T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
July 31, 2026 Unaudited
 
 PORTFOLIO OF INVESTMENTS‡ 
Shares
$ Value
(Cost and value in $000s)
 
 
AUSTRALIA 3.7%
Common Stocks 3.7%
ALS
1,559
23
ANZ Group Holdings
5,116
134
BHP Group
8,557
361
Coles Group
4,070
69
Commonwealth Bank of Australia
1,329
166
CSL
564
49
Downer EDI
4,099
22
Goodman Group
3,087
64
Macquarie Group
299
53
National Australia Bank
1,989
58
Suncorp Group
5,578
75
Telstra Group
12,013
42
Wesfarmers
803
50
Westpac Banking
1,992
53
Woodside Energy Group
2,730
64
Total Australia (Cost $1,121)
1,283
AUSTRIA 0.5%
Common Stocks 0.5%
BAWAG Group
613
124
Erste Group Bank
449
59
Total Austria (Cost $137)
183
BELGIUM 0.7%
Common Stocks 0.7%
Anheuser-Busch InBev
1,230
107
Argenx (1)
119
102
UCB
188
48
Total Belgium (Cost $232)
257
BRAZIL 1.2%
Common Stocks 1.2%
Banco BTG Pactual
2,957
33
Embraer, ADR (USD)
562
38
Itau Unibanco Holding, ADR (USD)
13,473
114
Localiza Rent a Car
3,554
26
NU Holdings, Class A (USD) (1)
3,202
46
Petroleo Brasileiro - Petrobras, ADR (USD)
5,079
99
Vale, ADR (USD)
1,848
28
WEG
2,590
24
Total Brazil (Cost $356)
408
CANADA 8.1%
Common Stocks 8.1%
Agnico Eagle Mines
612
89
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Alamos Gold, Class A
859
24
Alimentation Couche-Tard
1,312
85
Barrick Mining
1,562
57
Brookfield
1,870
79
Brookfield Asset Management, Class A (2)
626
30
Cameco
386
33
Canadian National Railway
1,055
134
Canadian Natural Resources
2,658
127
Canadian Pacific Kansas City
1,431
127
Celestica (1)
90
30
Cenovus Energy
1,276
38
Constellation Software
16
34
Definity Financial
1,734
99
Element Fleet Management
2,926
66
Enbridge
1,843
100
Fairfax Financial Holdings
20
33
First Quantum Minerals (1)
1,469
41
Fortis
663
38
Franco-Nevada
313
67
George Weston
814
61
Great-West Lifeco
628
42
Kinross Gold
1,647
38
Magna International
508
35
National Bank of Canada
1,175
190
Nutrien
655
45
Royal Bank of Canada
2,119
443
Shopify, Class A (1)
1,305
153
Suncor Energy
1,902
128
TC Energy
1,323
89
Toronto-Dominion Bank
1,531
184
Tourmaline Oil
882
39
Wheaton Precious Metals
457
50
WSP Global
209
26
Total Canada (Cost $2,507)
2,854
CHINA 6.7%
Common Stocks 6.7%
Advanced Micro-Fabrication Equipment China, Class A
657
33
Alibaba Group Holding (HKD)
22,100
337
Bank of China, Class H (HKD)
44,000
31
BeOne Medicines (HKD) (1)
2,100
52
BYD, Class A
5,400
77
Chaozhou Three-Circle Group, Class H (HKD) (1)
100
1
China Construction Bank, Class H (HKD)
210,000
246
China International Capital, Class H (HKD)
30,400
84
China Merchants Bank, Class H (HKD)
5,500
36
China Pacific Insurance Group, Class H (HKD)
26,000
101
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Contemporary Amperex Technology, Class A
900
53
Hongfa Technology, Class A
7,500
39
Jiangsu Hengrui Pharmaceuticals, Class A
4,500
36
Lenovo Group (HKD)
10,000
31
Luxshare Precision Industry (HKD) (1)
2,600
18
Meituan, Class B (HKD) (1)
4,500
53
NetEase (HKD)
3,300
88
Nexchip Semiconductor, Class H (HKD) (1)
7,400
27
PICC Property & Casualty, Class H (HKD)
26,000
54
Ping An Bank, Class A
36,400
63
Sany Heavy Industry, Class A
19,500
59
SG Micro, Class H (HKD) (1)
500
5
Shenzhen Inovance Technology, Class A
2,200
21
Tencent Holdings (HKD)
7,400
452
Trip.com Group (HKD) (1)
750
35
Weichai Power, Class A
11,000
46
Xiaomi, Class B (HKD) (1)
15,800
58
Yantai Jereh Oilfield Services Group, Class A
1,900
38
