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      <invstOrSec>
        <name>DIGI INTERNATIONAL INC</name>
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      <invstOrSec>
        <name>DISC MEDICINE INC</name>
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      <invstOrSec>
        <name>DUTCH BROS INC-CLASS A</name>
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      <invstOrSec>
        <name>DYNE THERAPEUTICS INC</name>
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        <name>ELANCO ANIMAL HEALTH INC</name>
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        <name>EMCOR GROUP INC</name>
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        <name>ENCOMPASS HEALTH CORP</name>
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        <name>ENERSYS</name>
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        <name>ENTEGRIS INC</name>
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        <name>ESAB CORP</name>
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        <name>Everest Group Ltd</name>
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      <invstOrSec>
        <name>MADRIGAL PHARMACEUTICALS INC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MAIN STREET CAPITAL CORP</name>
        <lei>5493001FS9QJLJNF3E20</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MAREX GROUP PLC</name>
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          <isin value="GB00BMT7GT62"/>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MEDPACE HOLDINGS INC</name>
        <lei>549300H8TYEUVTW14A54</lei>
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          <isin value="US58506Q1094"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MIDDLEBY CORP</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>MIRUM PHARMACEUTICALS INC</name>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>MKS Inc</name>
        <lei>549300KEQATBHAGVF505</lei>
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        <assetCat>EC</assetCat>
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        <name>MODINE MANUFACTURING CO</name>
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        <cusip>607828100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MONTE ROSA THERAPEUTICS INC</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MOSAIC CO</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
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        <cusip>61945C103</cusip>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>MP MATERIALS CORP</name>
        <lei>89450063PHPS61USMT84</lei>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>MUELLER INDUSTRIES INC</name>
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        <assetCat>EC</assetCat>
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        <name>NATERA INC</name>
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        <name>NATIONAL FUEL GAS CO</name>
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        <name>NAVAN INC-CL A</name>
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        <name>NEUROCRINE BIOSCIENCES INC</name>
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        <name>NEW YORK TIMES CO-A</name>
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        <name>NEWMARKET CORP</name>
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        <name>NEXSTAR MEDIA GROUP INC</name>
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        <name>NEXTPOWER INC</name>
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        <name>NISOURCE INC</name>
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        <name>NOV INC</name>
        <lei>549300EHF3IW1AR6U008</lei>
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        <name>NUVALENT INC-A</name>
        <lei>N/A</lei>
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        <name>NVENT ELECTRIC PLC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>NVR INC</name>
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      <invstOrSec>
        <name>OFG BANCORP</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OLEMA PHARMACEUTICALS INC</name>
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        <name>OLLIES BARGAIN OUTLET HOLDINGS</name>
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        <name>ONEMAIN HOLDINGS INC</name>
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        <name>OR ROYALTIES INC</name>
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        <name>ORIC PHARMACEUTICALS INC</name>
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        <name>OVINTIV INC</name>
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        <name>OWENS CORNING</name>
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        <name>PACKAGING CORP OF AMERICA</name>
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        <name>PEGASYSTEMS INC</name>
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        <name>PENTAIR PLC</name>
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        <name>PERMIAN RESOURCES CORP</name>
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        <name>PRAXIS PRECISION MEDICINES I</name>
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        <name>QUEST DIAGNOSTICS INC</name>
