The investment objective of Horizons HEP is to provide Unitholders with: (a) exposure to the performance of an equal weighted portfolio of North American based gold mining and exploration companies; and (b) monthly distributions of dividend and call option income. Horizons HEP will invest primarily in a portfolio of equity and equity related securities of North American companies that are primarily exposed to gold mining and exploration and that, as at the Constituent Reset Date, are amongst the largest and most liquid issuers in their sector. Horizons HEP will rebalance, on an equal weight basis, the portfolio of constituent securities on each Constituent Reset Date. To mitigate downside risk and generate income, Horizons HEP will generally write covered call options on 100% of the portfolio securities. The level of covered call option writing may vary based on market volatility and other factors.