T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
July 31, 2026 Unaudited
 
 PORTFOLIO OF INVESTMENTS‡ 
Shares
$ Value
(Cost and value in $000s)
 
 
ARGENTINA 0.1%
Common Stocks 0.1%
Vista Energy, ADR (USD) (1)
337
24
Total Argentina (Cost $20)
24
BRAZIL 3.5%
Common Stocks 3.5%
Axia Energia, ADR (USD)
2,775
29
B3 SA - Brasil Bolsa Balcao
6,377
20
Banco BTG Pactual
6,524
73
Cia de Saneamento Basico do Estado de Sao Paulo, ADR (USD)
6,726
37
Embraer, ADR (USD)
493
34
Energisa
1,749
17
Equatorial
3,965
30
Itau Unibanco Holding, ADR (USD)
17,337
147
Localiza Rent a Car
3,157
23
NU Holdings, Class A (USD) (1)
6,676
96
Petroleo Brasileiro - Petrobras, ADR (USD)
8,935
173
Raia Drogasil
9,378
34
Rede D'Or Sao Luiz
2,105
14
Suzano, ADR (USD)
1,725
15
Vale, ADR (USD)
1,857
28
WEG
4,168
39
Total Brazil (Cost $834)
809
CANADA 0.3%
Common Stocks 0.3%
Aris Mining (1)
2,648
35
DPM Metals
986
35
Total Canada (Cost $91)
70
CHILE 0.2%
Common Stocks 0.2%
Banco de Chile, ADR (USD)
821
34
Latam Airlines Group
862,372
23
Total Chile (Cost $55)
57
CHINA 22.6%
Common Stocks 22.6%
3SBio (HKD)
11,000
23
Advanced Micro-Fabrication Equipment China, Class A
1,156
59
Alibaba Group Holding (HKD)
42,500
647
Atour Lifestyle Holdings, ADR (USD)
616
21
Baidu, Class A (HKD) (1)
2,100
29
Bank of China, Class H (HKD)
88,000
62
BeOne Medicines (HKD) (1)
3,500
87
BYD, Class H (HKD)
8,300
99
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
CGN Power, Class H (HKD)
39,000
14
China Construction Bank, Class H (HKD)
298,000
350
China Hongqiao Group (HKD)
13,500
42
China International Capital, Class H (HKD)
27,600
76
China Jushi, Class A
6,700
37
China Life Insurance, Class H (HKD)
16,000
60
China Mengniu Dairy (HKD)
14,000
34
China Merchants Bank, Class H (HKD)
11,500
75
China Pacific Insurance Group, Class H (HKD)
31,400
123
China Petroleum & Chemical, Class H (HKD)
38,000
21
China Resources Beer Holdings (HKD)
13,000
39
China Resources Land (HKD)
12,000
51
China Resources Mixc Lifestyle Services (HKD)
8,200
42
China Shenhua Energy, Class H (HKD)
9,500
53
China Tower, Class H (HKD)
14,500
19
China Yangtze Power, Class A
4,300
19
Contemporary Amperex Technology, Class H (HKD)
600
47
CRRC, Class H (HKD)
66,000
44
CSPC Pharmaceutical Group (HKD)
14,000
15
Geely Automobile Holdings (HKD)
10,000
25
Hongfa Technology, Class A
11,100
58
Hua Hong Semiconductor, Class H (HKD) (1)
5,000
81
Industrial & Commercial Bank of China, Class H (HKD)
124,000
119
Innovent Biologics (HKD) (1)
3,000
33
JD Health International (HKD) (1)
4,200
21
JD.com, Class A (HKD)
1,600
26
Jiangsu Hengrui Pharmaceuticals, Class H (HKD)
3,000
22
Jiangsu Zhongtian Technology, Class A
8,000
34
KE Holdings, Class A (HKD)
7,600
43
Kingboard Laminates Holdings (HKD)
2,000
7
Kunlun Energy (HKD)
18,000
17
Kweichow Moutai, Class A
200
40
Lenovo Group (HKD)
30,000
92
Li Auto, Class A (HKD) (1)
2,600
18
Luckin Coffee, ADR (USD) (1)
644
23
Meituan, Class B (HKD) (1)
5,200
61
Midea Group, Class H (HKD)
1,800
23
Muyuan Foods Group, Class H (HKD)
5,200
22
NAURA Technology Group, Class A
300
30
NetEase (HKD)
5,200
138
New Oriental Education & Technology Group (HKD)
5,400
32
PDD Holdings, ADR (USD) (1)
329
29
PetroChina, Class H (HKD)
54,000
69
PICC Property & Casualty, Class H (HKD)
14,000
29
Ping An Bank, Class A
41,100
71
Sany Heavy Equipment International Holdings (HKD)
85,000
80
SG Micro, Class H (HKD) (1)
1,300
14
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Shanghai United Imaging Healthcare, Class A
1,315
22
Shenzhen Inovance Technology, Class A
4,500
43
Tencent Holdings (HKD)
15,200
929
Trip.com Group (HKD) (1)
1,550
73
Wanhua Chemical Group, Class A
7,100
78
Weichai Power, Class H (HKD)
18,000
75
WuXi AppTec, Class H (HKD)
3,000
62
Wuxi Biologics Cayman (HKD) (1)
6,500
32
WuXi XDC Cayman (HKD) (1)
4,500
30
Xiaomi, Class B (HKD) (1)
30,800
113
Xpeng, Class A (HKD) (1)
2,700
17
Yangtze Optical Fibre & Cable Joint Stock, Class H (HKD)
1,000
12
Yankuang Energy Group, Class H (HKD)
24,000
37
Yantai Jereh Oilfield Services Group, Class A
1,300
26
Yum China Holdings (HKD)
900
43
Yunnan Aluminium, Class A
4,300
17
Zhongji Innolight, Class A
600
80
Zijin Mining Group, Class H (HKD)
30,000
127
Total China (Cost $5,534)
5,261
COLOMBIA 0.2%
Common Stocks 0.2%
Grupo Cibest, ADR (USD)
441
41
Total Colombia (Cost $33)
41
CZECH REPUBLIC 0.1%
Common Stocks 0.1%
CEZ
250
16
Total Czech Republic (Cost $14)
16
EGYPT 0.1%
Common Stocks 0.1%
Commercial International Bank - Egypt (CIB)
7,789
22
Total Egypt (Cost $21)
22
FINLAND 0.1%
Common Stocks 0.1%
Amer Sports (USD) (1)
645
23
Total Finland (Cost $22)
23
GREECE 0.5%
Common Stocks 0.5%
Eurobank
5,088
26
National Bank of Greece
2,872
54
Piraeus Bank (1)
2,308
27
Total Greece (Cost $87)
107
