SMOX

The Horizon Small/Mid Cap Core Equity ETF uses a flexible approach that combines active management and quantitative models to allocate the Fund's portfolio among issuers, sectors, and/or factors including 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. 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 equity securities. The Fund may engage in frequent trading to achieve its objective and, depending on Horizon's outlook and market conditions, may focus its investments in particular sectors or areas of the economy. Combines U.S. small/mid cap stocks with a strategic use of puts to enhance return potential. The Fund Actively selects U.S. small/mid cap equities using value, momentum, quality, volatility, and sentiment screens to capture diverse return sources.