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        <name>CHUBB LTD</name>
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      <invstOrSec>
        <name>CIENA CORP</name>
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      <invstOrSec>
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        <name>CISCO SYSTEMS INC</name>
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      <invstOrSec>
        <name>DANAHER CORP</name>
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        <name>DARDEN RESTAURANTS INC</name>
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      <invstOrSec>
        <name>DEERE &amp; CO</name>
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        <name>EATON CORP PLC</name>
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        <name>ECOLAB INC</name>
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        <name>FIGURE TECHNOLOGY SOLUT-CL A</name>
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        <name>FISERV INC</name>
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        <name>HOME DEPOT INC</name>
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      <invstOrSec>
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      <invstOrSec>
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      <invstOrSec>
        <name>HUBSPOT INC</name>
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        <name>INTEL CORP</name>
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        <name>INTERNATIONAL PAPER CO</name>
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        <name>INTL BUSINESS MACHINES CORP</name>
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        <name>INTUIT INC</name>
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        <name>INVESCO LTD</name>
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        <name>KEYSIGHT TECHNOLOGIES IN</name>
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        <name>PALO ALTO NETWORKS INC</name>
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      <invstOrSec>
        <name>PARKER HANNIFIN CORP</name>
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      <invstOrSec>
        <name>PENTAIR PLC</name>
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        <name>PEPSICO INC</name>
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        <name>PFIZER INC</name>
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        <name>PHILLIPS 66</name>
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        <name>PROGRESSIVE CORP</name>
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        <name>PROLOGIS INC</name>
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        <name>ROCKET COS INC-CLASS A</name>
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        <name>SYSCO CORP</name>
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        <name>T-MOBILE US INC</name>
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      <invstOrSec>
        <name>ULTA BEAUTY INC</name>
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        <name>UNILEVER PLC-SPONSORED ADR</name>
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        <name>UNION PACIFIC CORP</name>
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        <name>UNITED AIRLINES HOLDINGS INC</name>
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        <name>UNITEDHEALTH GROUP INC</name>
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        <name>US BANCORP</name>
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        <name>VALERO ENERGY CORP</name>
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        <name>VENTAS INC</name>
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        <balance>5936.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1487799.040000</valUSD>
        <pctVal>0.0710224924</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN ALLIANCE BANCORP</name>
        <lei>5493003VJXZ5JXT9S762</lei>
        <title>WESTERN ALLIANCE BANCORP COMMON STOCK USD.0001</title>
        <cusip>957638109</cusip>
        <identifiers>
          <isin value="US9576381092"/>
        </identifiers>
        <balance>15887.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1125593.950000</valUSD>
        <pctVal>0.0537320469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTERN DIGITAL CORP</name>
        <lei>549300QQXOOYEF89IC56</lei>
        <title>WESTERN DIGITAL CORP COMMON STOCK USD.01</title>
        <cusip>958102105</cusip>
        <identifiers>
          <isin value="US9581021055"/>
        </identifiers>
        <balance>11836.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3201519.640000</valUSD>
        <pctVal>0.1528297157</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILLIAMS COS INC</name>
        <lei>D71FAKCBLFS2O0RBPG08</lei>
        <title>WILLIAMS COS INC COMMON STOCK USD1.0</title>
        <cusip>969457100</cusip>
        <identifiers>
          <isin value="US9694571004"/>
        </identifiers>
        <balance>79464.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5783389.920000</valUSD>
        <pctVal>0.2760794674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WILLIS TOWERS WATSON PLC</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>WILLIS TOWERS WATSON PLC COMMON STOCK USD.000304635</title>
        <cusip>G96629103</cusip>
        <identifiers>
          <isin value="IE00BDB6Q211"/>
        </identifiers>
        <balance>6614.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1922689.800000</valUSD>
        <pctVal>0.0917827059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WINGSTOP INC</name>
        <lei>549300SSH3F8HPIM3Q47</lei>
        <title>WINGSTOP INC COMMON STOCK USD.01</title>
        <cusip>974155103</cusip>
        <identifiers>
          <isin value="US9741551033"/>
        </identifiers>
        <balance>4347.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>673654.590000</valUSD>
        <pctVal>0.0321579909</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WW GRAINGER INC</name>
        <lei>549300TWZSP6O1IH2V34</lei>
        <title>WW GRAINGER INC COMMON STOCK USD.5</title>
        <cusip>384802104</cusip>
        <identifiers>
          <isin value="US3848021040"/>
        </identifiers>
        <balance>3310.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3610581.100000</valUSD>
        <pctVal>0.1723569258</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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 COMMON STOCK USD2.5</title>
        <cusip>98389B100</cusip>
        <identifiers>
          <isin value="US98389B1008"/>
        </identifiers>
        <balance>77937.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6191315.280000</valUSD>
        <pctVal>0.2955524440</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>XYLEM INC</name>
        <lei>549300DF5MV96DRYLQ48</lei>
        <title>XYLEM INC COMMON STOCK</title>
        <cusip>98419M100</cusip>
        <identifiers>
          <isin value="US98419M1009"/>
        </identifiers>
        <balance>3510.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>419445.000000</valUSD>
        <pctVal>0.0200228852</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZOETIS INC</name>
        <lei>549300HD9Q1LOC9KLJ48</lei>
        <title>ZOETIS INC COMMON STOCK USD.01</title>
        <cusip>98978V103</cusip>
        <identifiers>
          <isin value="US98978V1035"/>
        </identifiers>
        <balance>6970.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>823923.700000</valUSD>
        <pctVal>0.0393313298</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <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>2026-05-05</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>
