# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001795351-25-000516
**Filing Date:** 2025-8
**Character Count:** 35204
**Document Hash:** 67d8696d7fd13465b4c5311ccbd9228d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001795351-25-000516.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001795351-25-000516

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23494
- **FILM NUMBER:** 251256888

**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:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4790163299.22

**Total Liabilities:** $1396667.13

**Net Assets:** $4788766632.09

**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 | -0.87%               | 4.78%                | 5.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-40213985.89            | $12255109.60                               |
| Month 2  | $-227661.78              | $197780534.57                              |
| Month 3  | $74106337.56             | $154282179.38                              |

### 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        |    586894 | NS      | $79823452.94  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc            | ADVANCED MICRO DEVICES COMMON STOCK USD.01          | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    836340 | NS      | $118676646.00 | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp                   | ALLIANT ENERGY CORP COMMON STOCK USD.01             | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |    214251 | NS      | $12955757.97  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc           | ALNYLAM PHARMACEUTICALS INC COMMON STOCK USD.01     | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |     36559 | NS      | $11921524.31  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                          | ALPHABET INC CL C COMMON STOCK USD.001              | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     64842 | NS      | $11502322.38  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                          | ALPHABET INC CL A COMMON STOCK USD.001              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    714364 | NS      | $125892367.72 | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                        | AMAZON.COM INC COMMON STOCK USD.01                  | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |   1402081 | NS      | $307602550.59 | 6.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                           | AMEREN CORPORATION COMMON STOCK USD.01              | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |    967740 | NS      | $92941749.60  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                   | AMERICAN TOWER CORP REIT USD.01                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    138813 | NS      | $30680449.26  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                           | CENCORA INC COMMON STOCK USD.01                     | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     51418 | NS      | $15417687.30  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                         | AMPHENOL CORP CL A COMMON STOCK USD.001             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |    981206 | NS      | $96894092.50  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc                    | ANALOG DEVICES INC COMMON STOCK USD.167             | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    124172 | NS      | $29555419.44  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ANSYS Inc                             | ANSYS INC COMMON STOCK USD.01                       | CUSIP: 03662Q105<br>LEI: 549300VJV8H15Z5FJ571 | Long             | EC               | CORP              | US        |     62640 | NS      | $22000420.80  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                             | APPLE INC COMMON STOCK USD.00001                    | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |   1093248 | NS      | $224301692.16 | 4.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                   | ASCENDIS PHARMA A/S   ADR ADR DKK1.0                | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     66931 | NS      | $11552290.60  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurora Innovation Inc                 | AURORA INNOVATION INC COMMON STOCK USD.0001         | CUSIP: 051774107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4321200 | NS      | $22643088.00  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Autodesk Inc                          | AUTODESK INC COMMON STOCK USD.01                    | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |    247873 | NS      | $76734044.61  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                           | AVANTOR INC COMMON STOCK USD.01                     | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    361948 | NS      | $4871820.08   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co                 | BECTON DICKINSON AND CO COMMON STOCK USD1.0         | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |    721905 | NS      | $124348136.25 | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                   | BENTLEY SYSTEMS INC CLASS B COMMON STOCK USD.01     | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |    175018 | NS      | $9445721.46   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                            | BIOGEN INC COMMON STOCK USD.0005                    | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     64042 | NS      | $8043034.78   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                       | BIO TECHNE CORP COMMON STOCK USD.01                 | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |     59990 | NS      | $3086485.50   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                           | BIONTECH SE ADR ADR                                 | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |     85151 | NS      | $9066026.97   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                         | BOEING CO/THE COMMON STOCK USD5.0                   | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     21620 | NS      | $4530038.