Monthly ETF Commentary

January 2026

The month of December 2025 finished essentially flat, closing out the year amid typical year-end dynamics such as tax-loss selling, thin liquidity, and lower trading volumes. These conditions contributed to short-term volatility and notable sub-sector divergences.

Looking back on a momentous 2025, several forces shaped markets. Persistent geopolitical risks, including renewed tariff concerns, and ongoing valuation debates created periodic uncertainty. Despite these pressures, equity participation broadened meaningfully throughout the year. All eleven sectors finished 2025 in positive territory, led once again by technology.

Canada’s equity market also delivered strong results. While gold and materials played an important role, the story extended beyond commodities. Market breadth remained healthy, reinforcing the case for continued optimism in Canadian equities.

U.S. markets closed 2025 with a third consecutive year of double-digit returns. While this outcome often raises concerns about future performance, history suggests such streaks are not unprecedented. More importantly, the expansion in market breadth through the year is a constructive signal as we look ahead.

Interest rates in 2026

Before turning to the outlook for the New Year, it is worth revisiting interest rate expectations. Markets are currently pricing in roughly two interest rate cuts in the United States for 2026.

Recent history illustrates how quickly these expectations can shift. In early 2022, markets anticipated three rate hikes; by year-end, the U.S. Federal Reserve had delivered seventeen. Interest rate forecasting remains notoriously difficult, particularly following a challenging year for longer-duration bonds.

A sustained improvement in long-duration fixed (bonds maturing in more than 10 years) income will likely require clearer signs of easing at the long end of the yield curve. While such shifts can happen quickly, additional confirmation will be needed before this environment improves meaningfully.

Forecasting versus nowcasting

The start of the year also brings a wave of updated equity strategist forecasts. Historically, these projections tend to follow markets rather than lead them.

In December 2024, consensus expectations called for roughly 8 per cent returns in 2025. Those estimates were revised lower after a sharp April correction driven by trade-war concerns. By year-end, markets finished well above those initial targets, with forecasts gradually revised higher as sentiment improved.

Today, consensus expectations sit in the mid-double digits from current levels. However, a spread of more than 15 percentage points between bullish and bearish forecasts underscores the level of uncertainty that remains.

The next stage in the AI debate

Search interest in “AI bubbles” resurfaced alongside bearish headlines but faded quickly following NVIDIA’s strong third-quarter earnings in November. This episode highlighted how sensitive investor sentiment remains around artificial intelligence.

The core debate is unchanged: whether the AI cycle is peaking, and whether the significant capital investments of the past two years will translate into durable growth. In the near term, scepticism is likely to persist, albeit alongside continued spending and innovation.

While policy risks remain elevated, sentiment has normalized from early-2025 pessimism, and economic growth remains resilient. Valuation dispersion will continue to matter, with heightened sensitivity to earnings.

Anchoring the barbell: 2026 outlook

A “buy-the-dip but diversify” mindset remains central to our 2026 outlook. Elevated policy risks, pockets of higher valuations, and episodic volatility argue for balance, even as expanding breadth and a historic capital investment cycle support ongoing growth exposure.

Our barbell approach remains foundational—combining defensive allocations in healthcare, utilities, and select fixed income with targeted growth opportunities, including strategies such as the Harvest Diversified High Income Shares ETF (TSX: HHIS), industrials, and thematic exposures.

Recent geopolitical developments, including U.S. action in Venezuela, highlight how macro events can create selective opportunities. In this context, we point to the Harvest Energy Leaders Plus Income ETF (TSX: HPF), which provides exposure to global energy leaders while delivering a high income yield.

Harvest ETFs wishes you a healthy and prosperous 2026!

Harvest Healthcare Leaders Income ETF

HHL pulled back slightly in December following the broader Healthcare recovery that started in October. There were few headline drivers for the relative pull back in December, other than perhaps year end positioning.  The sector’s relative performance compared to the broader market, however, has again showed some signs of improvement through the early part of 2026. 

The negative macro and political environment for the sector that started in April has continued to improve in recent months. Initially, this was driven by strategic and renowned investors reallocating to the sector, like Warren Buffet.  It continued through Q 3 with a generally strong earnings season that was rewarded in the markets.  There has also been continued follow-through in stock movements following positive earnings.  Importantly, headlines that U.S. Medicare will likely include GLP-1 drugs for obesity in 2026, significantly expanding the potential volumes for companies like Eli Lilly, provides further signs of improving sentiment and an improving backdrop.

