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        <name>DIRECTV FINANCING LLC 144A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HILTON DOMESTIC OPERATIN 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HRT DNT / HRT DNT FIN 144A</name>
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        <name>HUB INTERNATIONAL LTD 144A</name>
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        <name>ILIAD HOLDING SAS 144A</name>
        <lei>9695009BGMXB527HV965</lei>
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        <name>ITHACA ENERGY NORTH 144A</name>
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        <name>IVANHOE MINES LTD 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>JETBLUE AIRWAYS/LOYALTY 144A</name>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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        <name>K HOVNANIAN ENTERPRISES 144A</name>
        <lei>549300JJCQ0KAI7CJG32</lei>
        <title>K HOVNANIAN ENTERPRISES COMPANY GUAR 144A 10/33 8.375</title>
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        <balance>7575000.000000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>KIOXIA HOLDINGS CORP 144A</name>
        <lei>35380080RTKRARNH4R73</lei>
        <title>KIOXIA HOLDINGS CORP COMPANY GUAR 144A 07/33 6.625</title>
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        <name>LGI HOMES INC 144A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VICTRA TL B 1L BANKDEBT</name>
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        <title>LSF9 ATLANTIS HOLDINGS LLC 2025 TERM LOAN B</title>
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        <fairValLevel>2</fairValLevel>
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        <name>MAUSER PACKAGING SOLUT 144A</name>
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        <name>MIDCONTINENT COMMUNICATI 144A</name>
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        <name>ONEMAIN FINANCE CORP</name>
        <lei>5493008I795YYBFWFU90</lei>
        <title>ONEMAIN FINANCE CORP COMPANY GUAR 03/33 6.5</title>
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        <name>ONESKY FLIGHT LLC 144A</name>
        <lei>549300PM6NEPXGG5B882</lei>
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        <name>OSAIC HOLDINGS INC 144A</name>
        <lei>549300XL60BDV6UW5C86</lei>
        <title>OSAIC HOLDINGS INC SR SECURED 144A 08/32 6.75</title>
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          <couponKind>Fixed</couponKind>
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        <name>PBF HOLDING CO LLC 144A</name>
        <lei>N/A</lei>
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        <name>SOUTH BOW CAN INFRA HOLD</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.3750000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>USA COM PART/USA COM FIN 144A</name>
        <lei>N/A</lei>
        <title>USA COM PART/USA COM FIN COMPANY GUAR 144A 10/33 6.25</title>
        <cusip>91740PAH1</cusip>
        <identifiers>
          <isin value="US91740PAH10"/>
        </identifiers>
        <balance>8608000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8738752.420000</valUSD>
        <pctVal>1.1118929138</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VARSITY BRANDS INC TL B 1L USD BANKDEBT</name>
        <lei>254900PLBJA0I5NSTT38</lei>
        <title>VARSITY BRANDS INC 2025 1ST LIEN TERM LOAN</title>
        <cusip>92227QAG1</cusip>
        <identifiers>
          <isin value="US92227QAG10"/>
        </identifiers>
        <balance>7387875.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7364824.830000</valUSD>
        <pctVal>0.9370784462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.6719400000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>VARSITY BRANDS INC 2026 ADD ON TERM LOAN B</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="BA000VTJ6"/>
        </identifiers>
        <balance>4299000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4250636.250000</valUSD>
        <pctVal>0.5408383369</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-08-26</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>0.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VENTURE GLOBAL PLAQUE 144A</name>
        <lei>549300TKP4I6OJ02BF90</lei>
        <title>VENTURE GLOBAL PLAQUE SR SECURED 144A 01/36 6.75</title>
        <cusip>922966AD8</cusip>
        <identifiers>
          <isin value="US922966AD85"/>
        </identifiers>
        <balance>1335000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1423498.110000</valUSD>
        <pctVal>0.1811216734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.7500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VICI PROPERTIES LP</name>
