HORIZONS BETAPRO ETFS

Horizons BetaPro Exchange Traded Funds (HBP ETFs), a unique series of alternative Exchange Traded Funds (ETFs), are designed to help investors achieve their investment goals in all market conditions. HBP ETFs go beyond traditional index funds. HBP Bull Plus ETFs seek to double the daily performance of a market index. HBP Bear Plus ETFs seek twice the daily returns opposite those of an index. Combined, Horizons BetaPro ETFs allow investors to profit or protect in all market environments.

INVESTMENT OBJECTIVE

The Horizons BetaPro U.S. Dollar Bull Plus ETF (HBP U.S. Dollar Bull⁺ ETF) and the Horizons BetaPro U.S. Dollar Bear Plus ETF (HBP U.S. Dollar Bear⁺ ETF) seek daily investment results equal to 200% the daily inverse performance, or performance, of a U.S. dollar denominated Canadian dollar futures contract for the next delivery month. The HBP U.S. Dollar Bull⁺ and Bear⁺ ETFs are denominated in Canadian dollars, as the U.S. dollar exposure of the underlying index is hedged daily.

PRINCIPAL INVESTMENT STRATEGY

The HBP U.S. Dollar Bull⁺ ETF and the HBP U.S. Dollar Bear⁺ ETF take positions in financial instruments and/or equity securities to seek daily investment results, before fees and expenses, that correspond to twice the daily performance or inverse performance of the U.S. dollar denominated Canadian dollar futures contract for the next delivery month. HBP ETFs are rebalanced daily, so risk is limited to the initial invested capital. As a result, 200%/-200% benchmark tracking over a longer period is dependent upon the extent of compounding and the underlying benchmark volatility. To minimize these effects, longer-term investors should rebalance their HBP ETF holdings periodically.

ETF SNAPSHOT

PERFORMANCE (MAY 31, 2009)

HISTORICAL RETURNS

The following table shows the cumulative growth of $10,000 initial investment in the fund.