HDMV vs TACN: Grades, Fees and Holdings Compared

First Trust Horizon Managed Volatility Developed International ETF

HDMVDNYSE Arca

T. Rowe Price Active Core International Equity ETF

TACNANYSE Arca

Overlap

14.4%by weight

Expense ratio

TACN −0.80pt a year

HDMV0.80%TACN0.00%

Avg volume · 30D

TACN 3.6×the volume

HDMV786TACN2.83K

HDMV vs TACN Performance

Dec 31, 2025 – Nov 5, 2026

+12.5%HDMV+10.1%TACN

Expense ratio: HDMV 0.80%; TACN 0.00%, better
Fund size: HDMV $15M; TACN $24M
1Y total return: HDMV +16.0%; TACN No data
Yield (12M): HDMV 4.57%; TACN No data
Holdings: HDMV 157; TACN 509
Avg volume (30D): HDMV 786 sh; TACN 2.83K sh, better
NAV per share: HDMV $38.58; TACN $28.76
52W range

ETF.net Grade

Pillar letters and Scores for HDMV, TACN, with each pillar’s weight
Pillar	HDMV	TACN
Cost30% weight	F19	A100Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	A87Higher	B66
Tradability15% weight	F16	C45Higher
Holdings10% weight	B58	A84Higher
Durability5% weight	B64Higher	D30

Rank among International Active Equity funds

How we build Categories ›

Same Category. HDMV and TACN 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 ›

TACN ranks 6th and HDMV 35th of 55 funds in the International Active Equity Category.

Rank 5AENHIiShares Enhanced International Active ETFScore 76
Rank 6ATACNT. Rowe Price Active Core International Equity ETFScore 75
Rank 7AAVNMAvantis All International Markets Equity ETFScore 72
Rank 34CABLGAbacus FCF International Leaders ETFScore 41
Rank 35DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 40
Rank 35CIVSIApplied Finance IVS International Large ETFScore 40

Our read on each fund

ETF.net Research

HDMVDFirst Trust Horizon Managed Volatility Developed International ETF

TACNAT. Rowe Price Active Core International Equity ETF

In short

HDMV An active spin on the calm-stocks trade. Rather than tracking a low-vol index, the managers hand-pick developed-market shares and depositary receipts screened for low expected future volatility.

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

HDMV The Fund seeks capital appreciation through an actively managed portfolio of developed-market common stocks and depositary receipts selected for low expected volatility.

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

Why people hold it

HDMV Forward-looking by design: holdings are chosen on expected volatility, not just a backward glance at which stocks were quiet last year.
Spread across roughly 160 developed-market stocks and depositary receipts, so no single name carries the portfolio.
Live since 2016, a real-world track record for an active strategy rather than a freshly launched idea.
Pays on a quarterly schedule, and the mandate is capital appreciation first, not income.

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.gov troweprice.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.gov troweprice.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

HDMV At 0.80% a year, the fee sits above the typical international active fund, and index-built rivals like AVDE and DFIC charge closer to a quarter point.
A small fund that trades lightly. Spreads can widen, so limit orders do more work here than with the giants of the category.
Low-volatility screens aim to soften the ride, not remove it. The same tilt that damps drops can leave the fund behind in sharp rallies.

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 HDMV profile⁠

Full TACN profile⁠

HDMV vs TACN Holdings

How HDMV and TACN differ

Overlap by weight

14.4%

Shared holdings make up 47.8% of HDMV and 17.4% of TACN.

