Horizons BetaPro ETFs (“HBP ETFs”) are a unique series of alternative index exchange traded funds, offering Bull & Bear exposures to a variety of Canadian indices. The HBP Bull (Bear) ETFs seek daily investment results, before fees and expenses, which correspond to two times the daily (inverse daily) performance of their respective underlying indices. A forward structure will be employed initially such that distributions from the HBP ETFs will be predominantly capital gains. All HBP ETFs are listed on the Toronto Stock Exchange.