HOD seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to up to two times (200%) the inverse (opposite) of the daily performance of the Horizons Crude Oil Rolling Futures Index. HOD is denominated in Canadian dollars. Any U.S. dollar gains or losses as a result of the ETF's investment are hedged back to the Canadian dollar to the best of its ability. The Manager anticipates, under normal market conditions, managing the leverage ratio to be as close to two times (200%) as practicable for HOD. However, the Manager may, at its sole discretion, change the leverage ratio based on its assessment of the current market conditions for crude oil futures contracts and negotiations with the ETF's counterparties at that time.