<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001795351</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000092022</seriesId>
        <classId>C000259932</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>T. Rowe Price Exchange-Traded Funds, Inc.</regName>
      <regFileNumber>811-23494</regFileNumber>
      <regCik>0001795351</regCik>
      <regLei>549300XZPUK24E1UMH17</regLei>
      <regStreet1>1307 Point Street</regStreet1>
      <regCity>Baltimore</regCity>
      <regStateConditional regCountry="US" regState="US-MD"/>
      <regZipOrPostalCode>21231</regZipOrPostalCode>
      <regPhone>410-345-2000</regPhone>
      <seriesName>T. Rowe Price Global Equity ETF</seriesName>
      <seriesId>S000092022</seriesId>
      <seriesLei>254900QYQ4UUIZGC6P89</seriesLei>
      <repPdEnd>2026-10-31</repPdEnd>
      <repPdDate>2026-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>22066940.040000</totAssets>
      <totLiabs>9698.520000</totLiabs>
      <netAssets>22057241.520000</netAssets>
      <assetsAttrMiscSec>0.000000</assetsAttrMiscSec>
      <assetsInvested>0.000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000</delayDeliv>
      <standByCommit>0.000000</standByCommit>
      <liquidPref>0.000000</liquidPref>
      <cshNotRptdInCorD>381.540000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>USD</curCd>
          <intrstRtRiskdv01 period10Yr="0.000000" period1Yr="0.000000" period30Yr="0.000000" period3Mon="0.000000" period5Yr="0.000000"/>
          <intrstRtRiskdv100 period10Yr="0.000000" period1Yr="0.000000" period30Yr="0.000000" period3Mon="0.000000" period5Yr="0.000000"/>
        </curMetric>
      </curMetrics>
      <creditSprdRiskInvstGrade period10Yr="0.000000" period1Yr="0.000000" period30Yr="0.000000" period3Mon="0.000000" period5Yr="0.000000"/>
      <creditSprdRiskNonInvstGrade period10Yr="0.000000" period1Yr="0.000000" period30Yr="0.000000" period3Mon="0.000000" period5Yr="0.000000"/>
      <borrowers>
        <borrower aggrVal="53048.000000" lei="T6FIZBDPKLYJKFCRVK44" name="UBS SECURITIES LLC"/>
        <borrower aggrVal="117851.040000" lei="BFM8T61CT2L1QCEMIK50" name="UBS AG (LONDON BRANCH)"/>
      </borrowers>
      <aggregateCondition isNonCashCollateral="Y">
        <aggregateInfos>
          <aggregateInfo amt="127177.220000" collatrl="118242.2000000000">
            <invstCat>UST</invstCat>
          </aggregateInfo>
        </aggregateInfos>
      </aggregateCondition>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000259932" rtn1="-0.270000" rtn2="-4.560000" rtn3="10.630000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
            <mon2 netRealizedGain="0.000000" netUnrealizedAppr="0.000000"/>
            <mon3 netRealizedGain="936.320000" netUnrealizedAppr="0.000000"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0.00" netUnrealizedAppr="0.00"/>
              <instrMon2 netRealizedGain="0.000000" netUnrealizedAppr="0.000000"/>
              <instrMon3 netRealizedGain="936.320000" netUnrealizedAppr="0.000000"/>
            </forwardCategory>
          </foreignExchgContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="-121521.54" netUnrealizedAppr="61263.35"/>
        <othMon2 netRealizedGain="-38371.820000" netUnrealizedAppr="-939379.610000"/>
        <othMon3 netRealizedGain="-39244.490000" netUnrealizedAppr="2150470.840000"/>
      </returnInfo>
      <mon1Flow redemption="0.000000" reinvestment="0.000000" sales="0.000000"/>
      <mon2Flow redemption="0.000000" reinvestment="0.000000" sales="0.000000"/>
      <mon3Flow redemption="0.000000" reinvestment="0.000000" sales="0.000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>ADVANCED MICRO DEVICES</name>
        <lei>R2I72C950HOYXII45366</lei>
        <title>ADVANCED MICRO DEVICES COMMON STOCK USD.01</title>
        <cusip>007903107</cusip>
        <identifiers>
          <isin value="US0079031078"/>
        </identifiers>
        <balance>3196.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1132950.040000</valUSD>
        <pctVal>5.1364085530</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>ALPHABET INC CL C</name>
        <lei>5493006MHB84DD0ZWV18</lei>
        <title>ALPHABET INC CL C COMMON STOCK USD.001</title>
        <cusip>02079K107</cusip>
        <identifiers>
          <isin value="US02079K1079"/>
        </identifiers>
        <balance>1959.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>748220.460000</valUSD>