Outlook | The sector’s long-term fundamentals remain solid, characterized by: Aging populations, developing nations, and technological innovation. | HHL provides steady monthly income. | Improving sentiment is a key near term catalyst.

HHL invests in 20 large-cap healthcare leaders, has an active covered call strategy and pays a monthly distribution of $0.06 per unit.

Harvest Brand Leaders Plus Income ETF

Following a volatile month for U.S. equities, HBF ended the month modestly negative on a total return basis.  Factors that impacted the ETF’s investments during December included:

• • Investors’ continued scrutiny about the significance of the level of investments in AI infrastructure, particularly for those that have started to fund more of their investments by issuing debt. This led to continued rotation out of growth and into value-oriented areas of the market early in the month
  • Another 25 basis points cut in the overnight interest rate by Fed combined with a signal to return to purchasing of U.S. Treasuries, helping to ignite a rally into the Christmas holiday.
  • There was a drop in shares of semiconductor manufacturer Broadcom Inc. during the month following earnings results that failed to meet high investor expectations, which was countered by relatively positive performance from the overweight Financial Services sector, with particularly strong performance from Wells Fargo & Co.

The ETF maintained its covered call strategy, as it continues its focus on balancing income generation with participation in equity upside.  The ETF will be rebalanced during the month of January.

Outlook | Ongoing macroeconomic and equity market valuation concerns have kept markets volatile | Equal weight and specific value-, quality- & yield-based financial metrics can help in current environment with ongoing rotations.

Harvest Tech Achievers Growth & Income ETF

HTA posted positive return for December.  This was fuelled by investors’ actions of rotating out of year-to-date winners and into some lagging areas of the sector. Their actions were primarily triggered by questions about AI investment sustainability and return on investment continued to swirl. 

Within the portfolio, shares of computing memory producer Micron Technology Inc. surged following strong earnings results and shares of several software companies benefited from a rotation out of the years leading stocks and into value areas of the sector. On the other hand, semiconductor manufacturer Broadcom Inc. fell following earnings results that failed to meet lofty expectations and shares of Oracle Corp remained under pressure as investors worried about the company’s use of debt to fund the building out of datacenter capacity. 

HTA uses covered calls to generate income while remaining positioned to capture growth potential in leading tech names.  The ETF will be rebalanced during the month of January.

Outlook AI-driven tech demand continues | Equal weight can help to avoid over concentration I HTA is positioned in large-cap tech leaders and writes call options to support steady income.

Harvest Equal Weight Global Utilities Income ETF

HUTL posted a slight decline in December but outperformed the broader Utilities benchmark handily. The slight positive return for December was not straight climb. Early in the month, there was a steep selloff, which than almost completely reversed in the final days. Some of the more important factors driving returns in December included:

• • European Utilities and Telecoms were the standout winners during the month of December, with many holding to steadier upward gains rather than the U-shaped pattern in North American markets
  • Long bond yields pushed higher again and that likely capped the momentum we saw throughout 2025 for Utilities
  • Short-term rates dropped a touch as the Fed cut overnight rates once more in December – leaving us with a normalizing yield curve, just at a higher level
  • The AI boom continues, which highlights growing electricity demand, offering a medium-term tailwind for a sector that tends to be low growth

HUTL’s portfolio of 30 top utility, telecom, and pipeline companies offers a balance of defensive income generation while capturing potential upside. The portfolio is supported by a covered call overlay to boost monthly cash flows.

Outlook | HUTL is well-positioned in uncertain markets and for AI energy demand tailwinds I Can provide steady cash flow amidst broader macro uncertainty I HUTL remains a leading utility ETF in Canada.

Harvest Global REIT Leaders Income ETF

HGR performance dropped during the month in line with the Global REITs sub-sector.  The rally in long-term bond yields served to weigh down the interest-rate sensitive segments, like real estate. The following primarily influenced the overall performance:

• • Healthcare sub-sector was the biggest area of weakness, with Welltower (not in HGR) seeing a big pullback and dragging the sector. The names in HGR were impacted by the negative turn as well.
  • In the Specialty bucket, December saw a bit of a pullback too with Data Centers, Towers and Storage REITs all seeing negative performance. However, this was offset by a bounce off the bottom in our Student Housing name Unite Group, and Multi-Family Apartment REITs.

