# EDGAR Filing Document

**Accession Number:** 0001795351
**File Stem:** 0001099263-25-003675
**Filing Date:** 2025-11
**Character Count:** 73761
**Document Hash:** df3370b3a9f3ab6972fdff7051db410a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-003675.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001099263-25-003675

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251522084

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price Hedged Equity ETF (Series ID: S000089786)

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

## Nport-Ex

T. ROWE PRICE HEDGED EQUITY ETF

------

September 30, 2025 Unaudited

---

| | | |
|:---|:---|:---|
| **PORTFOLIO OF INVESTMENTS<sup>‡</sup>** | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **COMMON STOCKS 10.5%** | **COMMON STOCKS 10.5%** | **COMMON STOCKS 10.5%** |
| **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** |
| **Diversified Telecommunication Services 0.2%** |  |  |
| AT&T | 558 | &nbsp;&nbsp;&nbsp;16 |
| Verizon Communications | 893 | &nbsp;&nbsp;&nbsp;39 |
|  |  | &nbsp;&nbsp;&nbsp;**55** |
| **Entertainment 0.0%** |  |  |
| Electronic Arts | &nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;12 |
|  |  | &nbsp;&nbsp;&nbsp;**12** |
| **Interactive Media & Services 0.1%** |  |  |
| Meta Platforms, Class A | &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;20 |
|  |  | &nbsp;&nbsp;&nbsp;**20** |
| **Wireless Telecommunication Services 0.2%** |  |  |
| T-Mobile US | 153 | &nbsp;&nbsp;&nbsp;37 |
|  |  | &nbsp;&nbsp;&nbsp;**37** |
| Total Communication Services |  | 124 |
| **CONSUMER DISCRETIONARY 0.7%** | **CONSUMER DISCRETIONARY 0.7%** | **CONSUMER DISCRETIONARY 0.7%** |
| **Hotels, Restaurants & Leisure 0.2%** |  |  |
| McDonald's | 133 | &nbsp;&nbsp;&nbsp;41 |
| Yum! Brands | &nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;6 |
|  |  | &nbsp;&nbsp;&nbsp;**47** |
| **Specialty Retail 0.5%** |  |  |
| AutoZone (1) | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;47 |
| Home Depot | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Lowe's | &nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;17 |
| O'Reilly Automotive (1) | 259 | &nbsp;&nbsp;&nbsp;28 |
| TJX | 129 | &nbsp;&nbsp;&nbsp;19 |
|  |  | **115** |
| Total Consumer Discretionary |  | 162 |
| **CONSUMER STAPLES 1.0%** | **CONSUMER STAPLES 1.0%** | **CONSUMER STAPLES 1.0%** |
| **Beverages 0.2%** |  |  |
| Keurig Dr Pepper | 451 | &nbsp;&nbsp;&nbsp;12 |
| Molson Coors Beverage, Class B | 229 | &nbsp;&nbsp;&nbsp;10 |
| PepsiCo | &nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;13 |
|  |  | &nbsp;&nbsp;&nbsp;**35** |
| **Consumer Staples Distribution & Retail 0.2%** |  |  |
| Walmart | 421 | &nbsp;&nbsp;&nbsp;43 |
|  |  | &nbsp;&nbsp;&nbsp;**43** |

