Register for your free account and gain access to your "My ETFs" watch list. Located on the top panel of the Horizons ETFs website, "My ETFs" allows you to conveniently view pricing and NAV information about selected ETFs across all of your devices. All personal information is secure and will not be shared.
President and CEO, Horizons ETFs Management (Canada) Inc.
Steve Hawkins is the President and Chief Executive Officer of Horizons ETFs (a member of the Mirae Asset Global Investments Group), where he is responsible for the day-to-day business and affairs of the firm. With more than 30 years of experience in the investment industry, Mr. Hawkins has been with Horizons ETFs for more than 12 years including as its CIO, prior to becoming CEO in 2015. Mr. Hawkins is partly responsible for the proliferation of ETFs in Canada, bringing many first-of-their-kind ETFs to market. He spearheaded the launch of the first family of actively managed ETFs in Canada, the world’s first marijuana ETF and the world’s first global equity ETF driven by artificial intelligence. As an innovative ETF and capital markets thought leader, he is frequently quoted in the news media, appears regularly on business television and is a globally sought-after speaker for his expertise on his three favourite topics: ETFs, derivatives and cannabis. He was recognized as CEO of the Year at the 2018 Wealth Professional Awards and is the current Chair of the Canadian ETF Association. Mr. Hawkins studied mathematics and philosophy at the University of Toronto and holds a Derivative Market Specialist (DMS) designation.
Chief Corporate Business Development Officer, Horizons ETFs Management (Canada) Inc.
Thomas Park is Chief Corporate Business Development Officer of Horizons ETFs and Managing Director of Global Strategy Division for Mirae Asset Global Investments, a position he has held since 2011. Prior to Horizons ETFs, Mr. Park was the Investment Manager of Real Estate & Private Equity for Mirae Asset from 2009 to 2011. Mr. Park has his MBA in Finance and Accounting from the University of Chicago Booth School of Business and his Bachelor of Arts and Business Administration from the University of Paris.
Chief Operating Officer and Chief Compliance Officer, Horizons ETFs Management (Canada) Inc.
Kevin S. Beatson is the Chief Operating Officer and Chief Compliance Officer of Horizons ETFs. Having worked in the financial industry since 1982, Mr. Beatson has been with Horizons ETFs and its predecessors and affiliates since 1994. Mr. Beatson’s career has encompassed work in trusts, offshore mutual funds, back-office services, operations, compliance and investment management. Mr. Beatson was previously a Director and member of senior management with the Felcom Group of companies in Toronto, Canada, and with the Orbitex Group of Companies in New York, U.S., and Nassau, Bahamas.
Chief Financial Officer, Horizons ETFs Management (Canada) Inc.
Julie Stajan is the Chief Financial Officer of Horizons ETFs. Mrs. Stajan oversees day-to-day corporate accounting including IFRS and management reporting, tax and regulatory financial reporting and payroll activities. Prior to this, Mrs. Stajan was vice-president of Finance & Investment Funds of JovFunds Management Inc., a subsidiary of Jovian Capital Corporation, from 2006 to 2011. From 2001 to 2005, Mrs. Stajan worked in public accounting as part of KPMG Canada’s financial services audit practice. Mrs. Stajan graduated from McMaster University with an Honours Bachelor of Commerce and holds the Chartered Accountant (CPA, CA) designation.
General Counsel and Secretary, Horizons ETFs Management (Canada) Inc.
Greg Sainsbury is General Counsel and Secretary for Horizons ETFs. Mr. Sainsbury has been with Horizons ETFs since 2011 and is responsible for all legal functions. Prior to joining Horizons ETFs in 2011, Mr. Sainsbury practiced corporate and securities law as an associate with a large Toronto firm. Mr. Sainsbury holds a JD from University of Toronto Faculty of Law, in Toronto, Ontario and a BA from Queen’s University in Kingston, Ontario.
Executive Vice-President, Horizons ETFs Management (Canada) Inc.
Jaime Purvis is Executive Vice-President for Horizons ETFs. Mr. Purvis manages institutional sales and national accounts/head office relationships for Horizons ETFs with Canadian investment dealers, as well as managing relationships with the dealer managed asset and discretionary management programs. Mr. Purvis is also responsible for the self-directed investing channel and delivering key concepts and product knowledge to senior management, operations, and investors. Mr. Purvis has been with Horizons ETFs and its predecessors and affiliates since 1995.He graduated from Queen’s University with a BAH in Political Science.
