AIRIX Fees and Costs — Horizon Active Income Fund, Institutional Class
Data updated: 2026-07-10
The net expense ratio is 1.18%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $116K in broker commissions, 0.0452% of average net assets, and portfolio turnover was 93%.
AIRIX Fees and Expenses
Annual operating expenses and sales charges of AIRIX. Prospectus, as of July 10, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.77% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 1.18% |
| Fee waiver | — |
| Net expense ratio | 1.18% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
AIRIX Costs Over Time
On $10,000 invested in AIRIX, assuming 5% a year before costs, total costs come to $763 over 5 years, cutting the return by 1.29% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.18%) | $124 | $386 | $667 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $129 | $420 | $763 |
| Value after costs | $10,371 | $11,156 | $12,000 |
| Impact on return, per year | 1.29% | 1.29% | 1.29% |
AIRIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0452%
- Total broker commissions: $116K
- Bought from dealers (principal trades, not a cost): $166.4M
- Portfolio turnover (prospectus): 93%
- Securities on loan, average value: $41.6M
- Net income from securities lending: $181K (0.071% of average net assets)
AIRIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WALLACHBETH CAPITAL LLC | $116K | 100.00% |
AIRIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES LLC | $87.6M | 52.65% |
| FLOW TRADERS U.S. LLC | $38.9M | 23.39% |
| VIRTU AMERICAS LLC | $28.1M | 16.91% |
| MISCHLER FINANCIAL GROUP INC. | $9.6M | 5.77% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $2.1M | 1.28% |
Horizon Active Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AIRIX | Institutional Class | 1.18% | — |
| AIMNX | Investor Class | 1.28% | — |
| AIHAX | Advisor Class | 1.43% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.