DFIC vs FRGN: Grades, Fees and Holdings Compared

Dimensional International Core Equity 2 ETF

DFICACboe

Horizon International Equity ETF

FRGNDNYSE Arca

Overlap

0.1%by weight

Expense ratio

DFIC −0.53pt a year

DFIC0.22%FRGN0.75%

Avg volume · 30D

DFIC 33.5×the volume

DFIC1.87MFRGN55.8K

DFIC vs FRGN Performance

Dec 31, 2025 – Nov 5, 2026

+10.2%DFIC+14.8%FRGN

Expense ratio: DFIC 0.22%, better; FRGN 0.75%
Fund size: DFIC $15.4B; FRGN $163M
1Y total return: DFIC +16.7%; FRGN No data
Yield (12M): DFIC 2.56%; FRGN No data
Holdings: DFIC 4148; FRGN 288
Avg volume (30D): DFIC 1.87M sh, better; FRGN 55.8K sh
NAV per share: DFIC $37.82; FRGN $30.26
52W range

ETF.net Grade

Pillar letters and Scores for DFIC, FRGN, with each pillar’s weight
Pillar	DFIC	FRGN
Cost30% weight	A98Higher	D25
Mission25% weight	A100	Not scored
Risk15% weight	B67Higher	C45
Tradability15% weight	A81Higher	C53
Holdings10% weight	A91	Not scored
Durability5% weight	A90Higher	C50

Rank among International Active Equity funds

How we build Categories ›

Same Category. DFIC and FRGN are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

DFIC ranks 1st and FRGN 42nd of 55 funds in the International Active Equity Category.

Rank 1AAVDEAvantis International Equity ETFScore 87
Rank 1ADFICDimensional International Core Equity 2 ETFScore 87
Rank 3AJIREJPMorgan International Research Enhanced Equity ETFScore 79
Rank 40DPGRIPutnam International Stock ETFScore 38
Rank 42DFRGNHorizon International Equity ETFScore 37
Rank 43DEXUSNomura Focused International Core ETFScore 34

Our read on each fund

ETF.net Research

DFICADimensional International Core Equity 2 ETF

FRGNDHorizon International Equity ETF

In short

DFIC No data

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

DFIC No data

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

DFIC No data

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

DFIC No data

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 DFIC profile⁠

Full FRGN profile⁠

DFIC vs FRGN Holdings

How DFIC and FRGN differ

Overlap by weight

0.1%

Shared holdings make up 0.6% of FRGN and 0.1% of DFIC.

Level by level

Holdings3 in both0.1%
Countryby domicile71.3%
Sector11 Sectors80.9%
Asset classStocks100%

Sector

Sector weights in DFIC and FRGN, widest gap first
Sector	Gap	DFIC	FRGN
Technology	FRGN +15.4 points	8.4%	23.8%
Industrials	DFIC +6.8 points	19.3%	12.5%
Energy	FRGN +3.4 points	7.8%	11.2%
Consumer Discretionary	DFIC +3.1 points	9.4%	6.3%
Financials	DFIC +2.4 points	21.8%	19.4%
Utilities	DFIC +2.3 points	3.2%	0.9%
Consumer Staples	DFIC +2.3 points	6.3%	4.0%
Real Estate	DFIC +1.1 points	1.6%	0.5%
Materials	DFIC +0.9 points	11.0%	10.1%
Health Care	FRGN +0.2 points	7.2%	7.4%
Communication	DFIC +0.1 points	4.1%	4.0%

Country, concentration and asset class

Country by domicile

Country weights in DFIC and FRGN, widest gap first
Country	Gap	DFIC	FRGN
Japan	DFIC +9.2 points	24.1%	14.9%
Taiwan	FRGN +9.1 points	0.0%	9.1%
South Korea	FRGN +6.2 points	0.0%	6.2%
China	FRGN +5.4 points	0.2%	5.6%
Australia	DFIC +3.1 points	5.9%	2.8%
Switzerland	DFIC +3.0 points	8.2%	5.2%
Germany	DFIC +3.0 points	7.4%	4.4%
United Kingdom	DFIC +2.1 points	11.4%	9.3%
Other countries (26)	DFIC +0.2 points	42.8%	42.6%

Outside the US: DFIC 98% developed, 2% emerging. FRGN 72% developed, 28% emerging.

