TACN vs TIER: Grades, Fees and Holdings Compared

T. Rowe Price Active Core International Equity ETF

TACNANYSE Arca

T. Rowe Price International Equity Research ETF

TIERBNYSE Arca

Overlap

50.1%by weight

Expense ratio

TACN −0.38pt a year

TACN0.00%TIER0.38%

Avg volume · 30D

TIER 6.1×the volume

TACN2.59KTIER15.8K

TACN vs TIER Performance

Dec 31, 2025 – Oct 30, 2026

+10.5%TACN+9.8%TIER

Expense ratio: TACN 0.00%, better; TIER 0.38%
Fund size: TACN $24M; TIER $135M
1Y total return: TACN No data; TIER +12.9%
Holdings: TACN 508; TIER 435
Avg volume (30D): TACN 2.59K sh; TIER 15.8K sh, better
NAV per share: TACN $28.20; TIER $30.99
52W range

ETF.net Grade

Pillar letters and Scores for TACN, TIER, with each pillar’s weight
Pillar	TACN	TIER
Cost30% weight	A100Higher	A80
Mission25% weight	Not scored	Not scored
Risk15% weight	A70Higher	B55
Tradability15% weight	C46Higher	C41
Holdings10% weight	A82Higher	A76
Durability5% weight	D30	C49Higher

Rank among International Active Equity funds

How we build Categories ›

Same Category. TACN and TIER 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 5th and TIER 16th of 55 funds in the International Active Equity Category.

Rank 5AENHIiShares Enhanced International Active ETFScore 76
Rank 5ATACNT. Rowe Price Active Core International Equity ETFScore 76
Rank 7AAVNMAvantis All International Markets Equity ETFScore 72
Rank 16BPIEQPrincipal International Equity ETFScore 64
Rank 16BTIERT. Rowe Price International Equity Research ETFScore 64
Rank 18BINEQColumbia International Equity Income ETFScore 63

Our read on each fund

ETF.net Research

TACNAT. Rowe Price Active Core International Equity ETF

TIERBT. Rowe Price International Equity Research ETF

In short

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).

TIER Roughly 40 T. Rowe Price analysts pick the stocks, while sector and industry weights stay close to the MSCI ACWI ex USA Index. The wager here is name-by-name research abroad, not a call on which sector or region takes the lead.

Stated mandate

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

TIER The fund seeks long-term capital appreciation. It is an actively managed ETF investing primarily in non-U.S. stocks across developed and emerging markets, using bottom-up research and seeking excess returns relative to the MSCI ACWI ex USA Index.

Why people hold it

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.

TIER Charges 0.38%, below the 0.60% median for active international equity funds in its peer group.
The portfolio is built from the picks of roughly 40 T. Rowe Price equity research analysts, with portfolio managers holding oversight and final discretion.troweprice.com
Sector and industry weights hug the MSCI ACWI ex USA Index, so results relative to that benchmark hinge on stock selection rather than sector bets.troweprice.com
One ticker covers both developed and emerging markets, spread across roughly 300 stocks, in a fully transparent active ETF wrapper.prnewswire.com

Worth knowing

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

TIER Index-like sector weights cut both ways: the fund has less room to reallocate across sectors than active funds with a freer hand, and can lag them as a result.troweprice.com
It began trading in June 2025, so the track record is short, and it remains a small, thinly traded fund where bid-ask spreads deserve a look before you trade.
Cheaper systematic rivals cover similar ground, with AVDE at 0.23% and DFIC at 0.22%.

Full TACN profile⁠

Full TIER profile⁠

TACN vs TIER Holdings

How TACN and TIER differ

Overlap by weight

50.1%

Shared holdings make up 76.7% of TACN and 59.1% of TIER.

Level by level

Holdings229 in both50.1%
Countryby domicile63.2%
Asset classEquity100%

Sector

No Sector split for TACN.

Country, concentration and asset class

Country by domicile

Country weights in TACN and TIER, widest gap first
Country	More in TACNMore in TIER	TACN	TIER
Taiwan	TIER +9.8 points	0.0%	9.8%
Japan	TACN +8.0 points	24.5%	16.5%
Canada	TIER +7.4 points	0.0%	7.4%
South Korea	TIER +6.3 points	0.0%	6.3%
China	TIER +5.0 points	0.2%	5.2%
United Kingdom	TACN +4.7 points	14.6%	9.9%
Switzerland	TACN +4.2 points	9.5%	5.3%
France	TACN +3.9 points	9.1%	5.2%
Other countries (27)	TACN +7.6 points	42.0%	34.4%

Outside the US: TACN 99% developed, 1% emerging. TIER 71% developed, 29% emerging.