---

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T. ROWE PRICE HEDGED EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Food Products 0.1%** |  |  |
| General Mills | 262 | &nbsp;&nbsp;&nbsp;13 |
| Ingredion | &nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;11 |
| Kraft Heinz | 294 | &nbsp;&nbsp;&nbsp;&nbsp;8 |
|  |  | &nbsp;&nbsp;&nbsp;**32** |
| **Household Products 0.4%** |  |  |
| Colgate-Palmolive | 424 | &nbsp;&nbsp;&nbsp;34 |
| Kimberly-Clark | 163 | &nbsp;&nbsp;&nbsp;20 |
| Procter & Gamble | 287 | &nbsp;&nbsp;&nbsp;44 |
|  |  | &nbsp;&nbsp;&nbsp;**98** |
| **Tobacco 0.1%** |  |  |
| Philip Morris International | 121 | &nbsp;&nbsp;&nbsp;20 |
|  |  | &nbsp;&nbsp;&nbsp;**20** |
| Total Consumer Staples |  | 228 |
| **ENERGY 0.4%** | **ENERGY 0.4%** | **ENERGY 0.4%** |
| **Oil, Gas & Consumable Fuels 0.4%** |  |  |
| ConocoPhillips | 158 | &nbsp;&nbsp;&nbsp;15 |
| EOG Resources | 169 | &nbsp;&nbsp;&nbsp;19 |
| Exxon Mobil | 337 | &nbsp;&nbsp;&nbsp;38 |
| Williams | 208 | &nbsp;&nbsp;&nbsp;13 |
| Total Energy |  | &nbsp;&nbsp;&nbsp;85 |
| **FINANCIALS 1.6%** | **FINANCIALS 1.6%** | **FINANCIALS 1.6%** |
| **Capital Markets 0.3%** |  |  |
| Cboe Global Markets | 176 | &nbsp;&nbsp;&nbsp;43 |
| CME Group | 129 | &nbsp;&nbsp;&nbsp;35 |
|  |  | &nbsp;&nbsp;&nbsp;**78** |
| **Financial Services 0.5%** |  |  |
| Berkshire Hathaway, Class B (1) | &nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;37 |
| Mastercard, Class A | &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;43 |
| Visa, Class A | 122 | &nbsp;&nbsp;&nbsp;41 |
|  |  | **121** |
| **Insurance 0.8%** |  |  |
| Allstate | 143 | &nbsp;&nbsp;&nbsp;31 |
| Arthur J. Gallagher | &nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Chubb | 143 | &nbsp;&nbsp;&nbsp;40 |
| Hartford Insurance Group | 166 | &nbsp;&nbsp;&nbsp;22 |
| Marsh & McLennan | &nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;20 |
| Progressive | &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;22 |
| RenaissanceRe Holdings | &nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;18 |
| Travelers | &nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;15 |
|  |  | **175** |
| Total Financials |  | 374 |

---

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T. ROWE PRICE HEDGED EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **HEALTH CARE 1.6%** | **HEALTH CARE 1.6%** | **HEALTH CARE 1.6%** |
| **Biotechnology 0.4%** |  |  |
| AbbVie | 200 | &nbsp;&nbsp;&nbsp;46 |
| Gilead Sciences | 333 | &nbsp;&nbsp;&nbsp;37 |
| Regeneron Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
|  |  | &nbsp;&nbsp;&nbsp;**87** |
| **Health Care Equipment & Supplies 0.3%** |  |  |
| Becton Dickinson & Company | &nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Medtronic | 240 | &nbsp;&nbsp;&nbsp;23 |
| ResMed | &nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;19 |
| Zimmer Biomet Holdings | 137 | &nbsp;&nbsp;&nbsp;13 |
|  |  | &nbsp;&nbsp;&nbsp;**63** |
| **Health Care Providers & Services 0.6%** |  |  |
| Cencora | 163 | &nbsp;&nbsp;&nbsp;51 |
| Encompass Health | &nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;12 |
| McKesson | &nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;56 |
| UnitedHealth Group | &nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;20 |
|  |  | **139** |
| **Pharmaceuticals 0.3%** |  |  |
| Bristol-Myers Squibb | 234 | &nbsp;&nbsp;&nbsp;11 |
| Eli Lilly | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Johnson & Johnson | 174 | &nbsp;&nbsp;&nbsp;32 |
| Merck | 220 | &nbsp;&nbsp;&nbsp;18 |
|  |  | &nbsp;&nbsp;&nbsp;**68** |
| Total Health Care |  | 357 |
| **INDUSTRIALS & BUSINESS SERVICES 1.0%** | **INDUSTRIALS & BUSINESS SERVICES 1.0%** | **INDUSTRIALS & BUSINESS SERVICES 1.0%** |
| **Aerospace & Defense 0.1%** |  |  |
| Lockheed Martin | &nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;12 |
| Northrop Grumman | &nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;17 |
|  |  | &nbsp;&nbsp;&nbsp;**29** |
| **Commercial Services & Supplies 0.4%** |  |  |
| Republic Services | 139 | &nbsp;&nbsp;&nbsp;32 |
| Waste Connections | 136 | &nbsp;&nbsp;&nbsp;24 |
| Waste Management | 108 | &nbsp;&nbsp;&nbsp;24 |
|  |  | &nbsp;&nbsp;&nbsp;**80** |
| **Ground Transportation 0.0%** |  |  |
| CSX | 209 | &nbsp;&nbsp;&nbsp;&nbsp;7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7** |
| **Industrial Conglomerates 0.1%** |  |  |
| Roper Technologies | &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;33 |
|  |  | &nbsp;&nbsp;&nbsp;**33** |

