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      <invstOrSec>
        <name>DIANTHUS THERAPEUTICS INC</name>
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      <invstOrSec>
        <name>DISC MEDICINE INC</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>DYNE THERAPEUTICS INC</name>
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        <name>EDWARDS LIFESCIENCES CORP</name>
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      <invstOrSec>
        <name>EIKON THERAPEUTICS INC</name>
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        <name>ELANCO ANIMAL HEALTH INC</name>
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        <name>ELI LILLY &amp; CO</name>
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        <name>ENLIVEN THERAPEUTICS INC</name>
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        <name>ERASCA INC</name>
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      <invstOrSec>
        <name>GENEDX HOLDINGS CORP</name>
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        <name>GILEAD SCIENCES INC</name>
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        <name>GRAIL INC</name>
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        <name>GUARDANT HEALTH INC</name>
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        <name>HUMANA INC</name>
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        <name>ICON PLC</name>
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        <name>IMMATICS NV</name>
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        <name>IMMUNOCORE HOLDINGS PLC-ADR</name>
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        <name>IMMUNOME INC</name>
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      <invstOrSec>
        <name>IONIS PHARMACEUTICALS INC</name>
        <lei>549300SI4ZGLG0BLUZ92</lei>
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        <cusip>462222100</cusip>
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          <isin value="US4622221004"/>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JANUX THERAPEUTICS INC</name>
        <lei>N/A</lei>
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        <cusip>47103J105</cusip>
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          <isin value="US47103J1051"/>
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        <curCd>USD</curCd>
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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>N/A</name>
        <lei>N/A</lei>
        <title>JASPER THERA WTS 3/30 TC8U3IZJ8</title>
        <cusip>000000000</cusip>
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          <other otherDesc="Internal ID" value="ACI30PTG7"/>
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        <balance>5370.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>KARYOPHARM THERAPEUTICS INC</name>
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        <cusip>48576U205</cusip>
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          <isin value="US48576U2050"/>
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        <balance>4484.000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>N/A</name>
        <lei>N/A</lei>
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          <other otherDesc="Internal ID" value="958ACM900"/>
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        <balance>3159.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>KODIAK SCIENCES INC</name>
        <lei>254900IXI5NI8C9OQE24</lei>
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        <cusip>50015M109</cusip>
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          <isin value="US50015M1099"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KYMERA THERAPEUTICS INC</name>
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          <isin value="US5015751044"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>MAPLIGHT THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>MAPLIGHT THERAPEUTICS INC COMMON STOCK USD.0001</title>
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          <isin value="US56565P1030"/>
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        <balance>5110.000000</balance>
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        <curCd>USD</curCd>
        <valUSD>103886.300000</valUSD>
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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>MEDTRONIC PLC</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>MEDTRONIC PLC COMMON STOCK USD.1</title>
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          <isin value="IE00BTN1Y115"/>
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        <balance>5245.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>METTLER-TOLEDO INTERNATIONAL</name>
        <lei>5493000BD5GJNUDIUG10</lei>
        <title>METTLER TOLEDO INTERNATIONAL COMMON STOCK USD.01</title>
        <cusip>592688105</cusip>
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          <isin value="US5926881054"/>
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        <curCd>USD</curCd>
        <valUSD>224493.600000</valUSD>
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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>MOLINA HEALTHCARE INC</name>
        <lei>549300NQQCEQ46YHZ591</lei>
        <title>MOLINA HEALTHCARE INC COMMON STOCK USD.001</title>
