# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-000487
**Filing Date:** 2025-9
**Character Count:** 39129
**Document Hash:** 69112e91dff053a091beae9d6da2a43c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-000487.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0001099263-25-000487

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**PERIOD START**: 20251031

**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:** 251342196

**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 Global Equity ETF (Series ID: S000092022)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000259932 | T. Rowe Price Global Equity ETF | TGLB            |

## Nport-Ex

T. ROWE PRICE GLOBAL EQUITY ETF

------

July 31, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS‡** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **FRANCE 5.4%** | **FRANCE 5.4%** | **FRANCE 5.4%** |
| **Common Stocks 5.4%** |  |  |
| Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;1118 | 223 |
| Schneider Electric | &nbsp;&nbsp;&nbsp;&nbsp;700 | 181 |
| Societe Generale | &nbsp;&nbsp;&nbsp;4537 | 290 |
| **Total France (Cost $694)** |  | **694** |
| **GERMANY 3.2%** | **GERMANY 3.2%** | **GERMANY 3.2%** |
| **Common Stocks 3.2%** |  |  |
| Hannover Rueck | &nbsp;&nbsp;&nbsp;&nbsp;570 | 173 |
| SAP | &nbsp;&nbsp;&nbsp;&nbsp;813 | 232 |
| **Total Germany (Cost $418)** |  | **405** |
| **ISRAEL 1.1%** | **ISRAEL 1.1%** | **ISRAEL 1.1%** |
| **Common Stocks 1.1%** |  |  |
| CyberArk Software (USD) (1) | &nbsp;&nbsp;&nbsp;&nbsp;358 | 147 |
| **Total Israel (Cost $143)** |  | **147** |
| **ITALY 1.3%** | **ITALY 1.3%** | **ITALY 1.3%** |
| **Common Stocks 1.3%** |  |  |
| Ferrari (USD) | &nbsp;&nbsp;&nbsp;&nbsp;362 | 161 |
| **Total Italy (Cost $174)** |  | **161** |
| **JAPAN 2.6%** | **JAPAN 2.6%** | **JAPAN 2.6%** |
| **Common Stocks 2.6%** |  |  |
| Chugai Pharmaceutical | &nbsp;&nbsp;&nbsp;3600 | 173 |
| ITOCHU | &nbsp;&nbsp;&nbsp;3000 | 157 |
| **Total Japan (Cost $336)** |  | **330** |
| **NETHERLANDS 3.1%** | **NETHERLANDS 3.1%** | **NETHERLANDS 3.1%** |
| **Common Stocks 3.1%** |  |  |
| ABN AMRO Bank, CVA | &nbsp;&nbsp;&nbsp;4652 | 134 |
| Adyen (1) | &nbsp;&nbsp;&nbsp;&nbsp;156 | 268 |
| **Total Netherlands (Cost $412)** |  | **402** |
| **SWEDEN 1.3%** | **SWEDEN 1.3%** | **SWEDEN 1.3%** |
| **Common Stocks 1.3%** |  |  |
| Atlas Copco, Class A | 11291 | 172 |
| **Total Sweden (Cost $180)** |  | **172** |
| **SWITZERLAND 1.1%** | **SWITZERLAND 1.1%** | **SWITZERLAND 1.1%** |
| **Common Stocks 1.1%** |  |  |
| Cie Financiere Richemont, Class A | &nbsp;&nbsp;&nbsp;&nbsp;852 | 139 |
| **Total Switzerland (Cost $158)** |  | **139** |

