HASIX Fees and Costs — Horizon Active Asset Allocation Fund, Institutional Class
Data updated: 2026-07-10
The net expense ratio is 1.21%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $367K in broker commissions, 0.0473% of average net assets, and portfolio turnover was 90%.
HASIX Fees and Expenses
Annual operating expenses and sales charges of HASIX. Prospectus, as of July 10, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.12% |
| Gross expense ratio | 1.21% |
| Fee waiver | — |
| Net expense ratio | 1.21% |
| 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 |
HASIX Costs Over Time
On $10,000 invested in HASIX, assuming 5% a year before costs, total costs come to $782 over 5 years, cutting the return by 1.32% 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 1.21%) | $127 | $395 | $684 |
| Trading costs (broker commissions) | $5 | $15 | $27 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $132 | $431 | $782 |
| Value after costs | $10,368 | $11,145 | $11,980 |
| Impact on return, per year | 1.32% | 1.32% | 1.32% |
HASIX 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): 0.0473%
- Total broker commissions: $367K
- Bought from dealers (principal trades, not a cost): $401.5M
- Portfolio turnover (prospectus): 90%
- Securities on loan, average value: $72.8M
- Net income from securities lending: $235K (0.030% of average net assets)
HASIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WALLACHBETH CAPITAL LLC | $136K | 37.10% |
| CREDIT SUISSE SECURITIES (USA) LLC | $102K | 27.78% |
| VIRTU AMERICAS LLC | $59K | 16.19% |
| RBC CAPITAL MARKETS LLC | $24K | 6.65% |
| TP ICAP GLOBAL MARKETS AMERICAS LLC | $16K | 4.48% |
| CITIGROUP GLOBAL MARKETS INC. | $16K | 4.22% |
| BNY MELLON CAPITAL MARKETS LLC | $6K | 1.58% |
| MISCHLER FINANCIAL GROUP INC. | $4K | 1.17% |
| INSTINET LLC | $2K | 0.54% |
| STONEX FINANCIAL INC. | $1K | 0.30% |
HASIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES LLC | $319.4M | 79.56% |
| FLOW TRADERS U.S. LLC | $27.6M | 6.89% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $22.4M | 5.57% |
| MISCHLER FINANCIAL GROUP INC. | $15.9M | 3.96% |
| BTIG LLC | $14.7M | 3.67% |
| VIRTU AMERICAS LLC | $1.4M | 0.35% |
Horizon Active Asset Allocation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HASIX | Institutional Class | 1.21% | — |
| AAANX | Investor Class | 1.31% | — |
| HASAX | Advisor Class | 1.46% | — |
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.