FRGN vs TACN

FRGNDHorizon International Equity ETF

TACNAT. Rowe Price Active Core International Equity ETF

In short

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.

TACN T. Rowe Price's index-aware take on developed international stocks: it shadows the MSCI EAFE benchmark while nudging weights, and the fee is waived to 0.00% through January 30, 2027 (0.20% gross).

Stated mandate

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.

TACN The fund's goal is to achieve long-term capital growth.

Why people hold it

• 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.

• TACN Fee waived to zero through January 30, 2027, then the 0.20% gross rate applies. Top-scoring active international peers AVDE (0.23%) and DFIC (0.22%) charge more, with no waiver.troweprice.com
• Built around the MSCI EAFE Index: an optimizer modestly over- and underweights names, targeting tracking error above most passive funds and below most active ones.sec.govtroweprice.com
• Names come from T. Rowe's quant models plus bottom-up fundamental research (valuation, profitability, financial stability, earnings quality), with at least 80% of net assets normally in equities.sec.govtroweprice.com
• Despite being new, it already stands among the strongest-rated funds in a crowded active international equity group, with long-term capital growth as the stated goal.

Worth knowing

• 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.

• TACN Launched December 10, 2025, so the track record is short and assets are still small. Trading is thin, which can mean wider spreads than at big index rivals.
• The zero fee is contractual, not permanent: it runs through January 30, 2027, after which the 0.20% gross expense ratio kicks in.troweprice.com
• Low tracking error is the design, not a bug. The active tilt is deliberately modest, so the portfolio is built to hug EAFE rather than stray from it.sec.gov

Full FRGN profile⁠

Full TACN profile⁠