---

------

T. ROWE PRICE HEDGED EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **Professional Services 0.4%** |  |  |
| Automatic Data Processing | &nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;19 |
| Booz Allen Hamilton Holdings | 194 | &nbsp;&nbsp;&nbsp;19 |
| Broadridge Financial Solutions, ADR | &nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| SS&C Technologies Holdings | 206 | &nbsp;&nbsp;&nbsp;18 |
| Verisk Analytics | &nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;19 |
|  |  | &nbsp;&nbsp;&nbsp;**84** |
| Total Industrials & Business Services |  | 233 |
| **INFORMATION TECHNOLOGY 2.8%** | **INFORMATION TECHNOLOGY 2.8%** | **INFORMATION TECHNOLOGY 2.8%** |
| **Communications Equipment 0.4%** |  |  |
| Cisco Systems | 501 | &nbsp;&nbsp;&nbsp;34 |
| F5 (1) | &nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;22 |
| Motorola Solutions | &nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;38 |
|  |  | &nbsp;&nbsp;&nbsp;**94** |
| **Electronic Equipment, Instruments & Components 0.3%** |  |  |
| Amphenol, Class A | 231 | &nbsp;&nbsp;&nbsp;29 |
| TE Connectivity | 123 | &nbsp;&nbsp;&nbsp;27 |
| Teledyne Technologies (1) | &nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;20 |
|  |  | &nbsp;&nbsp;&nbsp;**76** |
| **IT Services 0.7%** |  |  |
| Accenture, Class A | 124 | &nbsp;&nbsp;&nbsp;30 |
| Akamai Technologies (1) | 206 | &nbsp;&nbsp;&nbsp;15 |
| Amdocs | 168 | &nbsp;&nbsp;&nbsp;14 |
| Cognizant Technology Solutions, Class A | 355 | &nbsp;&nbsp;&nbsp;24 |
| GoDaddy, Class A (1) | 129 | &nbsp;&nbsp;&nbsp;18 |
| International Business Machines | 102 | &nbsp;&nbsp;&nbsp;29 |
| VeriSign | &nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;16 |
|  |  | **146** |
| **Semiconductors & Semiconductor Equipment 0.1%** |  |  |
| NVIDIA | &nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;15 |
| Texas Instruments | &nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;7 |
|  |  | &nbsp;&nbsp;&nbsp;**22** |
| **Software 1.2%** |  |  |
| Cadence Design Systems (1) | &nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Check Point Software Technologies (1) | &nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;15 |
| Fair Isaac (1) | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Fortinet (1) | 258 | &nbsp;&nbsp;&nbsp;22 |
| Gen Digital | 668 | &nbsp;&nbsp;&nbsp;19 |
| Intuit | &nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;42 |
| Microsoft | 131 | &nbsp;&nbsp;&nbsp;68 |
| Nutanix, Class A (1) | &nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Oracle | &nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Palo Alto Networks (1) | &nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;18 |

---

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T. ROWE PRICE HEDGED EQUITY ETF

------

---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| PTC (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Salesforce.com | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| ServiceNow (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Workday (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Zoom Communications (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**269** |
| **Technology Hardware, Storage & Peripherals 0.1%** |  |  |
| Apple | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| NetApp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27** |
| Total Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
| **Chemicals 0.1%** |  |  |
| Corteva | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Linde | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| **UTILITIES 0.8%** | **UTILITIES 0.8%** | **UTILITIES 0.8%** |
| **Electric Utilities 0.5%** |  |  |
| Duke Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| Entergy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Evergy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Southern | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Xcel Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**110** |
| **Gas Utilities 0.1%** |  |  |
| Atmos Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11** |
| **Multi-Utilities 0.2%** |  |  |
| Ameren | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| CMS Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Consolidated Edison | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| DTE Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| WEC Energy Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**55** |
| Total Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| **Total Common Stocks (Cost $2,360)** |  | &nbsp;&nbsp;&nbsp;**2405** |
| **EXCHANGE-TRADED FUNDS 81.2%** | **EXCHANGE-TRADED FUNDS 81.2%** | **EXCHANGE-TRADED FUNDS 81.2%** |
| **Exchange-Traded Funds 81.2%** |  |  |
| T. Rowe Price U.S. Equity Research ETF (2) | 445058 | 18652 |
| **Total Exchange-Traded Funds (Cost $16,307)** |  | **18652** |

---

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T. ROWE PRICE HEDGED EQUITY ETF

