When creating a PPC or a No Reward SmartLink, you have two options :
Copy-paste the URL of existing content hosted on your website or any virtual real-estate and turn it into a smartLink.
Create content directly on the SmartLink without any need for pre-existing content. In that case, your content is hosted for free on 2key server, hence the name Hosted SmartLink.
Hosted SmartLinks are great to publish blog posts or articles, or to send content to friends and family, or to promote an idea, an opinion, a product that does not yet warrant building a website or for any other use you can think about.
Hosted SmartLink editor lets you freely add text and images.