        <lei>254900X4QE7SGKQLLN38</lei>
        <title>VICI PROPERTIES LP SR UNSECURED 05/52 5.625</title>
        <cusip>925650AE3</cusip>
        <identifiers>
          <isin value="US925650AE39"/>
        </identifiers>
        <balance>16620000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>15631422.620000</valUSD>
        <pctVal>1.9888958067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.6250000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VISTRA CORP 144A</name>
        <lei>549300KP43CPCUJOOG15</lei>
        <title>VISTRA CORP JR SUBORDINA 144A VAR</title>
        <cusip>92840MAB8</cusip>
        <identifiers>
          <isin value="US92840MAB81"/>
        </identifiers>
        <balance>7223000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7350388.950000</valUSD>
        <pctVal>0.9352416677</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2174-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.0000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VOYAGER PARENT LLC 144A</name>
        <lei>2549002DYVI4ACSV4V71</lei>
        <title>VOYAGER PARENT LLC SR SECURED 144A 07/32 9.25</title>
        <cusip>92921EAA0</cusip>
        <identifiers>
          <isin value="US92921EAA01"/>
        </identifiers>
        <balance>9310000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9939343.800000</valUSD>
        <pctVal>1.2646525966</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VZ SECURED FINANCING BV 144A</name>
        <lei>549300MG611MYCOWY949</lei>
        <title>VZ SECURED FINANCING BV SR SECURED 144A 01/33 7.5</title>
        <cusip>91845AAB1</cusip>
        <identifiers>
          <isin value="US91845AAB17"/>
        </identifiers>
        <balance>7690000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7553723.740000</valUSD>
        <pctVal>0.9611133827</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEATHERFORD INTERNATIONA 144A</name>
        <lei>549300A2JKMG5PGOGF82</lei>
        <title>WEATHERFORD INTERNATIONA COMPANY GUAR 144A 10/33 6.75</title>
        <cusip>947075AW7</cusip>
        <identifiers>
          <isin value="US947075AW79"/>
        </identifiers>
        <balance>7600000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7934421.890000</valUSD>
        <pctVal>1.0095522851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.7500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS SCOTSMAN INC 144A</name>
        <lei>549300DAKDS8SCO1OT57</lei>
        <title>WILLIAMS SCOTSMAN INC SR SECURED 144A 10/31 7.375</title>
        <cusip>96949VAL7</cusip>
        <identifiers>
          <isin value="US96949VAL71"/>
        </identifiers>
        <balance>9780000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10234966.380000</valUSD>
        <pctVal>1.3022667360</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.3750000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WINDSTREAM SERVICES/ESCR 144A</name>
        <lei>N/A</lei>
        <title>WINDSTREAM SERVICES/ESCR SR SECURED 144A 10/31 8.25</title>
        <cusip>97381AAA0</cusip>
        <identifiers>
          <isin value="US97381AAA07"/>
        </identifiers>
        <balance>5145000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5410568.440000</valUSD>
        <pctVal>0.6884246651</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.2500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WULF COMPUTE LLC 144A</name>
        <lei>N/A</lei>
        <title>WULF COMPUTE LLC SR SECURED 144A 10/30 7.75</title>
        <cusip>982911AA7</cusip>
        <identifiers>
          <isin value="US982911AA70"/>
        </identifiers>
        <balance>7781000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8238528.170000</valUSD>
        <pctVal>1.0482458653</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.7500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XCEL ENERGY INC</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>XCEL ENERGY INC JR SUBORDINA 12/56 VAR</title>
        <cusip>98389BBF6</cusip>
        <identifiers>
          <isin value="US98389BBF67"/>
        </identifiers>
        <balance>5567000.000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5565271.450000</valUSD>
        <pctVal>0.7081086168</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-12-03</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.7500000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-04-06</ncom:dateSigned>
      <ncom:nameOfApplicant>T. Rowe Price Exchange-Traded Funds, Inc.</ncom:nameOfApplicant>
      <ncom:signature>/s/ Alan Dupski</ncom:signature>
      <ncom:signerName>Alan Dupski</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