Executive Vice-President and Head of Marketing, Horizons ETFs Management (Canada) Inc.
Tammy Cash is the Executive Vice-President and Head of Marketing for Horizons ETFs, overseeing all advertising, media and marketing for Canada. Before joining Horizons ETFs, she was the Vice-President, Director and Head of Marketing at Front Street Capital. With more than 25 years of financial services experience, Mrs. Cash has created a wide variety of marketing strategies designed to increase awareness and revenue. She is also Head of the Marketing and PR Committee at the Canadian ETF Association (CETFA) and Co-Head of Women in ETFs Canada. Founded in January 2014, Women in ETFs encourages and supports women in the ETF industry in the United States, Canada, Europe and Asia Pacific. Mrs. Cash is a Chartered Marketer with the Canadian Marketing Association.
Senior Vice-President, Head of Retail Sales, Horizons ETFs Management (Canada) Inc.
Jeff Lucyk is Senior Vice-President, Head of Retail Sales for Horizons ETFs. Mr. Lucyk is responsible for managing and leading the sales team to identify new business opportunities and enhancing the growth of the firm. He was formerly the Vice-President, National Sales Manager at Norrep Investments. Mr. Lucyk graduated from Brock University with an Honours Degree in Business Administration and holds the Chartered Alternative Investment Analyst (CAIA) designation.
Senior Vice-President, ETF Strategy, Horizons ETFs Management (Canada) Inc.
Mark Noble is Senior Vice-President, ETF Strategy for Horizons ETFs. Mr. Noble has been with Horizons ETFs since 2010 and is responsible for the communication of its sales strategy. Mr. Noble works with Horizons ETFs’ sales and marketing teams to build out client education tools and initiatives that help Canadians become better ETF investors. Prior to working at Horizons ETFs, Mr. Noble was a personal finance journalist at the Advisor Group, a leading financial services publication that serves the Canadian financial advisor market.
Senior Vice-President, Global ETF Management, Horizons ETFs Management (Canada) Inc.
Martin Fabregas has over 25 years of experience in the financial services industry in the U.S. and Canada, encompassing operations, fund administration and client services. Mr. Fabregas is responsible for communication, coordination and the execution of strategies for Mirae Asset’s global ETFs platform. Prior to joining Horizons, Mr. Fabregas was responsible for key operational relationships for ProShares Advisors LLC in Bethesda, MD.
Sales Team
The highly skilled sales team at Horizons ETFs Management (Canada) Inc. is committed to providing exceptional service that can help take your client’s investments to the next level. Whether you’d like a deeper understanding of our family of exchange traded funds, assistance with market making or insights about investment strategies, our sales team is here to help.
Jeff Lucyk is Senior Vice-President, Head of Retail Sales for Horizons ETFs. Mr. Lucyk is responsible for managing and leading the sales team to identify new business opportunities and enhancing the growth of the firm. He was formerly the Vice-President, National Sales Manager at Norrep Investments. Mr. Lucyk graduated from Brock University with an Honours Degree in Business Administration and holds the Chartered Alternative Investment Analyst (CAIA) designation. Phone: 416-640-8260 Email: jlucyk@horizonsetfs.com
Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.
Joseph Carino has extensive experience in the financial services industry and joined Horizons ETFs in 2015. Previously, Mr. Carino was a hybrid wholesaler with Vanguard Investments (Canada) Inc. Before becoming a fund wholesaler, Mr. Carino was an equity and fixed income trader. Phone: 416-601-2506 Email: jcarino@horizonsetfs.com
Business Development Manager, Horizons ETFs Management (Canada) Inc.