HGR remains broadly diversified across global REIT subsectors, offering exposure to a range of exposures like growth-oriented assets like industrials and data centers and value plays like office and healthcare REITs. This approach targets the management of macro uncertainty while targeting consistent income from global real estate leaders.

Outlook | Global REITs have faced headwinds from higher yield concerns and macro uncertainty | HGR’s diversified tenant and lease exposure offers resilience I HGR is positioned to benefit from exposure to growth themes like data centers & online shopping trends with industrial warehouses globally.

Harvest Energy Leaders Plus Income ETF

HPF and broader Energy stocks faced headwinds, as December brought a down month. Crude oil prices exhibited weakness, and that kept the pressure on energy equities.  The notable catalysts for the energy sector seemed to trade around:

• • Energy equities lacked directionality both from weak commodity prices and lack of direction in the broader stock market.
  • Crude oil weakness has been hampered by oversupply worries and mixed demand signals — OPEC+ after attempting to garner market share appears to have reversed course a bit on their demand worries and will pause output hikes until at least Q1-2026

HPF continues to balance exposure to large-cap energy names with a covered call strategy to generate income. The ETF will be reconstituted in January.

Outlook | Oil markets face macro and supply-side instability | HPF retains quality energy names aligned with long-term capital discipline and yield strength.

Harvest US Bank Leaders Income ETF

HUBL rose for December.  Bank stocks were generally positive during the month, aided by further interest rate cuts by the Federal Reserve and the release of government delayed data that generally showed ongoing resilience across the economy.    

In the early part of 2025, economic uncertainty tended to offset the benefits of a steepening yield curve for traditional banking operations. This led to the outperformance of mega-cap universal banks, which benefitted from strong capital markets operations when compared to their smaller regional bank brethren.  This divergence moderated to some degree later in the year, with full year returns demonstrating broad participation across the group.

 HUBL maintains a covered call strategy for income. It remains positioned to benefit from renewed investor confidence in the banking sector as risks around tariffs and policy uncertainty eased.   

Outlook | The US Federal Reserve Bank’s rate expectations and loan growth outlooks will shape returns | Covered calls can help manage risk in a volatile macro banking environment.

Harvest Canadian Equity Income Leaders ETF

HLIF recorded gains in December albeit slightly underperforming the broader Canadian market, which continued to set new highs slightly.  The following are notable areas of performance:

• • Financials were the strongest areas for performance in Canada in December, and HLIF has a strong weight to this sub-sector
  • Nutrien helped to add to gains for HLIF versus the benchmark Materials sub-sector with a bit more mixed performance across different types of mining companies
  • Telecoms and Utilities, an overweight for HLIF, were the areas of biggest of drag hampering relative performance vs the benchmark

The ETF focuses on Canada’s top dividend payers, refreshed quarterly. The portfolio’s covered call overlay can help to support stable monthly income in a mixed economic environment.

The ETF was reconstituted in December, with two name changes. Canadian Tire dropped below the Top 35 names by market cap and Quebecor dropped out on lower yield. Replacements were Brookfield Asset Mgmt and Lundin Gold.

Outlook | Equal weight and dominant oligopolistic-like companies in the Canadian market | The portfolio remains focused on size & yield in domestic market I HLIF is positioned defensively and favours stable cash flow names.

Harvest Travel & Leisure Income ETF

TRVL jumped in December, outperforming markets in a bit of an upcycle, and this seemingly returns the group to its more normalized relationship to broader US stock market performance:

• • Airlines, cruise lines and the online booking companies led the charge higher – although for cruise lines and online booking companies the bigger driver of the move seems to be a bounce back from prior month weakness
  • While the consumer has been more resilient than expected, and an additional Fed cut in December helps sentiment in the US, economic data has been mixed recently and now has led to some questions marks due to the lack of collection during the shutdown

TRVL offers diversified exposure to top travel stocks.

Outlook | While some short-term pressure from consumer is cautionary; the sector is well positioned to benefit from secular trends like aging demographics and resilient travel demand I The ETF is poised to benefit from renewed interest in the consumer discretionary.