        <cusip>60855R100</cusip>
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          <isin value="US60855R1005"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>MOONLAKE IMMUNOTHERAPEUTICS</name>
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          <isin value="KY61559X1045"/>
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        <balance>9719.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

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        <fairValLevel>1</fairValLevel>
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        <name>NATERA INC</name>
        <lei>529900CQ3OZ0A0VYVU59</lei>
        <title>NATERA INC COMMON STOCK</title>
        <cusip>632307104</cusip>
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        <balance>504.000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <name>NOVO-NORDISK A/S-SPONS ADR</name>
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        <title>NOVO NORDISK A/S SPONS ADR ADR</title>
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        <assetCat>EC</assetCat>
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        <invCountry>DK</invCountry>
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        <name>NOVOCURE LTD</name>
        <lei>213800YPP55UMHWA4826</lei>
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        <name>OLEMA PHARMACEUTICALS INC</name>
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        <name>OSCAR HEALTH INC - CLASS A</name>
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        <name>PRIME MEDICINE INC</name>
        <lei>N/A</lei>
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        <name>PROCEPT BIOROBOTICS CORP</name>
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        <name>RAPPORT THERAPEUTICS INC</name>
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        <name>REGENERON PHARMACEUTICALS</name>
        <lei>549300RCBFWIRX3HYQ56</lei>
        <title>REGENERON PHARMACEUTICALS COMMON STOCK USD.001</title>
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        <name>RELAY THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>RELAY THERAPEUTICS INC COMMON STOCK USD.001</title>
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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>REPLIGEN CORP</name>
        <lei>54930006QJ0T5AUO1E71</lei>
        <title>REPLIGEN CORP COMMON STOCK USD.01</title>
        <cusip>759916109</cusip>
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        <balance>1359.000000</balance>
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        <curCd>USD</curCd>
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        <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>REVOLUTION MEDICINES INC</name>
        <lei>549300JU3X0LBCQ65892</lei>
        <title>REVOLUTION MEDICINES INC COMMON STOCK</title>
        <cusip>76155X100</cusip>
        <identifiers>
          <isin value="US76155X1000"/>
        </identifiers>
        <balance>95.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9238.750000</valUSD>
        <pctVal>0.0456010503</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>SAREPTA THERAPEUTICS INC</name>
        <lei>549300IKDPIED8J8IG21</lei>
        <title>SAREPTA THERAPEUTICS INC COMMON STOCK USD.0001</title>
        <cusip>803607100</cusip>
        <identifiers>
          <isin value="US8036071004"/>
        </identifiers>
        <balance>6817.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148337.920000</valUSD>
        <pctVal>0.7321731787</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>SCHRODINGER INC</name>
        <lei>984500044BAE4791E559</lei>
        <title>SCHRODINGER INC COMMON STOCK USD.01</title>
        <cusip>80810D103</cusip>
        <identifiers>
          <isin value="US80810D1037"/>
        </identifiers>
        <balance>1662.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18880.320000</valUSD>
        <pctVal>0.0931903583</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>SHATTUCK LABS INC</name>
        <lei>N/A</lei>
        <title>SHATTUCK LABS INC COMMON STOCK USD.0001</title>
        <cusip>82024L103</cusip>
        <identifiers>
          <isin value="US82024L1035"/>
        </identifiers>
        <balance>24111.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>155033.730000</valUSD>
        <pctVal>0.7652226680</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>SOLENO THERAPEUTICS INC</name>
        <lei>5493003LCY77N7FXK844</lei>
        <title>SOLENO THERAPEUTICS INC COMMON STOCK USD.001</title>
        <cusip>834203309</cusip>
        <identifiers>
          <isin value="US8342033094"/>
        </identifiers>
        <balance>780.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26114.400000</valUSD>
        <pctVal>0.1288966655</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>STATE STREET INS US GO MM FD-IS</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>STATE STREET INSTITUTIONAL US STATE ST INST US GOV MM PREM</title>
        <cusip>857492706</cusip>
        <identifiers>
          <isin value="US8574927062"/>
        </identifiers>
        <balance>27008.290000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27008.290000</valUSD>
        <pctVal>0.1333087692</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STEVANATO GROUP SPA</name>
        <lei>81560033F7E1CD477507</lei>
        <title>STEVANATO GROUP SPA COMMON STOCK</title>
        <cusip>T9224W109</cusip>
