AVDE vs FRGN

AVDEAAvantis International Equity ETF

FRGNDHorizon International Equity ETF

In short

AVDE Active management at almost-index prices: Avantis runs roughly 3,300 developed-market stocks outside the US without tracking a benchmark, for 0.23% a year. One of the strongest implementations in its active international peer group.

FRGN One 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

AVDE Invests in a broad range of stocks of all sizes across non-U.S. developed countries, with active portfolio management rather than replication of a specified index.

FRGN 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

• AVDE 0.23% a year, well under half the typical fee in its active international peer group. Active management usually costs more than this.
• Index-like breadth without an index: about 3,300 stocks of all sizes across non-US developed countries, chosen by managers rather than copied from a benchmark.avantisinvestors.com
• A multi-billion-dollar fund that trades actively, so getting in and out tends to be cheap and easy. It pays out quarterly.
• Sits at the top of a crowded field alongside rivals like DFIC and JIRE, priced within a basis point or two of both.

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

Worth knowing

• AVDE Developed markets only. Emerging markets are a separate purchase if you want them.
• No index to grade the manager against, so results come down to Avantis's own portfolio calls rather than a published benchmark.
• It is all-equity and all-foreign: stock market swings plus currency moves both show up in the price.

• FRGN 0.75% 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%).
• It opened in December 2025, so there is no long history to judge the models or the options overlay against.
• Trading is light so far, which can mean wider bid-ask spreads, and distributions land once or twice a year rather than monthly.

Full AVDE profile⁠

Full FRGN profile⁠