Level by level

Holdings79 in both14.4%
Sector11 Sectors61.4%
Countryby domicile72.9%
Asset classStocks100%

Sector

Sector weights in HDMV and TACN, widest gap first
Sector	Gap	HDMV	TACN
Utilities	HDMV +13.4 points	16.6%	3.2%
Real Estate	HDMV +12.4 points	13.9%	1.5%
Technology	TACN +11.8 points	0.7%	12.5%
Health Care	TACN +7.5 points	2.2%	9.7%
Industrials	TACN +6.3 points	10.8%	17.1%
Financials	HDMV +5.8 points	31.5%	25.7%
Energy	TACN +4.4 points	0.0%	4.4%
Materials	TACN +4.4 points	1.7%	6.1%
Consumer Discretionary	TACN +4.2 points	2.6%	6.8%
Communication	HDMV +3.4 points	9.0%	5.5%
Consumer Staples	HDMV +3.3 points	10.8%	7.5%

Country, concentration and asset class

Country by domicile

Country weights in HDMV and TACN, widest gap first
Country	Gap	HDMV	TACN
Japan	TACN +10.1 points	14.4%	24.5%
Singapore	HDMV +9.1 points	10.9%	1.8%
United Kingdom	TACN +8.1 points	6.5%	14.6%
Hong Kong	HDMV +6.3 points	8.1%	1.8%
Germany	TACN +3.0 points	5.2%	8.2%
Sweden	HDMV +2.6 points	4.9%	2.3%
Belgium	HDMV +2.2 points	3.0%	0.8%
Norway	HDMV +1.9 points	2.7%	0.8%
Other countries (17)	TACN +1.0 points	44.3%	45.3%

Outside the US: HDMV 100% developed, 0% emerging. TACN 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

HDMV17.9%
TACN14.3%

Securities held

HDMV150
TACN499

Asset class

HDMV: Stocks
TACN: Stocks

Holdings

Only in HDMV71
In both79
Only in TACN420

Only in HDMV

71 securities, 51.9% of HDMV by weight

CLP Holdings Limited2.06%
Tryg A/S2.03%
CapitaLand Integrated Commercial Trust1.89%
CapitaLand Ascendas REIT1.80%
The Hong Kong and China Gas Company Limited1.71%
Telstra Group Ltd1.70%
Power Assets Holdings Limited1.66%
ASR Nederland N.V.1.49%
DBS Group Holdings Limited1.31%
Getlink SE1.29%
Red Electrica Corporacion S.A.1.28%
United Overseas Bank Limited1.26%
CapitaLand Investment Limited of Singapore1.21%
Swiss Life Holding AG (Registered)1.11%
Link Real Estate Investment Trust1.03%
Singapore Airlines Limited0.97%
Unibail-Rodamco-Westfield0.96%
Allianz SE0.93%
CK Infrastructure Holdings Limited0.91%
Oversea-Chinese Banking Corporation Limited0.86%
Medibank Private Limited0.78%
Generali0.74%
MTR Corporation Limited0.70%
Henkel AG & Co. KGaA0.69%
Gjensidige Forsikring ASA0.65%
Svenska Handelsbanken AB (Class A)0.65%
Essity Aktiebolag (Class B)0.61%
Swedbank AB (Class A)0.60%
Vicinity Centres0.60%
Contact Energy Limited0.58%
Gecina S.A.0.58%
Hong Kong Exchanges and Clearing Limited0.58%
Aviva Plc0.57%
M&G Plc0.56%
The Lottery Corporation Limited0.56%
J Sainsbury Plc0.56%
West Japan Railway Company0.55%
Orkla ASA0.54%
Mapfre S.A.0.52%
Suntory Beverage & Food Limited0.52%
Investor AB (Class B)0.51%
Bkw AG0.50%
Anz Group Holdings Ltd0.50%
Singapore Telecommunications Limited0.50%
Westpac Banking Corporation0.49%
L E Lundbergforetagen AB (Class B)0.49%
Italgas SpA0.47%
Bollore SE0.47%
Sino Land Company Limited0.47%
Nippon Building Fund, Inc.0.46%