Harvest Industrial Leaders Income ETF

Following a volatile month for U.S. equities, HIND ended the month roughly flat.  Airlines continued their rally in December following the end of the government shutdown which threatened operations while jet fuel prices declined, driving expected future operating costs lower.  GE Vernova saw its stock jump during the month following a strong update at the company’s investor day while shares of Delta Air Lines Inc. and Lockheed Martin Corp also rallied.  These gains were partially offset by declines in Uber Technologies and Eaton Corp.

HIND maintains its covered call strategy for added income while staying positioned to benefit from renewed industrial sector momentum.  The ETF was rebalanced in December.  There were no changes made to the portfolio’s constituents.

Outlook: HIND remains exposed to economic cyclicals | Earnings momentum and post-selloff strength suggest resilience | Tariff tensions remain a macro headwind.

Harvest Low Volatility Canadian Equity Income ETF

HVOI posted a positive return in December, roughly in line with the TSX, and outperforming the S&P 500 on the month. The ETF’s exposure to Financials (primarily Banks) was a significant contributor, as Banks Q4 earnings generally met and exceeded investor expectations. Top contributors during the month included TD Bank, Royal Bank, and Fairfax Financial Holdings.

The portfolio made no significant weight changes in the month.

HVOI remains defensively positioned to manage risk. Nonetheless, it still offers exposure to continued equity market growth and balancing stability with participation in upside trends.

Outlook | Strategies focus on stable, lower risk portfolio of Canadian equities | Market turbulence expected to persist | Low-volatility profile may be timely for conservative investors.

Harvest Premium Yield Treasury ETF

Harvest Premium Yield 7-10 Year Treasury ETF

HPYT appears to be in another downtrend since mid-October while HPYM has held in more of a flat pattern during the same period. This development come against the backdrop of a yield curve that continued to widen as its steepening trend persisted. Further divergence in yields would continue to favor HPYM over HPYT. For December, the ETFs were impacted by:

• • The Federal Reserve cut the overnight rate again in December. Additionally, the market seems to have reduced their probabilities of a 3^rd rate cut in 2026, congregating more around expecting 50bps and just a small chance of a 3^rd 25bps cut by year end. The front end of the yield curve traded a little flatter and that left HPYM close to flat on the month
  • Long end yields moved in the opposite direction, as risk lingers around headlines and Fed independence, while inflation data raised serious question marks around reliability – that dragged on HPYT performance, including from a relative perspective

Both ETFs use an active covered call strategy to generate income from exposure to bond market volatility, helping investors offset inflation and deliver higher real yields than traditional fixed income.

Outlook | HPYT/HPYM offer high cash flows from writing covered calls I Macro backdrop has been challenging for longer dated yields I Flexible covered call strategy helps generate cash flows.

Harvest Diversified Monthly Income ETF

Harvest Diversified Equity Income ETF

HDIF and HRIF delivered positive returns in December, slightly outperforming the S&P 500. An outcome that came amid equity markets oscillating during the month, marked by volatility and profit taking in AI related names.  For December, the gains recorded by the HDIF and HRIF were largely driven by strong performances from HUBL (Harvest US Banks Leaders Income ETF), as well as TRVI (Harvest Travel & Leisure Income ETF) and HTA (Harvest Tech Achievers Growth & Income ETF).   HHL (Harvest Healthcare Leaders Income ETF) and HUTL (Harvest Equal Weight Global Utilities Income ETF) detracted from overall return.

The ETFs added trimmed HUBL on US bank strength, further deploying proceeds to HHIH (Harvest High Income Equity Shares ETF).

Outlook | HRIF and HDIF remain defensively positioned with multi-sector exposure and high-income strategies to moderate risk | Existing macro and policy uncertainties justify having a diversified approach.

Harvest Balanced Income & Growth ETF

Harvest Balanced Income & Growth Enhanced ETF

HBIG and HBIE were roughly flat over the month, in line with the S&P 500. Top equity contributors included HUBL (Harvest US Banks Leaders Income ETF), as well as TRVI (Harvest Travel & Leisure Income ETF). Fixed income detracted, as US interest rates went higher over the month, causing HPYT (Harvest Premium Yield Treasury ETF) and HPYM (Harvest Premium Yield 7-10 Year Treasury ETF) to decline. On the equity side, HHL (Harvest Healthcare Leaders Income ETF) and HUTL (Harvest Equal Weight Global Utilities Income ETF) detracted from overall return.

