USRAX Fees and Costs — Horizon Multi-Factor U.S. Equity Fund, Investor Class
Data updated: 2026-07-10
The net expense ratio is 1.02%: a 0.80% management fee, a 0.10% 12b-1 fee plus 0.12% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $158K in broker commissions, 0.0250% of average net assets, and portfolio turnover was 134%.
USRAX Fees and Expenses
Annual operating expenses and sales charges of USRAX. Prospectus, as of July 10, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.10% |
| Other expenses | 0.12% |
| Gross expense ratio | 1.02% |
| Fee waiver | — |
| Net expense ratio | 1.02% |
| 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 |
USRAX Costs Over Time
On $10,000 invested in USRAX, assuming 5% a year before costs, total costs come to $653 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 1.02%) | $107 | $334 | $579 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $110 | $359 | $653 |
| Value after costs | $10,390 | $11,217 | $12,110 |
| Impact on return, per year | 1.10% | 1.10% | 1.10% |
USRAX 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): 0.0250%
- Total broker commissions: $158K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 134%
- Securities on loan, average value: $28K
- Net income from securities lending: $81 (0.000% of average net assets)
USRAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET LLC | $79K | 49.85% |
| BNY MELLON CAPITAL MARKETS LLC | $74K | 46.43% |
| RBC CAPITAL MARKETS LLC | $6K | 3.72% |
| GOLDMAN SACHS & CO. LLC | $0 | 0.00% |
Horizon Multi-Factor U.S. Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| USRIX | C000212788 | 0.92% | — |
| USRAX | Investor Class | 1.02% | — |
| USRTX | Advisor Class | 1.17% | — |
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.