        <identifiers>
          <isin value="IT0005452658"/>
        </identifiers>
        <balance>6509.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>89498.750000</valUSD>
        <pctVal>0.4417520772</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>STOKE THERAPEUTICS INC</name>
        <lei>549300RD25SS2DIJHJ67</lei>
        <title>STOKE THERAPEUTICS INC COMMON STOCK</title>
        <cusip>86150R107</cusip>
        <identifiers>
          <isin value="US86150R1077"/>
        </identifiers>
        <balance>2468.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80358.080000</valUSD>
        <pctVal>0.3966351346</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>STRYKER CORP</name>
        <lei>5493002F0SC4JTBU5137</lei>
        <title>STRYKER CORP COMMON STOCK USD.1</title>
        <cusip>863667101</cusip>
        <identifiers>
          <isin value="US8636671013"/>
        </identifiers>
        <balance>1235.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>405808.650000</valUSD>
        <pctVal>2.0030091377</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>TANGO THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>TANGO THERAPEUTICS INC COMMON STOCK USD.0001</title>
        <cusip>87583X109</cusip>
        <identifiers>
          <isin value="US87583X1090"/>
        </identifiers>
        <balance>933.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>19518.360000</valUSD>
        <pctVal>0.0963396257</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>THERMO FISHER SCIENTIFIC INC</name>
        <lei>HCHV7422L5HDJZCRFL38</lei>
        <title>THERMO FISHER SCIENTIFIC INC COMMON STOCK USD1.0</title>
        <cusip>883556102</cusip>
        <identifiers>
          <isin value="US8835561023"/>
        </identifiers>
        <balance>1893.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>930466.290000</valUSD>
        <pctVal>4.5926386271</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>TRAVERE THERAPEUTICS INC</name>
        <lei>N/A</lei>
        <title>TRAVERE THERAPEUTICS INC COMMON STOCK USD.0001</title>
        <cusip>89422G107</cusip>
        <identifiers>
          <isin value="US89422G1076"/>
        </identifiers>
        <balance>1982.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>58885.220000</valUSD>
        <pctVal>0.2906483973</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>GRS - SECURITY LENDING COLLATERAL</name>
        <lei>5493002Y0IYARJVQ5N24</lei>
        <title>TREASURY RESERVE FUND - Collateral</title>
        <cusip>76105YYY9</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="76105YYY9"/>
        </identifiers>
        <balance>93609.500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>93609.500000</valUSD>
        <pctVal>0.4620421075</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="93609.500000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UNITEDHEALTH GROUP INC</name>
        <lei>549300GHBMY8T5GXDE41</lei>
        <title>UNITEDHEALTH GROUP INC COMMON STOCK USD.01</title>
        <cusip>91324P102</cusip>
        <identifiers>
          <isin value="US91324P1021"/>
        </identifiers>
        <balance>4898.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1325349.820000</valUSD>
        <pctVal>6.5417230514</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>VAXCYTE INC</name>
        <lei>254900M7NMHTGASX8D95</lei>
        <title>VAXCYTE INC COMMON STOCK USD.001</title>
        <cusip>92243G108</cusip>
        <identifiers>
          <isin value="US92243G1085"/>
        </identifiers>
        <balance>4136.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>240342.960000</valUSD>
        <pctVal>1.1862959182</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>WATERS CORP</name>
        <lei>5T547R1474YC9HOD8Q74</lei>
        <title>WATERS CORP COMMON STOCK USD.01</title>
        <cusip>941848103</cusip>
        <identifiers>
          <isin value="US9418481035"/>
        </identifiers>
        <balance>1192.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>354977.600000</valUSD>
        <pctVal>1.7521148859</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>WEST PHARMACEUTICAL SERVICES</name>
        <lei>5493007NKRGM1RJQ1P16</lei>
        <title>WEST PHARMACEUTICAL SERVICES COMMON STOCK USD.25</title>
        <cusip>955306105</cusip>
        <identifiers>
          <isin value="US9553061055"/>
        </identifiers>
        <balance>1198.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>300266.720000</valUSD>
        <pctVal>1.4820703894</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>XENON PHARMACEUTICALS INC</name>
        <lei>549300XV44Q9Z1MIPQ03</lei>
        <title>XENON PHARMACEUTICALS INC COMMON STOCK</title>
        <cusip>98420N105</cusip>
        <identifiers>
          <isin value="CA98420N1050"/>
        </identifiers>
        <balance>2558.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148747.700000</valUSD>
        <pctVal>0.7341957899</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YPSOMED HOLDING AG-REG</name>
        <lei>391200QLIOTTBNPNSI14</lei>
        <title>YPSOMED HOLDING AG REG COMMON STOCK CHF14.15</title>
        <cusip>CH02SWN84</cusip>
        <identifiers>
          <isin value="CH0019396990"/>
        </identifiers>
        <balance>142.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.799600"/>
        <valUSD>49780.400000</valUSD>
        <pctVal>0.2457084049</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>
