If You Invested in T. Rowe Price International Equity Research ETF (TIER)

T. Rowe Price International Equity Research ETF (TIER) is an actively managed, transparent equity exchange-traded fund offered by T. Rowe Price, a global investment management firm. According to T. Rowe Price, the fund seeks long-term capital appreciation by applying the firm’s fundamental research capabilities in an ETF format. TIER trades on NYSE Arca and is positioned as an international equity strategy within the firm’s active ETF lineup.

The investment approach for T. Rowe Price International Equity Research ETF is based on fundamental research used to construct a diversified portfolio. The fund typically holds a large number of securities and is designed to exhibit characteristics similar to the MSCI All Country World ex USA Index. This reference index covers stocks across developed and emerging markets globally, excluding the United States, and TIER is described as seeking to mirror those broad characteristics while being actively managed.

T. Rowe Price states that TIER’s portfolio typically consists of 300–500 securities. The fund uses the firm’s global equity research platform to identify and select investments, with the goal of achieving long-term capital appreciation. While it seeks to maintain characteristics similar to the MSCI All Country World ex USA Index, the fund is actively managed rather than tracking the index mechanically.

The ETF is co-managed by six investment professionals from T. Rowe Price’s global research organization. These include leaders and directors of equity research across Asia Pacific, Asia, Europe, EMEA and Latin America, as well as a portfolio manager for international and global structured research strategies and the head of global equity research. Their roles, as described by T. Rowe Price, emphasize the use of global, fundamental research to build and manage the fund’s portfolio.

T. Rowe Price highlights that its active ETFs, including TIER, deliver features associated with the ETF structure such as tax efficiency, competitive expense ratios, and the flexibility to buy and sell shares throughout the trading day. The firm also notes that these funds are designed to outperform passive indexes by applying the longstanding investing capabilities of its active managers and research teams.

TIER is part of T. Rowe Price’s broader international active ETF offerings. The firm previously launched the T. Rowe Price International Equity ETF (TOUS), and with the addition of TIER and another global equity ETF, T. Rowe Price has expanded its roster of international-focused active ETFs. Within its overall ETF platform, the firm offers multiple equity and fixed income active ETFs, and TIER contributes to the international equity segment of that roster.

As an ETF, TIER is bought and sold at market prices on the exchange, not at net asset value (NAV). T. Rowe Price notes that investors generally incur the cost of the bid-ask spread when trading ETF shares, and that buying and selling shares may result in brokerage commissions, which can reduce returns. The firm also emphasizes the importance of reviewing the fund’s prospectus for information on investment objectives, risks, charges, and expenses before investing.

Key characteristics of T. Rowe Price International Equity Research ETF (TIER)

• Actively managed, transparent equity ETF offered by T. Rowe Price.
• Seeks long-term capital appreciation.
• Uses fundamental research to construct a diversified portfolio.
• Typically holds 300–500 securities.
• Seeks to maintain characteristics similar to the MSCI All Country World ex USA Index.
• Focuses on stocks across developed and emerging markets globally, excluding the United States.
• Co-managed by six T. Rowe Price investment professionals from global equity research teams.
• Part of T. Rowe Price’s international active ETF lineup.
• Trades on NYSE Arca and offers intraday trading flexibility.
• Features associated with ETFs include tax efficiency and competitive expense ratios, as described by T. Rowe Price.

About the sponsor: T. Rowe Price

TIER is sponsored and managed by T. Rowe Price, which is described as a global asset management firm with decades of investment experience, retirement leadership, and independent proprietary research. The firm notes that a significant portion of the assets it manages are retirement-related and that its investment approach is built on a culture of integrity and prioritizing client interests. T. Rowe Price positions its active ETFs, including TIER, as vehicles that apply its established research and portfolio management capabilities within an exchange-traded structure.

How TIER fits within T. Rowe Price’s ETF lineup

T. Rowe Price introduced its first active ETFs several years before the launch of TIER and has expanded its ETF offerings over time. The firm’s active ETF roster includes both equity and fixed income strategies, and TIER adds to the equity side with a focus on international markets outside the United States. Alongside other international and global equity ETFs from T. Rowe Price, TIER is intended to provide investors with additional options for gaining exposure to non-U.S. equities through an actively managed ETF that is informed by the firm’s global research platform.

Investor considerations

T. Rowe Price emphasizes that investors should consider the investment objectives, risks, charges, and expenses of TIER carefully before investing. The firm directs investors to the fund’s prospectus or summary prospectus for detailed information. It also notes that ETFs are traded at market prices, that trading may involve brokerage commissions, and that these factors can affect overall returns.