             |  |  |  | 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        |    780898 | NS      | $29802972.17  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BIOGEN INC                            | BIOGEN INC COMMON STOCK USD.0005                    | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     90705 | NS      | $15963172.95  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| BIONTECH SE-ADR                       | BIONTECH SE ADR ADR                                 | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |    191261 | NS      | $18208047.20  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKROCK INC                         | BLACKROCK INC COMMON STOCK USD.01                   | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     15836 | NS      | $16949904.24  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKSTONE INC                        | BLACKSTONE INC COMMON STOCK USD.00001               | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |    125382 | NS      | $19326381.48  | 0.31%             |  |  |  | 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        |     96407 | NS      | $8132894.52   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADCOM INC                          | BROADCOM INC COMMON STOCK                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    518379 | NS      | $179410971.90 | 2.84%             |  |  |  | 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        |      9176 | NS      | $2868234.08   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CANADIAN NATURAL RESOURCES            | CANADIAN NATURAL RESOURCES COMMON STOCK             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   2669327 | NS      | $90356718.95  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                           | CENCORA INC COMMON STOCK USD.01                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |    339930 | NS      | $114811357.50 | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC                | CENTERPOINT ENERGY INC COMMON STOCK USD.01          | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |   4536801 | NS      | $173940950.34 | 2.75%             |  |  |  | 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        |    273616 | NS      | $10123792.00  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| CYTOKINETICS INC                      | CYTOKINETICS INC COMMON STOCK USD.001               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |   1372972 | NS      | $87238640.88  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DANAHER CORP                          | DANAHER CORP COMMON STOCK USD.01                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    130506 | NS      | $29875433.52  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DOORDASH INC - A                      | DOORDASH INC   A COMMON STOCK USD.00001             | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |    158940 | NS      | $35996731.20  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| EATON CORP PLC                        | EATON CORP PLC COMMON STOCK USD.01                  | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |     66603 | NS      | $21213721.53  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                        | ELI LILLY + CO COMMON STOCK                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     98561 | NS      | $105921535.48 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                          | ENTERGY CORP COMMON STOCK USD.01                    | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |    163135 | NS      | $15078568.05  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUIFAX INC                           | EQUIFAX INC COMMON STOCK USD1.25                    | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Long             | EC               | CORP              | US        |     42011 | NS      | $9115546.78   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTIVE CORP                          | FORTIVE CORP COMMON STOCK USD.01                    | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    607829 | NS      | $33558239.09  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| GARTNER INC                           | GARTNER INC COMMON STOCK USD.0005                   | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |     40508 | NS      | $10219358.24  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC                   | GILEAD SCIENCES INC COMMON STOCK USD.001            | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |    212847 | NS      | $26124840.78  | 0.41%             |  |  |  | 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        |    103251 | NS      | $29658849.75  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| INGERSOLL-RAND INC                    | INGERSOLL RAND INC COMMON STOCK USD.01              | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |   1007808 | NS      | $79838549.76  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE INC         | INTERCONTINENTAL EXCHANGE IN COMMON STOCK USD.01    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     11640 | NS      | $1885214.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                            | INTUIT INC COMMON STOCK USD.01                      | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     16708 | NS      | $11067713.36  | 0.17%             |  |  |  | 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        |    189362 | NS      | $61016223.64  | 0.96%             |  |  |  | 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        |   2122200 | NS      | $59442822.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & CO INC                          | KKR + CO INC COMMON STOCK USD.01                    | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    672656 | NS      | $85750186.88  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA CORP                              | KLA CORP COMMON STOCK USD.001                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     18115 | NS      | $22011174.20  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                             | LINDE PLC COMMON STOCK                              | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |    103980 | NS      | $44336032.20  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP                  | LOCKHEED MARTIN CORP COMMON STOCK USD1.0            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     26003 | NS      | $12576871.01  | 0.20%             |  |  |  | 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        |     55468 | NS      | $17208392.32  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC - A                    | MASTERCARD INC   A COMMON STOCK USD.0001            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |    204027 | NS      | $116474933.76 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                         | MCKESSON CORP COMMON STOCK USD.01                   | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     28269 | NS      | $23188778.01  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDLINE INC-CL A                      | MEDLINE INC CL A COMMON STOCK USD.0001              | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |    403603 | NS      | $16951326.00  | 0.27%             |  |  |  | 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        |    285078 | NS      | $188177137.02 | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                        | MICROSOFT CORP COMMON STOCK USD.00000625            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    972094 | NS      | $470124100.28 | 7.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI INC                              | MSCI INC COMMON STOCK USD.01                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     31919 | NS      | $18312887.87  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE INC -CL B                        | NIKE INC  CL B COMMON STOCK                         | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     46815 | NS      | $2982583.65   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NISOURCE INC                          | NISOURCE INC COMMON STOCK USD.01                    | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |   3889903 | NS      | $162442349.28 | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                           | NVIDIA CORP COMMON STOCK USD.001                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   2592365 | NS      | $483476072.50 | 7.64%             |  |  |  | No            |                  1 | On Loan: No      |