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
HONG KONG 0.4%
Common Stocks 0.4%
AIA Group
10,000
101
Total Hong Kong (Cost $111)
101
HUNGARY 0.4%
Common Stocks 0.4%
OTP Bank
588
87
Total Hungary (Cost $65)
87
INDIA 10.8%
Common Stocks 10.8%
Adani Ports & Special Economic Zone
3,428
61
Apollo Hospitals Enterprise
337
32
Astral
1,669
25
AU Small Finance Bank
1,959
22
Avenue Supermarts (1)
533
22
Axis Bank, GDR (USD)
1,445
93
Bajaj Finance
8,064
96
Bharat Electronics
10,158
41
Bharti Airtel
6,843
141
BSE
457
18
Cholamandalam Investment & Finance
1,756
34
Coal India
4,191
18
Cummins India
924
53
Divi's Laboratories
1,221
103
Eternal (1)
17,065
54
Godrej Consumer Products
4,090
46
HDFC Bank, ADR (USD)
6,968
167
Hindalco Industries
4,399
45
Hindustan Aeronautics
684
33
Hindustan Unilever
2,959
65
Hyundai Motor India
2,271
52
ICICI Bank, ADR (USD)
6,747
202
Indian Hotels
1,841
14
Infosys, ADR (USD)
5,362
65
InterGlobe Aviation
375
20
Kotak Mahindra Bank
19,186
78
Larsen & Toubro, GDR (USD)
1,799
73
Mahindra & Mahindra, GDR (USD)
2,934
103
MakeMyTrip (USD) (1)
318
18
NTPC
16,763
61
Oil & Natural Gas
7,798
20
Polycab India
277
26
Power Grid Corp of India
19,274
57
Reliance Industries, GDR (USD) (2)
3,368
185
SBI Life Insurance
1,330
26
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Shriram Finance
4,353
48
State Bank of India
2,278
25
Swiggy (1)
4,653
14
Tata Consultancy Services
1,433
36
Tata Steel
17,616
35
Titan
1,757
90
Torrent Pharmaceuticals
606
33
UltraTech Cement
234
29
Varun Beverages
5,321
25
Total India (Cost $2,456)
2,504
INDONESIA 0.3%
Common Stocks 0.3%
Bank Central Asia
111,200
39
Bank Mandiri Persero
102,300
24
Total Indonesia (Cost $74)
63
KUWAIT 0.5%
Common Stocks 0.5%
Gulf Bank KSCP
24,787
28
Kuwait Finance House KSCP
10,793
28
National Bank of Kuwait
18,492
51
Total Kuwait (Cost $107)
107
MALAYSIA 0.7%
Common Stocks 0.7%
CIMB Group Holdings
64,700
125
Public Bank
29,800
38
Total Malaysia (Cost $168)
163
MEXICO 1.9%
Common Stocks 1.9%
America Movil, ADR (USD)
1,711
43
Arca Continental
2,418
28
Cemex, ADR (USD)
3,460
41
Fomento Economico Mexicano, ADR (USD)
509
65
Grupo Aeroportuario del Pacifico, Class B
1,065
23
Grupo Aeroportuario del Sureste, Class B
547
15
Grupo Financiero Banorte, Class O
3,928
45
Grupo Mexico, Series B
13,208
159
Wal-Mart de Mexico
11,497
34
Total Mexico (Cost $437)
453
NETHERLANDS 0.1%
Common Stocks 0.1%
Prosus
337
16
Total Netherlands (Cost $18)
16
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
PERU 0.9%
Common Stocks 0.9%
Credicorp (USD)
267
107
Southern Copper (USD)
538
98
Total Peru (Cost $192)
205
PHILIPPINES 0.5%
Common Stocks 0.5%
BDO Unibank
24,190
49
International Container Terminal Services
4,270
67
Total Philippines (Cost $102)
116
POLAND 0.9%
Common Stocks 0.9%
Allegro.eu (1)
2,934
35
Bank Polska Kasa Opieki
1,124
74
ORLEN
1,422
56
Powszechny Zaklad Ubezpieczen
2,177
42
Total Poland (Cost $184)
207
QATAR 0.3%
Common Stocks 0.3%
Qatar National Bank
15,535
71
Total Qatar (Cost $77)
71
SAUDI ARABIA 2.3%
Common Stocks 2.3%
Al Rajhi Bank
7,898
132
Almarai
1,384
17
Dr Sulaiman Al Habib Medical Services Group
511
32
Etihad Etisalat
2,616
43
Rasan Information Technology (1)
463
16
SABIC Agri-Nutrients
589
19
Saudi Arabian Oil
13,690
97
Saudi Awwal Bank
4,127
37
Saudi Basic Industries
2,810
37
Saudi National Bank
10,586
111
Total Saudi Arabia (Cost $574)
541
SINGAPORE 0.1%
Common Stocks 0.1%
Sea, ADR (USD) (1)
297
32
Total Singapore (Cost $26)
32
SOUTH AFRICA 2.6%
Common Stocks 2.6%
Absa Group
2,349
32
Anglogold Ashanti
1,491
113
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Aspen Pharmacare Holdings
3,461
31
Capitec Bank Holdings
341
97
Clicks Group
901
12
FirstRand
22,086
132
MTN Group
3,660
45
Naspers, Class N
1,842
97
Valterra Platinum
648
49
Total South Africa (Cost $654)
608
SOUTH KOREA 19.6%
Common Stocks 18.3%
Celltrion
489
63
DB Insurance
185
20
Doosan Enerbility (1)
540
25
Hana Financial Group
585
51
Hanwha Aerospace
150
96
HD Hyundai Electric
50
23
HD Hyundai Heavy Industries
81
27
HD Korea Shipbuilding & Offshore Engineering
88
23
Hyosung Heavy Industries
11
18
Hyundai Mobis
96
31
Hyundai Motor
294
78
Hyundai Rotem
163
15
KB Financial Group, ADR (USD)
1,048
123
Kia
711
64
Korea Electric Power, ADR (USD)
1,463
17
KT&G
214
27
LG Chem
423
75
LG Electronics
590
65
LG Energy Solution (1)
91
21
LS Electric
187
24
NAVER
236
34
POSCO Holdings, ADR (USD)
1,306
69
Samsung Biologics (1)
60
62
Samsung C&T
173
40
Samsung Electronics
7,088
1,234
Samsung Electronics, GDR (USD)
70
300
Samsung Fire & Marine Insurance
76
33
Samsung Heavy Industries (1)
1,308
19
Samsung Life Insurance
216
45
Shinhan Financial Group, ADR (USD)
915
64
SK
121
45
SK Hynix
1,113
1,264
SK Square
195
134
Woori Financial Group
1,317
31
 