Yum China Holdings (HKD)
750
36
Zhongji Innolight, Class A
400
53
Zhongji Innolight, Class H (HKD) (1)
250
33
Zijin Mining Group, Class H (HKD)
16,000
68
Total China (Cost $2,400)
2,364
DENMARK 0.9%
Common Stocks 0.9%
DSV
228
49
Novo Nordisk, Class B
4,059
192
Novonesis Novozymes B, Class B
640
42
Orsted (1)
2,164
48
Total Denmark (Cost $345)
331
FINLAND 1.3%
Common Stocks 1.3%
Fortum
2,064
47
Neste
2,078
74
Nokia
7,496
69
Sampo, Class A
14,527
161
Stora Enso, Class R (2)
3,924
45
UPM-Kymmene
1,728
47
Total Finland (Cost $461)
443
FRANCE 6.3%
Common Stocks 6.3%
Accor
679
35
Air Liquide
780
154
Airbus
873
205
AXA
774
40
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
BNP Paribas
331
42
Cie de Saint-Gobain
625
59
Cie Generale des Etablissements Michelin
1,069
43
Danone
1,027
80
Engie
1,939
60
EssilorLuxottica
215
41
Hermes International
35
62
Kering
102
34
Legrand
252
38
L'Oreal
298
133
LVMH Moet Hennessy Louis Vuitton
286
157
Orange
2,591
50
Safran
421
165
Sanofi
700
60
Schneider Electric
580
195
Societe Generale
1,354
127
STMicroelectronics (USD)
896
47
Thales
111
32
TotalEnergies
2,403
212
Vinci
842
119
Total France (Cost $2,041)
2,190
GERMANY 5.6%
Common Stocks 5.6%
adidas
264
49
Allianz
413
206
BASF
1,117
65
Bayer
925
51
Bayerische Motoren Werke AG
375
26
Daimler Truck Holding
427
24
Deutsche Boerse
213
64
Deutsche Post
843
56
Deutsche Telekom
5,345
165
E.ON
1,614
35
Hannover Rueck
460
133
Heidelberg Materials
158
29
Infineon Technologies
1,520
109
Mercedes-Benz Group
499
27
Muenchener Rueckversicherungs-Gesellschaft
122
73
Rheinmetall
60
79
RWE
376
25
SAP
1,350
247
Siemens
887
291
Siemens Energy
954
163
Siemens Healthineers
1,175
50
Total Germany (Cost $1,946)
1,967
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
HONG KONG 1.1%
Common Stocks 1.1%
AIA Group
22,600
228
BOC Hong Kong Holdings
4,000
27
Hong Kong Exchanges & Clearing
900
47
Techtronic Industries
5,500
92
Total Hong Kong (Cost $359)
394
HUNGARY 0.2%
Common Stocks 0.2%
OTP Bank
481
71
Total Hungary (Cost $53)
71
ICELAND 0.0%
Common Stocks 0.0%
Alvotech (USD) (1)
1,613
7
Total Iceland (Cost $6)
7
INDIA 3.5%
Common Stocks 3.5%
Adani Ports & Special Economic Zone
2,342
42
Astral
1,781
27
Axis Bank, GDR (USD)
1,105
71
Bajaj Finance
8,802
105
Bharti Airtel
4,155
86
Cummins India
574
33
Divi's Laboratories
1,019
86
Eternal (1)
12,705
40
HDFC Bank, ADR (USD)
4,374
105
Hindustan Unilever
2,053
45
ICICI Bank, ADR (USD)
4,491
135
Infosys, ADR (USD) (2)
3,144
38
Kotak Mahindra Bank
13,869
57
Larsen & Toubro
1,341
55
Mahindra & Mahindra, GDR (USD)
2,276
80
NTPC
10,849
39
Power Grid Corp of India
9,151
27
Reliance Industries, GDR (USD) (3)
1,786
98
Titan
1,245
64
Total India (Cost $1,280)
1,233
IRELAND 0.2%
Common Stocks 0.2%
Kingspan Group
447
41
Ryanair Holdings
1,491
42
Total Ireland (Cost $83)
83
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
ISRAEL 0.2%
Common Stocks 0.2%
Bank Leumi Le-Israel
1,440
34
Tower Semiconductor (USD) (1)
151
33
Total Israel (Cost $67)
67
ITALY 2.0%
Common Stocks 2.0%
Enel
12,576
142
Ferrari
262
103
Generali (2)
1,532
78
Intesa Sanpaolo
3,803
29
Leonardo
531
34
Prysmian
515
71
UniCredit
2,568
242
Total Italy (Cost $603)
699
JAPAN 15.2%
Common Stocks 15.2%
Advantest
700
138
Ajinomoto
1,300
40
Asics
2,200
65
Bridgestone
2,400
59
Chugai Pharmaceutical
1,400
61
Daifuku
1,400
52
Daiichi Sankyo
2,400
39
Denso
4,100
50
Disco
100
36
East Japan Railway
2,900