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---

| | | |
|:---|:---|:---|
|  | **Shares** | **$ Value** |
| (Cost and value in $000s) |  |  |
| **SHORT-TERM INVESTMENTS 7.8%** | **SHORT-TERM INVESTMENTS 7.8%** | **SHORT-TERM INVESTMENTS 7.8%** |
| **Money Market Funds 6.3%** |  |  |
| T. Rowe Price Treasury Reserve Fund, 4.17% (2)(3) | 1446176 | 1446 |
| **U.S. Treasury Obligations 1.5%** |  |  |
| U.S. Treasury Bills, 4.28%, 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
| U.S. Treasury Bills, 3.91%, 12/18/25 (4) | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;**349** |
| **Total Short-Term Investments (Cost $1,795)** |  | **1795** |

---

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T. ROWE PRICE HEDGED EQUITY ETF

------

(Amounts in 000s, except for contracts)

---

| |
|:---|
| **OPTIONS PURCHASED 0.2%** |
| **Exchange-Traded Options Purchased 0.2%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Contracts** | **Notional Amount** | **$ Value** |
| S&P 500 Index, Put, 7/17/26 @ $5,500 | 2 | 1337 | 21 |
| S&P 500 Index, Put, 8/21/26 @ $5,550 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;669 | 13 |
| S&P 500 Index, Put, 9/18/26 @ $5,700 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;669 | 15 |
| **Total Options Purchased (Cost $68)** | **Total Options Purchased (Cost $68)** | **Total Options Purchased (Cost $68)** | 49 |

---

---

| | |
|:---|:---|
| **Total Investments in Securities<br> 99.7% of Net Assets (Cost $20,530)** | **$22901** |
| **Other Assets Less Liabilities 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79** |
| **Net Assets 100.0%** | **$22980** |

---

---

| | |
|:---|:---|
| ‡ | Shares are denominated in U.S. dollars unless otherwise noted. |
| (1) | Non-income producing. |
| (2) | The underlying fund is an affiliated company. Additional information about the underlying fund including the financial statements and portfolio holdings is available by calling 1-877-495-1138 and at www.troweprice.com. |
| (3) | Seven-day yield |
| (4) | At September 30, 2025, all or a portion of this security is pledged as collateral and/or margin deposit to cover future funding obligations. |
| ADR | American Depositary Receipts |
| ETF | Exchange-Traded Fund |

---

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T. ROWE PRICE HEDGED EQUITY ETF

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---

| |
|:---|
| **FUTURES CONTRACTS** |
| ($000s) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Expiration<br> Date** | **Notional<br> Amount** | **Value and<br> Unrealized<br> Gain (Loss)** |
| Short, 4 E-mini S&P 500 contracts | 12/25 | (1332) | $(16) |
| Long, 24 U.S. Treasury Notes ten year contracts | 12/25 | &nbsp;&nbsp;2689 | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | **Net payments (receipts) of variation margin to date** | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | **Variation margin receivable (payable) on open futures contracts** | &nbsp;&nbsp;**$(5)** |

---

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T. ROWE PRICE HEDGED EQUITY ETF

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#### AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the period ended September 30, 2025. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended.

---

| | | | |
|:---|:---|:---|:---|
| **Affiliate** | **Net Realized Gain<br> (Loss)** | **Changes in Net<br> Unrealized<br> Gain/Loss** | **Investment<br> Income** |
| T. Rowe Price U.S. Equity Research ETF | &nbsp;&nbsp;$137 | $2345 | &nbsp;&nbsp;$— |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24 |
| Totals | $137# | $2345 | $24+ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** | **Supplementary Investment Schedule** |
| **Affiliate** | **Value<br> 3/26/25\*** | **Purchase<br> Cost** | **Sales<br> Cost** | **Value<br> 9/30/25** |
| T. Rowe Price U.S. Equity Research ETF | &nbsp;&nbsp;&nbsp;&nbsp;$— | 17911 | 1604 | &nbsp;&nbsp;$18652 |
| T. Rowe Price Treasury Reserve Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;¤ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 |
|  | &nbsp;&nbsp;&nbsp;Total |  |  | $20,098^ |

---

---

| | |
|:---|:---|
| # | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
| + | Investment income comprised $24 of dividend income and $0 of interest income. |
| \* | Inception date |
| ¤ | Purchase and sale information not shown for cash management funds. |
| ^ | The cost basis of investments in affiliated companies was $17,753. |

---

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

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T. ROWE PRICE HEDGED EQUITY ETF

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Unaudited

#### NOTES TO PORTFOLIO OF INVESTMENTS

------

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

#### VALUATION

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

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

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

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

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

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

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

------

T. ROWE PRICE HEDGED EQUITY ETF

------

Debt securities generally are traded in the over-the-counter (OTC) market and are valued at prices furnished by independent pricing services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing services consider factors such as, but not limited to, the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities.