The ETFs didn’t make significant weight changes over the month.

Outlook | Balanced equity-fixed income structure continues to help buffer downside | Enhanced income and diversification support resilience.

Harvest Global Gold Giants Index ETF

HGGG continued its wild ride up another 3.7% on the month, with gold equities exhibiting even greater Beta to the movements of the underlying commodity price. Another month as one of the strongest areas of the market, with year-to-date returns at an eye-popping +168% for HGGG.

The rally appears to be taking a life of its own, ignoring lower (but heavily questioned) CPI data, higher long-term bond yields, and instead seems to attract flows looking for something that holds value in an environment of trust erosion and safe havens. Questions around Fed independence just don’t want to go away, along with lingering geopolitical concerns. Gold retains its appeal as a safe-haven asset when the unexpected hits, which is arguably heightened these days, but also amidst sticky inflation and rising deficits.

HGGG invests equally across the world’s 20 largest gold producers, providing leverage to gold price moves and long-term diversification benefits, especially during volatile market cycles.

Outlook | Concerns around Fed Independence just can’t seem to be shaken yet | Geopolitical noise and sticky inflation keep gold’s safe haven appeal intact | Gold producers offer upside leverage and margin strength.

Harvest Travel & Leisure Index ETF

TRVL jumped in December, outperforming markets in a bit of an upcycle, and this returns the group to more of a normalized relationship with broader US stock markets performance:

• • Airlines, cruise lines and the online booking companies led the charge higher – although for cruise lines and online booking companies more of the move was a bounce back from prior month weakness
  • While the consumer has been more resilient than expected, and an additional Fed cut in December helps sentiment in the US, economic data has been mixed recently and now has led to some questions marks due to the lack of collection during the shutdown

TRVL offers diversified exposure to top travel stocks.

Outlook | While some short-term pressure from consumer is cautionary; the sector is well positioned to benefit from secular trends like aging demographics and resilient travel demand I The ETF is poised to benefit from renewed interest in the consumer discretionary.

Harvest Clean Energy ETF

HCLN declined for December. The ETF performed its strongest in the first 10 months of the year. There was definitely a pick-up in interest in the clean energy space in 2025, which is a welcome difference to the trend of the past four years, but as we near changes in the US incentives landscape in 2026 concerns are likely to bubble up again. Some of the drivers for December:

• • The gain of many clean energy stocks has been tied closely with the “growth” trade, but even more particularly, into the area of Artificial Intelligence and its subsequent record energy demand expectations – the market has been scrutinizing this trajectory and that has weighed on clean energy
  • On the power generation side, names like ReNew Energy Global, Orsted, and Brookfield Renewables led the downside, offset a bit by Drax Group and EDP Renovaveis. On the renewable energy side EOS Energy, SolarEdge, and Sunrun led the downside, but offset by names like Grenergy Renovables, Thyssenkrupp Nucera and Verbio.
  • However, long-term clean energy demand appears to be underpinned by global climate goals that still require accelerated investment.

HCLN holds the 40 largest dedicated clean energy and equipment firms, equally weighted and diversified across North America, Europe, and Asia. The ETF will be reconstituted in January.

Outlook | Massive global clean energy investment needs remain | Long-term drivers are intact | Near-term risks and loss of incentives in the US persist under current administration.

Harvest Low Volatility Canadian Equity ETF

HVOL posted a positive return in December, roughly in line with the TSX, and outperforming the S&P 500 on the month. The ETF’s exposure to Financials (primarily Banks) was a significant contributor, as Banks Q4 earnings generally met and exceeded investor expectations. Top contributors during the month included TD Bank, Royal Bank, and Fairfax Financial Holdings.

The portfolio made no significant weight changes in the month.

Outlook | Strategies focus on stable, lower risk portfolio of Canadian equities | Market turbulence expected to persist | Low-volatility profile may be timely for conservative investors.

Blockchain Technologies ETF

HBLK experienced declines over the month of December amid a general risk-off tone; investors maintained modest exposure to high-beta technologies and blockchain equities. Concerns around stretched AI valuations in tech and scrutiny around capex commitments weighed on sentiment across broader markets and impacted blockchain-linked companies.

