Horizon Funds – Horizon Expansion Leaders ETF is an actively managed exchange-traded fund that seeks capital appreciation through investments primarily in U.S. large-capitalization equity securities of companies considered positioned to benefit from economic expansion, rising inflation expectations, fundamental growth and expanding operating margins. The fund’s investment strategy combines a portfolio of U.S. large-cap equities with an actively managed options overlay involving gold- and commodity-linked securities, including FLEX and over-the-counter options; it may generate exposure to commodity-related market conditions while maintaining its principal focus on equity securities. The ETF serves investors seeking actively managed U.S. equity and commodities-related exposure through a publicly traded fund structure and is listed on Cboe BZX Exchange under the ticker EXPN. Horizon Expansion Leaders ETF is a series of Horizon Funds and is managed by Horizon Investments, LLC, a Charlotte, North Carolina-based investment and technology solutions provider serving financial advisors. The fund was organized in 2026 and commenced trading in August 2026. Its principal and most recent strategic development is its August 2026 launch as part of Horizon’s continued expansion of its ETF suite, alongside the Horizon High Income ETF; the launch introduced Horizon’s expansion-and-inflation-oriented equity strategy with a gold and commodity securities options overlay to the firm’s exchange-traded product lineup.