Investments in mutual funds are valued at the mutual fund's closing NAV per share on the day of valuation. Listed options, and OTC options with a listed equivalent, are valued at the mean of the closing bid and asked prices and exchange-traded options on futures contracts are valued at closing settlement prices. Futures contracts are valued at closing settlement prices.

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 September 30, 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;$2405 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2405 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;18652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18652 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Total Securities | &nbsp;&nbsp;&nbsp;&nbsp;22503 | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22901 |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Total | &nbsp;&nbsp;$22514 | &nbsp;&nbsp;$398 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22912 |
| **Liabilities** |  |  |  |  |
| Futures Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16 |

---

\* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the net value reflected on the accompanying Portfolio of Investments is only the unsettled variation margin receivable (payable) at that date.

#### 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

------

T. ROWE PRICE HEDGED EQUITY ETF

------

disruptions cannot be predicted. These and other similar events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks. The fund's performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.

#### ETF1177-054Q3

#### 09/25

## 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 Hedged Equity ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $22993938.45

**Total Liabilities:** $14082.03

**Net Assets:** $22979856.42

**Cash Not Reported:** $81136.19

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000 | **1-Year:** 0.000000 | **5-Year:** 0.000000 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000256566 | 1.48%                | 1.72%                | 2.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6659.98                 | $332440.35                                 |
| Month 2  | $8134.89                 | $376527.28                                 |
| Month 3  | $133836.32               | $502979.41                                 |

