T. Rowe Price International Equity ETF

T. Rowe Price International Equity ETF (TOUS) is an actively managed fund. Its managers pick mostly large companies in developed markets outside the US, led by Japan and the UK. Index funds such as iShares MSCI EAFE ETF (EFA) follow a fixed list of stocks, but TOUS relies on its managers' choices. That approach costs 0.50% a year, well above the 0.09% average of similar funds, and the fund has only been around since June 2023.

• Over the year to Oct 27, 2026, TOUS returned +13.1%, 7th of 8 among similar funds.
• Its worst full calendar year was 2024 (+3.6%); its best was 2025 (+34.0%).
• The deepest fall in its price history was 14.3% (Mar 19, 2025 to Apr 8, 2025), recovered by May 2, 2025.

As of Jul 31, 2026, the fund held 188 securities; the ten largest made up 17.46% of assets.

• Over the three months to Jul 31, 2026, investors added a net $90.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +3.92%, +1.11%, +1.31%.

TOUS does not track an index. T. Rowe Price's managers choose the stocks, with a goal of long-term capital growth. Under the prospectus, at least 80% of net assets must be in stocks and at least 65% in non-US stocks. Most of the money goes to developed markets. MSCI, an outside index provider, decides which country each company belongs to.

The managers use "bottom-up" selection. That means they study individual companies first and look for the most favorable mix of business strength, earnings potential and price compared with value. Country weights mostly follow from those picks, though the managers may limit markets or industries with poor prospects. The fund focuses on large companies and can own both growth and value stocks. As of July 31, 2026, it held 188 stocks, and the 10 largest made up 17.5% of assets. ASML (3.6%), AstraZeneca (2.1%) and Rolls-Royce (1.9%) led the list. Japan was 22.3% of the fund and the UK 17.0%.

The prospectus reported portfolio turnover of 34.7%, so roughly a third of the portfolio changed over the year. The fund may use derivatives, but it reported none as of July 31, 2026. Like other ETFs, its shares trade on an exchange at market prices. Large dealers called authorized participants create and redeem shares to keep the price close to the value of the holdings. That link can weaken when markets are under stress.

• TOUS charges 0.5% a year, versus an average of 0.09% for the similar funds below (8th of 8, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).

It gives exposure to large companies in Japan, the UK and Europe that a US-focused portfolio may hold little of.

TOUS could add non-US companies such as ASML, AstraZeneca and Mitsubishi UFJ to a portfolio built mostly on US stocks. Its record is short. It launched in June 2023, so it was not around for the 2008, 2020 or 2022 sell-offs. Its deepest drop was 14.3%, from March 19 to April 8, 2025, and it had recovered by May 2, 2025. Its weakest calendar year, 2024, still returned 3.72%, though it lost 7.33% in that year's fourth quarter. A longer bear market could hurt more. That matters for anyone who might have to sell shares in a down year.

Income is modest. The trailing 12-month yield was 1.58% as of October 27, 2026, and the fund pays once a year. Costs are high for this category. In the SEC's standard $10,000 example, costs come to $51 after one year and $628 after 10. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.