Dustin has been in the financial services industry since 2009, including serving as a wealth sales representative at Sun Life Financial and an associate vice-president at a private wealth firm. He brings to Horizons ETFs a strong understanding of investment vehicles from working with high-net-worth families. He has successfully completed the Canadian Securities Course (CSC) and is a graduate of Wilfrid Laurier University. Phone: 416-604-8247 Email: DBuenaventura@horizonsetfs.com
Krista Hicks has extensive experience in financial services and joined Horizons ETFs in 2013. Her former roles included being a District Sales Manager with Fidelity Investments Canada ULC and Associate Investment Advisor with BMO Nesbitt Burns Inc. Phone: 416-601-2505 Email: khicks@horizonsetfs.com
Nick Sherifi has been in the financial services industry since 2016, including serving in the role of a client relationship representative at Invesco Canada. He brings to Horizons ETFs a strong understanding of investment vehicles including ETFs and mutual funds. He is currently a CFA Level II Candidate. Phone: 416-640-2965 Email: nsherifi@horizonsetfs.com
Julia Howe has been in the financial services industry since 2014, including serving as a sales representative at BMO ETFs where she developed client relationships in the Ontario region. Prior to joining Horizons ETFs Ms. Howe was with State Street Global Advisors where she focused on Institutional clients throughout Canada. She has successfully completed the Canadian Securities Course (CSC) and is a graduate of McGill University. Phone: 416-206-8158 Email: jhowe@horizonsetfs.com
Jonathan developed his Horizons ETFs product knowledge while serving for over a year as our client services representative, handling incoming product requests. Prior to joining Horizons ETFs, Jonathan was in business development at BMO Nesbitt Burns. He graduated from George Brown College with a Bachelors of Commerce Degree (Honours). Phone: 416-601-2449 Email: jburneo@HorizonsETFs.com
Senior Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.
Marie Chantal Lauzon has extensive experience in financial services, most of which has been in business development focused on financial advisors. Prior to joining Horizons ETFs Ms. Lauzon was Senior Sales Manager and Head of Quebec for Excel Funds and a Senior Consultant at Standard Life. Phone: 438-995-2797 Email: mlauzon@horizonsetfs.com
Brian Harman comes to financial services from a varied background in sales, accounting, project management and the music industry. He brings to Horizons a strong commitment to customer service and a passion for the market. He is currently pursuing the CFA designation and is a graduate of the University of Toronto and McGill University. Brian is bilingual in English and French. Phone : 438-469-7375 Email: bharman@horizonsetfs.com
AVP, Business Development, Horizons ETFs Management (Canada) Inc.
Karim Ghalayini’s experience in financial services includes a focus on business development with financial advisors. Prior to joining Horizons ETFs, Mr. Ghalayini was a Business Development Manager at AGF Investments and National Bank Investments. He has a strong understanding of portfolio management and investment products. He is trilingual in English, French and Arabic. Phone: 514-882-5504 Email: kghalayini@horizonsetfs.com
Adam Hadji has been in the financial services industry since 2016, including serving in the roles of a bilingual customer service officer at Scotiabank and a bilingual Business Development Associate at B2B Bank. He brings to Horizons ETFs a strong understanding of investment vehicles including ETFs and mutual funds. He has successfully completed the Canadian Securities Course (CSC) and has 2 Masters degrees in Finance from IHEC Carthage in Tunisia and University of Laval in Quebec, Canada. He is trilingual in English, French and Arabic. Phone: 438-222-0095 Email: ahadji@horizonsetfs.com
Skye has worked in financial services since 2007, including roles at retail full-service brokerages, and in asset management and advisor distribution. Her former positions include Vice-President, Sales and Marketing at AlphaNorth Asset Management and Vice-President, Regional Sales at Norrep Capital Management Ltd. She also served as a senior consultant in client services for various financial, technology and media outlets, including on-air coverage for BNN Bloomberg. She holds an MBA from the University of British Columbia and successfully completed a Global Network of Advanced Management program from the Yale School of Management. Phone: (604) 230-4517 Email: scollyer@horizonsetfs.com
Brock has been in the financial services industry since 2013, including serving as a wealth solutions specialist at Sun Life Financial and an associate at a private wealth firm. He brings to Horizons ETFs a strong understanding of investment vehicles from working with high-net-worth families. He holds the Chartered Financial Analyst (CFA®) designation and is a graduate of the University of Guelph, where he obtained his Bachelor of Business Administration (Honours). Phone: (236) 317-2631 Email: bsmusiak@horizonsetfs.com
Andrew joined Horizons ETFs in 2016 from Questrade, where he held progressive roles for over three years. Before assuming his current role, he served as Horizons ETFs’ Southwest Ontario inside sales representative. Phone: 403-763-0628 Email: agennaro@horizonsetfs.com
Natasha has been in the financial services industry since 2014, including serving as a senior financial advisor at CIBC Imperial Service. She brings to Horizons ETFs a strong understanding of investment products thanks to her experience in working with high-net-worth clients. She has successfully completed the Canadian Securities Course (CSC), the Investment Funds in Canada course, as well as the Wealth Management Essentials course. She is a graduate of the University of Guelph. Phone: 587-441-0562 Email: ngraf@horizonsetfs.com
Prior to joining Horizons ETFs, Raphael gained experience at both online and full-service investment advisory brokerage firms. Raphael holds multiple financial designations including the Chartered Investment Manager (CIM®) and Derivatives Market Specialist (DMS) certificates. He frequently speaks at various investment events. Being trilingual in Mandarin, Cantonese and English, he brings to the Horizons ETFs team a strong avenue to connect with the Asian community across Canada. Phone: 416-601-2509 Email: rchow@horizonsetfs.com
Shirley has been in the financial services industry since 2012, including serving as a financial advisor at CIBC and a product specialist at Mackenzie Investments. She brings to Horizons a strong commitment to customer service and a passion for the market. She holds the Chartered Investment Manager (CIM®) designation and is fluent in Mandarin, Cantonese and English. She is a graduate of the University of Guelph. Phone: 416-979-9879 Email: shuang@horizonsetfs.com
Client Services Representative, Horizons ETFs Management (Canada) Inc.
