The fund normally invests at least 80% of its net assets (plus any borrowings for investments purposes) in equity securities. Under normal conditions, the fund primarily invests in stocks outside the U.S. and in at least five countries, including developed and emerging market countries. The adviser’s decision-making process focuses on bottom-up stock selection with an awareness of the global economic backdrop and the adviser’s outlook for certain industries, sectors, and individual countries.

Taiwan Semiconductor Manufacturing Company Limited

SAP SE

TotalEnergies SE

Banco Bilbao Vizcaya Argentaria, S.A.

ICICI Bank Limited

KB Financial Group Inc.

Itaú Unibanco Holding S.A.

Ferrari N.V.

HDFC Bank Limited

argenx SE

Financial Services

Technology

Industrials

Consumer Cyclical

Basic Materials

Healthcare

Communication Services

Energy

Consumer Defensive

Utilities

T. Rowe Price International Equity Research ETF

TIER Holdings & Sector Breakdown