T. Rowe Price International Equity Research ETF
TIER
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- T. Rowe Price International Equity Research ETF (TIER) is an actively managed exchange-traded fund that seeks long-term capital appreciation through investment in international equities excluding the United States. The fund employs a disciplined portfolio construction process, weighting sectors and countries approximately in line with the MSCI All Country World Index ex US, while leveraging bottom-up stock selection by a global team of T. Rowe Price equity analysts across industries, sectors, and regions; it invests primarily in non-US stocks without market capitalization restrictions, targeting at least five countries in developed and emerging markets including exposure to Eurozone (21.85%), Japan (15.79%), emerging Asia (13.69%), developed Asia (10.86%), and the United Kingdom (9.98%), with top sectors comprising financial services (23.46%), technology (14.13%), industrials (13.30%), consumer cyclical (8.82%), and healthcare (7.73%). Issued by T. Rowe Price, a global investment management firm founded in 1937 and headquartered in Baltimore, Maryland, the ETF holds approximately 350 positions with assets under management of about $16.7 million and a net expense ratio of 0.38%. TIER launched on June 25, 2025, alongside the T. Rowe Price Global Equity ETF (TGLB), expanding the firm's active international ETF lineup to three offerings including the prior T. Rowe Price International Equity ETF (TOUS) from 2023, as part of a strategic push to enhance investor access to international equities via transparent active management in the ETF format. The fund is managed by a team including Kamran Baig, Tetsuji Inoue, Jason Nogueira, Leigh Innes, Sridhar Nishtala, and Tobias Mueller, all starting on the launch date, and is domiciled in the United States as an open-ended investment company available for sale to US investors.