Only in TACN

420 securities, 82.2% of TACN by weight

Asml Holding NV Common Stock EUR.093.06%
Roche Holding AG Common Stock CHF.0011.54%
Mitsubishi Ufj Financial Gro Common Stock1.42%
Hsbc Holdings PLC Common Stock USD.51.27%
Shell PLC Common Stock EUR.071.21%
Astrazeneca PLC Common Stock USD.251.17%
Recruit Holdings Co Ltd Common Stock1.12%
Sony Group Corp Common Stock1.11%
Sumitomo Mitsui Financial Gr Common Stock1.04%
Sap SE Common Stock1.04%
Totalenergies SE Common Stock EUR2.51.01%
Siemens AG Reg Common Stock1.00%
Banco Bilbao Vizcaya Argenta Common Stock EUR.490.97%
Unicredit Spa Common Stock0.95%
Ubs Group AG Reg Common Stock USD.10.93%
Bhp Group Ltd Common Stock0.84%
Anz Group Holdings Ltd Common Stock0.83%
Rolls Royce Holdings PLC Common Stock GBP.20.82%
Advantest Corp Common Stock0.80%
Allianz SE Reg Common Stock0.78%
Airbus SE Common Stock EUR1.00.77%
Commonwealth Bank of Austral Common Stock0.71%
Toyota Motor Corp Common Stock0.71%
Dbs Group Holdings Ltd Common Stock0.70%
Deutsche Telekom AG Reg Common Stock0.70%
Barclays PLC Common Stock GBP.250.68%
Bnp Paribas Common Stock EUR2.00.68%
Ing Groep NV Common Stock EUR.010.68%
Siemens Energy AG Common Stock0.67%
Banco Santander SA Common Stock EUR.50.67%
Safran SA Common Stock EUR.20.66%
Sumitomo Corp Common Stock0.62%
Hitachi Ltd Common Stock0.62%
British American Tobacco PLC Common Stock0.60%
Vinci SA Common Stock EUR2.50.59%
Novo Nordisk A/S B Common Stock DKK.10.58%
Schneider Electric SE Common Stock EUR4.00.56%
Tokyo Electron Ltd Common Stock0.55%
Abb Ltd Reg Common Stock CHF.120.54%
Sonova Holding AG Reg Common Stock CHF.050.53%
Eurofins Scientific Common Stock EUR.10.52%
Relx PLC Common Stock GBP.001443970.52%
Komatsu Ltd Common Stock0.51%
Equinor Asa Common Stock NOK2.50.51%
Bae Systems PLC Common Stock GBP.0250.51%
Intercontinental Hotels Grou Common Stock GBP.20852130.50%
Lvmh Moet Hennessy Louis Vui Common Stock EUR.30.48%
Aia Group Ltd Common Stock0.48%
3I Group PLC Common Stock GBP.7386360.47%
Renesas Electronics Corp Common Stock0.47%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in HDMV and TACN, widest gap first
Holding	Gap	HDMV	TACN
Groupe Bruxelles Lambert S.A.	HDMV +1.79 points	1.84%	0.05%
NTT Inc.	HDMV +1.45 points	1.52%	0.07%
Swiss Prime Site AG	HDMV +1.32 points	1.37%	0.05%
Snam SpA	HDMV +1.27 points	1.32%	0.05%
Swisscom AG	HDMV +1.18 points	1.24%	0.06%
Iberdrola S.A.	HDMV +1.16 points	1.74%	0.58%
SoftBank Corp.	HDMV +1.10 points	1.20%	0.10%
TERNA - Rete Elettrica Nazionale SpA	HDMV +1.05 points	1.08%	0.03%
NN Group N.V.	HDMV +0.98 points	1.05%	0.07%
Koninklijke (Royal) KPN N.V.	HDMV +0.92 points	0.98%	0.06%
DNB Bank ASA	HDMV +0.90 points	0.97%	0.07%
Ageas S.A./N.V.	HDMV +0.89 points	1.18%	0.29%
Helvetia Baloise Holding AG	HDMV +0.77 points	0.85%	0.08%
Zurich Insurance Group AG	HDMV +0.75 points	1.13%	0.38%
Klepierre	HDMV +0.73 points	0.98%	0.25%
Novartis AG	TACN +0.66 points	0.65%	1.31%
Daiwa House Industry Co., Ltd.	HDMV +0.64 points	0.68%	0.04%
Sekisui House, Ltd.	HDMV +0.64 points	0.68%	0.04%
Auckland International Airport Limited	HDMV +0.65 points	0.68%	0.03%