Outlook | Despite macro rate uncertainty, the long-term fundamental drivers remain present, anchored by the rapid institutional adoption of tokenization, the maturation of Web3 technologies, and the massive capital allocation toward AI infrastructure, as demonstrated by the strategic moves of core holding Oracle. HBLK provides diversified exposure to these secular growth trends.

Harvest Bitcoin Leaders Enhanced Income ETF

HBTE experienced heightened volatility, eventually ending the month of December down. This performance was driven by negative sentiment on equities in the bitcoin ecosystem, driven by aggressive Bitcoin and crypto price fluctuations during the month.

Outlook | While risks remain high at current, bitcoin and the crypto ecosystem recover positive tailwinds, the outlook for HBTE remains positive. The ETF’s exposure to high-growth mining and infrastructure companies is well-aligned with the long-term broader sentiment of increasing institutional adoption of Bitcoin. Continued developments in the sector, coupled with the ETF’s active management and covered call strategy, aim to provide resilience and ongoing income generation amid potential market fluctuations.

Harvest Bitcoin Enhanced Income ETF

HBIX, having indirect, levered exposure to bitcoin via the IBIT ETF experienced heightened volatility in December coinciding with aggressive fluctuations in the price of bitcoin.

Outlook | The outlook for HBIX remains volatile. Bitcoin is not currently exhibiting the momentum that would raise it back to its October all-time highs, although that can change. Overall, a more favourable regulatory environment and continuing institutional adoption of bitcoin provide some positive tailwinds for the ETF. The ETF’s covered call strategy aims to provide resilience through additional income generation amid potential market fluctuations.

Harvest Diversified High Income Shares ETF

HHIS declined in December as the higher-growth technology stocks saw mixed performance over the month, with profit taking in some AI and technology-related names.

The main detractors for HHIS in the period were AVGY (invests in Broadcom), NFLY (invests in Netflix) and CNYE (invests in Coinbase), as high growth technology stocks were volatile in the month, with Coinbase also impacted by declining crypto prices. Positive contributors for HHIS included PLTE (invests in Palantir), RDDY (invests in Reddit Inc.), and NVHE (invests in Nvidia).

Option premiums were well supported. The income generation through covered calls writing remained around 33% write-level across the suite. Option coverage was increased on MSTY/MSTE (invests in Strategy) and CONY/CNYE (invests in Coinbase) to help support the distribution.

Outlook | HHIS continues to offer diversified, enhanced income exposure to high-growth U.S. stocks.

Harvest Canadian High Income Shares ETF

HHIC had a modestly positive month, with returns approximately in line with the TSX, and slightly outperforming the S&P 500. 

Positive contributors for HHIC came from TD Bank and Royal Bank, as Banks reported strong Q4 earnings. Cameco was also a strong performer, with continuing positive sentiment on the long-term growth of nuclear energy. Performance detractors included Agnico Eagle Mines, which retraced after extremely positive performance in 2025, and Enbridge Inc.

The corresponding single stock ETFs that benefitted the most over the month were TDHE, RYHE, and CCOE, with AEME and ENBE detracting.

Option premiums were well supported. Income generation through covered calls writing remained at around 33% write-level across. There were no significant changes to HHIC composition during the month.

Outlook | HHIC continues to offer diversified, enhanced income exposure to a portfolio of notable Canadian equities. The Harvest single stock ETFs based on the stock names in HHIC offer a more concentrated exposure and are designed to provide high monthly income. 

Disclaimer

Commissions, management fees and expenses all may be associated with investing in Harvest Exchange Traded Funds (managed by Harvest Portfolios Group Inc.). The funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the relevant prospectus before investing. Tax, investment and all other decisions should be made with guidance from a qualified professional.

Certain statements in this commentary are forward looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” or “estimate,” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. Although the FLS contained herein are based upon what the portfolio manager believes to be reasonable assumptions, the portfolio manager cannot assure that actual results will be consistent with these FLS. Unless required by applicable law, Harvest Portfolios Group Inc. does not undertake, and specifically disclaim, any intention or obligation to update or revise any FLS, whether due to new information, future events or otherwise.