ETF Evaluator:
Horizon Core Bond ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Intermediate Core Bond Over the Last Year
| 7.3% | Aptus Enhanced Yield ETF (JUCY) |
| 6.6% | SGI Enhanced Core ETF (USDX) |
| 5.9% | Hartford Schroders Tax-Aware Bond ETF (HTAB) |
| 5.1% | Overlay Shares Core Bond ETF (OVB) |
| 4.8% | NEOS Enhanced Income Aggregate Bond ETF (BNDI) |
Risk
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Risk
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ETF Details
Horizon Core Bond ETF Overview
Horizon Core Bond ETF (BNDY) is an actively managed Taxable Bond Intermediate Core Bond exchange-traded fund (ETF). Horizon Investments launched the ETF in 2025.
The investment seeks total return.
The fund invests primarily in investment grade, U.S. dollar-denominated, fixed-rate taxable Fixed Income Instruments. The fund’s strategy is driven by a systematic approach that evaluates measures of past return and risk to identify Fixed Income Instruments determined by Horizon to exhibit favorable risk and return characteristics. Under normal circumstances, the fund will invest not less than 80% of the value of its net assets (plus the amount of borrowings for investment purposes) in Fixed Income Instruments.
About Horizon Core Bond ETF (BNDY)
There are 4 members of the management team with an average tenure of 1.08 years: Scott Ladner (2025), Zachary Hill (2025), Clark Allen (2025) and Mike Dickson (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Horizon Core Bond ETF has 8 securities in its portfolio. The top 10 holdings constitute 101.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon Core Bond ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Horizon Core Bond ETF has 6.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.4% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 97.3% (90.5% domestic bond, 6.8% foreign bond and 0.0% convertible bond). Horizon Core Bond ETF has 3.1% of the portfolio in cash.
Assets Under Management
The fund has $249 million in total assets, which is below the $6 billion average for the Intermediate Core Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BNDY Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon Core Bond ETF expense ratio is above average compared to funds in the Intermediate Core Bond category. Horizon Core Bond ETF has an expense ratio of 0.66%, which is 106% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon Core Bond ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 95% for the Intermediate Core Bond category.
Recently, in the month of July 2026, Horizon Core Bond ETF returned -2.0%, which earned it a grade of F, as the Intermediate Core Bond category had an average return of -1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon Core Bond ETF has a trailing yield of 5.94%, which is above the 4.44% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon Core Bond ETF Grades
Year to date, the ETF has returned -0.6%, 0.2 percentage points worse than the category, which translates into a grade of C. The fund has returned 4.5% over the past year (grade of A).
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BNDY Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BNDY Return (NAV) | -2.0% | -1.1% | 4.5% | na | na | na |
| BNDY Return (Price) | -2.0% | -1.1% | 4.6% | na | na | na |
| NAV +/- Price Return | -0.022% | -0.034% | -0.062% | na | na | na |
| Intermediate Core Bond Avg | -1.2% | -0.7% | 3.0% | 4.0% | -0.3% | 1.5% |
| BNDY Grade (NAV) | F | F | A | na | na | na |
| +/- Category (NAV) | -0.8% | -0.5% | 1.5% | na | na | na |
| BNDY Tax-Cost Ratio | na | na | 2.3% | na | na | na |
BNDY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BNDY Return (NAV) | -0.6% | na | na | na | na | na | na | na | na | na | na |
| BNDY Return (Price) | -0.5% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.058% | na | na | na | na | na | na | na | na | na | na |
| Intermediate Core Bond Avg | -0.4% | 7.1% | 1.9% | 6.0% | -13.2% | -1.5% | 7.6% | 9.1% | -0.5% | 3.7% | 3.0% |
| BNDY Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -0.2% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 5.9% |
| Total Assets: | $ 249 Mil |
| Share Class Assets: | $ 249 Mil |
| Turnover: | na |
| Expense Ratio: | 0.66% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Ladner Scott (2025), Hill Zachary (2025), Allen Clark (2025), Dickson Mike (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 101.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.8% |
Portfolio Allocation |
|
| Domestic Stock: | -0.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.5% |
| Foreign Bond: | 6.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 3.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Investments |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Inception Date: | July 2, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.66% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.32% |