        <pctVal>3.3921760313</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>AMAZON.COM INC</name>
        <lei>ZXTILKJKG63JELOEG630</lei>
        <title>AMAZON.COM INC COMMON STOCK USD.01</title>
        <cusip>023135106</cusip>
        <identifiers>
          <isin value="US0231351067"/>
        </identifiers>
        <balance>1523.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>403686.380000</valUSD>
        <pctVal>1.8301761788</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>AMEREN CORPORATION</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
        <title>AMEREN CORPORATION COMMON STOCK USD.01</title>
        <cusip>023608102</cusip>
        <identifiers>
          <isin value="US0236081024"/>
        </identifiers>
        <balance>1790.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>203433.500000</valUSD>
        <pctVal>0.9222980118</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>AMPHENOL CORP-CL A</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>AMPHENOL CORP CL A COMMON STOCK USD.001</title>
        <cusip>032095101</cusip>
        <identifiers>
          <isin value="US0320951017"/>
        </identifiers>
        <balance>3345.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>492618.150000</valUSD>
        <pctVal>2.2333624518</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>APOLLO GLOBAL MANAGEMENT INC</name>
        <lei>254900LMFT1CY9IYB476</lei>
        <title>APOLLO GLOBAL MANAGEMENT INC COMMON STOCK USD.0001</title>
        <cusip>03769M106</cusip>
        <identifiers>
          <isin value="US03769M1062"/>
        </identifiers>
        <balance>1698.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>218566.560000</valUSD>
        <pctVal>0.9909061376</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>APPLE INC</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>APPLE INC COMMON STOCK USD.00001</title>
        <cusip>037833100</cusip>
        <identifiers>
          <isin value="US0378331005"/>
        </identifiers>
        <balance>4171.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1131800.850000</valUSD>
        <pctVal>5.1311985181</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>APPLOVIN CORP-CLASS A</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>APPLOVIN CORP CLASS A COMMON STOCK USD.00003</title>
        <cusip>03831W108</cusip>
        <identifiers>
          <isin value="US03831W1080"/>
        </identifiers>
        <balance>875.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>390556.250000</valUSD>
        <pctVal>1.7706486536</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>ARES MANAGEMENT CORP</name>
        <lei>529900JUV61FH7B8VW38</lei>
        <title>ARES MANAGEMENT CORP   A COMMON STOCK</title>
        <cusip>03990B101</cusip>
        <identifiers>
          <isin value="US03990B1017"/>
        </identifiers>
        <balance>2850.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>334590.000000</valUSD>
        <pctVal>1.5169167899</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>ARISTA NETWORKS INC</name>
        <lei>635400H1WKBLOQERUU95</lei>
        <title>ARISTA NETWORKS INC COMMON STOCK USD.0001</title>
        <cusip>040413205</cusip>
        <identifiers>
          <isin value="US0404132054"/>
        </identifiers>
        <balance>1934.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>334021.140000</valUSD>
        <pctVal>1.5143377729</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>ARM HOLDINGS PLC-ADR</name>
        <lei>2138001E66EELTE7Y904</lei>
        <title>ARM HOLDINGS PLC ADR ADR USD.001</title>
        <cusip>042068205</cusip>
        <identifiers>
          <isin value="US0420682058"/>
        </identifiers>
        <balance>2022.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>425267.040000</valUSD>
        <pctVal>1.9280155210</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATLAS COPCO AB-A SHS</name>
        <lei>213800T8PC8Q4FYJZR07</lei>
        <title>ATLAS COPCO AB A SHS COMMON STOCK SEK.16</title>
        <cusip>049SE9990</cusip>
        <identifiers>
          <isin value="SE0017486889"/>
        </identifiers>
        <balance>18065.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.232750"/>
        <valUSD>347166.510000</valUSD>
        <pctVal>1.5739343910</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCO BILBAO VIZCAYA ARGENTA</name>
        <lei>K8MS7FD7N5Z2WQ51AZ71</lei>