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                       | THE CIGNA GROUP COMMON STOCK USD.01                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |    111010 | NS      | $36697685.80  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                         | CME GROUP INC COMMON STOCK USD.01                   | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     32921 | NS      | $9073686.02   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                       | CMS ENERGY CORP COMMON STOCK USD.01                 | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    324214 | NS      | $22461545.92  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems Inc            | CADENCE DESIGN SYS INC COMMON STOCK USD.01          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      7376 | NS      | $2272914.40   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd        | CANADIAN NATURAL RESOURCES COMMON STOCK             | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |   3352424 | NS      | $105266113.60 | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                | CENTERPOINT ENERGY INC COMMON STOCK USD.01          | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |   2919986 | NS      | $107280285.64 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Expand Energy Corp                    | EXPAND ENERGY CORP COMMON STOCK USD.01              | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     39759 | NS      | $4649417.46   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc            | CHIPOTLE MEXICAN GRILL INC COMMON STOCK USD.01      | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    165169 | NS      | $9274239.35   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cytokinetics Inc                      | CYTOKINETICS INC COMMON STOCK USD.001               | CUSIP: 23282W605<br>LEI: 549300BE5DY1HW7IHA64 | Long             | EC               | CORP              | US        |    729638 | NS      | $24107239.52  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co                         | DTE ENERGY COMPANY COMMON STOCK                     | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |    365903 | NS      | $48467511.38  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                          | DANAHER CORP COMMON STOCK USD.01                    | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |    558302 | NS      | $110286977.08 | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                    | WALT DISNEY CO/THE COMMON STOCK USD.01              | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |    182381 | NS      | $22617067.81  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                    | META PLATFORMS INC CLASS A COMMON STOCK USD.000006  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |    179044 | NS      | $132150585.96 | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc              | FERGUSON ENTERPRISES INC COMMON STOCK USD.0001      | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |    188443 | NS      | $41033463.25  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                          | FORTIVE CORP COMMON STOCK USD.01                    | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    537021 | NS      | $27994904.73  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GE HealthCare Technologies Inc        | GE HEALTHCARE TECHNOLOGY COMMON STOCK USD.01        | CUSIP: 36266G107<br>LEI: 549300OI9J7XOWZMUN85 | Long             | EC               | CORP              | US        |     92009 | NS      | $6815106.63   | 0.14%             |  |  |  | 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        |     60181 | NS      | $19265141.72  | 0.40%             |  |  |  | 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        |    176966 | NS      | $47133124.44  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic Inc                           | HOLOGIC INC COMMON STOCK USD.01                     | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |    249970 | NS      | $16288045.20  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                            | HUMANA INC COMMON STOCK USD.1666666                 | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     10566 | NS      | $2583175.68   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc                    | INGERSOLL RAND INC COMMON STOCK USD.01              | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    549235 | NS      | $45685367.30  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc         | INTERCONTINENTAL EXCHANGE IN COMMON STOCK USD.01    | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     63697 | NS      | $11686488.59  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp  | INTL BUSINESS MACHINES CORP COMMON STOCK USD.2      | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     75852 | NS      | $22359652.56  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                            | INTUIT INC COMMON STOCK USD.01                      | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |    115535 | NS      | $90998832.05  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                   | JPMORGAN CHASE + CO COMMON STOCK USD1.0             | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    255277 | NS      | $74007355.07  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                              | KLA CORP COMMON STOCK USD.001                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      3243 | NS      | $2904884.82   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                          | KKR + CO INC COMMON STOCK USD.01                    | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    121097 | NS      | $16109533.91  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                     | LAM RESEARCH CORP COMMON STOCK USD.001              | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     45224 | NS      | $4402104.16   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                        | ELI LILLY + CO COMMON STOCK                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     80184 | NS      | $62505833.52  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp                  | LOCKHEED MARTIN CORP COMMON STOCK USD1.0            | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     95926 | NS      | $44427167.64  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                              | MSCI INC COMMON STOCK USD.01                        | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |     10852 | NS      | $6258782.48   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD         | MARRIOTT INTERNATIONAL  CL A COMMON STOCK USD.01    | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     34871 | NS      | $9527105.91   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                        | MASTERCARD INC   A COMMON STOCK USD.0001            | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     67725 | NS      | $38057386.50  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                         | MCKESSON CORP COMMON STOCK USD.01                   | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |    105227 | NS      | $77108241.06  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                        | MICROSOFT CORP COMMON STOCK USD.00000625            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    964751 | NS      | $479876794.91 | 10.