Traded on the TSX
Buying and selling units of our ETFs is simple – as simple as buying or selling any stock listed on the TSX. Our ETFs trade and settle just like ordinary stocks throughout the TSX trading day and can be traded using all the techniques applicable to stocks, including market orders, limit orders, stop orders, short sales and margin buying.

Investors outside Canada can buy and sell our ETFs as long as they have access to the TSX through a registered Dealer.

The majority of ETF trading takes place this way – with buyers and sellers interacting directly through an exchange.

Ready to buy:
- Investors can contact their stockbroker or financial advisor
- Trade through their self-directed account or discount broker
As with any listed share, customary brokerage commissions may apply.

Pre Authorized Cash Contribution Service (PACC)
PACC is a recurring pre-authorized electronic withdrawal of funds from a Plan Participant's Canadian financial institution (or bank) account wherein such funds will be used for the purpose of acquiring additional "whole" Plan Units of a specific Fund.

Plus, there is no cost to enroll and there are no commissions on any of your purchases.

Systematic Withdrawal Plan Service (SWP)
A SWP can provide you with a means to receive regular income from the Plan account you hold through your CDS Participant (i.e. bank, brokerage, etc.) by conveniently and systematically withdrawing (through the sale of Plan Units) a fixed, but approximated*, dollar amount at regular intervals.

*Your Plan account will be reduced by the maximum number of whole Plan Units (as calculated by your CDS Participant) that can be sold to meet the requested dollar withdrawal amount. In any event, the value of the whole Plan Units sold by the Plan Agent will reflect the market price of the Plan Units sold which may be more or less than the fixed dollar amount requested.

Distribution reinvestment Plan Participation (DRIP)
DRIP is an investment strategy whereby investors who participate in the plan reinvest their cash dividends and buy additional units instead of receiving a cash payment. DRIPs are intended for long-term investors. In general, DRIPs are ideal for investors looking to help build their units over time in a more cost effective manner. Plus, there are no costs to enroll and there are no commissions on any of your purchases.

Intraday Values
Horizons ETFs publishes an "iNAV" in real-time for each of its ETFs. iNAV stands for Indicative Net Asset Value.

The iNAV is calculated by a third-party and is based on the market prices of the individual holdings included in the relevant index tracked by the ETF. Mutual funds calculate Net Asset Values (NAV) once per day, or less. By contrast, Horizons BetaPro ETFs' iNAVs are published every 15 seconds during the trading day, allowing investors to receive an up-to-the-minute indication of what an ETF is worth. By comparing the iNAV with bid-ask spreads, investors can see whether an ETF is being priced fairly in the market.

The iNAV for each Horizons BetaPro ETF is available on this website. iNAVs can also be accessed via Bloomberg.

Direct from the Manager
Brokers and dealers who have entered into a designated broker and/or underwriter agreement with BetaPro Management Inc. or AlphaPro Management Inc. (the “Managers”), subject to certain conditions outlined in the Prospectus, can subscribe for or redeem a prescribed number of units (PNUs) directly with the Managers.

Creation and Redemption of ETF Units
Investors do not purchase and redeem ETF units directly with the investment manager in the same way as they do with traditional mutual funds. ETFs are designed to minimise portfolio turnover and related transaction costs, and they do this by restricting the direct creation and redemption of units to large investors, typically banks or brokers known as "Authorised Participants", and market makers. These institutions can create and redeem ETF units in line with the daily demand for units, helping the ETFs to trade with maximum liquidity. Brokers, dealers and investors, subject to certain conditions outlined in the Prospectus, can redeem a PNU. Redemptions may be subject to an administration fee of up to 0.25% of the redemption proceeds of the Horizons ETF units.

The administration fee schedule is as follows: