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FRGN

GradeCNew York Stock Exchange Arca

Horizon International Equity ETF

Active Equity · Horizon Funds · Inception 2025-12-02 · SEC filings

$31.57−0.40 (−1.24%)

As of Sep 23, 2026, 2:04 PM EDT

History starts Dec 4, 2025.History starts Dec 4, 2025.
Intraday session: down, 18 prints from 31.96 to 31.57. Range 31.42 to 32.02. Use the arrow keys to read each point.$31.40$31.80$32.0010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$155M
1Y return
—
Yield · Last 12 months
Data unavailable
Holdings
247
Volume · 30D
0M sh
NAV per share
$31.62
52W range
low $25.00high $32.36

The ETF.net FRGN Grade

C

47/ 100

Rank 32 of 57 in International Active Equity⁠

Confidence Low

Six-pillar profile for FRGN. Scores out of 100: Cost 33, Risk 50, Mission not scored, Tradability 73, Holdings not scored, Durability 51. Strongest: Tradability (73). Weakest: Cost (33). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 47 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 33
    Category rank38/57 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 50
    Category rank37/57 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 73
    Category rank9/57 · top 16%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 51
    Category rank31/57 · mid-pack

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on FRGN

ETF.net Research

COne ticker for developed and emerging markets, steered by quant models instead of an index, with put spreads layered on top. Horizon's international entry launched in December 2025, so the record is still being written.

Stated mandate

The fund seeks capital appreciation through active management and quantitative models allocating across developed and emerging markets. It also uses put spreads tactically to enhance total-return potential.

Why people hold it

  1. 01Developed and emerging markets ride in one actively managed wrapper, so the manager sets the mix rather than an index committee.horizoninvestments.com
  2. 02Stock picking runs through multi-factor screens: value, quality, momentum and low volatility. Rules do the ranking, not hunches.horizoninvestments.com
  3. 03Put spreads are used tactically alongside the stock book, an options overlay most plain international funds simply do not carry.horizoninvestments.com
  4. 04Roughly 250 names across two market tiers, so no single stock or country dominates the outcome.

Worth knowing

  1. 010.75% a year sits above the norm for active international funds and far above index-plus rivals such as AVDE (0.23%) and DFIC (0.22%).
  2. 02It opened in December 2025, so there is no long history to judge the models or the options overlay against.
  3. 03Trading is light so far, which can mean wider bid-ask spreads, and distributions land once or twice a year rather than monthly.

FRGN Holdings

As of Sep 20, 2026, 8:30 AM
Asset class
Stocks
Holdings
247
Top-10 weight
22%
Largest holding
Taiwan Semiconductor Manufacturing Co Ltd4.6%

Sectors

  • Technology22.0%
  • Financials19.5%
  • Industrials13.5%
  • Materials10.3%
  • Energy9.1%
  • Health Care7.9%
  • Consumer Discr.7.2%
  • Communication4.4%
  • Cons. Staples3.6%
  • Real Estate1.3%
  • Utilities1.2%

Geography

  • Japan15.23%
  • Canada10.27%
  • Taiwan8.92%
  • United Kingdom8.50%
  • South Korea6.72%
  • France6.46%
  • Switzerland6.32%
  • Netherlands5.15%
  • Other countries (23)32.43%

Developed 74% · Emerging 26% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 20.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Taiwan Semiconductor Manufacturing Co Ltd4.63%92,178$7M2
002—ASML Holding NV3.68%3,420$6M2
003—Samsung Electronics Co Ltd2.64%22,364$4M3
004—SK hynix Inc1.94%2,228$3M6
005—Shell PLC1.79%58,214$3M2
006—Toronto-Dominion Bank/The1.77%22,298$3M2
007—Roche Holding AG1.52%5,392$2M3
008—TOTAL SE1.42%23,959$2M2
009—Advantest Corp1.10%8,300$2M2
010—Royal Bank of Canada1.03%7,776$2M2
011—UBS Group AG1.02%31,085$2M2
012—Novartis AG1.01%11,123$2M2
013—Rio Tinto PLC0.98%15,549$2M2
014—Tokyo Electron Ltd0.97%4,400$1M4
015—Agnico Eagle Mines Ltd0.97%7,463$1M3

Showing 1–15 of 293 holdings

FRGN Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

FRGN$12,472
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. FRGN $12,472. SPY $11,430. Use the arrow keys to read each point.$9,028$10,948$12,867Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for FRGN. Periods over one year show the average yearly return.
PeriodFRGN
Year to date+24.7%
1 month−0.3%
3 months−1.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for FRGN
YearReturn barFRGN
2026 YTD+24.7%
2025+1.6%

History from Dec 4, 2025

FRGN in the news

ETF.net Research hasn’t filed on FRGN yet — coverage lands here as it’s written.

FRGN Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.06 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 24, 2025 $0.06. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.06

FRGN Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Dec 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.11
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FRGN Cost

Expense ratio0.75%
  • The middle half of International Active Equity funds
  • Median 0.58%

36 of the 55 International Active Equity funds charge less.

FRGN costs $75.00 a year on $10,000. The median International Active Equity fund costs $58.00.