Tiago Pontes has been in the financial services industry since 2006, including serving as an investment specialist at BMO Wealth Management. He holds the Chartered Investment Manager (CIM®) designation and has successfully completed the Canadian Securities Course (CSC), the Derivatives Fundamentals and Options Licensing course and is a CFA candidate. Phone: 416-640-2941 Email: tpontes@horizonsetfs.com
Business Development Analyst, Horizons ETFs Management (Canada) Inc.
Cristina Alvadane is the Business Development Analyst responsible for the development and implementation of strategic metrics and business analytics to help support the growth and objectives of Horizons ETFs. Through her project management function she works closely with the Head of Retail Sales as well as other senior management leaders. Prior to joining Horizons, Cristina was an Analyst at BlackRock Asset Management Canada Limited, under the iShares ETFs business. Phone: 416-775-3654 Email: calvadane@HorizonsETFs.com
As Executive Vice-President at Horizons ETFs Management (Canada) Inc., Mr. Purvis is responsible for the firm’s institutional channel, managing a team that provides solutions for portfolio managers of pensions, endowments, mutual funds, hedge funds and family offices. He also manages the national accounts relationships for Horizons ETFs with Canadian investment dealers, as well as managing relationships with the dealer-managed-asset and discretionary management programs. He has over 20 years of industry experience and his areas of expertise include ETFs, portfolio management strategies and client presentations.
Senior Vice-President, Institutional Sales, Horizons ETFs Management (Canada) Inc.
Dave joined Horizons ETFs in 2018, focusing on institutional sales in Canada and abroad. He previously served as an institutional equity salesperson in Toronto, covering institutional buy side accounts in Canada and the United States. Prior to working in equity sales, he spent two years in equity research, covering energy and energy services. Before moving into capital markets, Dave spent eight years in various investment-related roles within BMO Financial Group. He has been in the financial industry since graduating from the University of Western Ontario in 2000. Phone: 416-601-2496 Email: dhammond@horizonsetfs.com
Vice-President, Institutional Sales, Horizons ETFs Management (Canada) Inc.
Emerson has been in the Canadian ETF industry for over 4 years, serving Canada’s leading financial institutions. He brings a strong understanding of today’s institutional investment landscape, as well as capital markets interactions. Emerson holds an Honours BBA from Wilfrid Laurier University and is near the completion of his CFA charter. While not at work, he is an avid skier and outdoorsman. Phone: 416-777-9524 Email: ebaker@horizonsetfs.com
Portfolio Managers
In addition to working with outside investment partners, Horizons ETFs Management (Canada) Inc. also employs team of in-house portfolio managers. This includes two Options Strategists as well as an Alternative and Seasonal Investing Strategist.
Vice-President, Portfolio Manager and Options Strategist Horizons ETFs Management (Canada) Inc.
Hans Albrecht co-manages one of the largest option books in Canada (about $200 million in covered call ETFs) and oversees day-to-day options activities. Previously, Mr. Albrecht was a floor options market maker and traded a large volatility book for National Bank Financial. He has lectured at McGill University and has appeared on numerous expert derivative panels. He is also a graduate of the University of Oxford Fintech Programme and has been featured in Bloomberg, Investment Advisor, The Globe and Mail, The Financial Post and is a TV regular on BNN Bloomberg.