**Designated Index Information**

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

- **Index Identifier:** SP500

### Schedule of Portfolio Investments

| Name                           | Title                                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABBVIE INC                     | ABBVIE INC COMMON STOCK USD.01                              | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       200 | NS      | $46308.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCENTURE PLC CL A             | ACCENTURE PLC CL A COMMON STOCK USD.0000225                 | CUSIP: G1151C101<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |       124 | NS      | $30578.40     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC        | AKAMAI TECHNOLOGIES INC COMMON STOCK USD.01                 | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |       206 | NS      | $15606.56     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLSTATE CORP                  | ALLSTATE CORP COMMON STOCK USD.01                           | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |       143 | NS      | $30694.95     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| AMDOCS LTD                     | AMDOCS LTD COMMON STOCK GBP.0001                            | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               | CORP              | GG        |       168 | NS      | $13784.40     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AMEREN CORPORATION             | AMEREN CORPORATION COMMON STOCK USD.01                      | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |       111 | NS      | $11586.18     | 0.05%             |  |  |  | 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        |       231 | NS      | $28586.25     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLE INC                      | APPLE INC COMMON STOCK USD.00001                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |        28 | NS      | $7129.64      | 0.03%             |  |  |  | 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        |        22 | NS      | $6814.28      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&T INC                       | AT+T INC COMMON STOCK USD1.0                                | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |       558 | NS      | $15757.92     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORP              | ATMOS ENERGY CORP COMMON STOCK                              | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |        61 | NS      | $10415.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOMATIC DATA PROCESSING      | AUTOMATIC DATA PROCESSING COMMON STOCK USD.1                | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |        63 | NS      | $18490.50     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AUTOZONE INC                   | AUTOZONE INC COMMON STOCK USD.01                            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        11 | NS      | $47192.64     | 0.21%             |  |  |  | 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        |        43 | NS      | $8048.31      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BERKSHIRE HATHAWAY INC-CL B    | BERKSHIRE HATHAWAY INC CL B COMMON STOCK USD.0033           | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |        73 | NS      | $36700.02     | 0.16%             |  |  |  | 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        |       194 | NS      | $19390.30     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | BRISTOL MYERS SQUIBB CO COMMON STOCK USD.1                  | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |       234 | NS      | $10553.40     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BROADRIDGE FINANCIAL SOLUTIO   | BROADRIDGE FINANCIAL SOLUTIO COMMON STOCK USD.01            | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |        37 | NS      | $8812.29      | 0.04%             |  |  |  | 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        |        13 | NS      | $4566.38      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS INC        | CBOE GLOBAL MARKETS INC COMMON STOCK                        | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |       176 | NS      | $43164.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CENCORA INC                    | CENCORA INC COMMON STOCK USD.01                             | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |       163 | NS      | $50942.39     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CHECK POINT SOFTWARE TECH      | CHECK POINT SOFTWARE TECH COMMON STOCK USD.01               | CUSIP: M22465104<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |        72 | NS      | $14897.52     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUBB LTD                      | CHUBB LTD COMMON STOCK                                      | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       143 | NS      | $40361.75     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CISCO SYSTEMS INC              | CISCO SYSTEMS INC COMMON STOCK USD.001                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       501 | NS      | $34278.42     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CME GROUP INC                  | CME GROUP INC COMMON STOCK USD.01                           | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       129 | NS      | $34854.51     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS ENERGY CORP                | CMS ENERGY CORP COMMON STOCK USD.01                         | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |       202 | NS      | $14798.52     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COGNIZANT TECH SOLUTIONS-A     | COGNIZANT TECH SOLUTIONS A COMMON STOCK USD.01              | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |       355 | NS      | $23809.85     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE CO           | COLGATE PALMOLIVE CO COMMON STOCK USD1.0                    | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |       424 | NS      | $33894.56     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CONOCOPHILLIPS                 | CONOCOPHILLIPS COMMON STOCK USD.01                          | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       158 | NS      | $14945.22     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSOLIDATED EDISON INC        | CONSOLIDATED EDISON INC COMMON STOCK USD.1                  | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |       121 | NS      | $12162.92     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA INC                    | CORTEVA INC COMMON STOCK USD.01                             | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |       220 | NS      | $14878.60     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX CORP                       | CSX CORP COMMON STOCK USD1.0                                | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |       209 | NS      | $7421.59      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE ENERGY COMPANY             | DTE ENERGY COMPANY COMMON STOCK                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |        89 | NS      | $12587.27     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DUKE ENERGY CORP               | DUKE ENERGY CORP COMMON STOCK USD.001                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       297 | NS      | $36753.75     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ELECTRONIC ARTS INC            | ELECTRONIC ARTS INC COMMON STOCK USD.01                     | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |        58 | NS      | $11698.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ELI LILLY & CO                 | ELI LILLY + CO COMMON STOCK                                 | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |         9 | NS      | $6867.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ENCOMPASS HEALTH CORP          | ENCOMPASS HEALTH CORP COMMON STOCK USD.01                   | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |        97 | NS      | $12320.94     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ENTERGY CORP                   | ENTERGY CORP COMMON STOCK USD.01                            | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |        69 | NS      | $6430.11      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG RESOURCES INC              | EOG RESOURCES INC COMMON STOCK USD.01                       | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |       169 | NS      | $18948.28     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                     | EVERGY INC COMMON STOCK                                     | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |       260 | NS      | $19765.