At a glance
HBTA charges 0.86% a year, above the 0.56% average of the 3 funds most like it (the 3rd cheapest of 4). It has $148.0M in assets, the 3rd largest of that group; it paid 0.59% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.4% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds. Its ten largest positions make up 47.8% of the fund, out of 199 in all.
The short version
Horizon Expedition Plus ETF (HBTA) is an actively managed fund. It owns large US company stocks and sells put options on the S&P 500, paired with cheaper protective puts, to earn income. Unlike many option-based stock funds, it aims for bigger swings than the market. Its beta, a gauge of market sensitivity, was 1.53 for the year to October 27, 2026. Its 0.86% expense ratio is above the 0.56% average of similar funds.
Price history
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HBTA +10.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HBTA price data to Oct 27, 2026 | +10.9% | +10.4% | — | — | — | +15.8% |
- Over the year to Oct 27, 2026, HBTA returned +10.4%, 1st of 4 among similar funds.
- The deepest fall in its price history was 26.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of May 31, 2026, the fund held 199 securities; the ten largest made up 47.78% of assets.
| Holding | Weight | |
|---|---|---|
| Roundhill Magnificent Seven ETF | 8.74% | |
| NVIDIA Corp | 7.82% | |
| Alphabet Inc | 7.38% | |
| Apple Inc | 7.07% | |
| Broadcom Inc | 4.65% | |
| Amazon.com Inc | 3.00% | |
| Tesla Inc | 2.63% | |
| Micron Technology Inc | 2.61% | |
| Meta Platforms Inc | 1.96% | |
| Advanced Micro Devices Inc | 1.91% | |
| Eli Lilly & Co | 1.70% | |
| Microsoft Corp | 1.60% | |
| Walmart Inc | 1.53% | |
| Intel Corp | 1.10% | |
| Exxon Mobil Corp | 1.01% |
By country
United States 98.09%Ireland 0.84%Switzerland 0.36%Netherlands 0.14%By asset type
Stocks 99.44%By sector
Sectors of the companies held, for the 84.7% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $2.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.03%, +14.81%, +7.29%.
How it works
HBTA does not track an index. Its adviser, Horizon Investments, LLC, picks and weights stocks using a mix of judgment and quantitative models. It favors traits it links to higher expected returns and above-average market risk, such as growth, momentum and volatility. It may screen out stocks whose momentum looks likely to fade, and it can hold REITs and other funds. Portfolio turnover was 92% in the latest prospectus, a sign of frequent trading. As of May 31, 2026, the largest positions were Roundhill Magnificent Seven ETF (8.7%), Nvidia (7.8%), Alphabet (7.4%) and Apple (7.1%).
The options side mainly uses “put spreads.” A put option pays off when an asset falls below a set price, called the strike. The fund sells a put on the S&P 500 or an ETF that tracks it and collects a premium. It also buys a put with the same expiration at a lower strike. In flat or rising markets, the premiums add to returns. In a sharp fall, losses on the sold put can exceed the premium, but the bought put limits further losses below its strike. As of May 31, 2026, the fund held eight derivative positions, including SPY puts expiring each week in June 2026. The prospectus also allows covered calls, cash-secured puts, collars, straddles and “naked” options, which can carry unlimited losses.
What it really costs
- HBTA charges 0.86% a year, versus an average of 0.56% for the similar funds below (3rd of 4, cheapest first).
- Of that, 0.85% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $88 in the first year and $1,061 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HBTA | $88 | $274 | $477 | $1,061 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It aims for more volatility than the large-cap market and leans heavily on a few tech giants, so it fits a small slice of a portfolio rather than its foundation.
HBTA launched in January 2025. It has no record through the 2008, 2020 or 2022 downturns, and no full calendar year of results. Its deepest drop was 26.7%, from February 19 to April 8, 2025. It recovered by July 3, 2025, about 2.8 months later. Its beta was 1.53 for the year to October 27, 2026, so it could fall harder than the market in a slump. Anyone selling shares to cover spending at such a time would lock in larger losses. Income is small: the trailing yield was 0.59% as of October 27, 2026, paid once a year. Costs are 0.86% a year. In the SEC's standard example, that comes to $1,061 over 10 years on $10,000. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, aggressive slice of large US stocks who accept its beta of 1.53 for the year to October 27, 2026.
- People comfortable with heavy tech exposure: 35.2% technology, with Nvidia, Alphabet and Apple at about 7% to 8% each as of May 31, 2026.
- Those open to active, model-driven management and put selling designed to beat large-cap stocks in strong rallies, despite 92% portfolio turnover.
Look elsewhere if
- Retirees who want regular income: the trailing yield was 0.59% as of October 27, 2026, and the fund pays once a year.
- Cost-focused investors: the 0.86% expense ratio compares with 0.35% for JEPI and JEPQ, which share some of its holdings.
- Anyone wanting a long track record: it launched in January 2025 and has no history through the 2008, 2020 or 2022 downturns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does HBTA pay monthly dividends?
No. HBTA has paid distributions once a year. Over the 12 months to October 27, 2026, it paid about $0.19 per share, a trailing yield of 0.59%. That is low for a fund that sells options. Its objective is total return, so option premiums feed overall performance rather than large payouts. Investors seeking regular cash flow would need to look at funds built mainly for income.
Does HBTA sell covered calls?
Not mainly. HBTA's core option strategy is the put spread. It sells put options on the S&P 500 or an ETF tracking it to collect premiums. It also buys lower-strike puts with the same expiration to limit losses in a deep fall. The prospectus does allow covered calls, plus cash-secured puts, collars, straddles and naked options. As of May 31, 2026, its eight derivative positions included several SPY puts expiring in June 2026. Selling puts adds risk when markets fall.
HBTA vs BIGY: what's the difference?
The main differences are cost, size and goals. The two funds share about 45% of holdings, based on their latest N-PORT reports. Both mix large US stocks with options. HBTA costs 0.86% a year, while BIGY (YieldMax Target 12 Big 50 Option Income ETF) costs 0.99%. HBTA returned 10.4% over the year to October 27, 2026, against 8.7% for BIGY. BIGY's name signals an income focus. HBTA yields 0.59% and aims for higher volatility. JEPQ and JEPI, much larger funds with some overlap, charge 0.35%.
How risky is HBTA?
HBTA is riskier than a broad large-cap stock fund by design. The adviser seeks higher volatility than the large-cap market. HBTA's beta was 1.53 for the year to October 27, 2026, and its volatility, a measure of how widely returns swing, was 20.5%. Its deepest drop was 26.7% between February and April 2025, and it recovered by July 2025. Concentration adds risk: as of May 31, 2026, the top 10 positions made up 47.8% of assets.
What is HBTA's expense ratio?
HBTA's expense ratio is 0.86%, including a 0.85% management fee, per its prospectus filed March 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $88 after one year, $477 after five and $1,061 after ten. That is above the 0.56% average of similar funds and well above JEPI and JEPQ at 0.35%, though below BIGY's 0.99%. The 92% turnover can add trading costs that the expense ratio doesn't include.