---

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T. ROWE PRICE GLOBAL EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **TAIWAN 2.6%** | **TAIWAN 2.6%** | **TAIWAN 2.6%** |
| **Common Stocks 2.6%** |  |  |
| Taiwan Semiconductor Manufacturing, ADR (USD) | 1388 | 335 |
| **Total Taiwan (Cost $314)** |  | **335** |
| **UNITED KINGDOM 2.1%** | **UNITED KINGDOM 2.1%** | **UNITED KINGDOM 2.1%** |
| **Common Stocks 2.1%** |  |  |
| London Stock Exchange Group | 1129 | 138 |
| National Grid | 9109 | 128 |
| **Total United Kingdom (Cost $298)** |  | **266** |
| **UNITED STATES 75.7%** | **UNITED STATES 75.7%** | **UNITED STATES 75.7%** |
| **Common Stocks 75.7%** |  |  |
| Allstate | 1443 | 293 |
| Amazon.com (1) | 2383 | 558 |
| Ameren | 1118 | 113 |
| Amphenol, Class A | 3031 | 323 |
| Apollo Global Management | 1062 | 154 |
| Ares Management, Class A | &nbsp;&nbsp;&nbsp;&nbsp;873 | 162 |
| Bank of America | 5710 | 270 |
| Broadcom | 1677 | 493 |
| Carvana (1) | &nbsp;&nbsp;&nbsp;&nbsp;372 | 145 |
| CME Group | &nbsp;&nbsp;&nbsp;&nbsp;651 | 181 |
| ConocoPhillips | 2450 | 234 |
| Corebridge Financial | 4049 | 144 |
| Costco Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;160 | 150 |
| Danaher | &nbsp;&nbsp;&nbsp;&nbsp;712 | 140 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;&nbsp;306 | 226 |
| GoDaddy, Class A (1) | 1449 | 234 |
| Hubbell | &nbsp;&nbsp;&nbsp;&nbsp;540 | 236 |
| JPMorgan Chase | &nbsp;&nbsp;&nbsp;&nbsp;674 | 200 |
| Liberty Media-Liberty Formula One, Class C (1) | 1976 | 198 |
| Linde | &nbsp;&nbsp;&nbsp;&nbsp;477 | 220 |
| Marsh & McLennan | &nbsp;&nbsp;&nbsp;&nbsp;783 | 156 |
| Meta Platforms, Class A | &nbsp;&nbsp;&nbsp;&nbsp;673 | 521 |
| Microsoft | 1611 | 860 |
| Netflix (1) | &nbsp;&nbsp;&nbsp;&nbsp;208 | 241 |
| NVIDIA | 3225 | 574 |
| NVR (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 136 |
| Old Dominion Freight Line | 1841 | 275 |
| O'Reilly Automotive (1) | 2681 | 264 |
| Reliance Steel & Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;770 | 223 |
| RenaissanceRe Holdings | &nbsp;&nbsp;&nbsp;&nbsp;788 | 192 |
| Rockwell Automation | &nbsp;&nbsp;&nbsp;&nbsp;857 | 301 |
| Roper Technologies | &nbsp;&nbsp;&nbsp;&nbsp;436 | 240 |
| Sherwin-Williams | &nbsp;&nbsp;&nbsp;&nbsp;342 | 113 |
| Steel Dynamics | 1923 | 245 |

---

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T. ROWE PRICE GLOBAL EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| Synopsys (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 |
| Teledyne Technologies (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| Valero Energy | &nbsp;&nbsp;&nbsp;1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 |
| **Total United States (Cost $9,370)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**9694** |
| **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** | **SHORT-TERM INVESTMENTS 0.5%** |
| **Money Market Funds 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.25% (2) | 61281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| **Total Short-Term Investments<br> (Cost $61)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**61** |
| **Total Investments<br> 100.0% of Net Assets (Cost $12,558)** |  | **$12806** |
| **Other Assets Less Liabilities 0.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** |
| **Net Assets 100.0%** |  | **$12807** |

---

‡ Country classifications are generally based on MSCI categories or another unaffiliated third party data provider; Shares are denominated in the currency of the country presented
unless otherwise noted.

(1) Non-income producing.

(2) Seven-day yield

ADR American Depositary Receipts <br> CVA Dutch Certificate (Certificaten Van Aandelen) <br> USD U.S. Dollar

The accompanying notes are an integral part of this portfolio of investments.

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T. ROWE PRICE GLOBAL EQUITY ETF

------

Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

T. Rowe Price Global Equity ETF (the fund) is registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company 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 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 and the last quoted sale or closing price for international securities.