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EXXON MOBIL CORP               | EXXON MOBIL CORP COMMON STOCK                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       337 | NS      | $37996.75     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 INC                         | F5 INC COMMON STOCK                                         | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |        67 | NS      | $21653.73     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| FAIR ISAAC CORP                | FAIR ISAAC CORP COMMON STOCK USD.01                         | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |         4 | NS      | $5986.12      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FORTINET INC                   | FORTINET INC COMMON STOCK USD.001                           | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |       258 | NS      | $21692.64     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GEN DIGITAL INC                | GEN DIGITAL INC COMMON STOCK USD.01                         | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |       668 | NS      | $18964.52     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GENERAL MILLS INC              | GENERAL MILLS INC COMMON STOCK USD.1                        | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |       262 | NS      | $13210.04     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| GILEAD SCIENCES INC            | GILEAD SCIENCES INC COMMON STOCK USD.001                    | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |       333 | NS      | $36963.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GODADDY INC - CLASS A          | GODADDY INC   CLASS A COMMON STOCK USD.001                  | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |       129 | NS      | $17651.07     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HARTFORD INSURANCE GROUP INC/T | HARTFORD INSURANCE GROUP INC COMMON STOCK USD.01            | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       166 | NS      | $22142.74     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME DEPOT INC                 | HOME DEPOT INC COMMON STOCK USD.05                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        11 | NS      | $4457.09      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INGREDION INC                  | INGREDION INC COMMON STOCK USD.01                           | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |        88 | NS      | $10745.68     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| INTL BUSINESS MACHINES CORP    | INTL BUSINESS MACHINES CORP COMMON STOCK USD.2              | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |       102 | NS      | $28780.32     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| INTUIT INC                     | INTUIT INC COMMON STOCK USD.01                              | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |        61 | NS      | $41657.51     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON & JOHNSON              | JOHNSON + JOHNSON COMMON STOCK USD1.0                       | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       174 | NS      | $32263.08     | 0.14%             |  |  |  | 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        |       451 | NS      | $11505.01     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KIMBERLY-CLARK CORP            | KIMBERLY CLARK CORP COMMON STOCK USD1.25                    | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |       163 | NS      | $20267.42     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KRAFT HEINZ CO/THE             | KRAFT HEINZ CO/THE COMMON STOCK USD.01                      | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |       294 | NS      | $7655.76      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDE PLC                      | LINDE PLC COMMON STOCK                                      | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |        36 | NS      | $17100.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LOCKHEED MARTIN CORP           | LOCKHEED MARTIN CORP COMMON STOCK USD1.0                    | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        23 | NS      | $11481.83     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LOWE S COS INC                 | LOWE S COS INC COMMON STOCK USD.5                           | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |        66 | NS      | $16586.46     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MARSH & MCLENNAN COS           | MARSH + MCLENNAN COS COMMON STOCK USD1.0                    | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |        99 | NS      | $19951.47     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INC - A             | MASTERCARD INC   A COMMON STOCK USD.0001                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |        76 | NS      | $43229.56     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| MCDONALD S CORP                | MCDONALD S CORP COMMON STOCK USD.01                         | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |       133 | NS      | $40417.37     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MCKESSON CORP                  | MCKESSON CORP COMMON STOCK USD.01                           | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        72 | NS      | $55622.88     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PLC                  | MEDTRONIC PLC COMMON STOCK USD.1                            | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |       240 | NS      | $22857.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCK & CO. INC.               | MERCK + CO. INC. COMMON STOCK USD.5                         | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |       220 | NS      | $18464.60     | 0.08%             |  |  |  | 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        |        28 | NS      | $20562.64     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROSOFT CORP                 | MICROSOFT CORP COMMON STOCK USD.00000625                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       131 | NS      | $67851.45     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLSON COORS BEVERAGE CO -B    | MOLSON COORS BEVERAGE CO   B COMMON STOCK USD.01            | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |       229 | NS      | $10362.25     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MOTOROLA  SOLUTIONS INC        | MOTOROLA SOLUTIONS INC COMMON STOCK USD.01                  | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |        84 | NS      | $38412.36     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NETAPP INC                     | NETAPP INC COMMON STOCK USD.001                             | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |       165 | NS      | $19545.90     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NORTHROP GRUMMAN CORP          | NORTHROP GRUMMAN CORP COMMON STOCK USD1.0                   | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        28 | NS      | $17060.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX INC - A                | NUTANIX INC   A COMMON STOCK USD.000025                     | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |        32 | NS      | $2380.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA CORP                    | NVIDIA CORP COMMON STOCK USD.001                            | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |        82 | NS      | $15299.56     | 0.07%             |  |  |  | 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        |       259 | NS      | $27922.79     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ORACLE CORP                    | ORACLE CORP COMMON STOCK USD.01                             | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |        14 | NS      | $3937.36      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PALO ALTO NETWORKS INC         | PALO ALTO NETWORKS INC COMMON STOCK USD.0001                | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |        87 | NS      | $17714.94     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PEPSICO INC                    | PEPSICO INC COMMON STOCK USD.017                            | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |        95 | NS      | $13341.