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        <curCd>USD</curCd>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>DIAMONDBACK ENERGY INC</name>
        <lei>549300R22LSX6OHWEN64</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EMERALD RESOURCES NL</name>
        <lei>529900V79JFYUE9ZQB09</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>EQT CORP</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>EXXON MOBIL CORP</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
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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>FIREFLY AEROSPACE INC</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST QUANTUM MINERALS LTD</name>
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          <isin value="CA3359341052"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>FRANCO-NEVADA CORP</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>FREEPORT-MCMORAN INC</name>
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      <invstOrSec>
        <name>G MINING VENTURE CORP</name>
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        <assetCat>EC</assetCat>
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      <invstOrSec>
        <name>GLENCORE PLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>GOLD FIELDS LTD</name>
        <lei>5299003KXIBJQYCBBD72</lei>
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        <name>HEADWATER EXPLORATION INC</name>
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        <name>HEMLO MINING CORP</name>
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        <name>IVANHOE ELECTRIC INC / US</name>
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        <name>K+S AG-REG</name>
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        <name>KELT EXPLORATION LTD</name>
        <lei>549300OBXGWYN1VOFC24</lei>
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        <name>KNIFE RIVER CORP</name>
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        <name>MOSAIC CO</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
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        <name>MOWI ASA</name>
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        <title>MOWI ASA COMMON STOCK NOK7.5</title>
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        <name>MP MATERIALS CORP</name>
        <lei>89450063PHPS61USMT84</lei>
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        <name>MUYUAN FOODSTUFF CO LTD-A SHS QFII</name>
        <lei>3003006NCTDQW4KZR676</lei>
        <title>MUYUAN FOODS CO LTD A COMMON STOCK CNY1.0</title>
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        <name>MUYUAN FOODS CO LTD-H SHS</name>
        <lei>3003006NCTDQW4KZR676</lei>
        <title>MUYUAN FOODS CO LTD H COMMON STOCK CNY1.0</title>
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        <invCountry>CN</invCountry>
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        <name>NGEX MINERALS LTD</name>
        <lei>549300M2DU5ORAGOIG27</lei>
        <title>NGEX MINERALS LTD COMMON STOCK</title>
        <cusip>TC0AQ7UQ8</cusip>
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      <invstOrSec>
        <name>NUTRIEN LTD</name>
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      <invstOrSec>
        <name>OR ROYALTIES INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>OVINTIV INC</name>
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        <name>PRAIRIESKY ROYALTY LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>RANGE RESOURCES CORP</name>
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      <invstOrSec>
        <name>RIO TINTO PLC</name>
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        <name>SALMAR ASA</name>
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        <name>SHELL PLC</name>
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        <name>STATE STREET INS US GO MM FD-IS</name>
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        <name>TOTALENERGIES SE</name>
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        <name>UNITED PLANTATIONS BHD</name>
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        <lei>213800EC6PW5VU4J9U64</lei>
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        <name>URANIUM ENERGY CORP</name>
        <lei>549300VD69WD2USLIP04</lei>
        <title>URANIUM ENERGY CORP COMMON STOCK USD.001</title>
        <cusip>916896103</cusip>
        <identifiers>
          <isin value="US9168961038"/>
        </identifiers>
        <balance>81849.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1104961.500000</valUSD>
        <pctVal>0.9867668117</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>USA RARE EARTH INC</name>
        <lei>N/A</lei>
