| Investment Objective: |
Horizon Managed Risk ETF seeks to capture the majority of U.S. large-cap equity market returns while mitigating downside risk through a "Risk Assist" strategy. The fund invests primarily in equity securities, including common stocks of U.S. companies and Real Estate Investment Trusts ("REITs"), and American Depositary Receipts ("ADRs"). The sub-advisor employs a flexible approach that combines active management and quantitative models to allocate the Fund's portfolio among issuers, sectors, and/or factors (such as growth, value, momentum, quality, size, and volatility). Horizon selects securities believed to offer the highest projected return for a given level of risk, using a multi-disciplinary approach that includes economic, quantitative, and fundamental analysis. Horizon selects portfolio investments without restriction as to the issuer's market capitalization. The Managed Risk Fund's Risk Assist Strategy seeks to reduce downside risk by adjusting the Fund's exposure to equity markets during periods of increased market volatility or heightened risk, as determined by Horizon. Horizon typically implements this risk reduction by reallocating some portion (up to 100%) of the Fund's portfolio to U.S. Treasury Securities or other Cash Equivalents. |
