SFTX vs TACN

SFTXDHorizon International Managed Risk ETF

TACNAT. Rowe Price Active Core International Equity ETF

In short

SFTX An international stock fund with a brake pedal. Horizon's Risk Assist strategy watches volatility and can pull the portfolio into Treasuries or cash equivalents, up to entirely, instead of riding a selloff all the way down.

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

SFTX Seeks total return from developed- and emerging-market equity securities while systematically adjusting exposure to limit downside risk. Its Risk Assist framework can reallocate part of the portfolio to U.S. Treasury securities or cash equivalents during market volatility.

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

Why people hold it

• SFTX The de-risking is built into the mandate, not left to you. Risk Assist monitors volatility and falling global equity values and can shift assets to Treasuries or cash equivalents.horizonmutualfunds.com
• Wide net abroad: roughly 200 holdings spanning developed and emerging markets, reached directly or through ADRs and other ETFs.horizonmutualfunds.com
• It did not launch as a shell. The 2025 debut came with real size and moderate daily volume, so it trades like an established ticker rather than a thin one.

• 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.govtroweprice.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.govtroweprice.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

• SFTX Downside management costs money: 0.82% a year, above the typical actively managed international fund. Pacer's PTIN runs a rules-based trend overlay for 0.02%.
• The brake works both ways. The prospectus notes the fund can sit primarily or entirely in cash equivalents, and that Risk Assist carries no guarantee against losses.horizonmutualfunds.com
• Young ETF, thin evidence. It launched in December 2025, so there is little live history showing how the strategy behaves across a full market cycle.

• 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 SFTX profile⁠

Full TACN profile⁠