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T. ROWE PRICE GLOBAL EQUITY ETF

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The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE, if the Valuation Designee determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund's portfolio securities. Each business day, the Valuation Designee uses information from outside pricing services to evaluate the quoted prices of portfolio securities and, if appropriate, decide whether it is necessary to adjust quoted prices to reflect fair value by reviewing a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The Valuation Designee uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The Valuation Designee cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to reflect fair value.

Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as provided by an outside pricing service.

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

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 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 July 31, 2025 (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;$10337 | &nbsp;&nbsp;$2408 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12745 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Total | &nbsp;&nbsp;$10398 | &nbsp;&nbsp;$2408 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12806 |

---

#### 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

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T. ROWE PRICE GLOBAL EQUITY ETF

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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.

#### ETF1195-054Q3

#### 07/25

## 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 Global Equity ETF

- **b. EDGAR series identifier (if any):** S000092022

- **c. LEI of Series:** 254900QYQ4UUIZGC6P89

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $12811538.37

**Total Liabilities:** $4809.78

**Net Assets:** $12806728.59

**Cash Not Reported:** $0.03

**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 C000259932 |  | 2.12%                | 0.31%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $206080.69                                 |
| Month 3  | $-15913.13               | $42621.49                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABN AMRO Bank NV                                           | ABN AMRO BANK NV CVA DUTCH CERT EUR1.0                     | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      4652 | NS      | $134482.04    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                   | ADYEN NV COMMON STOCK EUR.01                               | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       156 | NS      | $267563.49    | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Allstate Corp/The                                          | ALLSTATE CORP COMMON STOCK USD.01                          | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1443 | NS      | $293289.75    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                                             | AMAZON.COM INC COMMON STOCK USD.01                         | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      2383 | NS      | $557884.13    | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp                                                | AMEREN CORPORATION COMMON STOCK USD.01                     | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |      1118 | NS      | $113063.34    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphenol Corp                                              | AMPHENOL CORP CL A COMMON STOCK USD.001                    | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      3031 | NS      | $322831.81    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                               | APOLLO GLOBAL MANAGEMENT INC COMMON STOCK USD.0001         | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      1062 | NS      | $154329.84    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                                       | ARES MANAGEMENT CORP   A COMMON STOCK                      | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |       873 | NS      | $161967.69    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                                             | ATLAS COPCO AB A SHS COMMON STOCK SEK.16                   | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     11291 | NS      | $171943.68    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of America Corp                                       | BANK OF AMERICA CORP COMMON STOCK USD.01                   | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |      5710 | NS      | $269911.70    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                               | BROADCOM INC COMMON STOCK                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1677 | NS      | $492534.90    | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                                                 | CARVANA CO COMMON STOCK USD.001                            | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |       372 | NS      | $145143.24    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd                               | CHUGAI PHARMACEUTICAL CO LTD COMMON STOCK                  | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |      3600 | NS      | $172572.95    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                                | CIE FINANCIERE RICHEMO A REG COMMON STOCK CHF1.0           | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |       852 | NS      | $139111.31    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CME Group Inc                                              | CME GROUP INC COMMON STOCK USD.01                          | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       651 | NS      | $181160.28    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                             | CONOCOPHILLIPS COMMON STOCK USD.01                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      2450 | NS      | $233583.00    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                                   | COREBRIDGE FINANCIAL INC COMMON STOCK USD.01               | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |      4049 | NS      | $143982.44    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp                                      | COSTCO WHOLESALE CORP COMMON STOCK USD.005                 | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       160 | NS      | $150342.40    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd                                      | CYBERARK SOFTWARE LTD/ISRAEL COMMON STOCK ILS.01           | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       358 | NS      | $147306.26    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                               | DANAHER CORP COMMON STOCK USD.01                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |       712 | NS      | $140377.92    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                             | ELI LILLY + CO COMMON STOCK                                | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       306 | NS      | $226461.42    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                                 | FERRARI NV COMMON STOCK EUR.01                             | CUSIP: N3167Y103<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |       362 | NS      | $160507.18    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                                                | GODADDY INC   CLASS A COMMON STOCK USD.001                 | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |      1449 | NS      | $234129.42    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hannover Rueck SE                                          | HANNOVER RUECK SE COMMON STOCK                             | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |       570 | NS      | $172905.71    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Hubbell Inc                                                | HUBBELL INC COMMON STOCK USD.01                            | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |       540 | NS      | $236239.20    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp                                                | ITOCHU CORP COMMON STOCK                                   | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |      3000 | NS      | $157357.79    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                                        | JPMORGAN CHASE + CO COMMON STOCK USD1.0                    | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       674 | NS      | $199665.76    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One                     | LIBERTY MEDIA CORP FORMULA C TRACKING STK                  | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1976 | NS      | $198291.60    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                                  | LINDE PLC COMMON STOCK                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       477 | NS      | $219544.02    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PLC                            | LONDON STOCK EXCHANGE GROUP COMMON STOCK GBP.06918605      | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      1129 | NS      | $137619.42    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Marsh & McLennan Cos Inc                                   | MARSH + MCLENNAN COS COMMON STOCK USD1.0                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |       783 | NS      | $155973.60    | 1.22%             |  |  |  | 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        |       673 | NS      | $520525.12    | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                                             | MICROSOFT CORP COMMON STOCK USD.00000625                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1611 | NS      | $859468.50    | 6.71%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                                          | NATIONAL GRID PLC COMMON STOCK GBP.1243129                 | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |      9109 | NS      | $128000.30    | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                                                | NETFLIX INC COMMON STOCK USD.001                           | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       208 | NS      | $241155.20    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                                | NVIDIA CORP COMMON STOCK USD.001                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      3225 | NS      | $573630.75    | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                                                    | NVR INC COMMON STOCK USD.01                                | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |        18 | NS      | $135890.82    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| O Reilly Automotive Inc                                    | O REILLY AUTOMOTIVE INC COMMON STOCK USD.01                | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      2681 | NS      | $263595.92    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc                              | OLD DOMINION FREIGHT LINE COMMON STOCK USD.1               | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      1841 | NS      | $274769.25    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                                               | RELIANCE INC COMMON STOCK USD.001                          | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       770 | NS      | $223400.10    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                                 | RENAISSANCERE HOLDINGS LTD COMMON STOCK USD1.0             | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |       788 | NS      | $192067.12    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc                                    | ROCKWELL AUTOMATION INC COMMON STOCK USD1.0                | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |       857 | NS      | $301415.47    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                                     | ROPER TECHNOLOGIES INC COMMON STOCK USD.01                 | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       436 | NS      | $239974.40    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                                     | SAP SE COMMON STOCK                                        | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       813 | NS      | $232481.83    | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech                                   | SARTORIUS STEDIM BIOTECH COMMON STOCK EUR.2                | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |      1118 | NS      | $223410.37    | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                      | SCHNEIDER ELECTRIC SE COMMON STOCK EUR4.0                  | CUSIP: F86921107<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |       700 | NS      | $181155.26    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The                                    | SHERWIN WILLIAMS CO/THE COMMON STOCK USD1.0                | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |       342 | NS      | $113160.96    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Societe Generale SA                                        | SOCIETE GENERALE SA COMMON STOCK EUR1.25                   | CUSIP: F8591M517<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |      4537 | NS      | $289589.93    | 2.26%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | STATE STREET INSTITUTIONAL US STATE ST INST US GOV MM PREM | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     61281 | NS      | $61281.20     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc                                         | STEEL DYNAMICS INC COMMON STOCK USD.005                    | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |      1923 | NS      | $245297.88    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                                               | SYNOPSYS INC COMMON STOCK USD.01                           | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       211 | NS      | $133662.17    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                  | TAIWAN SEMICONDUCTOR SP ADR ADR                            | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1388 | NS      | $335368.56    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc                                  | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01              | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |       571 | NS      | $314632.42    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp                                         | VALERO ENERGY CORP COMMON STOCK USD.01                     | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      1678 | NS      | $230406.18    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President