Horizons US Dollar Currency ETF

Horizons DLR seeks to reflect the reference value in Canadian dollars in respect of the Cdn Units and U.S. dollars in respect of the US Units of the U.S. dollar net of expenses by investing primarily in cash and Cash Equivalents that are denominated in the U.S. dollar. DLR generally invests in Cash Equivalents with maturities of 90 days or less. As the underlying exposure of the Cdn$ units and US$ units of DLR is the same, no currency hedging is used with respect to US$ units of DLR. In order to achieve its investment objective, DLR may also, subject to regulatory approval, invest in money market mutual funds, exchange traded funds, or exchange traded notes.