T. ROWE PRICE GLOBAL EQUITY ETF
July 31, 2026 Unaudited
 
 PORTFOLIO OF INVESTMENTS‡ 
Shares
$ Value
(Cost and value in $000s)
 
 
AUSTRALIA 0.8%
Common Stocks 0.8%
South32
62,135
198
Total Australia (Cost $194)
198
CANADA 2.6%
Common Stocks 2.6%
Equinox Gold (USD)
19,486
174
Franco-Nevada (USD)
2,390
509
Total Canada (Cost $794)
683
CHINA 0.4%
Common Stocks 0.4%
Lenovo Group (HKD)
38,000
116
Total China (Cost $119)
116
DENMARK 1.4%
Common Stocks 1.4%
Orsted (1)
16,582
370
Total Denmark (Cost $350)
370
FRANCE 1.5%
Common Stocks 1.5%
Schneider Electric
1,190
400
Total France (Cost $324)
400
GERMANY 2.9%
Common Stocks 2.9%
Hannover Rueck
1,393
402
Siemens Energy
2,025
346
Total Germany (Cost $755)
748
ITALY 3.9%
Common Stocks 3.9%
Ferrari (USD)
1,164
458
UniCredit
5,872
554
Total Italy (Cost $975)
1,012
JAPAN 5.5%
Common Stocks 5.5%
Kokusai Electric
5,800
261
MS&AD Insurance Group Holdings
9,000
277
Recruit Holdings
5,200
411
Sony Group
10,800
253
Sony Group, ADR (USD)
10,701
249
Total Japan (Cost $1,368)
1,451
T. ROWE PRICE GLOBAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
POLAND 1.9%
Common Stocks 1.9%
Bank Polska Kasa Opieki
7,377
486
Total Poland (Cost $481)
486
SINGAPORE 2.1%
Common Stocks 2.1%
Sea, ADR (USD) (1)
5,134
548
Total Singapore (Cost $457)
548
SWEDEN 1.6%
Common Stocks 1.6%
Atlas Copco, Class A
20,352
430
Total Sweden (Cost $351)
430
UNITED KINGDOM 0.9%
Common Stocks 0.9%
AstraZeneca
1,447
246
Total United Kingdom (Cost $264)
246
UNITED STATES 73.5%
Common Stocks 73.5%
Advanced Micro Devices (1)
2,244
1,068
Alphabet, Class C
4,256
1,518
Amazon.com (1)
1,743
473
Ameren
2,259
248
Amphenol, Class A
3,510
564
Apollo Global Management
2,143
269
Apple
2,944
909
AppLovin, Class A (1)
615
243
Ares Management, Class A
3,382
433
Arista Networks (1)
2,439
440
Broadcom
2,542
990
Capital One Financial
3,642
761
Carvana (1)
3,160
197
Cisco Systems
3,740
434
CME Group
1,537
412
ConocoPhillips
4,114
496
Costco Wholesale
323
307
Danaher
1,437
280
Deere
932
552
Dell Technologies, Class C
945
383
Humana
1,854
675
Ingersoll-Rand
5,331
445
Intel (1)
2,607
235
JPMorgan Chase
1,255
442
Liberty Media-Liberty Formula One, Class C (1)
6,141
603
T. ROWE PRICE GLOBAL EQUITY ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Marsh & McLennan
2,906
551
Meta Platforms, Class A
713
397
Micron Technology
302
249
Microsoft
1,023
475
NVIDIA
6,789
1,363
Old Dominion Freight Line
1,576
334
O'Reilly Automotive (1)
4,846
433
RenaissanceRe Holdings
1,302
417
SLB
6,634
329
Steel Dynamics
1,974
496
TechnipFMC
4,291
307
Teledyne Technologies (1)
856
561
Total United States (Cost $17,369)
19,289
SHORT-TERM INVESTMENTS 2.3%
Money Market Funds 2.3%
State Street Institutional U.S. Government Money Market Fund, 3.62% (2)
620,100
620
Total Short-Term Investments
(Cost $620)
620
Total Investments
101.3% of Net Assets (Cost $24,421)
$26,597
Other Assets Less Liabilities (1.3)%
(354
)
Net Assets 100.0%
$26,243
 
‡ 
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) 
Seven-day yield 
 
ADR 
American Depositary Receipts 
HKD 
Hong Kong Dollar 
USD 
U.S. Dollar 
T. ROWE PRICE GLOBAL EQUITY 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
$74
¤
¤
$—
T. Rowe Price Treasury Reserve Fund
—
¤
¤
—
 
Total
$—
^
 
++
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 $0.
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL EQUITY 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 Global Equity 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 GLOBAL EQUITY 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
$21,227
$4,750
$—
$25,977
Short-Term Investments
620
—
—
620
Total
$21,847
$4,750
$—
$26,597
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 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.
ETF1195-054Q3
07/26