TACN vs TOUS: Grades, Fees and Holdings Compared

T. Rowe Price Active Core International Equity ETF

TACNANYSE Arca

T. Rowe Price International Equity ETF

TOUSBNYSE Arca

Overlap

59.1%by weight

Expense ratio

TACN −0.50pt a year

TACN0.00%TOUS0.50%

Avg volume · 30D

TOUS 55.6×the volume

TACN2.59KTOUS144K

TACN vs TOUS Performance

Dec 31, 2025 – Oct 30, 2026

+10.5%TACN+9.7%TOUS

Expense ratio: TACN 0.00%, better; TOUS 0.50%
Fund size: TACN $24M; TOUS $1.69B
1Y total return: TACN No data; TOUS +14.1%
Yield (12M): TACN No data; TOUS 1.59%
Holdings: TACN 508; TOUS 197
Avg volume (30D): TACN 2.59K sh; TOUS 144K sh, better
NAV per share: TACN $28.20; TOUS $37.81
52W range

ETF.net Grade

Pillar letters and Scores for TACN, TOUS, with each pillar’s weight
Pillar	TACN	TOUS
Cost30% weight	A100Higher	B66
Mission25% weight	Not scored	Not scored
Risk15% weight	A70Higher	B64
Tradability15% weight	C46	B69Higher
Holdings10% weight	A82Higher	A79
Durability5% weight	D30	A77Higher

Rank among International Active Equity funds

How we build Categories ›

Same Category. TACN and TOUS 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 TOUS 9th 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 8AGIEQGoldman Sachs Data Enhanced International Equity ETFScore 70
Rank 9BTOUST. Rowe Price International Equity ETFScore 68
Rank 10BCOROiShares International Country Rotation Active ETFScore 67

Our read on each fund

ETF.net Research

TACNAT. Rowe Price Active Core International Equity ETF

TOUSBT. Rowe Price 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).

TOUS T. Rowe Price's stock-picking bench in ETF wrapper: an actively run international portfolio of roughly 190 names, launched in 2023 and priced below the typical active international fund.

Stated mandate

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

TOUS The fund seeks long-term capital growth through an international equity strategy.

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.

TOUS Charges 0.50% a year, under the median for actively managed international equity ETFs. Active research without the old-school active price tag.
Roughly 190 stocks: wide enough to spread country and sector risk, concentrated enough that the managers' picks actually show up in results.
Grew into a multi-billion-dollar fund within a couple of years of its 2023 launch, and trading costs rank among the friendlier ones in its peer group.
Sits in the upper tier of its active international equity peer group on our review of nearly 60 funds.

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

TOUS Systematic rivals go cheaper: DFIC, AVDE and JIRE all run international exposure near a quarter of a percent. Human stock picking is the premium here.
Live since 2023, so the track record in the ETF is short next to T. Rowe's longer-running strategies.
Pays out once or twice a year rather than monthly, so income lands in lumps.

Full TACN profile⁠

Full TOUS profile⁠

TACN vs TOUS Holdings

How TACN and TOUS differ

Overlap by weight

59.1%

Shared holdings make up 88.7% of TOUS and 66.8% of TACN.

Level by level

Holdings154 in both59.1%
Countryby domicile83.9%
Asset classEquity100%

Sector

No Sector split for TACN.

Country, concentration and asset class

Country by domicile

Country weights in TACN and TOUS, widest gap first
Country	More in TACNMore in TOUS	TACN	TOUS
Switzerland	TACN +4.2 points	9.5%	5.3%
Australia	TACN +3.9 points	6.9%	3.0%
United Kingdom	TOUS +2.9 points	14.6%	17.5%
Canada	TOUS +2.9 points	0.0%	2.9%
Netherlands	TOUS +2.4 points	5.9%	8.3%
Spain	TACN +2.1 points	4.2%	2.1%
Denmark	TACN +1.6 points	1.9%	0.3%
United States	TOUS +1.6 points	1.1%	2.7%
Other countries (21)	TOUS +2.0 points	55.9%	57.9%

Outside the US: TACN 99% developed, 1% emerging. TOUS 96% developed, 4% emerging.

