T. Rowe Price International Equity ETF (TOUS US) – Portfolio Construction Methodology

The investment process underpinning the actively managed T. Rowe Price International Equity ETF is to build a diversified portfolio of non-U.S. equities that can compound capital growth. The fund normally invests at least 80% of net assets in equity securities and at least 65% in stocks of companies tied to markets outside the U.S., with a focus on developed markets as classified by an independent provider. Eligible holdings span common stocks and related instruments across the market-cap spectrum, with a bias toward larger, more liquid issuers and limited use of derivatives for efficient equity exposure. Portfolio construction is driven by bottom-up fundamental research, with country and sector allocations emerging from stock selection but constrained where macro or industry conditions appear unfavorable. Positions are sized for issuer, sector, and country risk, and are rebalanced or sold as fundamentals deteriorate, valuations become stretched, or capital is needed for higher-conviction ideas.

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