S&P:
"Standard & Poor’s® ", "S&P®" and "S&P 500" are registered trademarks of The McGraw-Hill Companies, Inc. and "TSX®" is a registered trademark of the TSX Inc. These marks have been licensed for use by Horizons ETFs Management Canada Inc.. The Horizons ETFs are not sponsored, endorsed, sold, or promoted by Standard & Poor’s or TSX Group and its affiliated companies and neither party make any representation, warranty or condition regarding the advisability of investing in the Horizons ETFs.

Fund Disclaimer (Funds)
All Horizons BetaPro Funds use leveraged investment techniques that magnify gains and losses and result in greater volatility in value. All Horizons BetaPro Funds are subject to active investor risk. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

Fund Disclaimer (ETFs)
All Horizons BetaPro ETFs use leveraged investment techniques that magnify gains and losses and result in greater volatility in value. All Horizons BetaPro ETFs are subject to active investor risk. Commissions, management fees and expenses all may be associated with ETF investments. ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

Fund Disclaimer (Funds and ETFs)
All Horizons BetaPro Funds and ETFs use leveraged investment techniques that magnify gains and losses and result in greater volatility in value. All Horizons BetaPro Funds and ETFs are subject to active investor risk. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund and ETF investments. Mutual funds and ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

S&P/TSX:
"Standard & Poor's®" and "S&P®" are registered trademarks of The McGraw-Hill Companies, Inc. and "TSX®" is a registered trademark of the TSX Inc. These marks have been licensed for use by BetaPro Management Inc. The HBP ETFs are not sponsored, endorsed, sold, or promoted by Standard & Poor's or TSX Group and its affiliated companies and neither party make any representation, warranty or condition regarding the advisability of investing in the HBP ETFs

NYMEX /COMEX:
"NYMEX® is a registered service mark of New York Mercantile Exchange, Inc. and COMEX® is a registered service mark of Commodity Exchange Inc., and have been licensed by them for use to BetaPro. The Funds are not sponsored, endorsed, sold or promoted by New York Mercantile Exchange, Inc. or Commodity Exchange, Inc., and New York Mercantile Exchange, Inc. and Commodity Exchange, Inc. make no representation regarding the advisability of investing in the Funds."

NASDAQ:
Nasdaq®,Nasdaq-100®,and Nasdaq-100 Index®, are trademarks of The NASDAQ OMX Group, Inc.(which with its affiliates is referred to as the "Corporations") and are licensed for use by Horizons BetaPro Funds and BetaPro Management Inc.. The Fund(s)have not been passed on by the Corporations as to their legality or suitability. The Fund(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND(S).

Morningstar®:
The Horizons Morningstar Hedge Fund ETF (the “ETF”) is not sponsored, endorsed, sold or promoted by Morningstar or any of its affiliates (collectively, the “Morningstar Group”). The Morningstar Group makes no representation or warranty, express or implied, to the ETF unitholders or any member of the public regarding the advisability of investing in securities generally or in the ETF in particular or the ability of the ETF to track general stock market performance. The Morningstar Group’s only relationship to AlphaPro Management Inc. is the licensing of certain service marks and service names of the Morningstar Group, Morningstar® Broad Hedge Fund Index™ and the Morningstar® NEXUS Hedge Fund Replication Index™ which are determined, composed and calculated by Morningstar without regard to AlphaPro Management Inc. or the ETF. The Morningstar Group has no obligation to take the needs of AlphaPro Management Inc. or the ETF unitholders into consideration in determining, composing or calculating any index. The Morningstar Group is not responsible for and has not participated in the determination of the prices and amount of the ETF or the timing of the issuance or sale of ETF units or in the determination or calculation of the equation by which ETF units are converted into cash. The Morningstar Group has no obligation or liability in connection with the administration, marketing or trading of the ETF. The Morningstar Group does not guarantee the accuracy and/or the completeness of any index or any data included therein and the Morningstar Group shall have no liability for any errors, omissions, or interruptions therein. The Morningstar Group makes no warranty, express or implied, as to results to be obtained by AlphaPro Management Inc., or the ETF unitholders, or any other person or entity from the use of any index or any data included therein. The Morningstar Group makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any index or any data included therein. Without limiting any of the foregoing, in no event shall the Morningstar Group have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.