The Horizons BetaPro exchange traded funds ("HBP ETFs") consist of the Horizons BetaPro Bull Plus and Bear Plus ETFs ("HBP Plus ETFs"), Spread ETFs ("HBP Spread ETFs"), Inverse ETFs ("HBP Inverse ETFs") and Single ETFs ("HBP Single ETFs"). The HBP Plus ETFs use leveraged investment techniques that magnify gains and losses and result in greater volatility in value. The Spread ETFs , which combine long and short exposure, also use leveraged investment techniques that magnify gains and losses and which may result in greater volatility in value. HBP Plus ETFs and HBP Spread ETFs are subject to leverage risk and all of the HBP ETFs are subject to aggressive investment risk and price volatility risk, which are described in the HBP ETF?s prospectus. Each HBP Plus ETF seeks a return, before fees and expenses, that is either 200% or -200% of the performance of a specified underlying index, commodity or benchmark (the "Target") for a single day. Each HBP Spread ETF seeks a return, before fees and expenses, that is the sum of 100% of the performance of one Target plus -100% of the performance of a second Target for a single day. Each HBP Single ETF or HBP Inverse ETF seeks a return that is 100% or - 100%, respectively, of the performance of a Target. Due to the compounding of daily returns, an HBP Plus ETF?s, HBP Spread ETF?s or HBP Inverse ETF?s returns over periods other than one day will likely differ in amount and possibly direction from the performance of their respective Target(s) for the same period. The HBP ETFs whose Target is the S&P 500 VIX Short-Term Futures IndexTM (the "HBP VIX ETFs"), one of which is an HBP Plus ETF and one of which is an HBP Single ETF, are speculative investment tools that are not conventional investments as described in the HBP VIX ETFs? prospectus. The HBP VIX ETFs? Target is highly volatile. As a result, the HBP VIX ETFs are not generally viewed as stand-alone long-term investments. Historically, the HBP VIX ETFs? Target has tended to revert to a historical mean. As a result, the performance of the HBP VIX ETFs? Target is expected to be negative over the longer term and neither the HBP VIX ETFs nor their Target are expected to have positive long term performance. Investors should monitor their holdings, as frequently as daily, to ensure that they remain consistent with their investment strategies. Commissions, management fees and expenses all may be associated with the HBP ETFs. The HBP ETFs are not guaranteed, their values change frequently and past performance may not be repeated. "Standard & Poor's?" and "S&P?" are registered trademarks of Standard & Poor?s Financial Services LLC ("S&P") and "TSX?" is a registered trademark of the TSX Inc. ("TSX"). These marks have been licensed for use by BetaPro Management Inc. The HBP ETFs are not sponsored, endorsed, sold, or promoted by S&P or TSX and their affiliated companies and none of these parties make any representation, warranty or condition regarding the advisability of buying, selling and holding units/shares in the HBP ETFs. All trademarks/service marks are registered by their respective owners and licensed for use by BetaPro Management Inc. and none of the owners thereof or any of their affiliates sponsor, endorse, sell, promote or make any representation regarding the advisability of investing in the HBP ETFs. Complete trademark and service-mark information is available by clicking here. Please read the prospectus before investing.

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in the Horizons AlphaPro Funds and Exchange Traded Funds (the "AlphaPro Investment Funds"). The AlphaPro Investment Funds are not guaranteed, their values change frequently and past performance may not be repeated. The Horizons AlphaPro S&P/TSX 60 130/30? ETF, the Horizons AlphaPro Gartman ETF, the Horizons AlphaPro Seasonal Rotation ETF and the Horizons AlphaPro Tactical Bond ETF may each have exposure to leveraged investment techniques that magnify gains and losses and which may result in greater volatility in value and could be subject to aggressive investment risk and price volatility risk, which are described in their respective prospectuses. "Standard & Poor's?" and "S&P?" are registered trademarks of Standard & Poor?s Financial Services LLC ("S&P") and "TSX?" is a registered trademark of the TSX Inc. ("TSX"). These marks have been licensed for use by AlphaPro Management Inc. The AlphaPro Investment Funds are not sponsored, endorsed, sold, or promoted by S&P or TSX or their affiliated companies and none of these parties make any representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in the AlphaPro Investment Funds. Complete trademark and servicemark information is available by clicking here. Please read the prospectus before investing.