| OTIS WORLDWIDE CORP                   | OTIS WORLDWIDE CORP COMMON STOCK USD.01             | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    183444 | NS      | $16023833.40  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL CORP                              | PPL CORP COMMON STOCK USD.01                        | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |   3326778 | NS      | $116503765.56 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                               | PTC INC COMMON STOCK USD.01                         | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    901171 | NS      | $156992999.91 | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Bank & Trust Co.         | PURCHASED CHF/ SOLD USD                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              | CORP              | CH        |         1 | NC      | $-27.63       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC SERVICES INC                 | REPUBLIC SERVICES INC COMMON STOCK USD.01           | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     77630 | NS      | $16452125.90  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| REVVITY INC                           | REVVITY INC COMMON STOCK USD1.0                     | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |    835884 | NS      | $80871777.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC                | ROPER TECHNOLOGIES INC COMMON STOCK USD.01          | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |     61172 | NS      | $27229492.36  | 0.43%             |  |  |  | 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        |    291315 | NS      | $15040593.45  | 0.24%             |  |  |  | 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        |    128772 | NS      | $67294959.48  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                        | SALESFORCE INC COMMON STOCK USD.001                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    164304 | NS      | $43525772.64  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE CORP INTERNATIONAL            | SERVICE CORP INTERNATIONAL COMMON STOCK USD1.0      | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    138783 | NS      | $10820910.51  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| STARBUCKS CORP                        | STARBUCKS CORP COMMON STOCK USD.001                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |   1492129 | NS      | $125652183.09 | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| STRYKER CORP                          | STRYKER CORP COMMON STOCK USD.1                     | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     53521 | NS      | $18811025.87  | 0.30%             |  |  |  | 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        |   7382450 | NS      | $7382450.26   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TAIWAN SEMICONDUCTOR-SP ADR           | TAIWAN SEMICONDUCTOR SP ADR ADR                     | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    168990 | NS      | $51354371.10  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PLC                   | TE CONNECTIVITY PLC COMMON STOCK USD.01             | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     68641 | NS      | $15616513.91  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INC             | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01       | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |      5701 | NS      | $2911671.73   | 0.05%             |  |  |  | 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        |     90234 | NS      | $52286091.30  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TYLER TECHNOLOGIES INC                | TYLER TECHNOLOGIES INC COMMON STOCK USD.01          | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      6928 | NS      | $3144965.60   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC                | UNITEDHEALTH GROUP INC COMMON STOCK USD.01          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    328519 | NS      | $108447407.09 | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| VAXCYTE INC                           | VAXCYTE INC COMMON STOCK USD.001                    | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |    445080 | NS      | $20535991.20  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VERALTO CORP                          | VERALTO CORP COMMON STOCK USD.01                    | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    166675 | NS      | $16630831.50  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS INC                  | VERISK ANALYTICS INC COMMON STOCK USD.001           | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |     43636 | NS      | $9760936.84   | 0.15%             |  |  |  | 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        |    307486 | NS      | $107838415.06 | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| VULCAN MATERIALS CO                   | VULCAN MATERIALS CO COMMON STOCK USD1.0             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |     30680 | NS      | $8750549.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC                 | WASTE CONNECTIONS INC COMMON STOCK                  | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     61642 | NS      | $10809541.12  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERS CORP                           | WATERS CORP COMMON STOCK USD.01                     | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      8887 | NS      | $3375549.21   | 0.05%             |  |  |  | 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        |    329080 | NS      | $34704776.80  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| WEST PHARMACEUTICAL SERVICES          | WEST PHARMACEUTICAL SERVICES COMMON STOCK USD.25    | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     57252 | NS      | $15752315.28  | 0.25%             |  |  |  | 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        |    349533 | NS      | $114856543.80 | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY INC                           | WORKDAY INC CLASS A COMMON STOCK USD.001            | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    234226 | NS      | $50307060.28  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| YPSOMED HOLDING AG-REG                | YPSOMED HOLDING AG REG COMMON STOCK CHF14.15        | CUSIP: CH02SWN84<br>LEI: 391200QLIOTTBNPNSI14 | Long             | EC               | CORP              | CH        |      9679 | NS      | $3982005.08   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| YUM  BRANDS INC                       | YUM  BRANDS INC COMMON STOCK                        | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |    735111 | NS      | $111207592.08 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC                            | ZOETIS INC COMMON STOCK USD.01                      | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |    133103 | NS      | $16747019.46  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President