Concentration

Weight in the 10 largest Holdings

DFIC7.0%
FRGN21.1%

Securities held

DFIC4,127
FRGN280

Asset class

DFIC: Stocks
FRGN: Stocks

Holdings

Only in DFIC4,124
In both3
Only in FRGN277

Only in DFIC

4,124 securities, 99.6% of DFIC by weight

Shell PLC1.08%
Asml Holding NV0.97%
Novartis AG Adr0.78%
Totalenergies SE0.74%
Roche Holding AG0.69%
Nestle SA0.68%
Royal Bank of Canada0.65%
Allianz SE0.52%
Toyota Motor Corp0.45%
Banco Bilbao Vizcaya Arge0.43%
Bayer AG0.41%
Deutsche Telekom AG0.40%
Hsbc Holdings PLC0.40%
Bp PLC0.39%
Rolls-Royce Holdings PLC0.39%
Suncor Energy Inc.0.38%
Bhp Group Ltd0.38%
Toronto-Dominion Bank0.37%
Unicredit Spa0.36%
Astrazeneca PLC0.36%
Mitsubishi Ufj Financial0.34%
Basf SE0.34%
Canadian Natural Resource0.33%
Sony Group Corp0.33%
Tesco PLC0.32%
Dhl AG0.31%
Advantest Corp0.30%
Hitachi Ltd0.30%
Rio Tinto PLC0.29%
Engie SA0.29%
E.on SE0.29%
Infineon Technologies AG0.28%
Eni Spa0.28%
Recruit Holdings Co Ltd0.28%
Repsol SA0.27%
Orange SA0.27%
Siemens AG0.27%
Muenchener Rueckversicher0.26%
National Bank of Canada0.26%
Intact Financial Corp0.26%
Bhp Group Ltd0.24%
Cenovus Energy Inc0.24%
Zurich Insurance Group AG0.24%
Tokyo Electron Ltd0.24%
Cie De Saint-Gobain0.23%
Standard Chartered PLC0.23%
Barrick Mining Corp0.23%
Fairfax Financial Holding0.23%
Vinci SA0.23%
Ubs Group AG0.23%

Only in FRGN

277 securities, 99.1% of FRGN by weight

Taiwan Semiconductor Manufacturing Co Ltd3.92%
Shell PLC2.77%
ASML Holding NV2.59%
Samsung Electronics Co Ltd2.41%
Roche Holding AG2.26%
Total SE1.69%
SK hynix Inc1.61%
Sap SE1.38%
Banco Bilbao Vizcaya1.34%
Recruit Holdings Co Ltd1.16%
Hitachi Ltd1.14%
Advantest Corp1.09%
Canadian Nat Res Ltd1.02%
Bp PLC1.00%
Sony Group Corp0.95%
Shopify Inc0.95%
Agnico Eagle Mines Ltd0.94%
Siemens AG0.94%
Suncor Energy Inc0.88%
Rio Tinto PLC0.83%
UBS Group AG0.82%
Schneider Electric SE0.81%
Investor AB0.80%
Barrick Mining Corp0.73%
iShares MSCI India ETF0.70%
China Construction Bank Corp0.67%
Manulife Financial Corp0.66%
DHL Group0.64%
AstraZeneca PLC0.63%
Axa SA0.60%
BNP Paribas SA0.59%
ING Groep NV0.58%
SK Square Co Ltd0.58%
Keyence Corp0.58%
Anheuser-Busch Inbev Sa/Nv0.57%
Wheaton Precious Metals Corp0.51%
Novo Nordisk A/S0.50%
Kioxia Holdings Corp0.49%
Alibaba Group Holding Ltd0.48%
Petroleo Brasileiro SA - Petrobras0.47%
Rolls-Royce Holdings PLC0.47%
Gsk PLC0.47%
Atlas Copco AB0.45%
Anglogold Ashanti Plc0.45%
British American Tobacco PLC0.44%
Bank of China Ltd0.44%
Canadian National Railway Co0.44%
Eni SpA0.44%
Argenx SE0.43%
Cenovus Energy Inc0.43%

Weight gaps

All 3 Holdings in both funds, largest gap first.

Holding weights in DFIC and FRGN, widest gap first
Holding	Gap	DFIC	FRGN
Aercap Holdings NVAER	FRGN +0.27 points	0.01%	0.28%
Coca-Cola Europacific ParCCEP	FRGN +0.15 points	0.05%	0.20%
Sea LtdSE	FRGN +0.13 points	0.04%	0.17%

All 4,139 DFIC holdings⁠All 247 FRGN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFIC vs FRGN Cost

Overpaying FRGN vs DFIC

$9,924

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFIC 0.22%
$4,558
FRGN 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

DFIC 0.22%
FRGN 0.75%
Overpaying

Year by year

Year	DFIC	FRGN	Overpaying
10	$401	$1,336	$935
20	$1,561	$5,078	$3,517
30	$4,558	$14,482	$9,924

Expense ratio

0.22%DFIC, cheaper
0.75%FRGN

DFIC0.22%FRGN0.75%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

DFIC 2nd cheapest of 55 funds

FRGN 41st cheapest of 55 funds

DFIC vs FRGN Dividends

Last 12 months to Nov 5, 2026

Yield (12M): DFIC 2.56%; FRGN No data
Payout (12M): DFIC $0.96; FRGN No data
Last payment: DFIC $0.19; FRGN $0.06
Ex-dividend: DFIC Sep 22, 2026; FRGN Dec 24, 2025
Paid on: DFIC Sep 24, 2026; FRGN Dec 26, 2025
Frequency: DFIC Quarterly; FRGN Irregular

Distribution history

Per share, 2022 to 2026, same scale for both

DFICQuarterly · 18 paymentsAll DFIC payments⁠

FRGNIrregular · 1 paymentAll FRGN payments⁠

DFIC vs FRGN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFIC 11.9%FRGN No data
Return per unit of riskSharpe ratio, 3 years: DFIC 1.35FRGN No data
Worst fallMax drawdown, 5 years: DFIC −24.4%since Mar 2022FRGN No data
Market sensitivityBeta, 5 years: DFIC 0.92FRGN 1.14; Market = 1

DFIC and FRGN in the news

All news⁠

ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026DFIC

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DFIC vs FRGN

In short

Stated mandate

Why people hold it

Worth knowing

How DFIC and FRGN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIC

Only in FRGN

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank

How DFIC and FRGN differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIC

Only in FRGN

Weight gaps