Concentration

Weight in the 10 largest Holdings

TACN14.6%
TIER15.7%

Securities held

TACN498
TIER414

Asset class

TACN: Equity
TIER: Equity

Holdings

Only in TACN269
In both229
Only in TIER185

Only in TACN

269 securities, 23.3% of TACN by weight

Bnp Paribas Common Stock EUR2.00.65%
British American Tobacco PLC Common Stock0.58%
Amadeus It Group SA Common Stock EUR.010.44%
Merck Kgaa Common Stock0.42%
Jeronimo Martins Common Stock EUR1.00.41%
Fast Retailing Co Ltd Common Stock0.39%
Nippon Yusen Kk Common Stock0.34%
Bunzl PLC Common Stock GBP.32142860.33%
SOUTH32 Ltd Common Stock0.32%
Nitori Holdings Co Ltd Common Stock0.30%
Mitsubishi Chemical Group Co Common Stock0.30%
Otsuka Corp Common Stock0.29%
Vestas Wind Systems A/S Common Stock DKK.20.29%
Endesa SA Common Stock EUR1.20.28%
Ageas Common Stock0.28%
Evonik Industries AG Common Stock0.27%
Sage Group Plc/The Common Stock GBP.010519480.27%
Pearson PLC Common Stock GBP.250.27%
Ck Hutchison Holdings Ltd Common Stock HKD1.00.26%
Demant A/S Common Stock DKK.20.26%
Scentre Group Reit0.26%
Naturgy Energy Group SA Common Stock EUR1.00.25%
Mitsui & Co Ltd Common Stock0.25%
Industrivarden Ab C Shs Common Stock SEK2.50.25%
Poste Italiane Spa Common Stock EUR1.00.25%
Klepierre Reit EUR1.40.25%
Ems Chemie Holding AG Reg Common Stock CHF.010.23%
Cvc Capital Partners PLC Common Stock0.22%
Endeavour Mining PLC Common Stock USD.010.22%
Taisei Corp Common Stock0.21%
Var Energi Asa Common Stock NOK.160.21%
Millicom Intl Cellular S.a. Common Stock USD1.50.21%
Avolta AG Common Stock CHF5.00.21%
Logitech International Reg Common Stock CHF.250.21%
Ipsen Common Stock EUR1.00.21%
Hkt Trust and Hkt Ltd Ss Stapled Security HKD.00050.20%
Qantas Airways Ltd Common Stock0.19%
Brother Industries Ltd Common Stock0.19%
Wartsila Oyj Abp Common Stock0.18%
Intl Consolidated Airline Di Common Stock EUR.10.18%
Ono Pharmaceutical Co Ltd Common Stock0.16%
Isetan Mitsukoshi Holdings L Common Stock0.16%
Rio Tinto Ltd Common Stock0.16%
Galaxy Entertainment Group L Common Stock0.15%
Natwest Group PLC Common Stock GBP1.07690.15%
Oji Holdings Corp Common Stock0.15%
Spie SA Common Stock EUR.470.14%
Eni Spa Common Stock0.14%
Nordea Bank Abp Common Stock EUR1.00.13%
Honda Motor Co Ltd Common Stock0.13%

