PIEQ vs TACN: Grades, Fees and Holdings Compared

Principal International Equity ETF

PIEQBCboe

T. Rowe Price Active Core International Equity ETF

TACNANYSE Arca

Overlap

4.5%by weight

Expense ratio

TACN −0.48pt a year

PIEQ0.48%TACN0.00%

Avg volume · 30D

PIEQ 15.0×the volume

PIEQ42.8KTACN2.86K

PIEQ vs TACN Performance

Dec 31, 2025 – Nov 9, 2026

+9.0%PIEQ+12.2%TACN

Expense ratio: PIEQ 0.48%; TACN 0.00%, better
Fund size: PIEQ $1.3B; TACN $24M
1Y total return: PIEQ +15.6%; TACN No data
Yield (12M): PIEQ 1.18%; TACN No data
Holdings: PIEQ 39; TACN 504
Avg volume (30D): PIEQ 42.8K sh, better; TACN 2.86K sh
NAV per share: PIEQ $34.95; TACN $27.86
52W range

ETF.net Grade

Pillar letters and Scores for PIEQ, TACN, with each pillar’s weight
Pillar	PIEQ	TACN
Cost30% weight	A71	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B62	A77Higher
Tradability15% weight	B60Higher	C45
Holdings10% weight	C42	A82Higher
Durability5% weight	B66Higher	D30

Rank among International Active Equity funds

How we build Categories ›

Same Category. PIEQ and TACN are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

TACN ranks 3rd and PIEQ 19th of 55 funds in the International Active Equity Category.

Rank 3AJIREJPMorgan International Research Enhanced Equity ETFScore 77
Rank 3ATACNT. Rowe Price Active Core International Equity ETFScore 77
Rank 6AENHIiShares Enhanced International Active ETFScore 74
Rank 18BPQNTPictet AI Enhanced International Equity ETFScore 63
Rank 19BPIEQPrincipal International Equity ETFScore 62
Rank 20BCGICCapital Group International Core Equity ETFScore 61

Our read on each fund

ETF.net Research

PIEQBPrincipal International Equity ETF

TACNAT. Rowe Price Active Core International Equity ETF

In short

PIEQ No data

TACN T. Rowe Price's index-aware take on developed international stocks: it shadows the MSCI EAFE benchmark while nudging weights, and the fee is waived to 0.00% through January 30, 2027 (0.20% gross).

Stated mandate

PIEQ No data

TACN The fund's goal is to achieve long-term capital growth.

Why people hold it

PIEQ No data

TACN Fee waived to zero through January 30, 2027, then the 0.20% gross rate applies. Top-scoring active international peers AVDE (0.23%) and DFIC (0.22%) charge more, with no waiver.troweprice.com
Built around the MSCI EAFE Index: an optimizer modestly over- and underweights names, targeting tracking error above most passive funds and below most active ones.sec.gov troweprice.com
Names come from T. Rowe's quant models plus bottom-up fundamental research (valuation, profitability, financial stability, earnings quality), with at least 80% of net assets normally in equities.sec.gov troweprice.com
Despite being new, it already stands among the strongest-rated funds in a crowded active international equity group, with long-term capital growth as the stated goal.

Worth knowing

PIEQ No data

TACN Launched December 10, 2025, so the track record is short and assets are still small. Trading is thin, which can mean wider spreads than at big index rivals.
The zero fee is contractual, not permanent: it runs through January 30, 2027, after which the 0.20% gross expense ratio kicks in.troweprice.com
Low tracking error is the design, not a bug. The active tilt is deliberately modest, so the portfolio is built to hug EAFE rather than stray from it.sec.gov

Full PIEQ profile⁠

Full TACN profile⁠

PIEQ vs TACN Holdings

How PIEQ and TACN differ

Overlap by weight

4.5%

Shared holdings make up 38.5% of PIEQ and 4.5% of TACN.

Level by level

Holdings14 in both4.5%
Countryby domicile46.2%
Sector12 Sectors78.8%
Asset classStocks100%

Sector

Sector weights in PIEQ and TACN, widest gap first
Sector	Gap	PIEQ	TACN
Industrials	TACN +11.3 points	7.0%	18.3%
Health Care	PIEQ +6.8 points	16.8%	10.0%
Financials	TACN +5.1 points	20.8%	25.9%
Technology	PIEQ +5.0 points	16.0%	11.0%
Consumer Discretionary	PIEQ +3.8 points	11.0%	7.2%
Communication	PIEQ +3.5 points	9.0%	5.5%
Consumer Staples	TACN +3.4 points	4.1%	7.5%
Energy	PIEQ +1.6 points	5.8%	4.2%
Real Estate	TACN +1.5 points	0.0%	1.5%
Government	PIEQ +0.5 points	0.5%	0.0%
Utilities	TACN +0.1 points	3.2%	3.3%
Materials	Same weight	5.7%	5.7%

