The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in equity securities, including common stocks of U.S. companies, Real Estate Investment Trusts (“REITs”), and American Depository Receipts (“ADRs”) representing non-U.S. companies. The fund’s investment adviser, Horizon Investments, LLC (“Horizon”), 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).