67
ENEOS Holdings
2,400
20
FANUC
600
24
Fast Retailing
200
98
Fujikura
2,300
58
Hitachi
5,600
184
Hoya
400
61
Ibiden (2)
200
20
ITOCHU
8,400
105
Japan Exchange Group
2,500
34
Japan Prime Realty Investment
41
25
Kajima
1,700
57
KDDI
4,700
87
Keyence
300
151
Kioxia Holdings (1)
300
84
Komatsu
1,200
52
Mitsubishi
2,500
75
Mitsubishi Chemical Group
4,400
32
Mitsubishi Electric
2,100
76
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Mitsubishi Estate
2,900
70
Mitsubishi Heavy Industries
3,700
86
Mitsubishi UFJ Financial Group
12,200
273
Mitsui Fudosan
2,500
24
Mizuho Financial Group
1,500
78
MS&AD Insurance Group Holdings
2,900
89
Murata Manufacturing
1,800
82
NEC
2,000
59
Nintendo
2,000
95
Nippon Sanso Holdings
2,400
86
Nippon Steel (2)
18,900
77
Olympus
2,200
25
ORIX
3,500
141
Panasonic Holdings
2,500
66
Recruit Holdings
2,700
214
Renesas Electronics
2,600
52
Resona Holdings
6,100
83
Sanrio (2)
6,500
52
Seven & i Holdings (2)
4,900
65
Shin-Etsu Chemical
1,100
39
SoftBank
45,800
64
SoftBank Group
3,900
122
Sony Group
8,200
192
Sumitomo
13,400
139
Sumitomo Electric Industries
2,700
36
Sumitomo Mitsui Financial Group
4,400
189
Sumitomo Mitsui Trust Group
7,600
78
T&D Holdings
1,500
47
Taiheiyo Cement
4,200
106
Takeda Pharmaceutical
2,500
86
TDK
2,400
46
Tokio Marine Holdings
3,000
153
Tokyo Electron
400
134
Tokyo Seimitsu
300
31
Toyota Motor
10,600
201
Toyota Tsusho
700
29
Trial Holdings
1,700
33
Yokogawa Electric
1,000
36
Total Japan (Cost $4,901)
5,328
KUWAIT 0.1%
Common Stocks 0.1%
National Bank of Kuwait
7,499
21
Total Kuwait (Cost $24)
21
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
MALAYSIA 0.2%
Common Stocks 0.2%
CIMB Group Holdings
30,500
59
Total Malaysia (Cost $55)
59
MEXICO 0.6%
Common Stocks 0.6%
Cemex SAB de CV (2)
36,849
44
Fomento Economico Mexicano SAB de CV
2,904
37
Grupo Aeroportuario del Pacifico, Class B
916
20
Grupo Mexico, Series B
9,426
113
Total Mexico (Cost $187)
214
NETHERLANDS 3.2%
Common Stocks 3.2%
ABN AMRO Bank, CVA
1,515
68
Adyen (1)
43
44
AerCap Holdings (USD)
332
50
ASM International
68
63
ASML Holding
370
610
DSM-Firmenich (2)
414
45
ING Groep
1,123
39
Koninklijke
6,639
31
Koninklijke Ahold Delhaize
1,404
55
Nebius Group (USD) (1)(2)
303
58
Prosus
1,475
69
Total Netherlands (Cost $888)
1,132
NORWAY 0.6%
Common Stocks 0.6%
Aker BP
1,716
61
DNB Bank
1,644
53
Equinor
2,102
86
Norsk Hydro
2,448
23
Total Norway (Cost $206)
223
PERU 0.3%
Common Stocks 0.3%
Credicorp (USD)
146
59
Southern Copper (USD)
216
39
Total Peru (Cost $79)
98
PHILIPPINES 0.1%
Common Stocks 0.1%
International Container Terminal Services
1,290
20
Total Philippines (Cost $9)
20
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
POLAND 0.1%
Common Stocks 0.1%
Bank Polska Kasa Opieki
724
48
Total Poland (Cost $42)
48
PORTUGAL 0.3%
Common Stocks 0.3%
Banco Comercial Portugues, Class R
39,600
49
Galp Energia SGPS
2,126
48
Total Portugal (Cost $80)
97
QATAR 0.1%
Common Stocks 0.1%
Qatar National Bank
8,585
39
Total Qatar (Cost $42)
39
SAUDI ARABIA 0.5%
Common Stocks 0.5%
Al Rajhi Bank
4,143
69
Saudi Arabian Oil
5,617
39
Saudi National Bank
5,894
62
Total Saudi Arabia (Cost $166)
170
SINGAPORE 1.2%
Common Stocks 1.2%
CapitaLand Integrated Commercial Trust
26,600
52
DBS Group Holdings
2,600
150
Oversea-Chinese Banking
2,400
54
Sea, ADR (USD) (1)
709
76
Singapore Telecommunications
13,800
48
United Overseas Bank
1,600
54
Total Singapore (Cost $379)
