ETF Evaluator:
Horizon Expedition Plus ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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ETF Details
Horizon Expedition Plus ETF Overview
Horizon Expedition Plus ETF (HBTA) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Horizon Investments launched the ETF in 2025.
The investment seeks to provide total return.
The fund is an actively managed exchange-traded fund (ETF). The fund’s investment adviser, Horizon Investments, LLC (“Horizon” or the “Adviser”), seeks to achieve its investment objective by investing primarily in large-cap U.S. equity securities and selling and purchasing put and call options in an effort to generate income to the fund.
About Horizon Expedition Plus ETF (HBTA)
There are 3 members of the management team with an average tenure of 1.52 years: Scott Ladner (2025), Michael Dickson (2025) and Clark Allen (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Horizon Expedition Plus ETF has 215 securities in its portfolio. The top 10 holdings constitute 41.2% 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 Expedition Plus ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Horizon Expedition Plus ETF has 0.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.1% There is 0.7% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon Expedition Plus ETF has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $246 million in total assets, which is below the $727 million average for the Derivative Income 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.
HBTA 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 Expedition Plus ETF expense ratio is high compared to funds in the Derivative Income category. Horizon Expedition Plus ETF has an expense ratio of 0.86%, which is 3% higher than its category average, making the fund expense ratio grade a C. 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 Expedition Plus ETF has a portfolio turnover rate of 92%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, Horizon Expedition Plus ETF returned -4.4%, which earned it a grade of D, as the Derivative Income category had an average return of -1.5%. 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 Expedition Plus ETF has a trailing yield of 0.02%, which is below the 19.96% category average.
The fund normally distributes its income annually and its capital gains 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 Expedition Plus ETF Grades
Year to date, the ETF has returned 8.1%, 5.5 percentage points better than the category, which translates into a grade of C. The fund has returned 19.6% over the past year (grade of B).
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HBTA 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 |
|
| HBTA Return (NAV) | -4.4% | 1.6% | 19.6% | na | na | na |
| HBTA Return (Price) | -4.3% | 1.6% | 19.7% | na | na | na |
| NAV +/- Price Return | -0.100% | -0.030% | -0.089% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| HBTA Grade (NAV) | D | D | B | na | na | na |
| +/- Category (NAV) | -2.8% | 0.9% | 8.4% | na | na | na |
| HBTA Tax-Cost Ratio | na | na | 0.3% | na | na | na |
HBTA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HBTA Return (NAV) | 8.1% | na | na | na | na | na | na | na | na | na | na |
| HBTA Return (Price) | 8.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.007% | na | na | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| HBTA Grade (NAV) | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 5.5% | 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: | 0.0% |
| Total Assets: | $ 247 Mil |
| Share Class Assets: | $ 247 Mil |
| Turnover: | 92.0% |
| Expense Ratio: | 0.86% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.5 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Ladner Scott (2025), Dickson Michael (2025), Allen Clark (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 215 |
| % in Top 10 Holdings: | 41.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.7% |
Portfolio Allocation |
|
| Domestic Stock: | 98.1% |
| Foreign Stock: | 0.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | 1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Investments |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Inception Date: | January 22, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.86% (Rating: High) |
| Category Average Expense Ratio (%): | 0.83% |
