Skip to content
etf.net

HBTA

GradeBNew York Stock Exchange Arca

Horizon Expedition Plus ETF

Option Income · Horizon Funds · Inception 2025-01-22

$32.98−0.34 (−1.02%)

As of Sep 23, 2026, 2:50 PM EDT

History starts Jan 23, 2025.
Intraday session: down, 28 prints from 33.31 to 32.98. Range 32.88 to 33.31. Use the arrow keys to read each point.$32.90$33.10$33.20$33.3010 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$259M
1Y return
+18.3%
Yield · Last 12 months
Data unavailable
Volume · 30D
0.1M sh
NAV per share
$33.16
52W range
low $25.52high $33.36

The ETF.net HBTA Grade

B

59/ 100

Rank 14 of 51 in Active Option Income⁠

Confidence Medium

Six-pillar profile for HBTA. Scores out of 100: Cost 60, Risk 43, Mission not scored, Tradability 74, Holdings 55, Durability 74. Strongest: Tradability (74). Weakest: Risk (43). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 60
    Category rank21/51 · top 41%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 43
    Category rank29/45 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 74
    Category rank10/51 · top 20%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 55
    Category rank22/42 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 74
    Category rank10/51 · top 20%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on HBTA

ETF.net Research

BAn options-income fund that isn't chasing yield. Horizon runs an active large-cap U.S. stock book and both buys and sells puts and calls, with income in service of total return instead of a fat monthly check.

Stated mandate

The Fund seeks total return through an actively managed portfolio focused primarily on large-cap U.S. equities, while buying and selling put and call options to generate income.

Why people hold it

  1. 01Two-sided options book: the fund buys as well as sells puts and calls, a wider toolkit than the sell-calls-and-collect standard in this corner of the market.horizonmutualfunds.com
  2. 02The stated goal is total return, with options premium as fuel rather than the headline. Distributions come annually or semiannually, so there's no monthly payout treadmill.
  3. 03At 0.85% a year, it undercuts the median fee in its options-income peer group, which is unusual for an actively managed derivative strategy.
  4. 04Shares change hands readily for a fund this young, and it sits in the upper half of a crowded 52-fund options-income cohort on our review.

Worth knowing

  1. 01Cheap for an active fund, not cheap outright: index-anchored rivals like PAPI (0.29%) and TCAL (0.34%) charge a fraction of the fee.
  2. 02Launched January 2025, so the track record is thin, and with no benchmark index to measure against, results ride on the manager's judgment.
  3. 03The long side of the options book costs premium to maintain. That spending is the price of the positioning, and it comes out of the portfolio either way.horizonmutualfunds.com

HBTA Holdings

As of Sep 20, 2026, 8:30 AM
Asset class
Stocks
Holdings
—
Top-10 weight
42%
Largest holding
GOOGL9.5%

Geography

  • United States96.73%
  • Singapore1.09%
  • Ireland1.05%
  • United Kingdom0.61%
  • Switzerland0.52%
The fund’s holdings, weight-ordered — page 1 of 14.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001GOOGLAlphabet Inc9.50%68,591$24M704
002—Amazon.com Inc6.38%63,418$16M6
003MUMicron Technology Inc5.07%12,590$13M655
004MSFTMicrosoft Corp4.21%21,523$11M792
005—Advanced Micro Devices Inc3.87%17,433$10M5
006LLYEli Lilly & Co3.39%7,419$9M569
007TSLATesla Inc2.93%20,269$7M509
008METAMeta Platforms Inc2.78%10,544$7M683
009INTCIntel Corp2.32%53,933$6M492
010LRCXLam Research Corp1.73%15,155$4M591
011—Applied Materials Inc1.68%9,531$4M5
012DELLDell Technologies Inc1.51%6,708$4M427
013VVisa Inc1.50%10,250$4M550
014CATCaterpillar Inc1.49%4,645$4M448
015SNDKSandisk Corp1.40%1,973$4M450

Showing 1–15 of 203 holdings

HBTA Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

HBTA$11,831
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. HBTA $11,831. SPY $11,723. Use the arrow keys to read each point.$8,902$10,475$12,048Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for HBTA. Periods over one year show the average yearly return.
PeriodHBTA
Year to date+15.1%
1 month+3.5%
3 months+2.1%
1 year+18.3%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for HBTA
YearReturn barHBTA
2026 YTD+15.1%
2025+14.7%

History from Jan 23, 2025

HBTA in the news

ETF.net Research hasn’t filed on HBTA yet — coverage lands here as it’s written.

HBTA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.19 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 24, 2025 $0.19. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.19

HBTA Risk

How much the fund’s monthly returns vary, scaled to a year.
20.5%
Annualised · 19 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.68
vs 3-month T-bills · 19 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−26.7%
19 months · trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.43
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

HBTA Cost

Expense ratio0.85%
  • The middle half of Active Option Income funds
  • Median 0.95%

19 of the 47 Active Option Income funds charge less.

HBTA costs $85.00 a year on $10,000. The median Active Option Income fund costs $95.00.