434
SOUTH AFRICA 0.9%
Common Stocks 0.9%
Anglogold Ashanti
1,071
81
Capitec Bank Holdings
218
62
FirstRand
13,493
81
MTN Group
3,658
45
Naspers, Class N
1,030
54
Total South Africa (Cost $320)
323
SOUTH KOREA 6.1%
Common Stocks 5.7%
Celltrion
241
31
DB Insurance
277
30
Hana Financial Group
377
33
Hanwha Aerospace
77
49
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Hyundai Motor
178
47
KB Financial Group, ADR (USD)
910
107
Kia
594
54
LG Chem
390
69
Samsung Biologics (1)
26
27
Samsung C&T
93
22
Samsung Electronics
205
36
Samsung Electronics, GDR (USD)
175
749
Samsung Life Insurance
238
50
Shinhan Financial Group
386
27
SK Hynix
527
598
SK Square
89
61
 
1,990
Preferred Stocks 0.4%
Samsung Electronics
1,098
138
Total South Korea (Cost $1,251)
2,128
SPAIN 1.8%
Common Stocks 1.8%
Banco Bilbao Vizcaya Argentaria
6,413
180
Banco Santander
8,278
118
CaixaBank
7,749
112
Iberdrola
5,811
138
Industria de Diseno Textil
1,112
73
Total Spain (Cost $499)
621
SWEDEN 1.7%
Common Stocks 1.7%
Assa Abloy, Class B
1,054
39
Atlas Copco, Class A
4,413
93
Investor, Class B (2)
2,538
110
Sandvik
1,697
63
Spotify Technology (USD) (1)
197
99
Swedbank, Class A
3,635
145
Volvo, Class B
1,642
63
Total Sweden (Cost $561)
612
SWITZERLAND 4.8%
Common Stocks 4.8%
ABB
1,550
153
Cie Financiere Richemont, Class A
621
147
Galderma Group
188
41
Givaudan
6
24
Holcim
535
48
Lonza Group
110
77
Nestle
3,059
306
Novartis
1,671
261
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Roche Holding
647
283
Sonova Holding
236
64
UBS Group
2,926
155
VAT Group
44
33
Zurich Insurance Group
97
74
Total Switzerland (Cost $1,482)
1,666
TAIWAN 9.0%
Common Stocks 9.0%
Accton Technology
2,000
130
ASE Technology Holding
7,000
119
Cathay Financial Holding
15,000
47
CTBC Financial Holding
49,000
98
Delta Electronics
4,000
197
Elite Material
1,000
144
Fubon Financial Holding
11,000
44
Hon Hai Precision Industry, GDR (USD)
5,727
87
MediaTek
2,000
213
Taiwan Semiconductor Manufacturing
15,000
1,109
Taiwan Semiconductor Manufacturing, ADR (USD)
2,190
885
Unimicron Technology
2,000
47
United Microelectronics
9,000
34
Yageo
1,000
15
Total Taiwan (Cost $2,227)
3,169
THAILAND 0.2%
Common Stocks 0.2%
Siam Cement
6,900
52
Total Thailand (Cost $42)
52
UNITED ARAB EMIRATES 0.1%
Common Stocks 0.1%
First Abu Dhabi Bank
6,383
34
Total United Arab Emirates (Cost $30)
34
UNITED KINGDOM 10.1%
Common Stocks 10.1%
3i Group
1,167
45
Anglo American
732
37
ARM Holdings, ADR (USD) (1)
122
29
AstraZeneca
1,684
286
Aviva
9,163
86
BAE Systems
3,631
103
Barclays
26,246
180
BP
7,705
58
British American Tobacco
2,494
151
BT Group
25,098
68
Compass Group (USD)
2,389
76
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Diageo
1,569
35
Experian
1,269
48
Glencore (1)
15,206
112
GSK
3,410
89
Haleon
11,562
57
Halma
582
28
HSBC Holdings
18,321
390
Imperial Brands
958
36
InterContinental Hotels Group (USD)
301
49
Lloyds Banking Group
84,880
131
London Stock Exchange Group
457
51
National Grid
8,928
143
Prudential
2,569
39
Reckitt Benckiser Group
614
43
RELX
2,747
97
Rio Tinto
774
75
Rolls-Royce Holdings
11,300
225
Segro
3,777
49
Shell
6,138
281
SSE
1,220
39
Standard Chartered
3,498
103
Sunbelt Rentals Holdings
442
32
Tesco
7,779
51
Unilever
3,291
209
Total United Kingdom (Cost $3,164)
3,531
UNITED STATES 0.1%
Common Stocks 0.1%
ResMed
225
47
Total United States (Cost $55)
47
SHORT-TERM INVESTMENTS 0.3%
Money Market Funds 0.3%
