HESIX Fees and Costs — Horizon Defensive Core Fund
Data updated: 2026-07-10
The net expense ratio is 0.83%: a 0.68% management fee plus 0.14% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $88K in broker commissions, 0.0187% of average net assets, and portfolio turnover was 216%.
HESIX Fees and Expenses
Annual operating expenses and sales charges of HESIX. Prospectus, as of July 10, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.68% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.14% |
| Gross expense ratio | 0.83% |
| Fee waiver | — |
| Net expense ratio | 0.83% |
| 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 |
HESIX Costs Over Time
On $10,000 invested in HESIX, assuming 5% a year before costs, total costs come to $532 over 5 years, cutting the return by 0.89% 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 0.83%) | $87 | $272 | $473 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $89 | $292 | $532 |
| Value after costs | $10,411 | $11,284 | $12,230 |
| Impact on return, per year | 0.89% | 0.89% | 0.89% |
HESIX 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): 0.0187%
- Total broker commissions: $88K
- Bought from dealers (principal trades, not a cost): $669.8M
- Portfolio turnover (prospectus): 216%
- Securities lending: none during the year
HESIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET LLC | $50K | 57.03% |
| RBC CAPITAL MARKETS LLC | $29K | 32.99% |
| BNY MELLON CAPITAL MARKETS LLC | $5K | 5.83% |
| VIRTU AMERICAS LLC | $4K | 4.15% |
HESIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES LLC | $303.6M | 45.32% |
| VIRTU AMERICAS LLC | $285.1M | 42.56% |
| FLOW TRADERS U.S. LLC | $81.2M | 12.12% |
Horizon Defensive Core Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HESIX | C000212786 | 0.83% | — |
| HESGX | Investor Class | 0.93% | — |
| HESAX | Advisor Class | 1.08% | — |
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.