Horizons Natural Gas Yield ETF Common

Horizons HNY seeks to achieve its investment objectives by investing, either directly or indirectly, in a portfolio of securities and other instruments that provide exposure to the price of natural gas futures contracts, or exchange traded funds that are directly or indirectly only exposed to natural gas and/or natural gas options, forwards and futures contracts on natural gas (the ?Natural Gas Portfolio?). The Natural Gas Portfolio is comprised primarily of exchange-traded funds, which may or may not be managed by the Manager or its affiliates, that are directly or indirectly, and only, exposed to natural gas or natural gas futures (?Natural Gas Futures ETFs?), and may include natural gas futures, financial swaps and total return swaps from time to time.