        <title>BANCO BILBAO VIZCAYA ARGENTA COMMON STOCK EUR.49</title>
        <cusip>059458992</cusip>
        <identifiers>
          <isin value="ES0113211835"/>
        </identifiers>
        <balance>12540.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.852043"/>
        <valUSD>276913.280000</valUSD>
        <pctVal>1.2554302393</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK PEKAO SA</name>
        <lei>5493000LKS7B3UTF7H35</lei>
        <title>BANK PEKAO SA COMMON STOCK PLN1.0</title>
        <cusip>0639PL994</cusip>
        <identifiers>
          <isin value="PLPEKAO00016"/>
        </identifiers>
        <balance>6161.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PLN" exchangeRt="3.624800"/>
        <valUSD>385669.180000</valUSD>
        <pctVal>1.7484923473</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BROADCOM INC</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>BROADCOM INC COMMON STOCK</title>
        <cusip>11135F101</cusip>
        <identifiers>
          <isin value="US11135F1012"/>
        </identifiers>
        <balance>2349.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>980543.070000</valUSD>
        <pctVal>4.4454474015</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>CAPITAL ONE FINANCIAL CORP</name>
        <lei>ZUE8T73ROZOF6FLBAR73</lei>
        <title>CAPITAL ONE FINANCIAL CORP COMMON STOCK USD.01</title>
        <cusip>14040H105</cusip>
        <identifiers>
          <isin value="US14040H1059"/>
        </identifiers>
        <balance>1941.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>371313.300000</valUSD>
        <pctVal>1.6834076902</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>CARVANA CO</name>
        <lei>5493003WEAK2PJ5WS063</lei>
        <title>CARVANA CO COMMON STOCK USD.001</title>
        <cusip>146869102</cusip>
        <identifiers>
          <isin value="US1468691027"/>
        </identifiers>
        <balance>501.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>198295.800000</valUSD>
        <pctVal>0.8990054347</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>CHUGAI PHARMACEUTICAL CO LTD</name>
        <lei>529900T9LAII161DCN95</lei>
        <title>CHUGAI PHARMACEUTICAL CO LTD COMMON STOCK</title>
        <cusip>171JP9998</cusip>
        <identifiers>
          <isin value="JP3519400000"/>
        </identifiers>
        <balance>5700.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555000"/>
        <valUSD>303977.350000</valUSD>
        <pctVal>1.3781294897</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CME GROUP INC</name>
        <lei>LCZ7XYGSLJUHFXXNXD88</lei>
        <title>CME GROUP INC COMMON STOCK USD.01</title>
        <cusip>12572Q105</cusip>
        <identifiers>
          <isin value="US12572Q1058"/>
        </identifiers>
        <balance>1218.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>350564.760000</valUSD>
        <pctVal>1.5893408960</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>CONOCOPHILLIPS</name>
        <lei>WPTL2Z3FIYTHSP5V2253</lei>
        <title>CONOCOPHILLIPS COMMON STOCK USD.01</title>
        <cusip>20825C104</cusip>
        <identifiers>
          <isin value="US20825C1045"/>
        </identifiers>
        <balance>3920.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>493057.600000</valUSD>
        <pctVal>2.2353547680</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>COSTCO WHOLESALE CORP</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>COSTCO WHOLESALE CORP COMMON STOCK USD.005</title>
        <cusip>22160K105</cusip>
        <identifiers>
          <isin value="US22160K1051"/>
        </identifiers>
        <balance>256.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>259719.680000</valUSD>
        <pctVal>1.1774803289</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>DANAHER CORP</name>
        <lei>S4BKK9OTCEWQ3YHPFM11</lei>
        <title>DANAHER CORP COMMON STOCK USD.01</title>
        <cusip>235851102</cusip>
        <identifiers>
          <isin value="US2358511028"/>
        </identifiers>
        <balance>1138.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>203645.100000</valUSD>
        <pctVal>0.9232573339</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>DEERE &amp; CO</name>
        <lei>PWFTNG3EI0Y73OXWDH08</lei>
        <title>DEERE + CO COMMON STOCK USD1.0</title>
        <cusip>244199105</cusip>
        <identifiers>