Country, concentration and asset class

Country by domicile

Country weights in PIEQ and TACN, widest gap first
Country	Gap	PIEQ	TACN
Japan	TACN +12.5 points	11.3%	23.9%
United States	PIEQ +10.3 points	11.5%	1.2%
Switzerland	TACN +9.9 points	0.0%	9.9%
Canada	PIEQ +8.6 points	8.6%	0.0%
China	PIEQ +8.2 points	8.3%	0.2%
Taiwan	PIEQ +5.9 points	5.9%	0.0%
Germany	TACN +5.6 points	2.5%	8.1%
Australia	TACN +5.0 points	1.6%	6.6%
Other countries (20)	PIEQ +0.1 points	50.2%	50.1%

Outside the US: PIEQ 75% developed, 25% emerging. TACN 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

PIEQ45.0%
TACN14.3%

Securities held

PIEQ36
TACN494

Asset class

PIEQ: Stocks
TACN: Stocks

Holdings

Only in PIEQ22
In both14
Only in TACN480

Only in PIEQ

22 securities, 61.2% of PIEQ by weight

Taiwan Semiconductor Sp Adr Adr6.22%
Asml Holding NV Common Stock EUR.095.37%
Samsung Electronics Co Ltd Common Stock KRW100.04.49%
Teck Resources Ltd Cls B Common Stock4.31%
Suncor Energy Inc Common Stock4.22%
Galaxy Entertainment Group L Common Stock3.61%
Erste Group Bank AG Common Stock3.29%
Astrazeneca PLC Common Stock USD.253.21%
Tencent Holdings Ltd Common Stock HKD.000023.16%
Daimler Truck Holding AG Common Stock3.10%
Yum China Holdings Inc Common Stock USD.013.06%
Rexel SA Common Stock EUR5.03.03%
National Bank of Greece Common Stock EUR3.02.76%
Icon PLC Common Stock EUR.062.64%
Trip.com Group Ltd Common Stock USD.001251.88%
Entain PLC Common Stock EUR.011.63%
Bhp Group Ltd Common Stock1.49%
Zegona Communications PLC Common Stock GBP.011.17%
Ascendis Pharma A/S Common Stock DKK1.00.99%
Samsonite Group SA Common Stock USD.010.88%
State Street Institutional Us State St Inst Us Gov Mm Prem0.42%
Nice Ltd Spon Adr Adr0.33%

Only in TACN

480 securities, 95.2% of TACN by weight

Asml Holding NV Common Stock EUR.093.00%
Roche Holding AG Common Stock CHF.0011.55%
Mitsubishi Ufj Financial Gro Common Stock1.39%
Novartis AG Reg Common Stock CHF.491.34%
Hsbc Holdings PLC Common Stock USD.51.29%
Shell PLC Common Stock EUR.071.22%
Sony Group Corp Common Stock1.19%
Astrazeneca PLC Common Stock USD.251.18%
Recruit Holdings Co Ltd Common Stock1.11%
Nestle SA Reg Common Stock CHF.11.09%
Sap SE Common Stock1.04%
Sumitomo Mitsui Financial Gr Common Stock1.02%
Totalenergies SE Common Stock EUR2.51.01%
Banco Bilbao Vizcaya Argenta Common Stock EUR.490.99%
Unilever PLC Common Stock GBP.000311110.98%
Siemens AG Reg Common Stock0.96%
Unicredit Spa Common Stock0.94%
Ubs Group AG Reg Common Stock USD.10.91%
Bhp Group Ltd Common Stock0.86%
Rolls Royce Holdings PLC Common Stock GBP.20.84%
Anz Group Holdings Ltd Common Stock0.82%
Enel Spa Common Stock EUR1.00.80%
Toyota Motor Corp Common Stock0.79%
Allianz SE Reg Common Stock0.78%
Airbus SE Common Stock EUR1.00.77%
Commonwealth Bank of Austral Common Stock0.72%
Axa SA Common Stock EUR2.290.72%
Dbs Group Holdings Ltd Common Stock0.71%
Deutsche Telekom AG Reg Common Stock0.69%
Advantest Corp Common Stock0.68%
Ing Groep NV Common Stock EUR.010.68%
Takeda Pharmaceutical Co Ltd Common Stock0.68%
Safran SA Common Stock EUR.20.67%
Banco Santander SA Common Stock EUR.50.67%
Barclays PLC Common Stock GBP.250.67%
Siemens Energy AG Common Stock0.66%
Kddi Corp Common Stock0.63%
Sumitomo Corp Common Stock0.62%
Vinci SA Common Stock EUR2.50.60%
Iberdrola SA Common Stock EUR.750.59%
Air Liquide SA Common Stock EUR5.50.59%
Hitachi Ltd Common Stock0.59%
Novo Nordisk A/S B Common Stock DKK.10.57%
Schneider Electric SE Common Stock EUR4.00.56%
Asahi Group Holdings Ltd Common Stock0.54%
Eurofins Scientific Common Stock EUR.10.53%
Sonova Holding AG Reg Common Stock CHF.050.53%
Intercontinental Hotels Grou Common Stock GBP.20852130.53%
Abb Ltd Reg Common Stock CHF.120.52%
Relx PLC Common Stock GBP.001443970.52%

