HTFAX Fees and Costs — Horizon Tactical Fixed Income Fund, Advisor Class
Data updated: 2026-07-10
The net expense ratio is 1.37%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $188K in broker commissions, 0.0959% of average net assets, and portfolio turnover was 421%.
HTFAX Fees and Expenses
Annual operating expenses and sales charges of HTFAX. Prospectus, as of July 10, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.18% |
| Gross expense ratio | 1.37% |
| Fee waiver | — |
| Net expense ratio | 1.37% |
| 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 |
HTFAX Costs Over Time
On $10,000 invested in HTFAX, assuming 5% a year before costs, total costs come to $908 over 5 years, cutting the return by 1.54% 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 1.37%) | $144 | $447 | $771 |
| Trading costs (broker commissions) | $10 | $31 | $54 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $154 | $502 | $908 |
| Value after costs | $10,346 | $11,075 | $11,854 |
| Impact on return, per year | 1.54% | 1.54% | 1.54% |
HTFAX 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): 0.0959%
- Total broker commissions: $188K
- Bought from dealers (principal trades, not a cost): $693.0M
- Portfolio turnover (prospectus): 421%
- Securities on loan, average value: $36.9M
- Net income from securities lending: $127K (0.065% of average net assets)
HTFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WALLACHBETH CAPITAL LLC | $102K | 54.26% |
| VIRTU AMERICAS LLC | $85K | 45.09% |
| MISCHLER FINANCIAL GROUP INC. | $1K | 0.66% |
HTFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES LLC | $353.5M | 51.01% |
| FLOW TRADERS U.S. LLC | $88.0M | 12.70% |
| BARCLAYS CAPITAL INC. | $82.1M | 11.85% |
| VIRTU AMERICAS LLC | $73.3M | 10.58% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $62.1M | 8.97% |
| MISCHLER FINANCIAL GROUP INC. | $27.2M | 3.93% |
| BTIG LLC | $6.7M | 0.96% |
Horizon Tactical Fixed 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 |
|---|---|---|---|
| HTFIX | C000240161 | 1.12% | — |
| HTFNX | Investor Class | 1.22% | — |
| HTFAX | Advisor Class | 1.37% | — |
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.