          <isin value="US2441991054"/>
        </identifiers>
        <balance>668.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>394033.160000</valUSD>
        <pctVal>1.7864117761</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>EQUINOX GOLD CORP</name>
        <lei>5493005IN4V1SNP9PN75</lei>
        <title>EQUINOX GOLD CORP COMMON STOCK</title>
        <cusip>29446Y502</cusip>
        <identifiers>
          <isin value="CA29446Y5020"/>
        </identifiers>
        <balance>15443.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>215584.280000</valUSD>
        <pctVal>0.9773854986</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="53048.000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FERRARI NV</name>
        <lei>549300RIVY5EX8RCON76</lei>
        <title>FERRARI NV COMMON STOCK EUR.01</title>
        <cusip>N3167Y103</cusip>
        <identifiers>
          <isin value="NL0011585146"/>
        </identifiers>
        <balance>1068.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>370916.400000</valUSD>
        <pctVal>1.6816082812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FRANCO-NEVADA CORP</name>
        <lei>98450064C1B5D3E94864</lei>
        <title>FRANCO NEVADA CORP COMMON STOCK</title>
        <cusip>351858105</cusip>
        <identifiers>
          <isin value="CA3518581051"/>
        </identifiers>
        <balance>913.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>210300.420000</valUSD>
        <pctVal>0.9534302819</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>HANNOVER RUECK SE</name>
        <lei>529900KIN5BE45V5KB18</lei>
        <title>HANNOVER RUECK SE COMMON STOCK</title>
        <cusip>4105DE991</cusip>
        <identifiers>
          <isin value="DE0008402215"/>
        </identifiers>
        <balance>747.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.852043"/>
        <valUSD>225708.200000</valUSD>
        <pctVal>1.0232838943</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HUMANA INC</name>
        <lei>529900YLDW34GJAO4J06</lei>
        <title>HUMANA INC COMMON STOCK USD.1666666</title>
        <cusip>444859102</cusip>
        <identifiers>
          <isin value="US4448591028"/>
        </identifiers>
        <balance>2111.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>499124.840000</valUSD>
        <pctVal>2.2628615620</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>ITOCHU CORP</name>
        <lei>J48DJYXDTLHM30UMYI18</lei>
        <title>ITOCHU CORP COMMON STOCK</title>
        <cusip>465717999</cusip>
        <identifiers>
          <isin value="JP3143600009"/>
        </identifiers>
        <balance>16700.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555000"/>
        <valUSD>206964.750000</valUSD>
        <pctVal>0.9383074933</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>J.P. MORGAN CHASE &amp; CO.</name>
        <lei>8I5DZWZKVSZI1NUHU748</lei>
        <title>JPMORGAN CHASE + CO COMMON STOCK USD1.0</title>
        <cusip>46625H100</cusip>
        <identifiers>
          <isin value="US46625H1005"/>
        </identifiers>
        <balance>1009.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>316049.070000</valUSD>
        <pctVal>1.4328585454</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>LIBERTY MEDIA CORP-FORMULA-C</name>
        <lei>N/A</lei>
        <title>LIBERTY MEDIA CORP FORMULA C TRACKING STK</title>
        <cusip>531229755</cusip>
        <identifiers>
          <isin value="US5312297550"/>
        </identifiers>
        <balance>5624.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>483382.800000</valUSD>
        <pctVal>2.1914925289</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>LINDE PLC</name>
        <lei>5299003QR1WT0EF88V51</lei>
        <title>LINDE PLC COMMON STOCK</title>
        <cusip>G54950103</cusip>
        <identifiers>
          <isin value="IE000S9YS762"/>
        </identifiers>
        <balance>765.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>383372.100000</valUSD>
        <pctVal>1.7380781711</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>MARSH &amp; MCLENNAN COS</name>
        <lei>549300XMP3KDCKJXIU47</lei>
        <title>MARSH + MCLENNAN COS COMMON STOCK USD1.0</title>
        <cusip>571748102</cusip>
        <identifiers>
          <isin value="US5717481023"/>
        </identifiers>
        <balance>2595.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>435207.450000</valUSD>
