HNDRX Fees and Costs — Horizon Defined Risk Fund, Investor Class
Data updated: 2026-07-10
The net expense ratio is 1.04%: a 0.80% management fee, a 0.10% 12b-1 fee plus 0.14% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $64K in broker commissions, 0.0082% of average net assets, and portfolio turnover was 13%.
HNDRX Fees and Expenses
Annual operating expenses and sales charges of HNDRX. Prospectus, as of July 10, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.10% |
| Other expenses | 0.14% |
| Gross expense ratio | 1.04% |
| Fee waiver | — |
| Net expense ratio | 1.04% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
HNDRX Costs Over Time
On $10,000 invested in HNDRX, assuming 5% a year before costs, total costs come to $655 over 5 years, cutting the return by 1.10% 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 1.04%) | $109 | $341 | $590 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $110 | $360 | $655 |
| Value after costs | $10,390 | $11,216 | $12,108 |
| Impact on return, per year | 1.10% | 1.10% | 1.10% |
HNDRX 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): 0.0082%
- Total broker commissions: $64K
- Bought from dealers (principal trades, not a cost): $5.3M
- Portfolio turnover (prospectus): 13%
- Securities on loan, average value: $475K
- Net income from securities lending: $1K (0.000% of average net assets)
HNDRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS FINANCIAL SERVICES INC. | $38K | 59.50% |
| VIRTU AMERICAS LLC | $14K | 21.92% |
| RBC CAPITAL MARKETS LLC | $7K | 11.45% |
| UBS SECURITIES LLC | $4K | 5.58% |
| STONEX FINANCIAL INC. | $988 | 1.55% |
HNDRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $4.6M | 86.72% |
| JANE STREET EXECUTION SERVICES LLC | $709K | 13.28% |
Horizon Defined Risk Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HIDRX | C000173474 | 0.92% | — |
| HNDRX | Investor Class | 1.04% | — |
| HADRX | Advisor Class | 1.19% | — |
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.