Horizons Absolute Return Global Currency ETF

Horizons HARC seeks to generate positive absolute returns through long and short exposure to selected global currencies. Horizons HARC will generally hold Canadian short-term fixed-income securities and will primarily use derivative instruments to gain its exposure to selected global currencies. In order to achieve its investment objective, the HARC Sub-Advisor will select currencies that are expected to strengthen or weaken on a relative basis using the HARC Sub-Advisors proprietary active investment process that tracks more than thirty global currencies. The HARC Sub-Advisors investment process employs both fundamental analysis and a factor based ranking model. Horizons HARC will obtain exposure to currencies primarily by entering into derivatives where the underlying interests are the currencies of two countries.