Horizons Gold Yield ETF

The investment objectives of HGY are to provide unitholders with: (i) exposure to the price of gold bullion hedged to the Canadian dollar, less the ETF’s fees and expenses; (ii) tax-efficient monthly distributions; and (iii) in order to mitigate downside risk and generate income, exposure to a covered call option writing strategy. HGY seeks to achieve its investment objectives by gaining exposure to a portfolio of securities and other instruments that provide exposure to the price of gold bullion (the Gold Portfolio). The Gold Portfolio is comprised primarily of exchange traded funds that are directly or indirectly, and only, exposed to gold bullion, but may include gold futures contracts from time to time. The Gold Portfolio is selected by the ETF’s investment manager. The ETF seeks to be fully exposed to the price of gold bullion at all times, but does not replicate the performance of gold prices due to the covered call writing strategy and fees and expenses.