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        <name>RADNET INC</name>
        <lei>529900RECG94V2IZJ970</lei>
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      <invstOrSec>
        <name>SHARKNINJA INC</name>
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      <invstOrSec>
        <name>SHOALS TECHNOLOGIES GROUP -A</name>
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      <invstOrSec>
        <name>SITEONE LANDSCAPE SUPPLY INC</name>
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        <name>SITIME CORP</name>
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        <name>SLM CORP</name>
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        <name>SMARTSTOP SELF STORAGE REIT</name>
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        <name>SNAP-ON INC</name>
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        <name>SOUTHWEST AIRLINES CO</name>
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        <name>SS&amp;C TECHNOLOGIES HOLDINGS</name>
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        <name>STANDARDAERO INC</name>
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        <name>STATE STREET INS US GO MM FD-IS</name>
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        <name>TERADYNE INC</name>
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        <name>TEXAS ROADHOUSE INC</name>
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      <invstOrSec>
        <name>TEXTRON INC</name>
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        <name>TIDEWATER INC</name>
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        <name>TOWER SEMICONDUCTOR LTD</name>
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        <curCd>USD</curCd>
        <valUSD>2872551.630000</valUSD>
        <pctVal>0.1850367616</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>VERA THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>VERA THERAPEUTICS INC COMMON STOCK USD.001</title>
        <cusip>92337R101</cusip>
        <identifiers>
          <isin value="US92337R1014"/>
        </identifiers>
        <balance>69014.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2776433.220000</valUSD>
        <pctVal>0.1788452491</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>VERRA MOBILITY CORP</name>
        <lei>549300XX5EKGLR0M4152</lei>
        <title>VERRA MOBILITY CORP COMMON STOCK USD.0001</title>
        <cusip>92511U102</cusip>
        <identifiers>
          <isin value="US92511U1025"/>
        </identifiers>
        <balance>209703.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2996655.870000</valUSD>
        <pctVal>0.1930309945</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>VIATRIS INC</name>
        <lei>254900ZZTSW7NL773X71</lei>
        <title>VIATRIS INC COMMON STOCK</title>
        <cusip>92556V106</cusip>
        <identifiers>
          <isin value="US92556V1061"/>
        </identifiers>
        <balance>799838.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10805811.380000</valUSD>
        <pctVal>0.6960614122</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>VIAVI SOLUTIONS INC</name>
        <lei>5493006K3E3N1QOBF092</lei>
        <title>VIAVI SOLUTIONS INC COMMON STOCK USD.001</title>
        <cusip>925550105</cusip>
        <identifiers>
          <isin value="US9255501051"/>
        </identifiers>
        <balance>173136.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5761966.080000</valUSD>
        <pctVal>0.3711597497</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>VICOR CORP</name>
        <lei>5299005KMQOTR6B51F09</lei>
        <title>VICOR CORP COMMON STOCK USD.01</title>
        <cusip>925815102</cusip>
        <identifiers>
          <isin value="US9258151029"/>
        </identifiers>
        <balance>19864.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3198104.000000</valUSD>
        <pctVal>0.2060073703</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>VIKING HOLDINGS LTD</name>
        <lei>52990032GOPN7BVQMN13</lei>
        <title>VIKING HOLDINGS LTD COMMON STOCK USD.01</title>
        <cusip>G93A5A101</cusip>
        <identifiers>
          <isin value="BMG93A5A1010"/>
        </identifiers>
        <balance>28582.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2100205.360000</valUSD>
        <pctVal>0.1352857141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VIPER ENERGY INC-CL A</name>
        <lei>N/A</lei>
        <title>VIPER ENERGY INC CL A COMMON STOCK USD.000001</title>
        <cusip>64361Q101</cusip>
        <identifiers>
          <isin value="US64361Q1013"/>
        </identifiers>
        <balance>230542.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10833168.580000</valUSD>
        <pctVal>0.6978236391</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>VIRIDIAN THERAPEUTICS INC</name>
        <lei>549300C775BNYF550E70</lei>
        <title>VIRIDIAN THERAPEUTICS INC COMMON STOCK USD.01</title>
        <cusip>92790C104</cusip>
        <identifiers>
          <isin value="US92790C1045"/>
        </identifiers>
        <balance>60492.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1183223.520000</valUSD>
        <pctVal>0.0762178984</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>VISTEON CORP</name>