        <title>USA RARE EARTH INC COMMON STOCK USD.0001</title>
        <cusip>91733P107</cusip>
        <identifiers>
          <isin value="US91733P1075"/>
        </identifiers>
        <balance>9781.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>148035.440000</valUSD>
        <pctVal>0.1322004967</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>VALE SA ADR</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>VALE SA SP ADR ADR</title>
        <cusip>91912E105</cusip>
        <identifiers>
          <isin value="US91912E1055"/>
        </identifiers>
        <balance>52809.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>840191.190000</valUSD>
        <pctVal>0.7503182525</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VAR ENERGI ASA</name>
        <lei>549300LIVN3FFOJN2K47</lei>
        <title>VAR ENERGI ASA COMMON STOCK NOK.16</title>
        <cusip>TC0447WQ4</cusip>
        <identifiers>
          <isin value="NO0011202772"/>
        </identifiers>
        <balance>148535.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.682900"/>
        <valUSD>764698.210000</valUSD>
        <pctVal>0.6829005486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>11395.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>535451.050000</valUSD>
        <pctVal>0.4781753259</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>VULCAN MATERIALS CO</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>VULCAN MATERIALS CO COMMON STOCK USD1.0</title>
        <cusip>929160109</cusip>
        <identifiers>
          <isin value="US9291601097"/>
        </identifiers>
        <balance>1667.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>453924.100000</valUSD>
        <pctVal>0.4053690892</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>3847.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>358348.050000</valUSD>
        <pctVal>0.3200165461</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 FRASER TIMBER CO LTD</name>
        <lei>5493005WD1ZK6WBVR988</lei>
        <title>WEST FRASER TIMBER CO LTD COMMON STOCK</title>
        <cusip>952845998</cusip>
        <identifiers>
          <isin value="CA9528451052"/>
        </identifiers>
        <balance>19519.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.391100"/>
        <valUSD>1274887.740000</valUSD>
        <pctVal>1.1385165098</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WHEATON PRECIOUS METALS CORP</name>
        <lei>549300XSFG5ZCGVYD886</lei>
        <title>WHEATON PRECIOUS METALS CORP COMMON STOCK</title>
        <cusip>CA058ZX60</cusip>
        <identifiers>
          <isin value="CA9628791027"/>
        </identifiers>
        <balance>10297.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.391100"/>
        <valUSD>1351615.410000</valUSD>
        <pctVal>1.2070368323</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WOODSIDE ENERGY GROUP LTD</name>
        <lei>2549005ZC5RXAOO7FH41</lei>
        <title>WOODSIDE ENERGY GROUP LTD COMMON STOCK</title>
        <cusip>980AU8994</cusip>
        <identifiers>
          <isin value="AU0000224040"/>
        </identifiers>
        <balance>48009.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AUD" exchangeRt="1.449380"/>
        <valUSD>1139614.840000</valUSD>
        <pctVal>1.0177133793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YARA INTERNATIONAL ASA</name>
        <lei>213800WKOUWXWFJ5Z514</lei>
        <title>YARA INTERNATIONAL ASA COMMON STOCK NOK1.7</title>
        <cusip>NO9710990</cusip>
        <identifiers>
          <isin value="NO0010208051"/>
        </identifiers>
        <balance>18427.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.682900"/>
        <valUSD>1077138.720000</valUSD>
        <pctVal>0.9619201578</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZIJIN GOLD INTERNATIONAL CO</name>
        <lei>254900FINUJR4MZ8A417</lei>
        <title>ZIJIN GOLD INTERNATIONAL CO COMMON STOCK</title>
        <cusip>TC7WJ1ER0</cusip>
        <identifiers>
          <isin value="HK0001200002"/>
        </identifiers>
        <balance>19400.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.841200"/>
        <valUSD>441520.790000</valUSD>
        <pctVal>0.3942925271</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ZIJIN MINING GROUP CO LTD-A SHS QFII</name>
        <lei>836800JRNL2393Z2I561</lei>
        <title>ZIJIN MINING GROUP CO LTD A COMMON STOCK CNY.1</title>
        <cusip>TC9IMO7Q5</cusip>
        <identifiers>
          <isin value="CNE100000B24"/>
        </identifiers>
        <balance>307000.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.887650"/>
        <valUSD>1495384.020000</valUSD>
        <pctVal>1.3354269100</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</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>
