ETF Evaluator:
Horizon NASDAQ-100 Defined Risk ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
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ETF Details
Horizon NASDAQ-100 Defined Risk ETF Overview
Horizon NASDAQ-100 Defined Risk ETF (QGRD) is an actively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). Horizon Investments launched the ETF in 2025.
The investment seeks capital appreciation and capital preservation.
Horizon Investments, LLC (“Horizon” or the “Adviser”) seeks to achieve the fund’s investment objective by investing primarily in Flexible Exchange Options (“FLEX Options”) that provide exposure to the Nasdaq-100 Index and implementing an options-based strategy that seeks to generate income, manage volatility and reduce downside risk.
About Horizon NASDAQ-100 Defined Risk ETF (QGRD)
There are 4 members of the management team with an average tenure of 1.06 years: Scott Ladner (2025), Zachary Hill (2025), Clark Allen (2025) and Mike Dickson (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Horizon NASDAQ-100 Defined Risk ETF has 11 securities in its portfolio. The top 10 holdings constitute 198.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon NASDAQ-100 Defined Risk ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Horizon NASDAQ-100 Defined Risk ETF has 5.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 188.6% There is 5.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon NASDAQ-100 Defined Risk ETF has -97.5% of the portfolio in cash.
Assets Under Management
The fund has $100 million in total assets, which is below the $294 million average for the Equity Hedged category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
QGRD Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon NASDAQ-100 Defined Risk ETF expense ratio is high compared to funds in the Equity Hedged category. Horizon NASDAQ-100 Defined Risk ETF has an expense ratio of 0.85%, which is 11% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon NASDAQ-100 Defined Risk ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, Horizon NASDAQ-100 Defined Risk ETF returned -5.6%, which earned it a grade of F, as the Equity Hedged category had an average return of -1.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon NASDAQ-100 Defined Risk ETF has a trailing yield of 1.45%, which is below the 3.45% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon NASDAQ-100 Defined Risk ETF Grades
Year to date, the ETF has returned 7.8%, 0.7 percentage points better than the category, which translates into a grade of B. The fund has returned 15.4% over the past year (grade of B).
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QGRD Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| QGRD Return (NAV) | -5.6% | 2.4% | 15.4% | na | na | na |
| QGRD Return (Price) | -5.5% | 2.6% | 15.2% | na | na | na |
| NAV +/- Price Return | -0.083% | -0.177% | 0.147% | na | na | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| QGRD Grade (NAV) | F | B | B | na | na | na |
| +/- Category (NAV) | -4.2% | 0.7% | 1.8% | na | na | na |
| QGRD Tax-Cost Ratio | na | na | 0.6% | na | na | na |
QGRD Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QGRD Return (NAV) | 7.8% | na | na | na | na | na | na | na | na | na | na |
| QGRD Return (Price) | 8.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.031% | na | na | na | na | na | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| QGRD Grade (NAV) | B | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.5% |
| Total Assets: | $ 100 Mil |
| Share Class Assets: | $ 100 Mil |
| Turnover: | na |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Ladner Scott (2025), Hill Zachary (2025), Allen Clark (2025), Dickson Mike (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 11 |
| % in Top 10 Holdings: | 198.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.3% |
Portfolio Allocation |
|
| Domestic Stock: | 188.6% |
| Foreign Stock: | 5.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 3.6% |
| Cash: | -97.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Investments |
| Phone Number: | 855-754-7932 |
| Website: | www.horizonmutualfunds.com |
| Inception Date: | July 9, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