Concentration

Weight in the 10 largest Holdings

TACN14.6%
TOUS17.7%

Securities held

TACN498
TOUS187

Asset class

TACN: Equity
TOUS: Equity

Holdings

Only in TACN344
In both154
Only in TOUS33

Only in TACN

344 securities, 33.2% of TACN by weight

Commonwealth Bank of Austral Common Stock0.72%
Abb Ltd Reg Common Stock CHF.120.55%
Tesco PLC Common Stock GBP.06333330.46%
Kioxia Holdings Corp Common Stock0.45%
Atlas Copco Ab A Shs Common Stock SEK.160.43%
Merck Kgaa Common Stock0.42%
Thales SA Common Stock EUR3.00.41%
Caixabank SA Common Stock EUR1.00.41%
Mitsubishi Corp Common Stock0.37%
Zurich Insurance Group AG Common Stock CHF.10.36%
Mizuho Financial Group Inc Common Stock0.35%
Rio Tinto PLC Common Stock GBP.10.35%
Nippon Yusen Kk Common Stock0.34%
SOUTH32 Ltd Common Stock0.32%
Nitori Holdings Co Ltd Common Stock0.30%
National Australia Bank Ltd Common Stock0.30%
Bridgestone Corp Common Stock0.30%
Muenchener Rueckver AG Reg Common Stock0.29%
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%
Inpex Corp Common Stock0.28%
Investor Ab B Shs Common Stock SEK6.250.27%
Evonik Industries AG Common Stock0.27%
Sage Group Plc/The Common Stock GBP.010519480.27%
Pearson PLC Common Stock GBP.250.27%
Anheuser Busch Inbev Sa/Nv Common Stock0.26%
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%
Macquarie Group Ltd Common Stock0.25%
Klepierre Reit EUR1.40.25%
Tokio Marine Holdings Inc Common Stock0.25%
Wesfarmers Ltd Common Stock0.24%
Csl Ltd Common Stock0.24%
Ems Chemie Holding AG Reg Common Stock CHF.010.23%
Bayer AG Reg Common Stock0.22%
Endeavour Mining PLC Common Stock USD.010.22%
Nintendo Co Ltd Common Stock0.22%
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%
Fukuoka Financial Group Inc Common Stock0.20%
Itochu Corp Common Stock0.20%

Only in TOUS

33 securities, 11.3% of TOUS by weight

Samsung Electronics Co Ltd Common Stock KRW100.00.80%
Galp Energia Sgps SA Common Stock EUR1.00.70%
Dassault Aviation SA Common Stock EUR.80.63%
Taiwan Semiconductor Manufac Common Stock TWD10.00.60%
Cenovus Energy Inc Common Stock0.56%
Omv AG Common Stock0.55%
Nippon Sanso Holdings Corp Common Stock0.52%
Canadian Natl Railway Co Common Stock0.47%
Shopify Inc Class A Common Stock0.44%
Otp Bank PLC Common Stock HUF100.00.43%
Banco Comercial Portugues R Common Stock0.42%
Tmx Group Ltd Common Stock0.42%
Unimicron Technology Corp Common Stock TWD10.00.41%
Suncor Energy Inc Common Stock0.40%
Descartes Systems Grp/The Common Stock0.33%
Amcor PLC Common Stock USD.010.33%
Kt Corp Sp Adr Adr0.32%
Dpm Metals Inc Common Stock0.28%
Downer Edi Ltd Common Stock0.26%
Kyushu Railway Company Common Stock0.25%
Archion Corp Common Stock0.25%
Matsukiyococokara & Co Common Stock0.24%
Alibaba Group Holding Ltd Common Stock USD.0000031250.24%
Stora Enso Oyj R Shs Common Stock EUR1.70.22%
Smiths Group PLC Common Stock GBP.3750.21%
Accor SA Common Stock EUR3.00.20%
Kia Corp Common Stock KRW5000.00.18%
Food & Life Companies Ltd Common Stock0.15%
Niterra Co Ltd Common Stock0.14%
Kuaishou Technology Common Stock USD.00000530.13%
Agnico Eagle Mines Ltd Common Stock0.12%
Zhongji Innolight Co Ltd H Common Stock CNY1.00.12%
HKD Spot FX Contract0.00%

Weight gaps

The 100 widest of 154 Holdings in both funds.