Nestle S.A. (Registered)	TACN +0.63 points	0.43%	1.06%
Sgs S.a.	HDMV +0.62 points	0.70%	0.08%
Schindler Holding AG (Participation Certificate)	HDMV +0.60 points	0.64%	0.04%
Unilever PlcULVR.L	TACN +0.58 points	0.39%	0.97%
Telia Company AB	HDMV +0.54 points	0.58%	0.04%
Scentre Group	HDMV +0.52 points	0.78%	0.26%
Washington H Soul Pattinson & Co., Ltd.	HDMV +0.51 points	0.55%	0.04%
Heineken Holding N.V.	HDMV +0.51 points	0.55%	0.04%
Kao Corporation	HDMV +0.46 points	0.52%	0.06%
CK Asset Holdings Limited	HDMV +0.43 points	0.47%	0.04%
Secom Co. Ltd.	HDMV +0.44 points	0.47%	0.03%
Mowi ASA	HDMV +0.40 points	0.46%	0.06%
Veolia Environnement S.A.	HDMV +0.40 points	0.47%	0.07%
Swiss Re AG	HDMV +0.41 points	0.54%	0.13%
Naturgy Energy Group, S.A.	HDMV +0.41 points	0.66%	0.25%
Heineken NV	HDMV +0.40 points	0.47%	0.07%
Enel SpA	TACN +0.37 points	0.41%	0.78%
Canon Inc.	HDMV +0.37 points	0.43%	0.06%
Danske Bank A/S	HDMV +0.36 points	0.44%	0.08%
Geberit AG (Registered)	HDMV +0.35 points	0.42%	0.07%
Coca-Cola European Partners PlcCCEP	HDMV +0.35 points	0.41%	0.06%
Severn Trent PlcSVT.L	HDMV +0.34 points	0.38%	0.04%
GEA Group AG	HDMV +0.31 points	0.35%	0.04%
Muenchener Rueckversicherungs-Gesellschaft AG	HDMV +0.31 points	0.62%	0.31%
Aena SME, S.A.	HDMV +0.30 points	0.37%	0.07%
Haleon PlcHLN.L	HDMV +0.30 points	0.40%	0.10%
L'Air Liquide S.A.	HDMV +0.28 points	0.86%	0.58%
Tokyo Gas Co., Ltd.	HDMV +0.28 points	0.30%	0.02%
Deutsche Boerse AG	HDMV +0.29 points	0.44%	0.15%
KDDI Corporation	TACN +0.28 points	0.33%	0.61%
Osaka Gas Co., Ltd.	HDMV +0.27 points	0.29%	0.02%
Bunzl PlcBNZL.L	HDMV +0.28 points	0.56%	0.28%
Groupe Danone S.A.	HDMV +0.26 points	0.38%	0.12%
Japan Tobacco, Inc.	HDMV +0.25 points	0.37%	0.12%
MS&AD Insurance Group Holdings, Inc.	TACN +0.25 points	0.26%	0.51%
Alfa Laval AB	HDMV +0.24 points	0.29%	0.05%
Kirin Holdings Company, Limited	HDMV +0.24 points	0.28%	0.04%
Fresenius SE & Co. KGaA	HDMV +0.24 points	0.32%	0.08%
Siemens Healthineers AG	HDMV +0.23 points	0.29%	0.06%
BOC Hong Kong (Holdings) Limited	HDMV +0.23 points	0.40%	0.17%
E.on SE	HDMV +0.23 points	0.34%	0.11%
Coles Group Limited	HDMV +0.22 points	0.43%	0.21%
East Japan Railway Company	HDMV +0.21 points	0.26%	0.05%
Seven & i Holdings Co., Ltd.	HDMV +0.21 points	0.28%	0.07%
Nippon Steel Corporation	HDMV +0.19 points	0.27%	0.08%
Wesfarmers Limited	HDMV +0.20 points	0.46%	0.26%
Poste Italiane SpA	HDMV +0.19 points	0.45%	0.26%
Axa S.a.	HDMV +0.18 points	0.89%	0.71%
Endesa, S.A.	HDMV +0.16 points	0.45%	0.29%
Hannover Rueck SE	HDMV +0.17 points	0.67%	0.50%
Mercedes-Benz Group AG	HDMV +0.13 points	0.22%	0.09%
Koninklijke Ahold Delhaize N.V.	HDMV +0.13 points	0.45%	0.32%
Itochu Corporation	HDMV +0.12 points	0.32%	0.20%
Takeda Pharmaceutical Company Limited	TACN +0.08 points	0.58%	0.66%
Nippon Yusen K.K.	TACN +0.07 points	0.28%	0.35%
Bridgestone Corporation	HDMV +0.05 points	0.35%	0.30%
Otsuka Corporation	TACN +0.03 points	0.22%	0.25%
Asahi Group Holdings, Ltd.	TACN +0.02 points	0.50%	0.52%
Tesco PlcTSCO.L	HDMV +0.01 points	0.49%	0.48%
Suncorp Group Limited	TACN +0.01 points	0.49%	0.50%