4,260
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
Preferred Stocks 1.3%
Samsung Electronics
2,348
295
Total South Korea (Cost $3,708)
4,555
TAIWAN 26.7%
Common Stocks 26.7%
Accton Technology
2,000
130
Airtac International Group
1,000
40
ASE Technology Holding, ADR (USD)
5,547
195
Asustek Computer
1,000
25
Bizlink Holding
1,000
64
Cathay Financial Holding
27,000
84
Chunghwa Telecom, ADR (USD)
1,114
47
CTBC Financial Holding
46,000
92
Delta Electronics
5,000
246
E.Sun Financial Holding
49,000
58
Elite Material
1,000
143
First Financial Holding
23,000
26
Fubon Financial Holding
22,000
88
Hon Hai Precision Industry, GDR (USD)
14,273
218
Jentech Precision Industrial
1,000
104
KGI Financial Holding
42,000
40
Lotes (1)
1,000
56
MediaTek
3,000
320
Mega Financial Holding
22,000
36
Quanta Computer
3,000
27
SinoPac Financial Holdings
18,360
23
Taiwan Semiconductor Manufacturing
41,000
3,032
Taiwan Semiconductor Manufacturing, ADR (USD)
1,927
779
TS Financial Holding
31,310
34
Unimicron Technology
6,000
141
United Microelectronics
11,000
41
Wistron
5,000
27
Yageo
3,000
45
Yuanta Financial Holding
22,000
46
Total Taiwan (Cost $5,191)
6,207
THAILAND 1.1%
Common Stocks 1.1%
Advanced Info Service
3,200
36
CP ALL
22,800
33
Gulf Development
8,400
17
PTT
25,000
29
PTT Exploration & Production
3,500
15
Siam Cement
4,100
31
Thai Oil
44,300
87
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
 