Holding weights in TACN and TOUS, widest gap first
Holding	More in TACNMore in TOUS	TACN	TOUS
Astrazeneca PLC Common Stock USD.25AZN.L	TOUS +0.94 points	1.08%	2.02%
Unilever PLC Common Stock GBP.00031111ULVR.L	TOUS +0.81 points	0.86%	1.67%
Rolls Royce Holdings PLC Common Stock GBP.2RR.L	TOUS +0.78 points	0.83%	1.61%
Barclays PLC Common Stock GBP.25BARC.L	TOUS +0.76 points	0.55%	1.31%
Glencore PLC Common Stock USD.01GLEN.L	TOUS +0.69 points	0.45%	1.14%
Novo Nordisk A/S B Common Stock DKK.1	TACN +0.68 points	0.88%	0.20%
Airbus SE Common Stock EUR1.0	TOUS +0.68 points	0.75%	1.43%
Axa SA Common Stock EUR2.29	TOUS +0.65 points	0.29%	0.94%
Nestle SA Reg Common Stock CHF.1	TACN +0.61 points	1.02%	0.41%
Sumitomo Mitsui Financial Gr Common Stock	TACN +0.56 points	1.05%	0.49%
Renesas Electronics Corp Common Stock	TOUS +0.56 points	0.50%	1.06%
Essity Aktiebolag B Common Stock SEK3.35	TOUS +0.54 points	0.07%	0.61%
Seven & I Holdings Co Ltd Common Stock	TOUS +0.51 points	0.07%	0.58%
Leonardo Spa Common Stock	TOUS +0.50 points	0.06%	0.56%
Sanrio Co Ltd Common Stock	TOUS +0.50 points	0.02%	0.52%
Mitsubishi Estate Co Ltd Common Stock	TOUS +0.49 points	0.10%	0.59%
Totalenergies SE Common Stock EUR2.5TTE	TOUS +0.46 points	1.06%	1.52%
Standard Chartered PLC Common Stock USD.5STAN.L	TOUS +0.46 points	0.37%	0.83%
Bawag Group AG Common Stock	TOUS +0.45 points	0.25%	0.70%
Orix Corp Common Stock	TOUS +0.45 points	0.14%	0.59%
Imperial Brands PLC Common Stock GBP.1IMB.L	TOUS +0.43 points	0.40%	0.83%
Isetan Mitsukoshi Holdings L Common Stock	TOUS +0.42 points	0.16%	0.58%
Sampo Oyj A Shs Common Stock	TOUS +0.42 points	0.06%	0.48%
Novartis AG Reg Common Stock CHF.49	TACN +0.40 points	1.29%	0.89%
Shell PLC Common Stock EUR.07SHEL.L	TACN +0.41 points	1.30%	0.89%
Ing Groep NV Common Stock EUR.01	TOUS +0.40 points	0.64%	1.04%
Resona Holdings Inc Common Stock	TOUS +0.39 points	0.08%	0.47%
Siemens Healthineers AG Common Stock	TOUS +0.39 points	0.05%	0.44%
Hitachi Ltd Common Stock	TOUS +0.39 points	0.64%	1.03%
Unicredit Spa Common Stock	TOUS +0.38 points	0.85%	1.23%
Asml Holding NV Common Stock EUR.09	TOUS +0.38 points	3.33%	3.71%
Ericsson Lm B Shs Common Stock SEK5.0	TOUS +0.37 points	0.07%	0.44%
Anz Group Holdings Ltd Common Stock	TACN +0.37 points	0.84%	0.47%
Qiagen N.v. Common Stock EUR.01	TOUS +0.36 points	0.04%	0.40%
Advantest Corp Common Stock	TACN +0.35 points	0.87%	0.52%
Aercap Holdings NV Common Stock EUR.01AER	TOUS +0.34 points	0.07%	0.41%
Ajinomoto Co Inc Common Stock	TOUS +0.35 points	0.04%	0.39%
Iberdrola SA Common Stock EUR.75	TACN +0.34 points	0.57%	0.23%
Siemens AG Reg Common Stock	TOUS +0.34 points	0.99%	1.33%
Prudential PLC Common Stock GBP.05PRU.L	TOUS +0.33 points	0.07%	0.40%
Mitsubishi Electric Corp Common Stock	TOUS +0.32 points	0.23%	0.55%
Sony Group Corp Common Stock	TOUS +0.31 points	1.12%	1.43%
Ryanair Holdings PLC Common Stock EUR.006RYA.L	TOUS +0.32 points	0.24%	0.56%
Enel Spa Common Stock EUR1.0	TOUS +0.31 points	0.70%	1.01%
Hsbc Holdings PLC Common Stock USD.5HSBA.L	TACN +0.30 points	1.26%	0.96%
Bt Group PLC Common Stock GBP.05	TOUS +0.31 points	0.04%	0.35%
Kubota Corp Common Stock	TOUS +0.30 points	0.03%	0.33%
Magnum Ice Cream Co Nv/The Common Stock EUR3.5	TOUS +0.29 points	0.03%	0.32%
Taiheiyo Cement Corp Common Stock	TOUS +0.29 points	0.11%	0.40%