Only in TIER

185 securities, 42.0% of TIER by weight

Taiwan Semiconductor Manufac Common Stock TWD10.03.53%
Taiwan Semiconductor Sp Adr Adr2.43%
Sk Hynix Inc Common Stock KRW5000.01.74%
Samsung Electr Gdr Reg’s Gdr1.30%
Yuan Renminbi Offshore1.06%
Royal Bank of Canada Common Stock1.03%
Toronto Dominion Bank Common Stock0.87%
Alibaba Group Holding Sp Adr Adr USD.0000250.86%
Samsung Electronics Co Ltd Common Stock KRW100.00.81%
Mediatek Inc Common Stock TWD10.00.72%
Tencent Holdings Ltd Uns Adr Adr HKD.000020.71%
Shopify Inc Class A Common Stock0.66%
China Construction Bank H Common Stock CNY1.00.61%
Samsung Electronics Pref Preference0.52%
Barclays PLC Spons Adr Adr0.47%
British American Tob Sp Adr Adr0.45%
Suncor Energy Inc Common Stock0.43%
Unilever PLC Sponsored Adr Adr0.41%
Canadian Natural Resources Common Stock0.41%
Delta Electronics Inc Common Stock TWD10.00.40%
Ase Technology Holding Co Lt Common Stock TWD10.00.39%
Canadian Natl Railway Co Common Stock0.34%
Elite Material Co Ltd Common Stock TWD10.00.34%
Canadian Pacific Kansas City Common Stock0.33%
Agnico Eagle Mines Ltd Common Stock0.32%
Petroleo Brasileiro Spon Adr Adr0.32%
Tencent Holdings Ltd Common Stock HKD.000020.30%
Kb Financial Group Inc Adr Adr0.30%
Icici Bank Ltd Spon Adr Adr0.30%
Grupo Mexico Sab De Cv Ser B Common Stock0.30%
Divi’s Laboratories Ltd Common Stock INR2.00.29%
Itau Unibanco H Spon Prf Adr Adr0.28%
Fubon Financial Holding Co Common Stock TWD10.00.28%
Hon Hai Precision Gdr Reg’s Gdr0.27%
Enbridge Inc Common Stock0.27%
Anglogold Ashanti PLC Common Stock0.25%
Bharti Airtel Ltd Common Stock INR5.00.24%
Tc Energy Corp Common Stock0.24%
Banco Comercial Portugues R Common Stock0.23%
Reliance Inds Spons Gdr 144A Gdr0.23%
Bank of Nova Scotia Common Stock0.23%
Nippon Sanso Holdings Corp Common Stock0.23%
China Pacific Insurance Gr H Common Stock CNY1.00.23%
Meituan Class B Common Stock USD.000010.22%
National Bank of Canada Common Stock0.22%
Sk Square Co Ltd Common Stock KRW500.00.22%
Hdfc Bank Ltd Adr Adr0.22%
Wheaton Precious Metals Corp Common Stock0.21%
Cathay Financial Holding Co Common Stock TWD10.00.21%
Al Rajhi Bank Common Stock SAR10.00.21%

Weight gaps

The 100 widest of 229 Holdings in both funds.