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                        | MORGAN STANLEY COMMON STOCK USD.01                  | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    185570 | NS      | $26139390.20  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                              | NIKE INC  CL B COMMON STOCK                         | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |    109539 | NS      | $7781650.56   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                          | NISOURCE INC COMMON STOCK USD.01                    | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |   2060541 | NS      | $83122223.94  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp                 | NORTHROP GRUMMAN CORP COMMON STOCK USD1.0           | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     53850 | NS      | $26923923.00  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                           | NVIDIA CORP COMMON STOCK USD.001                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |   2038795 | NS      | $322109222.05 | 6.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The  | PNC FINANCIAL SERVICES GROUP COMMON STOCK USD5.0    | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     76893 | NS      | $14334393.06  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                               | PTC INC COMMON STOCK USD.01                         | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |    777888 | NS      | $134061217.92 | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Revvity Inc                           | REVVITY INC COMMON STOCK USD1.0                     | CUSIP: 714046109<br>LEI: 549300IKL1SDPFI7N655 | Long             | EC               | CORP              | US        |    835884 | NS      | $80846700.48  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp                         | RALLIANT CORP COMMON STOCK USD.01                   | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    179007 | NS      | $8680049.48   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                              | RTX CORP COMMON STOCK USD1.0                        | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    337679 | NS      | $49307887.58  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                | ROPER TECHNOLOGIES INC COMMON STOCK USD.01          | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |    241104 | NS      | $136667391.36 | 2.85%             |  |  |  | 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        |     32478 | NS      | $17125324.62  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp               | SBA COMMUNICATIONS CORP REIT USD.01                 | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |    106503 | NS      | $25011164.52  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                        | SALESFORCE INC COMMON STOCK USD.001                 | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    155638 | NS      | $42440926.22  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US         | SERVICE CORP INTERNATIONAL COMMON STOCK USD1.0      | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |    151373 | NS      | $12321762.20  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                        | SERVICENOW INC COMMON STOCK USD.001                 | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      9795 | NS      | $10070043.60  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                        | STARBUCKS CORP COMMON STOCK USD.001                 | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |    589283 | NS      | $53996001.29  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc             | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01       | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     73132 | NS      | $37466254.92  | 0.78%             |  |  |  | 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        |     39569 | NS      | $16043646.74  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                | UNITEDHEALTH GROUP INC COMMON STOCK USD.01          | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    192732 | NS      | $60126602.04  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                          | VERALTO CORP COMMON STOCK USD.01                    | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    404807 | NS      | $40865266.65  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                              | VISA INC CLASS A SHARES COMMON STOCK USD.0001       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    145801 | NS      | $51766645.05  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcan Materials Co                   | VULCAN MATERIALS CO COMMON STOCK USD1.0             | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Long             | EC               | CORP              | US        |    177652 | NS      | $46335194.64  | 0.97%             |  |  |  | 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        |    163022 | NS      | $16986892.40  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                 | WASTE CONNECTIONS INC COMMON STOCK                  | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     85835 | NS      | $16027111.20  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                           | WORKDAY INC CLASS A COMMON STOCK USD.001            | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |    275340 | NS      | $66081600.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum  Brands Inc                       | YUM  BRANDS INC COMMON STOCK                        | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |    346322 | NS      | $51317993.96  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoetis Inc                            | ZOETIS INC COMMON STOCK USD.01                      | CUSIP: 98978V103<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | EC               | CORP              | US        |     28992 | NS      | $4521302.40   | 0.09%             |  |  |  | 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        |   6033196 | NS      | $6033196.08   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                              | ICON PLC COMMON STOCK EUR.06                        | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     31978 | NS      | $4651200.10   | 0.10%             |  |  |  | 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        |    192209 | NS      | $58912058.50  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                       | ASML HOLDING NV NY REG SHS NY REG SHRS EUR.09       | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     18754 | NS      | $15029268.06  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                 | NXP SEMICONDUCTORS NV COMMON STOCK EUR.2            | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |     35634 | NS      | $7785672.66   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President