Shares
$ Value
(Cost and value in $000s)
 
 
WHA
143,400
21
Total Thailand (Cost $233)
269
TURKIYE 0.4%
Common Stocks 0.4%
Akbank TAS
14,384
19
Aselsan Elektronik Sanayi Ve Ticaret
2,723
20
BIM Birlesik Magazalar
3,552
29
KOC Holding
3,754
15
Turkcell Iletisim Hizmetleri
5,595
12
Total Turkiye (Cost $104)
95
UNITED ARAB EMIRATES 0.8%
Common Stocks 0.8%
Abu Dhabi Commercial Bank
14,242
58
Adnoc Gas
21,405
19
Emirates Telecommunications Group
9,285
52
First Abu Dhabi Bank
11,251
59
Total United Arab Emirates (Cost $180)
188
UNITED KINGDOM 0.2%
Common Stocks 0.2%
Glencore (1)
5,841
43
Total United Kingdom (Cost $41)
43
UNITED STATES 0.1%
Common Stocks 0.1%
Coupang (1)
866
14
Total United States (Cost $16)
14
VIETNAM 0.2%
Common Stocks 0.2%
Hoa Phat Group
33,660
28
Mobile World Investment
9,600
25
Total Vietnam (Cost $62)
53
SHORT-TERM INVESTMENTS 0.2%
Money Market Funds 0.2%
State Street Institutional U.S. Government Money Market Fund, 3.62% (3)
47,293
47
Total Short-Term Investments
(Cost $47)
47
Total Investments
99.7% of Net Assets (Cost $21,538)
$23,175
Other Assets Less Liabilities 0.3%
79
Net Assets 100.0%
$23,254
 
‡ 
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 
T. ROWE PRICE EMERGING MARKETS EQUITY RESEARCH ETF
July 31, 2026 Unaudited
(2) 
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 $185 and represents 0.8% of net assets. 
(3) 
Seven-day yield 
 
ADR 
American Depositary Receipts 
GDR 
Global Depositary Receipts 
HKD 
Hong Kong Dollar 
USD 
U.S. Dollar 
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE EMERGING MARKETS 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 Emerging Markets 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 semiannual 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 EMERGING MARKETS 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
$2,900
$19,933
$—
$22,833
Preferred Stocks
—
295
—
295
Short-Term Investments
47
—
—
47
Total
$2,947
$20,228
$—
$23,175
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 EMERGING MARKETS 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.
ETF1252-054Q3
07/26