ETF Evaluator:
Horizon International Equity ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Foreign Large Blend Over the Last Year
| 53.2% | Pacer Nasdaq International Ptnt Ldrs ETF (PATN) |
| 37.0% | Touchstone Dynamic International ETF (TDI) |
| 36.8% | Harbor International Equity ETF (EPIN) |
| 34.8% | First Eagle Overseas Equity ETF (FEOE) |
| 33.8% | Lazard International Dynamic Equity ETF (IDEQ) |
Risk
Index
Risk
Index
ETF Details
Horizon International Equity ETF Overview
Horizon International Equity ETF (FRGN) is an actively managed International Equity Foreign Large Blend exchange-traded fund (ETF). Horizon Investments launched the ETF in 2025.
The investment seeks capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities of non-U.S. companies across developed and emerging markets. Under normal circumstances, the fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities.
About Horizon International Equity ETF (FRGN)
There are 4 members of the management team with an average tenure of 0.66 years: Scott Ladner (2025), Zachary Hill (2025), Clark Allen (2025) and Mike Dickson (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Horizon International Equity ETF has 297 securities in its portfolio. The top 10 holdings constitute 21.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon International Equity ETF is part of the Equity global asset class and is within the International Equity ETF group. Horizon International Equity ETF has 96.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.1% There is 96.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon International Equity ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $102 million in total assets, which is below the $9 billion average for the Foreign Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FRGN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon International Equity ETF expense ratio is above average compared to funds in the Foreign Large Blend category. Horizon International Equity ETF has an expense ratio of 0.75%, which is 89% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon International Equity ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 38% for the Foreign Large Blend category.
Recently, in the month of July 2026, Horizon International Equity ETF returned -1.1%, which earned it a grade of F, as the Foreign Large Blend category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon International Equity ETF has a trailing yield of 0.00%, which is below the 2.56% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon International Equity ETF Grades
Year to date, the ETF has returned 20.6%, 8.5 percentage points better than the category, which translates into a grade of A.
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Horizon International Equity ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FRGN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FRGN Return (NAV) | -1.1% | 5.3% | na | na | na | na |
| FRGN Return (Price) | -2.5% | 3.8% | na | na | na | na |
| NAV +/- Price Return | 1.360% | 1.455% | na | na | na | na |
| Foreign Large Blend Avg | 1.1% | 4.4% | 25.0% | 16.4% | 9.2% | 9.3% |
| FRGN Grade (NAV) | F | B | na | na | na | na |
| +/- Category (NAV) | -2.2% | 0.9% | na | na | na | na |
| FRGN Tax-Cost Ratio | na | na | na | na | na | na |
FRGN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FRGN Return (NAV) | 20.6% | na | na | na | na | na | na | na | na | na | na |
| FRGN Return (Price) | 20.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.014% | na | na | na | na | na | na | na | na | na | na |
| Foreign Large Blend Avg | 12.1% | 31.2% | 5.2% | 16.9% | -14.7% | 10.3% | 8.8% | 22.0% | -13.2% | 24.6% | 1.9% |
| FRGN Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 8.5% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 102 Mil |
| Share Class Assets: | $ 102 Mil |
| Turnover: | na |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Ladner Scott (2025), Hill Zachary (2025), Allen Clark (2025), Dickson Mike (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 297 |
| % in Top 10 Holdings: | 21.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 96.8% |
Portfolio Allocation |
|
| Domestic Stock: | 2.1% |
| Foreign Stock: | 96.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.4% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Investments |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Inception Date: | December 2, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.40% |