        <pctVal>1.9730819450</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>META PLATFORMS INC-CLASS A</name>
        <lei>BQ4BKCS1HXDV9HN80Z93</lei>
        <title>META PLATFORMS INC CLASS A COMMON STOCK USD.000006</title>
        <cusip>30303M102</cusip>
        <identifiers>
          <isin value="US30303M1027"/>
        </identifiers>
        <balance>596.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>364698.360000</valUSD>
        <pctVal>1.6534178114</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>MICROSOFT CORP</name>
        <lei>INR2EJN1ERAN0W5ZP974</lei>
        <title>MICROSOFT CORP COMMON STOCK USD.00000625</title>
        <cusip>594918104</cusip>
        <identifiers>
          <isin value="US5949181045"/>
        </identifiers>
        <balance>1076.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>438771.280000</valUSD>
        <pctVal>1.9892391331</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>MS&amp;AD INSURANCE GROUP HOLDINGS INC</name>
        <lei>529900CXROT5S2HMMP26</lei>
        <title>MS+AD INSURANCE GROUP HOLDIN COMMON STOCK</title>
        <cusip>JP2Q4CS14</cusip>
        <identifiers>
          <isin value="JP3890310000"/>
        </identifiers>
        <balance>7500.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555000"/>
        <valUSD>192855.500000</valUSD>
        <pctVal>0.8743409724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NETFLIX INC</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>NETFLIX INC COMMON STOCK USD.001</title>
        <cusip>64110L106</cusip>
        <identifiers>
          <isin value="US64110L1061"/>
        </identifiers>
        <balance>2466.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>230842.260000</valUSD>
        <pctVal>1.0465599689</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>NVIDIA CORP</name>
        <lei>549300S4KLFTLO7GSQ80</lei>
        <title>NVIDIA CORP COMMON STOCK USD.001</title>
        <cusip>67066G104</cusip>
        <identifiers>
          <isin value="US67066G1040"/>
        </identifiers>
        <balance>6204.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1238132.280000</valUSD>
        <pctVal>5.6132689071</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>NVR INC</name>
        <lei>529900RWXR4JI3JYTV70</lei>
        <title>NVR INC COMMON STOCK USD.01</title>
        <cusip>62944T105</cusip>
        <identifiers>
          <isin value="US62944T1051"/>
        </identifiers>
        <balance>30.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>189476.100000</valUSD>
        <pctVal>0.8590199270</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>O REILLY AUTOMOTIVE INC</name>
        <lei>549300K2RLMQL149Q332</lei>
        <title>O REILLY AUTOMOTIVE INC COMMON STOCK USD.01</title>
        <cusip>67103H107</cusip>
        <identifiers>
          <isin value="US67103H1077"/>
        </identifiers>
        <balance>4289.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>426326.600000</valUSD>
        <pctVal>1.9328192041</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>OLD DOMINION FREIGHT LINE</name>
        <lei>5299009TWK32WE417T96</lei>
        <title>OLD DOMINION FREIGHT LINE COMMON STOCK USD.1</title>
        <cusip>679580100</cusip>
        <identifiers>
          <isin value="US6795801009"/>
        </identifiers>
        <balance>2945.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>625606.350000</valUSD>
        <pctVal>2.8362855320</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>ORSTED A/S</name>
        <lei>W9NG6WMZIYEU8VEDOG48</lei>
        <title>ORSTED A/S COMMON STOCK DKK10.0</title>
        <cusip>TC0IS2GS2</cusip>
        <identifiers>
          <isin value="DK0060094928"/>
        </identifiers>
        <balance>15551.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="DKK" exchangeRt="6.367150"/>
        <valUSD>415888.020000</valUSD>
        <pctVal>1.8854942474</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QXO INC</name>
        <lei>N/A</lei>
        <title>QXO INC COMMON STOCK</title>
        <cusip>82846H405</cusip>
        <identifiers>
          <isin value="US82846H4056"/>
        </identifiers>
        <balance>9787.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>196425.090000</valUSD>
        <pctVal>0.8905242744</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="117851.040000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RECRUIT HOLDINGS CO LTD</name>