Working in conjunction with Hans Albrecht, Nicolas Piquard manages approximately $200 million in assets of Horizons ETFs’ global line-up of covered call ETFs. Prior to joining Horizons ETFs, Nick spent nearly 15 years as an institutional derivatives trader with Canadian and international brokerage firms. He specializes in quantitative strategies trading options volatility and relative value. Nick graduated from the University of Waterloo with a Bachelor of Mathematics and holds the Chartered Financial Analyst (CFA®) designation.
Research Analyst, Horizons ETFs Management (Canada) Inc.
Brooke Thackray became a Research Analyst with Horizons ETFs Management (Canada) Inc. in 2009 and joined the team responsible for the management of the Horizons Seasonal Rotation ETF (HAC). Mr. Thackray has over 15 years of investment-related experience, and has written and published several books, including the annual Thackray’s Investor’s Guide series. Previously, he served as an investment advisor at major brokerage firms, including TD Waterhouse and RBC Investments. Mr. Thackray has an MBA from York University and has several financial designations, including Certified Financial Planner (CFP) and Canadian Investment Manager (CIM).
Our Partners and Sub-advisors
Horizons ETFs Management (Canada) Inc. works with several partners and sub-advisors to provide you with access to a diverse, global platform of asset classes. Our partners include the following investment firms:
AlphaFixe Capital Inc.
AlphaFixe Capital Inc. Founded in 2008, AlphaFixe Capital is a leading investment manager specializing in fixed income and senior loans. Its portfolio management team has a cumulative 55 years of experience in managing senior loan assets, serving primarily institutional clients. 100% employee owned, AlphaFixe Capital has a true entrepreneurial approach towards investing, which includes a flexible approach and capital preservation focus.
CIBC Asset Management, Inc.
CIBC Asset Management, Inc. The asset management subsidiary of CIBC, provides a range of high- quality investment management services and solutions to retail and institutional investors. Offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals and portfolio management for institutional clients. CIBC Asset Management is one of Canada’s largest asset management firms.
Fiera Capital Corp.
Fiera Capital Corp. Publically traded with offices across the U.S. and Canada, Fiera Capital Corp. has become a leader in the realm of non-traditional investment solutions. It has vast experience and expertise in Canadian fixed income, North American preferred shares, Canadian and foreign equities, asset allocation and alternative strategies.
Forstrong Global Asset Management
Forstrong Global Asset Management strives to deliver unbiased stewardship — the careful and responsible management of client assets entrusted to its care. The firm is committed to providing improved value to clients through its discretionary investment management services. Forstrong Global advocates a goals-based investment approach, while nurturing a philosophy of prudent portfolio management to grow and protect clients’ wealth.
Guardian Capital LP
Guardian Capital LP is one of Canada’s leading asset managers which has been managing institutional assets since 1962. In partnership with Horizons ETFs, it has successfully implemented its “GPS” approach that focuses on three key fundamental drivers: growth of dividend payout; payout of cash flow; and sustainability of the payout. Having a portfolio of stocks that offers a combination of these three factors gives Guardian an excellent track record and future in dividend investing.
INK Research Corp.
INK Research Corp. INK stands for Insider News and Knowledge. INK Research Corp. operates as an independent Canadian-based financial information firm that focuses on providing commercial monitoring and research on insider trading reports in the Canadian and U.S. markets. Through its research, INK provides investors, analysts, advisors and institutions an edge in growth and value investing through better access to and understanding of insider reports.
Inovestor Asset Management Inc.
Inovestor is a leading provider of professional financial platforms and services. Since 1999, more than 500 investment advisors, banks, insurance companies and exchanges have been relying on our fundamental data and analytics to make optimal investment decisions. The company has 40 dedicated employees with offices in Montreal & Toronto in Canada and Greenwich in the US.
Mirae Asset Global Investments Co., Ltd.
Horizons ETFs was acquired by Mirae Asset in 2011. Headquartered in in Seoul, South Korea Mirae Asset is one of the world's largest investment managers in emerging market equities with offices located in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the U.K., the United States and Vietnam. The firm manages assets globally through a diversified platform to offer market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, such as real estate, private equity and hedge funds. Mirae Asset Global Investments is focused on providing equity and fixed income investment advisory services to mutual funds, foreign investment trusts, and institutions.