State Street Institutional U.S. Government Money Market Fund, 3.62% (4)
99,745
100
Total Short-Term Investments
(Cost $100)
100
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
SECURITIES LENDING COLLATERAL 0.7%
Investments in a Pooled Account through Securities Lending Program with State
Street Bank and Trust Company 0.7%
Money Market Funds 0.7%
T. Rowe Price Treasury Reserve Fund, 3.70% (4)(5)
239,315
239
Total Investments in a Pooled Account through Securities Lending Program with
State Street Bank and Trust Company
239
Total Securities Lending Collateral (Cost $239)
239
Total Investments
100.5% of Net Assets (Cost $31,025)
$35,239
Other Assets Less Liabilities (0.5)%
(188
)
Net Assets 100.0%
$35,051
 
‡ 
Country classifications are generally based on MSCI categories or another unaffiliated third party data provider;
Shares are denominated in the currency of the country presented unless otherwise noted. 
(1) 
Non-income producing 
(2) 
All or a portion of this security is on loan at July 31, 2026. 
(3) 
Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be resold in
transactions exempt from registration only to qualified institutional buyers. Total value of such securities at
period-end amounts to $98 and represents 0.3% of net assets. 
(4) 
Seven-day yield 
(5) 
Affiliated Companies 
 
ADR 
American Depositary Receipts 
CVA 
Dutch Certificate (Certificaten Van Aandelen) 
GDR 
Global Depositary Receipts 
HKD 
Hong Kong Dollar 
USD 
U.S. Dollar 
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
AFFILIATED COMPANIES
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the outstanding voting securities, or a company that is under common ownership or control. The following securities were considered affiliated companies for all or some portion of the nine months ended July 31, 2026. Net realized gain (loss), investment income, change in net unrealized gain/loss, and purchase and sales cost reflect all activity for the period then ended. 
Affiliate
Net Realized Gain
(Loss)
Changes in Net
Unrealized
Gain/Loss
Investment
Income
T. Rowe Price Government Reserve Fund
$—
$—
$—
++
T. Rowe Price Treasury Reserve Fund
—
—
—
++
Totals
$—
#
$—
$—
+
 
Supplementary Investment Schedule
Affiliate
Value
10/31/25
Purchase
Cost
Sales
Cost
Value
7/31/26
T. Rowe Price Government Reserve Fund
$—
¤
¤
$—
T. Rowe Price Treasury Reserve Fund
—
¤
¤
239
 
Total
$239^
 
++
Excludes earnings on securities lending collateral, which are subject to rebates and fees.
#
Capital gain distributions from underlying Price funds represented $0 of the net realized gain (loss).
+
Investment income comprised $0 of dividend income and $0 of interest income.
¤
Purchase and sale information not shown for cash management funds.
^
The cost basis of investments in affiliated companies was $239.
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
Unaudited
 NOTES TO PORTFOLIO OF INVESTMENTS 
T. Rowe Price Exchange-Traded Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940 (the 1940 Act). The International Equity Research ETF (the fund) is an open-end management investment company established by the corporation and follows accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). For additional information on the fund’s significant accounting policies and investment related disclosures, please refer to the fund’s most recent annual shareholder report and its prospectus.
