Horizons BetaPro Natural Gas -2x Daily Bear ETF - CAD Stock

HND 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 Natural Gas Rolling Futures Index. HND does not seek to achieve its stated investment objective over a period of time greater than one day. HND is denominated in Canadian dollars. Any U.S. dollar gains or losses as a result of the ETF?s investment will be 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 HND. However, the Manager may, at its sole discretion, change the leverage ratio based on the current market conditions for natural gas futures contracts and negotiations with the ETF's counterparties at that time.