QGRD

Horizon Nasdaq-100 Defined Risk ETF is an actively managed exchange-traded fund ("ETF"). Horizon Investments, LLC ("Horizon") seeks to achieve the Fund's investment objective by: (i) investing primarily in Flexible Exchange Options ("FLEX Options") that provide exposure to the Nasdaq-100 Index (the "Nasdaq-100 Index"); and (ii) implementing an options-based strategy that seeks to generate income, manage volatility and reduce downside risk ("Risk Management Strategy"). FLEX Options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (the "OCC"). Terms that can be customized for FLEX Options include exercise price, exercise styles, and expiration dates. The Fund's Risk Management Strategy will primarily consist of establishing "collars," which involve combining a written call option or call spread with a purchased put option or put spread on the same underlying security.