All 150 HDMV holdings⁠All TACN 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.

HDMV vs TACN Cost

Overpaying HDMV vs TACN

$15,346

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

HDMV 0.80%
$15,346
TACN 0.00%
$0

Amount$10,000

Years30 years

Cost over time

HDMV 0.80%
TACN 0.00%
Overpaying

Year by year

Year	HDMV	TACN	Overpaying
10	$1,422	$0	$1,422
20	$5,393	$0	$5,393
30	$15,346	$0	$15,346

Expense ratio

0.80%HDMV
0.00%TACN, cheaper

TACN0.00%HDMV0.80%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

TACN cheapest of 55 funds

HDMV 43rd cheapest of 55 funds

HDMV vs TACN Dividends

Last 12 months to Nov 5, 2026

Yield (12M): HDMV 4.57%; TACN No data
Payout (12M): HDMV $1.75; TACN None
Last payment: HDMV $0.77; TACN No data
Ex-dividend: HDMV Sep 24, 2026; TACN No data
Paid on: HDMV Sep 30, 2026; TACN No data
Frequency: HDMV Quarterly; TACN No data

Distribution history

Per share, 2017 to 2026, same scale for both

HDMVQuarterly · 37 paymentsAll HDMV payments⁠

TACNAll TACN payments⁠

No distribution history available.

HDMV vs TACN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HDMV 11.8%TACN No data
Return per unit of riskSharpe ratio, 3 years: HDMV 1.03TACN No data
Worst fallMax drawdown, 5 years: HDMV −23.3%TACN No data
Market sensitivityBeta, 5 years: HDMV 0.63TACN 0.65; Market = 1

HDMV and TACN in the news

All news⁠

Launch Roundup
Issuers filed 2x ETFs on unlisted stocks and moved to convert $10 billion of munis
Sep 18, 2026HDMV
ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026TACN
ETF Filings
First Trust to liquidate HDMV, a $15 million international low-volatility ETF
Sep 14, 2026HDMV
ETF Filings
First Trust to liquidate Horizon Managed Volatility Small/Mid ETF in January
Sep 14, 2026HDMV

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HDMV vs TACN

In short

Stated mandate

Why people hold it