ARAAX Fees and Costs — Horizon Active Risk Assist Fund, Advisor Class
Data updated: 2026-07-10
The net expense ratio is 1.40%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.6M in broker commissions, 0.2646% of average net assets, and portfolio turnover was 172%.
ARAAX Fees and Expenses
Annual operating expenses and sales charges of ARAAX. Prospectus, as of July 10, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.40% |
| Fee waiver | — |
| Net expense ratio | 1.40% |
| 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 |
ARAAX Costs Over Time
On $10,000 invested in ARAAX, assuming 5% a year before costs, total costs come to $1,027 over 5 years, cutting the return by 1.75% 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 1.40%) | $147 | $455 | $784 |
| Trading costs (broker commissions) | $28 | $86 | $148 |
| Lost growth on money paid in costs | $0 | $27 | $95 |
| Total costs | $175 | $569 | $1,027 |
| Value after costs | $10,325 | $11,008 | $11,735 |
| Impact on return, per year | 1.75% | 1.75% | 1.75% |
ARAAX 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): 0.2646%
- Total broker commissions: $3.6M
- Bought from dealers (principal trades, not a cost): $2.1B
- Portfolio turnover (prospectus): 172%
- Securities on loan, average value: $70.2M
- Net income from securities lending: $150K (0.011% of average net assets)
ARAAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. | $1.3M | 36.10% |
| CREDIT SUISSE SECURITIES (USA) LLC | $840K | 23.72% |
| TP ICAP GLOBAL MARKETS AMERICAS LLC | $313K | 8.85% |
| WALLACHBETH CAPITAL LLC | $307K | 8.66% |
| RBC CAPITAL MARKETS LLC | $257K | 7.26% |
| UBS FINANCIAL SERVICES INC. | $233K | 6.58% |
| VIRTU AMERICAS LLC | $136K | 3.84% |
| UBS SECURITIES LLC | $82K | 2.31% |
| ICAP SECURITIES USA LLC | $51K | 1.45% |
| STONEX FINANCIAL INC. | $43K | 1.22% |
ARAAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES LLC | $664.9M | 32.05% |
| FLOW TRADERS U.S. LLC | $567.8M | 27.37% |
| MISCHLER FINANCIAL GROUP INC. | $248.5M | 11.98% |
| VIRTU AMERICAS LLC | $213.4M | 10.29% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $212.4M | 10.24% |
| BTIG LLC | $164.5M | 7.93% |
| STONEX FINANCIAL INC. | $2.7M | 0.13% |
| ICAP SECURITIES USA LLC | $535K | 0.03% |
Horizon Active Risk Assist Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ACRIX | Institutional Class | 1.15% | — |
| ARANX | Investor Class | 1.25% | — |
| ARAAX | Advisor Class | 1.40% | — |
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.