Horizons Seasonal Rotation ETF

The investment objective of HAC is to seek to provide long term capital appreciation in all market cycles by tactically allocating its exposure amongst equities, fixed income, commodities and currencies during periods that have historically demonstrated seasonal trends. HAC invests primarily in exchange traded funds and/or exchange-traded notes (together Exchange Traded Products) and futures contracts to gain exposure to the performance of major North American markets (Broad Markets) or specific commodity, currency, fixed-income or equity sectors located anywhere in the world (Sector Markets) that at various times of the year have historically performed favourably. During historically favourable periods of the year that a given Broad Market has produced higher rates of return and/or a higher frequency of positive performance compared with other periods of the year, HAC may allocate some or all of its exposure to Broad Markets.