Holding weights in TACN and TIER, widest gap first
Holding	More in TACNMore in TIER	TACN	TIER
Asml Holding NV Common Stock EUR.09	TACN +1.43 points	3.33%	1.90%
Unilever PLC Common Stock GBP.00031111ULVR.L	TACN +0.67 points	0.86%	0.19%
Mitsubishi Ufj Financial Gro Common Stock	TACN +0.62 points	1.43%	0.81%
Barclays PLC Common Stock GBP.25BARC.L	TACN +0.55 points	0.55%	0.00%
Roche Holding AG Common Stock CHF.001	TACN +0.55 points	1.55%	1.00%
Recruit Holdings Co Ltd Common Stock	TACN +0.53 points	1.18%	0.65%
Sumitomo Mitsui Financial Gr Common Stock	TACN +0.51 points	1.05%	0.54%
Sony Group Corp Common Stock	TACN +0.49 points	1.12%	0.63%
Allianz SE Reg Common Stock	TACN +0.47 points	1.06%	0.59%
Banco Bilbao Vizcaya Argenta Common Stock EUR.49BBVA	TACN +0.47 points	0.95%	0.48%
Novo Nordisk A/S B Common Stock DKK.1	TACN +0.46 points	0.88%	0.42%
Hsbc Holdings PLC Common Stock USD.5HSBA.L	TACN +0.46 points	1.26%	0.80%
Swedbank Ab A Shares Common Stock	TIER +0.41 points	0.09%	0.50%
Novartis AG Reg Common Stock CHF.49	TACN +0.41 points	1.29%	0.88%
Anz Group Holdings Ltd Common Stock	TACN +0.41 points	0.84%	0.43%
Asahi Group Holdings Ltd Common Stock	TACN +0.39 points	0.51%	0.12%
Komatsu Ltd Common Stock	TACN +0.38 points	0.49%	0.11%
Intercontinental Hotels Grou Common Stock GBP.2085213IHG	TACN +0.37 points	0.49%	0.12%
Kddi Corp Common Stock	TACN +0.37 points	0.60%	0.23%
Renesas Electronics Corp Common Stock	TACN +0.37 points	0.50%	0.13%
Takeda Pharmaceutical Co Ltd Common Stock	TACN +0.37 points	0.63%	0.26%
Eurofins Scientific Common Stock EUR.1	TACN +0.36 points	0.46%	0.10%
Dbs Group Holdings Ltd Common Stock	TACN +0.36 points	0.74%	0.38%
Deutsche Telekom AG Reg Common Stock	TACN +0.34 points	0.67%	0.33%
Advantest Corp Common Stock	TACN +0.34 points	0.87%	0.53%
Sampo Oyj A Shs Common Stock	TIER +0.34 points	0.06%	0.40%
Totalenergies SE Common Stock EUR2.5TTE	TACN +0.33 points	1.06%	0.73%
Enel Spa Common Stock EUR1.0	TACN +0.32 points	0.70%	0.38%
Rolls Royce Holdings PLC Common Stock GBP.2RR.L	TACN +0.32 points	0.83%	0.51%
Ing Groep NV Common Stock EUR.01	TACN +0.32 points	0.64%	0.32%
Thales SA Common Stock EUR3.0	TACN +0.31 points	0.41%	0.10%
Tesco PLC Common Stock GBP.0633333TSCO.L	TACN +0.31 points	0.46%	0.15%
3I Group PLC Common Stock GBP.738636III.L	TACN +0.32 points	0.44%	0.12%
Shell PLC Common Stock EUR.07SHEL.L	TACN +0.31 points	1.30%	0.99%
Vinci SA Common Stock EUR2.5	TACN +0.31 points	0.58%	0.27%
Nestle SA Reg Common Stock CHF.1	TACN +0.31 points	1.02%	0.71%
Imperial Brands PLC Common Stock GBP.1IMB.L	TACN +0.31 points	0.40%	0.09%
Sonova Holding AG Reg Common Stock CHF.05	TACN +0.30 points	0.51%	0.21%
Equinor Asa Common Stock NOK2.5	TACN +0.30 points	0.57%	0.27%
Suncorp Group Ltd Common Stock	TACN +0.29 points	0.50%	0.21%
Dhl AG Common Stock	TACN +0.28 points	0.45%	0.17%
Commonwealth Bank of Austral Common Stock	TACN +0.28 points	0.72%	0.44%
Ms+ad Insurance Group Holdin Common Stock	TACN +0.27 points	0.50%	0.23%
Aia Group Ltd Common Stock	TIER +0.28 points	0.44%	0.72%
Banco Santander SA Common Stock EUR.5	TACN +0.27 points	0.62%	0.35%
Ubs Group AG Reg Common Stock USD.1	TACN +0.26 points	0.84%	0.58%
Bae Systems PLC Common Stock GBP.025BA.L	TACN +0.24 points	0.53%	0.29%
Sanofi Common Stock EUR2.0	TACN +0.24 points	0.38%	0.14%
United Overseas Bank Ltd Common Stock	TACN +0.23 points	0.36%	0.13%
Sumitomo Corp Common Stock	TACN +0.24 points	0.66%	0.42%
Michelin (Cgde) Common Stock EUR.5	TACN +0.23 points	0.33%	0.10%
Murata Manufacturing Co Ltd Common Stock	TACN +0.22 points	0.48%	0.26%
Siemens AG Reg Common Stock	TACN +0.22 points	0.99%	0.77%
Taiheiyo Cement Corp Common Stock	TIER +0.22 points	0.11%	0.33%
Iberdrola SA Common Stock EUR.75	TACN +0.22 points	0.57%	0.35%
Tower Semiconductor Ltd Common Stock ILS15.0	TACN +0.22 points	0.29%	0.07%
Siemens Energy AG Common Stock	TACN +0.21 points	0.70%	0.49%
Unicredit Spa Common Stock	TACN +0.21 points	0.85%	0.64%
Bp PLC Common Stock USD.25BP.L	TACN +0.20 points	0.39%	0.19%
Relx PLC Common Stock GBP.00144397REL.L	TACN +0.20 points	0.50%	0.30%
Mitsui Fudosan Co Ltd Common Stock	TACN +0.20 points	0.26%	0.06%
Abb Ltd Reg Common Stock CHF.12	TACN +0.20 points	0.55%	0.35%
Axa SA Common Stock EUR2.29	TACN +0.20 points	0.29%	0.09%
Inpex Corp Common Stock	TACN +0.20 points	0.28%	0.08%
Safran SA Common Stock EUR.2	TACN +0.20 points	0.63%	0.43%
Chugai Pharmaceutical Co Ltd Common Stock	TIER +0.19 points	0.05%	0.24%
Aker Bp Asa Common Stock NOK1.0	TIER +0.19 points	0.04%	0.23%
Airbus SE Common Stock EUR1.0	TACN +0.19 points	0.75%	0.56%
Upm Kymmene Oyj Common Stock	TACN +0.18 points	0.30%	0.12%
Westpac Banking Corp Common Stock	TACN +0.18 points	0.31%	0.13%
Aviva PLC Common Stock GBP.3289474	TIER +0.18 points	0.08%	0.26%
Koninklijke Ahold Delhaize N Common Stock EUR.01	TACN +0.17 points	0.31%	0.14%
Kioxia Holdings Corp Common Stock	TACN +0.17 points	0.45%	0.28%
Resona Holdings Inc Common Stock	TIER +0.17 points	0.08%	0.25%
Mitsubishi Corp Common Stock	TACN +0.17 points	0.37%	0.20%
Zurich Insurance Group AG Common Stock CHF.1	TACN +0.16 points	0.36%	0.20%
Itochu Corp Common Stock	TIER +0.17 points	0.20%	0.37%
Kubota Corp Common Stock	TIER +0.17 points	0.03%	0.20%
Infineon Technologies AG Common Stock	TACN +0.16 points	0.47%	0.31%
Tokyo Electron Ltd Common Stock	TACN +0.16 points	0.58%	0.42%
Orange Common Stock EUR4.0	TACN +0.16 points	0.31%	0.15%
Atlas Copco Ab A Shs Common Stock SEK.16	TACN +0.16 points	0.43%	0.27%
Kajima Corp Common Stock	TIER +0.15 points	0.03%	0.18%
Keyence Corp Common Stock	TIER +0.15 points	0.20%	0.35%
T+d Holdings Inc Common Stock	TIER +0.15 points	0.03%	0.18%
Bt Group PLC Common Stock GBP.05	TIER +0.16 points	0.04%	0.20%
Asics Corp Common Stock	TIER +0.15 points	0.04%	0.19%
Ajinomoto Co Inc Common Stock	TIER +0.15 points	0.04%	0.19%
Glencore PLC Common Stock USD.01GLEN.L	TACN +0.15 points	0.45%	0.30%
Nippon Steel Corp Common Stock	TIER +0.14 points	0.08%	0.22%
National Australia Bank Ltd Common Stock	TACN +0.14 points	0.30%	0.16%
Fortum Oyj Common Stock EUR3.4	TIER +0.14 points	0.03%	0.17%
Bridgestone Corp Common Stock	TACN +0.14 points	0.30%	0.16%
Hoya Corp Common Stock	TIER +0.13 points	0.14%	0.27%
Wesfarmers Ltd Common Stock	TACN +0.12 points	0.24%	0.12%
Lloyds Banking Group PLC Common Stock GBP.1LLOY.L	TACN +0.13 points	0.40%	0.27%
Nec Corp Common Stock	TIER +0.13 points	0.06%	0.19%
Neste Oyj Common Stock	TIER +0.12 points	0.05%	0.17%
Diageo PLC Common Stock GBP.2893518DGE.L	TACN +0.12 points	0.12%	0.00%
Ihi Corp Common Stock	TIER +0.13 points	0.02%	0.15%