Weight gaps

All 14 Holdings in both funds, largest gap first.

Holding weights in PIEQ and TACN, widest gap first
Holding	Gap	PIEQ	TACN
Sompo Holdings Inc Common Stock	PIEQ +4.21 points	4.28%	0.07%
Aib Group PLC Common Stock EUR.625	PIEQ +4.09 points	4.15%	0.06%
Spotify Technology SA Common Stock EUR.000625SPOT	PIEQ +4.02 points	4.34%	0.32%
British American Tobacco PLC Common StockBATS.L	PIEQ +3.45 points	4.05%	0.60%
Abn Amro Bank NV Cva Dutch Cert EUR1.0	PIEQ +2.94 points	3.01%	0.07%
Bae Systems PLC Common Stock GBP.025BA.L	PIEQ +2.50 points	2.98%	0.48%
Obayashi Corp Common Stock	PIEQ +2.40 points	2.42%	0.02%
Hoya Corp Common Stock	PIEQ +2.15 points	2.27%	0.12%
Hannover Rueck SE Common Stock	PIEQ +1.88 points	2.38%	0.50%
Argenx SE Common Stock EUR.1ARGX	PIEQ +1.77 points	1.96%	0.19%
Bnp Paribas Common Stock EUR2.0	PIEQ +1.47 points	2.16%	0.69%
Bp PLC Common Stock USD.25BP.L	PIEQ +1.26 points	1.61%	0.35%
Aia Group Ltd Common Stock	PIEQ +0.96 points	1.45%	0.49%
Komatsu Ltd Common Stock	PIEQ +0.92 points	1.41%	0.49%

All 35 PIEQ holdings⁠All TACN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PIEQ vs TACN Cost

Overpaying PIEQ vs TACN

$9,605

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

PIEQ 0.48%
$9,605
TACN 0.00%
$0

Amount$10,000

Years30 years

Cost over time

PIEQ 0.48%
TACN 0.00%
Overpaying

Year by year

Year	PIEQ	TACN	Overpaying
10	$865	$0	$865
20	$3,328	$0	$3,328
30	$9,605	$0	$9,605

Expense ratio

0.48%PIEQ
0.00%TACN, cheaper

TACN0.00%PIEQ0.48%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

TACN cheapest of 55 funds

PIEQ 17th cheapest of 55 funds

PIEQ vs TACN Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PIEQ 1.18%; TACN No data
Payout (12M): PIEQ $0.42; TACN None
Last payment: PIEQ $0.42; TACN No data
Ex-dividend: PIEQ Dec 29, 2025; TACN No data
Paid on: PIEQ Dec 31, 2025; TACN No data
Frequency: PIEQ Annual; TACN No data

Distribution history

Per share, 2024 to 2026, same scale for both

PIEQAnnual · 2 paymentsAll PIEQ payments⁠

TACNAll TACN payments⁠

No distribution history available.

PIEQ vs TACN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PIEQ 10.2%since Dec 2024TACN No data
Return per unit of riskSharpe ratio, 3 years: PIEQ 1.62since Dec 2024TACN No data
Worst fallMax drawdown, 5 years: PIEQ −15.2%since Nov 2024TACN No data
Market sensitivityBeta, 5 years: PIEQ 0.47TACN 0.65; Market = 1

PIEQ and TACN in the news

All news⁠

ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026TACN

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PIEQ vs TACN

In short

Stated mandate

Why people hold it

Worth knowing

How PIEQ and TACN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PIEQ

Only in TACN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Franklin Templeton files two enhanced ETFs to absorb its international core funds

How PIEQ and TACN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PIEQ

Only in TACN

Weight gaps