TACN vs TLCI

TACNAT. Rowe Price Active Core International Equity ETF

TLCIBTouchstone International Equity 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).

TLCI An international fund that behaves like a stock picker, not an index tracker: sub-adviser The London Company runs roughly 25 to 40 large non-US names chosen for balance sheet strength, at 0.37% net of a waiver through April 29, 2027.

Stated mandate

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

TLCI The Fund seeks long-term capital appreciation.

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.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.

• TLCI Priced at 0.37% net of a waiver through April 29, 2027, below the median fee in its active international category.
• Typically holds about 25 to 40 companies, screened for cash return on tangible capital, balance sheet strength and a discount to estimated intrinsic value.sec.gov
• Buy-and-hold by design: the manager targets an average holding period near five years and aims to minimize turnover to reduce transaction costs and taxes.sec.gov
• At least 80% of assets sit in large-cap non-US equities under normal conditions, so the international mandate is written into policy, not just marketing.sec.gov

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

• TLCI That 0.37% leans on a contractual waiver through April 29, 2027. The gross expense ratio is 1.01%, and waived amounts can be recouped later under the agreement.sec.gov
• A 25 to 40 stock book can invest a high percentage in one country or sector, so single names swing results far more than in funds holding thousands of stocks.sec.gov
• Launched in 2025 and thinly traded, with cheaper broad rivals nearby: AVDE at 0.23%, DFIC at 0.22%, and TACN at 0.00% net of a waiver through January 30, 2027.

Full TACN profile⁠

Full TLCI profile⁠