All TACN holdings⁠All 345 TIER 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.

TACN vs TIER Cost

Overpaying TIER vs TACN

$7,706

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

TACN 0.00%
$0
TIER 0.38%
$7,706

Amount$10,000

Years30 years

Cost over time

TACN 0.00%
TIER 0.38%
Overpaying

Year by year

Year	TACN	TIER	Overpaying
10	$0	$688	$688
20	$0	$2,658	$2,658
30	$0	$7,706	$7,706

Expense ratio

0.00%TACN, cheaper
0.38%TIER

TACN0.00%TIER0.38%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

TACN cheapest of 55 funds

TIER 12th cheapest of 55 funds

TACN vs TIER Dividends

Last 12 months to Oct 30, 2026

Payout (12M): TACN None; TIER No data
Last payment: TACN No data; TIER $0.21
Ex-dividend: TACN No data; TIER Dec 23, 2025
Paid on: TACN No data; TIER Dec 26, 2025
Frequency: TACN No data; TIER Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

TACNAll TACN payments⁠

No distribution history available.

TIERIrregular · 1 paymentAll TIER payments⁠

TACN vs TIER Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TACN No dataTIER 14.4%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: TACN No dataTIER 0.87since Jul 2025
Worst fallMax drawdown, 5 years: TACN No dataTIER −12.1%since Jun 2025
Market sensitivityBeta, 5 years: TACN 0.65TIER 0.91; Market = 1

TACN and TIER 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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TACN vs TIER

In short

Stated mandate

Why people hold it

Worth knowing

How TACN and TIER differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in TACN

Only in TIER

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 TACN and TIER differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in TACN

Only in TIER

Weight gaps