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PHILIP MORRIS INTERNATIONAL    | PHILIP MORRIS INTERNATIONAL COMMON STOCK                    | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |       121 | NS      | $19626.20     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCTER & GAMBLE CO/THE        | PROCTER + GAMBLE CO/THE COMMON STOCK                        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |       287 | NS      | $44097.55     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESSIVE CORP               | PROGRESSIVE CORP COMMON STOCK USD1.0                        | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |        89 | NS      | $21978.55     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC INC                        | PTC INC COMMON STOCK USD.01                                 | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |       129 | NS      | $26189.58     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| REGENERON PHARMACEUTICALS      | REGENERON PHARMACEUTICALS COMMON STOCK USD.001              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |         7 | NS      | $3935.89      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD     | RENAISSANCERE HOLDINGS LTD COMMON STOCK USD1.0              | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |        70 | NS      | $17775.10     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| REPUBLIC SERVICES INC          | REPUBLIC SERVICES INC COMMON STOCK USD.01                   | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       139 | NS      | $31897.72     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| RESMED INC                     | RESMED INC COMMON STOCK USD.004                             | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |        68 | NS      | $18613.64     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ROPER TECHNOLOGIES INC         | ROPER TECHNOLOGIES INC COMMON STOCK USD.01                  | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |        67 | NS      | $33412.23     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | S+P 500 INDEX AUG26 5550 PUT                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $12280.00     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | S+P 500 INDEX JUL26 5500 PUT                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         2 | NC      | $20860.00     | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | S+P 500 INDEX SEP26 5700 PUT                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |         1 | NC      | $15180.00     | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | S+P500 EMINI FUT  DEC25 XCME 20251219                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |        -4 | NC      | $-15318.37    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| SALESFORCE INC                 | SALESFORCE INC COMMON STOCK USD.001                         | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |        25 | NS      | $5925.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICENOW INC                 | SERVICENOW INC COMMON STOCK USD.001                         | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |        24 | NS      | $22086.72     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHERN CO/THE                | SOUTHERN CO/THE COMMON STOCK USD5.0                         | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |       237 | NS      | $22460.49     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C TECHNOLOGIES HOLDINGS     | SS+C TECHNOLOGIES HOLDINGS COMMON STOCK USD.01              | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |       206 | NS      | $18284.56     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| T-MOBILE US INC                | T MOBILE US INC COMMON STOCK USD.0001                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       153 | NS      | $36625.14     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TRP US EQUITY RESEARCH ETF     | T ROWE PRICE US EQUITY RESEARC T ROWE PRICE US EQY RESEARCH | CUSIP: 87283Q503<br>LEI: 549300G9627FK2SYEV38 | Long             | EC               | RF                | US        |    445058 | NS      | $18652380.78  | 81.17%            |  |  |  | No            |                  1 | On Loan: No      |
| TE CONNECTIVITY PLC            | TE CONNECTIVITY PLC COMMON STOCK USD.01                     | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |       123 | NS      | $27002.19     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TELEDYNE TECHNOLOGIES INC      | TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01               | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |        34 | NS      | $19925.36     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS INSTRUMENTS INC          | TEXAS INSTRUMENTS INC COMMON STOCK USD1.0                   | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |        39 | NS      | $7165.47      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX COMPANIES INC              | TJX COMPANIES INC COMMON STOCK USD1.0                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |       129 | NS      | $18645.66     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TRAVELERS COS INC/THE          | TRAVELERS COS INC/THE COMMON STOCK                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |        54 | NS      | $15077.88     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| U S TREASURY BILL              | TREASURY BILL 10/25 0.00000                                 | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | PA      | $249972.02    | 1.09%             | 2025-10-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| U S TREASURY BILL              | TREASURY BILL 12/25 0.00000                                 | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    100000 | PA      | $99158.25     | 0.43%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | TRP TREASURY RES FUND MUTUAL FUND                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1441291 | NS      | $1441290.54   | 6.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITEDHEALTH GROUP INC         | UNITEDHEALTH GROUP INC COMMON STOCK USD.01                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |        56 | NS      | $19336.80     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | US 10YR NOTE (CBT)DEC25 XCBT 20251219                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | US        |        24 | NC      | $10700.47     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISIGN INC                   | VERISIGN INC COMMON STOCK USD.001                           | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |        57 | NS      | $15935.49     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VERISK ANALYTICS INC           | VERISK ANALYTICS INC COMMON STOCK USD.001                   | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |        76 | NS      | $19114.76     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VERIZON COMMUNICATIONS INC     | VERIZON COMMUNICATIONS INC COMMON STOCK USD.1               | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       893 | NS      | $39247.35     | 0.17%             |  |  |  | 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        |       122 | NS      | $41648.36     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| WALMART INC                    | WALMART INC COMMON STOCK USD.1                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       421 | NS      | $43388.26     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE CONNECTIONS INC          | WASTE CONNECTIONS INC COMMON STOCK                          | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |       136 | NS      | $23908.80     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| WASTE MANAGEMENT INC           | WASTE MANAGEMENT INC COMMON STOCK USD.01                    | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |       108 | NS      | $23849.64     | 0.10%             |  |  |  | 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        |        37 | NS      | $4239.83      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS COS INC               | WILLIAMS COS INC COMMON STOCK USD1.0                        | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |       208 | NS      | $13176.80     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WORKDAY INC                    | WORKDAY INC CLASS A COMMON STOCK USD.001                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |        36 | NS      | $8666.28      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| XCEL ENERGY INC                | XCEL ENERGY INC COMMON STOCK USD2.5                         | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |       308 | NS      | $24840.20     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM  BRANDS INC                | YUM  BRANDS INC COMMON STOCK                                | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |        42 | NS      | $6384.00      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIMMER BIOMET HOLDINGS INC     | ZIMMER BIOMET HOLDINGS INC COMMON STOCK USD.01              | CUSIP: 98956P102<br>LEI: 2P2YLDVPES3BXQ1FRB91 | Long             | EC               | CORP              | US        |       137 | NS      | $13494.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc        | ZOOM COMMUNICATIONS INC COMMON STOCK USD.001                | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |        77 | NS      | $6352.50      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-05

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

**Signature:** /s/ Alan Dupski

**Name of Signer:** Alan Dupski

**Title:** Treasurer & Vice President