TSX:DLR (Horizons Us Dollar Currency ETF)

In order to achieve its investment objective, DLR will invest in cash or Cash Equivalents that are denominated in the U.S. dollar. When investing in Cash Equivalents, DLR generally invests in Cash Equivalents with maturities of 90 days or less. As the underlying exposure of the Canadian dollar units and US dollar units of DLR is the same, no currency hedging is used with respect to US dollar units of DLR. DLR may also, subject to regulatory approval, invest in money market mutual funds, exchange-traded funds, or exchange-traded notes. DLR seeks to reflect the reference value in Canadian dollars (in respect of the Cdn dollar Units) and U.S. dollars (in respect of the US dollar Units) of the U.S. dollar, net of expenses, by investing primarily in cash and Cash Equivalents that are denominated in the U.S. dollar.