VALUATION
Fair Value
The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. Eastern Time, each day the NYSE is open for business, and are reported at fair value, which GAAP defines as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fund’s Board of Directors (the Board) has designated T. Rowe Price Associates, Inc. as the fund’s valuation designee (Valuation Designee). Subject to oversight by the Board, the Valuation Designee performs the following functions in performing fair value determinations: assesses and manages valuation risks; establishes and applies fair value methodologies; tests fair value methodologies; and evaluates pricing vendors and pricing agents. The duties and responsibilities of the Valuation Designee are performed by its Valuation Committee. The Valuation Designee provides periodic reporting to the Board on valuation matters.
Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:
Level 1 – quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at the reporting date
Level 2 – inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads)
Level 3 – unobservable inputs (including the Valuation Designee’s assumptions in determining fair value)
Observable inputs are developed using market data, such as publicly available information about actual events or transactions, and reflect the assumptions that market participants would use to price the financial instrument. Unobservable inputs are those for which market data are not available and are developed using the best information available about the assumptions that market participants would use to price the financial instrument. GAAP requires valuation techniques to maximize the use of relevant observable inputs and minimize the use of unobservable inputs. When multiple inputs are used to derive fair value, the financial instrument is assigned to the level within the fair value hierarchy based on the lowest-level input that is significant to the fair value of the financial instrument. Input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level but rather the degree of judgment used in determining those values.
Valuation Techniques
Equity securities, including exchange-traded funds, listed or regularly traded on a securities exchange or in the over-the-counter (OTC) market are valued at the last quoted sale price or, for certain markets, the official closing price at the time the valuations are made. A security that is listed or traded on more than one exchange is valued at the quotation on the exchange determined to be the primary market for such security. Listed securities not traded on a particular day are valued at the mean of the closing bid and asked prices for domestic securities and the last quoted sale or closing price for international securities.
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
The last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of such securities at the close of the NYSE, if the Valuation Designee determines that developments between the close of a foreign market and the close of the NYSE will affect the value of some or all of the fund's portfolio securities. Each business day, the Valuation Designee uses information from outside pricing services to evaluate the quoted prices of portfolio securities and, if appropriate, decides whether it is necessary to adjust quoted prices to reflect fair value by reviewing a variety of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The Valuation Designee uses outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The Valuation Designee cannot predict how often it will use quoted prices or how often it will determine it necessary to adjust those prices to reflect fair value.
Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as provided by an outside pricing service.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation.
Investments for which market quotations are not readily available or deemed unreliable are valued at fair value as determined in good faith by the Valuation Designee. The Valuation Designee has adopted methodologies for determining the fair value of investments for which market quotations are not readily available or deemed unreliable, including the use of other pricing sources. Factors used in determining fair value vary by type of investment and may include market or investment specific considerations. The Valuation Designee typically will afford the greatest weight to actual prices in arm’s length transactions, to the extent they represent orderly transactions between market participants, transaction information can be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Designee may also consider other valuation methods such as market-based valuation multiples; a discount or premium from market value of a similar, freely traded security of the same issuer; discounted cash flows; yield to maturity; or some combination. Fair value determinations are reviewed on a regular basis. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity inherent in such pricing decisions. Fair value prices determined by the Valuation Designee could differ from those of other market participants, and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values on July 31, 2026 (for further detail by category, please refer to the accompanying Portfolio of Investments): 
($000s)
Level 1
Level 2
Level 3
Total Value
Assets
Common Stocks
$2,139
$32,623
$—
$34,762
Preferred Stocks
—
138
—
138
Short-Term Investments
100
—
—
100
Securities Lending Collateral
239
—
—
239
Total
$2,478
$32,761
$—
$35,239
OTHER MATTERS
Unpredictable environmental, political, social and economic events, including but not limited to, environmental or natural disasters, war and conflict, terrorism, geopolitical and regulatory developments (including trading and tariff arrangements), and public health epidemics or threats, may significantly affect the economy and the markets and issuers in which a fund invests. The extent and duration of such events and resulting market disruptions cannot be predicted. These and other similar events may cause instability across global markets, including reduced liquidity and disruptions in trading markets, while some events may affect certain geographic
T. ROWE PRICE INTERNATIONAL EQUITY RESEARCH ETF
regions, countries, sectors, and industries more significantly than others, and exacerbate other pre-existing political, social, and economic risks. The fund’s performance could be negatively impacted if the value of a portfolio holding were harmed by these or such events.
ETF1196-054Q3
07/26