ReSolve Asset Management Inc.
ReSolve Asset Management Inc. is a Toronto-based investment management firm that delivers ETF Managed Portfolio Solutions focused on global asset allocation. In serving advisors, institutions and individual investors in both Canada and the United States, ReSolve puts research and education at the centre, with abundant resources at its research blog (GestaltU.com) and risk parity education portal (RiskParity.ca). The firm offers its strategies via Separately Managed Accounts, an Accredited Investor Fund, and now, an ETF.
This website uses cookies to ensure we give you the best experience. By continuing to browse the site, you are agreeing to our use of cookies. Click here to read our privacy policy.
Commissions, management fees and expenses all may be associated with an investment in exchange traded products managed by Horizons ETFs Management (Canada) Inc. (the "Horizons Exchange Traded Products"). The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the relevant prospectus before investing. The Horizons Exchange Traded Products include our BetaPro products (the “BetaPro Products”). The BetaPro Products are alternative mutual funds within the meaning of National Instrument 81-102 Investment Funds, and are permitted to use strategies generally prohibited by conventional mutual funds: the ability to invest more than 10% of their net asset value in securities of a single issuer, to employ leverage, and engage in short selling to a greater extent than is permitted in conventional mutual funds. While these strategies will only be used in accordance with the investment objectives and strategies of the BetaPro Products, during certain market conditions they may accelerate the risk that an investment in shares of a BetaPro Product decreases in value. The BetaPro Products consist of our 2x Daily Bull and 2x Daily Bear ETFs (“2x Daily ETFs”), Inverse ETFs (“Inverse ETFs”) and our BetaPro S&P 500 VIX Short-Term Futures™ ETF (the “VIX ETF”). Included in the 2x Daily ETFs and the Inverse ETFs are the BetaPro Marijuana Companies 2x Daily Bull ETF (“HMJU”) and BetaPro Marijuana Companies Inverse ETF (“HMJI”), which track the North American MOC Marijuana Index (NTR) and North American MOC Marijuana Index (TR), respectively. The 2x Daily ETFs and certain other BetaPro Products use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These BetaPro Products are subject to leverage risk and may be subject to aggressive investment risk and price volatility risk, among other risks, which are described in their respective prospectuses. Each 2x Daily ETF seeks a return, before fees and expenses, that is either 200% or –200% of the performance of a specified underlying index, commodity futures index or benchmark (the “Target”) for a single day. Each Inverse ETF seeks a return that is –100% of the performance of its Target. Due to the compounding of daily returns a 2x Daily ETF’s or Inverse ETF’s returns over periods other than one day will likely differ in amount and, particularly in the case of the 2x Daily ETFs, possibly direction from the performance of their respective Target(s) for the same period. Hedging costs charged to BetaPro Products reduce the value of the forward price payable to that ETF. Due to the high cost of borrowing the securities of marijuana companies in particular, the hedging costs charged to HMJI are expected to be material and are expected to materially reduce the returns of HMJI to unitholders and materially impair the ability of HMJI to meet its investment objectives. Currently, the manager expects the hedging costs to be charged to HMJI and borne by unitholders will be between 10.00% and 45.00% per annum of the aggregate notional exposure of HMJI’s forward documents. The hedging costs may increase above this range. The manager will publish, on its website, the updated monthly fixed hedging cost for HMJI for the upcoming month as negotiated with the counterparty to the forward documents, based on the then current market conditions. The VIX ETF, which is a 1x ETF, as described in the prospectus, is a speculative investment tool that is not a conventional investment. The VIX ETF’s Target is highly volatile. As a result, the VIX ETF is not intended as a stand-alone long-term investment. Historically, the VIX ETF’s Target has tended to revert to a historical mean. As a result, the performance of the VIX ETF’s Target is expected to be negative over the longer term and neither the VIX ETF nor its target is expected to have positive long-term performance. Investors should monitor their holdings in BetaPro Products and their performance at least as frequently as daily to ensure such investment(s) remain consistent with their investment strategies. *The indicated rates of return are the historical annual compounded total returns including changes in per unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. The rates of return shown in the table are not intended to reflect future values of the ETF or returns on investment in the ETF. Only the returns for periods of one year or greater are annualized returns.