Koninklijke Philips NV Common Stock EUR.2	TOUS +0.29 points	0.07%	0.36%
Asm International NV Common Stock EUR.04	TOUS +0.29 points	0.09%	0.38%
Prosus NV Common Stock EUR.05	TOUS +0.29 points	0.17%	0.46%
Societe Generale SA Common Stock EUR1.25	TOUS +0.28 points	0.36%	0.64%
Aviva PLC Common Stock GBP.3289474	TOUS +0.28 points	0.08%	0.36%
Engie Common Stock EUR1.0	TOUS +0.27 points	0.11%	0.38%
Air Liquide SA Common Stock EUR5.5	TACN +0.27 points	0.55%	0.28%
Segro PLC Reit GBP.1SGRO.L	TOUS +0.27 points	0.05%	0.32%
Sea Ltd Adr Adr USD.0005SE	TOUS +0.26 points	0.07%	0.33%
Sartorius Stedim Biotech Common Stock EUR.2	TOUS +0.26 points	0.02%	0.28%
Chugai Pharmaceutical Co Ltd Common Stock	TOUS +0.26 points	0.05%	0.31%
Spotify Technology SA Common Stock EUR.000625SPOT	TOUS +0.26 points	0.29%	0.55%
Fortum Oyj Common Stock EUR3.4	TOUS +0.26 points	0.03%	0.29%
Tokyo Electron Ltd Common Stock	TACN +0.25 points	0.58%	0.33%
Bp PLC Common Stock USD.25BP.L	TOUS +0.26 points	0.39%	0.65%
Adyen NV Common Stock EUR.01	TOUS +0.26 points	0.06%	0.32%
3I Group PLC Common Stock GBP.738636III.L	TACN +0.25 points	0.44%	0.19%
Murata Manufacturing Co Ltd Common Stock	TACN +0.24 points	0.48%	0.24%
Takeda Pharmaceutical Co Ltd Common Stock	TOUS +0.25 points	0.63%	0.88%
Nippon Steel Corp Common Stock	TOUS +0.24 points	0.08%	0.32%
Sonova Holding AG Reg Common Stock CHF.05	TOUS +0.24 points	0.51%	0.75%
Sse PLC Common Stock GBP.5SSE.L	TOUS +0.24 points	0.10%	0.34%
Fujitsu Limited Common Stock	TOUS +0.24 points	0.10%	0.34%
Recruit Holdings Co Ltd Common Stock	TOUS +0.24 points	1.18%	1.42%
Argenx SE Common Stock EUR.1ARGX	TOUS +0.24 points	0.18%	0.42%
Assa Abloy Ab B Common Stock SEK1.0	TOUS +0.24 points	0.10%	0.34%
Heidelberg Materials AG Common Stock	TOUS +0.22 points	0.05%	0.27%
Prysmian Spa Common Stock EUR.1	TOUS +0.20 points	0.09%	0.29%
Dbs Group Holdings Ltd Common Stock	TACN +0.21 points	0.74%	0.53%
Relx PLC Common Stock GBP.00144397REL.L	TACN +0.21 points	0.50%	0.29%
Arcelormittal Common StockMT	TOUS +0.21 points	0.06%	0.27%
Abn Amro Bank NV Cva Dutch Cert EUR1.0	TOUS +0.20 points	0.07%	0.27%
Sanofi Common Stock EUR2.0	TOUS +0.19 points	0.38%	0.57%
Equinor Asa Common Stock NOK2.5	TACN +0.19 points	0.57%	0.38%
Galderma Group AG Common Stock CHF.01	TOUS +0.18 points	0.11%	0.29%
United Overseas Bank Ltd Common Stock	TOUS +0.19 points	0.36%	0.55%
Olympus Corp Common Stock	TOUS +0.18 points	0.02%	0.20%
Aia Group Ltd Common Stock	TOUS +0.18 points	0.44%	0.62%
Swedbank Ab A Shares Common Stock	TOUS +0.17 points	0.09%	0.26%
L Oreal Common Stock EUR.2	TACN +0.17 points	0.41%	0.24%
Daimler Truck Holding AG Common Stock	TOUS +0.17 points	0.05%	0.22%
East Japan Railway Co Common Stock	TOUS +0.16 points	0.05%	0.21%
National Grid PLC Common Stock GBP.1243129NG.L	TOUS +0.15 points	0.34%	0.49%
Siemens Energy AG Common Stock	TOUS +0.16 points	0.70%	0.86%
Informa PLC Common Stock GBP.001INF.L	TOUS +0.16 points	0.04%	0.20%
Bae Systems PLC Common Stock GBP.025BA.L	TACN +0.15 points	0.53%	0.38%
Michelin (Cgde) Common Stock EUR.5	TACN +0.15 points	0.33%	0.18%
Amadeus It Group SA Common Stock EUR.01	TACN +0.15 points	0.44%	0.29%
Heineken NV Common Stock EUR1.6	TOUS +0.14 points	0.07%	0.21%
Koninklijke Ahold Delhaize N Common Stock EUR.01	TACN +0.14 points	0.31%	0.17%
Compagnie De Saint Gobain Common Stock EUR4.0	TOUS +0.14 points	0.08%	0.22%