        <lei>353800R2LRSMVVC4I806</lei>
        <title>RECRUIT HOLDINGS CO LTD COMMON STOCK</title>
        <cusip>TC3Z2O7W2</cusip>
        <identifiers>
          <isin value="JP3970300004"/>
        </identifiers>
        <balance>4900.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.555000"/>
        <valUSD>226992.330000</valUSD>
        <pctVal>1.0291057012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>REDDIT INC-CL A</name>
        <lei>529900APN1YHPBHPI679</lei>
        <title>REDDIT INC CL A COMMON STOCK USD.0001</title>
        <cusip>75734B100</cusip>
        <identifiers>
          <isin value="US75734B1008"/>
        </identifiers>
        <balance>897.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>132065.310000</valUSD>
        <pctVal>0.5987390122</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>RENAISSANCERE HOLDINGS LTD</name>
        <lei>EK6GB9U3U58PDI411C94</lei>
        <title>RENAISSANCERE HOLDINGS LTD COMMON STOCK USD1.0</title>
        <cusip>G7496G103</cusip>
        <identifiers>
          <isin value="BMG7496G1033"/>
        </identifiers>
        <balance>1262.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>387396.140000</valUSD>
        <pctVal>1.7563217941</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>SARTORIUS STEDIM BIOTECH</name>
        <lei>52990006IVXY7GCSSR39</lei>
        <title>SARTORIUS STEDIM BIOTECH COMMON STOCK EUR.2</title>
        <cusip>FR0BQFY52</cusip>
        <identifiers>
          <isin value="FR0013154002"/>
        </identifiers>
        <balance>2564.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.852043"/>
        <valUSD>473856.730000</valUSD>
        <pctVal>2.1483045809</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCHNEIDER ELECTRIC SE</name>
        <lei>969500A1YF1XUYYXS284</lei>
        <title>SCHNEIDER ELECTRIC SE COMMON STOCK EUR4.0</title>
        <cusip>806999983</cusip>
        <identifiers>
          <isin value="FR0000121972"/>
        </identifiers>
        <balance>1120.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.852043"/>
        <valUSD>356393.790000</valUSD>
        <pctVal>1.6157677272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SEA LTD ADR</name>
        <lei>529900OM6JLLW44YKI15</lei>
        <title>SEA LTD ADR ADR USD.0005</title>
        <cusip>81141R100</cusip>
        <identifiers>
          <isin value="US81141R1005"/>
        </identifiers>
        <balance>4737.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>402076.560000</valUSD>
        <pctVal>1.8228778047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SOCIETE GENERALE SA</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
        <title>SOCIETE GENERALE SA COMMON STOCK EUR1.25</title>
        <cusip>FR5966515</cusip>
        <identifiers>
          <isin value="FR0000130809"/>
        </identifiers>
        <balance>4595.000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.852043"/>
        <valUSD>369897.550000</valUSD>
        <pctVal>1.6769891632</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</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>261211.470000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>261211.470000</valUSD>
        <pctVal>1.1842435953</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>STEEL DYNAMICS INC</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>STEEL DYNAMICS INC COMMON STOCK USD.005</title>
        <cusip>858119100</cusip>
        <identifiers>
          <isin value="US8581191009"/>
        </identifiers>
        <balance>2141.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>489561.060000</valUSD>
        <pctVal>2.2195026498</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>TELEDYNE TECHNOLOGIES INC</name>
        <lei>549300VSMO9KYQWDND94</lei>
        <title>TELEDYNE TECHNOLOGIES INC COMMON STOCK USD.01</title>
        <cusip>879360105</cusip>
        <identifiers>
          <isin value="US8793601050"/>
        </identifiers>
        <balance>737.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>475991.450000</valUSD>
        <pctVal>2.1579826724</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>366.000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>425054.100000</valUSD>
        <pctVal>1.9270501237</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>2026-06-04</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>
</edgarSubmission>