        <lei>549300MOVLYHRW4GGW78</lei>
        <title>VISTEON CORP COMMON STOCK</title>
        <cusip>92839U206</cusip>
        <identifiers>
          <isin value="US92839U2069"/>
        </identifiers>
        <balance>38162.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3476939.820000</valUSD>
        <pctVal>0.2239687106</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>VORNADO REALTY TRUST</name>
        <lei>N/A</lei>
        <title>VORNADO REALTY TRUST REIT USD.04</title>
        <cusip>929042109</cusip>
        <identifiers>
          <isin value="US9290421091"/>
        </identifiers>
        <balance>187863.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4882559.370000</valUSD>
        <pctVal>0.3145123537</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>VOYA FINANCIAL INC</name>
        <lei>549300T065Z4KJ686G75</lei>
        <title>VOYA FINANCIAL INC COMMON STOCK USD.01</title>
        <cusip>929089100</cusip>
        <identifiers>
          <isin value="US9290891004"/>
        </identifiers>
        <balance>141019.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9634418.080000</valUSD>
        <pctVal>0.6206055630</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>WARRIOR MET COAL INC</name>
        <lei>549300152B1S9YKBYV79</lei>
        <title>WARRIOR MET COAL INC COMMON STOCK USD.01</title>
        <cusip>93627C101</cusip>
        <identifiers>
          <isin value="US93627C1018"/>
        </identifiers>
        <balance>46972.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4375441.800000</valUSD>
        <pctVal>0.2818461374</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>WATTS WATER TECHNOLOGIES-A</name>
        <lei>549300REJOO94ERQN318</lei>
        <title>WATTS WATER TECHNOLOGIES A COMMON STOCK USD.1</title>
        <cusip>942749102</cusip>
        <identifiers>
          <isin value="US9427491025"/>
        </identifiers>
        <balance>22537.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6542265.730000</valUSD>
        <pctVal>0.4214231179</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>WAVE LIFE SCIENCES LTD</name>
        <lei>54930070006GPKFYZ813</lei>
        <title>WAVE LIFE SCIENCES LTD COMMON STOCK</title>
        <cusip>Y95308105</cusip>
        <identifiers>
          <isin value="SG9999014716"/>
        </identifiers>
        <balance>122505.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>888161.250000</valUSD>
        <pctVal>0.0572113238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEATHERFORD INTERNATIONAL PL</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>WEATHERFORD INTERNATIONAL PL COMMON STOCK USD.001</title>
        <cusip>G48833118</cusip>
        <identifiers>
          <isin value="IE00BLNN3691"/>
        </identifiers>
        <balance>112884.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10676568.720000</valUSD>
        <pctVal>0.6877361856</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>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>176250.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12487312.500000</valUSD>
        <pctVal>0.8043760962</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>WESTLAKE CORP</name>
        <lei>GOXNEVUM0LL78B1OS344</lei>
        <title>WESTLAKE CORP COMMON STOCK USD.01</title>
        <cusip>960413102</cusip>
        <identifiers>
          <isin value="US9604131022"/>
        </identifiers>
        <balance>56451.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6594605.820000</valUSD>
        <pctVal>0.4247946294</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>WINGSTOP INC</name>
        <lei>549300SSH3F8HPIM3Q47</lei>
        <title>WINGSTOP INC COMMON STOCK USD.01</title>
        <cusip>974155103</cusip>
        <identifiers>
          <isin value="US9741551033"/>
        </identifiers>
        <balance>25536.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3957313.920000</valUSD>
        <pctVal>0.2549122337</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>WOODWARD INC</name>
        <lei>YPYKXXTR8TFDH54ZMB45</lei>
        <title>WOODWARD INC COMMON STOCK USD.001455</title>
        <cusip>980745103</cusip>
        <identifiers>
          <isin value="US9807451037"/>
        </identifiers>
        <balance>15235.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5452911.200000</valUSD>
        <pctVal>0.3512518345</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>XENCOR INC</name>
        <lei>549300V5IF65437JKG30</lei>
        <title>XENCOR INC COMMON STOCK USD.01</title>
        <cusip>98401F105</cusip>
        <identifiers>
          <isin value="US98401F1057"/>
        </identifiers>
        <balance>87013.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1049376.780000</valUSD>
        <pctVal>0.0675960979</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>ZEBRA TECHNOLOGIES CORP-CL A</name>
        <lei>PO0I32GKZ3HZMMDPZZ08</lei>
        <title>ZEBRA TECHNOLOGIES CORP CL A COMMON STOCK USD.01</title>
        <cusip>989207105</cusip>
        <identifiers>
          <isin value="US9892071054"/>
        </identifiers>
        <balance>10370.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2168159.600000</valUSD>
        <pctVal>0.1396630184</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>