All TACN holdings⁠All 188 TOUS 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 TOUS Cost

Overpaying TOUS vs TACN

$9,979

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

TACN 0.00%
$0
TOUS 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

TACN 0.00%
TOUS 0.50%
Overpaying

Year by year

Year	TACN	TOUS	Overpaying
10	$0	$900	$900
20	$0	$3,460	$3,460
30	$0	$9,979	$9,979

Expense ratio

0.00%TACN, cheaper
0.50%TOUS

TACN0.00%TOUS0.50%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

TACN cheapest of 55 funds

TOUS 18th cheapest of 55 funds

TACN vs TOUS Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TACN No data; TOUS 1.59%
Payout (12M): TACN None; TOUS $0.60
Last payment: TACN No data; TOUS $0.60
Ex-dividend: TACN No data; TOUS Dec 23, 2025
Paid on: TACN No data; TOUS Dec 26, 2025
Frequency: TACN No data; TOUS Annual

Distribution history

Per share, 2023 to 2026, same scale for both

TACNAll TACN payments⁠

No distribution history available.

TOUSAnnual · 3 paymentsAll TOUS payments⁠

TACN vs TOUS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: TACN No dataTOUS 12.2%
Return per unit of riskSharpe ratio, 3 years: TACN No dataTOUS 1.23
Worst fallMax drawdown, 5 years: TACN No dataTOUS −14.3%since Jun 2023
Market sensitivityBeta, 5 years: TACN 0.65TOUS 0.89; Market = 1

TACN and TOUS 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 TOUS

In short

Stated mandate

Why people hold it

Worth knowing

How TACN and TOUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in TACN

Only in TOUS

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 TOUS differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in TACN

Only in TOUS

Weight gaps