Horizons ETFs - Our people

Management

Steven Hawkins

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 a past 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.

Thomas Park

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.

Julie Stajan

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.

Greg Sainsbury

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.

Jasmit Bhandal

Chief Operating Officer, Horizons ETFs Management (Canada) Inc.

Jasmit Bhandal is the Chief Operating Officer for Horizons ETFs, overseeing and enhancing all aspects of operations and their harmonization between departments. Jasmit previously served as EVP, Business Operations at Horizons ETFs. Prior to that, she served as Vice President, Head of Canadian ETF Product Strategy and Development at Invesco and represented them on the Board of the Canadian ETF Association. At Invesco, she headed up the ETF development activities for Canada. Jasmit has broad experience in the ETF and Indexing industries having previously worked at Mackenzie Investments and S&P Dow Jones Indices. Jasmit earned a BA (Honours) degree in Math for Commerce and a BAS degree from York University. She is also a CFA charter holder.

Martin Fabregas

Senior Vice-President, Head of Compliance, Horizons ETFs Management (Canada) Inc.

Martin Fabregas has over 30 years of experience in the financial services industry in the U.S. and Canada, encompassing operations, fund administration and client services. He is currently responsible for the oversight of all compliance related matters for the firm. Prior to this, he was responsible for the global promotion & distribution of the ETFs to key qualified client relationships in Europe, South America & Israel. Mr. Fabregas was also 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.

Jaime Purvis

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.

Jeff Lucyk

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.

Tammy Cash, CM

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.

Mark Noble

Executive Vice-President, ETF Strategy, Horizons ETFs Management (Canada) Inc.

Mark Noble is Executive 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.

Retail Sales

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 - Head of Retail Sales

Senior Vice-President, Head of Retail Sales, Horizons ETFs Management (Canada) Inc.

Brock Smusiak – Southwest Ontario

AVP, Business Development, Horizons ETFs Management (Canada) Inc.

Brock Smusiak has been with Horizons ETFs since 2018, previously partnering with advisors in our BC territory, and in the financial services industry since 2013. Prior to Horizons ETFs, his experience includes being a wealth solutions specialist at Sun Life Financial and an associate at a private wealth firm. 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: (416) 220-4134
Email: bsmusiak@horizonsetfs.com

Tiago Pontes - Southwest Ontario

Business Development Manager, 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 and being our client services representative, handling incoming product requests for the past year. 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: 416-604-8247
Email: tpontes@horizonsetfs.com

Krista Hicks - Manitoba, Southeast Ontario, Ottawa

Senior Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.

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: 416-884-1890
Email: khicks@horizonsetfs.com

Casper Kleczek - Manitoba, Southeast Ontario, Ontario

Business Development Manager, Horizons ETFs Management (Canada) Inc.

Casper Kleczek has been in the financial services industry since 2014, including serving as Business Development Associate with Specialty Life and Industrial Alliance. He is trilingual speaking English, French and Polish and is currently pursuing his CFP. Casper is a graduate of York University, Glendon Collage.

Phone: 416-640-2965
Email: ckleczek@horizonsetfs.com

Julia Howe - Central, Northern Ontario

Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.

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 Burneo - Central, Northern Ontario

Business Development Manager, Horizons ETFs Management (Canada) Inc.

Jonathan joined Horizons in 2017. He 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

Marie-Chantal Lauzon - Quebec

Senior Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.

Marie Chantal Lauzon has been with Horizons since 2012. She 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 - Quebec

Business Development Manager, Horizons ETFs Management (Canada) Inc.

Brian Harman has been at Horizons since 2019. He came 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

Karim Ghalayini - Quebec, Atlantic Provinces

Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.

Karim Ghalayini joined Horizons in 2017. He brought his experience in financial services with 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

Nefis Sebai- Quebec, Atlantic Provinces

Business Development Manager, Horizons ETFs Management (Canada) Inc.

Nefis has been in the financial services industry since 2009, including serving as a bilingual mutual funds representative at TD Bank. He brings to Horizons ETFs a strong understanding of investment vehicles from working with high-net-worth families. He is fluent in both English and French and has successfully completed the Canadian Securities Course (CSC). He also holds an EMBA from the Mediterranean School of Business in Tunisia.

Phone: 438-222-0095
Email: NSebai@horizonsetfs.com

Skye Collyer – British Columbia

Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.

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

James Rollo - British Columbia

Business Development Manager, Horizons ETFs Management (Canada) Inc.

James Rollo has been in the financial services industry since 2015, including serving as relationship co-ordination officer at the Royal Bank of Canada and an investment relations administrator at Citco Fund Services and most recently as the client services representative for Horizons ETFs. He has successfully completed the Canadian Securities Course (CSC) and is a Level 2 CFA candidate.

Phone: 236-317-2631
Email: jrollo@horizonsetfs.com

Andrew Gennaro - Prairies

Vice-President, Business Development, Horizons ETFs Management (Canada) Inc.

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 Graf - Prairies

Business Development Manager, Horizons ETFs Management (Canada) Inc.

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

Jeff Hsu - Client Services

Client Services, Horizons ETFs Management (Canada) Inc.

Jeff Hsu has been in the financial services industry since 2015, including serving as a client implementation analyst in the global markets department of RBC Capital Markets and global trading client management analyst for the global credit department of RBC Capital Markets. He has successfully completed the Canadian Securities Course (CSC) and is a Level 1 CFA candidate.

Phone: 416-604-2941
Email: jhsu@horizonsetfs.com

Cristina Alvadane

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

Institutional Sales

Jaime Purvis

Executive Vice-President, Horizons ETFs Management (Canada) Inc.

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.

Dave Hammond

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

Emerson Baker

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

Investment Management Team – Key Members

Hans Albrecht, MBA, CIM®, FCSI

Vice-President, Portfolio Manager and Options Strategist, Horizons ETFs Management (Canada) Inc.

Hans Albrecht co-manages the Horizons ETFs global line-up of 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 Cornell and McGill University and has appeared on numerous expert derivative panels. He is a graduate of the University of Oxford and MIT Fintech and Artificial Intelligence Programs, and has completed his MBA at Cornell University. Hans has been featured in Bloomberg, Investment Advisor, The Globe and Mail, The Financial Post and BNN Bloomberg.

Nicolas Piquard, CFA®

Vice-President, Portfolio Manager and Options Strategist, Horizons ETFs Management (Canada) Inc.

Nicolas Piquard is Vice-President, Portfolio Manager and Options Strategist at Horizons ETFs. He co-manages the 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.

Brooke Thackray

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 holds the Canadian Investment Manager (CIM) designation.

Partners

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:

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.

DMAT Capital Management Inc.

DMAT Capital Management Inc. ("DMAT") is a boutique portfolio management firm founded by Barry Allan, a renowned Canadian fixed income manager, in 2019. DMAT currently has a team of four investment professionals – led by Mr. Allan – that is focused on creating specialized and non-traditional fixed income strategies designed to meet the needs of Canadian financial advisors and their high-net-worth clientele.

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.

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.

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.

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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 value changes frequently and past performance may not be repeated. Certain ETFs may 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. Such risks are described in the prospectus. The prospectus contains important detailed information about the ETF. 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 Daily Bull and Daily Bear ETFs (“Leveraged and Inverse Leveraged ETFs”), Inverse ETFs (“Inverse ETFs”) and our BetaPro S&P 500 VIX Short-Term Futures™ ETF (the “VIX ETF”). Included in the Leveraged and Inverse Leveraged 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 Leveraged and Inverse Leveraged 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 Leveraged and Inverse Leveraged ETF seeks a return, before fees and expenses, that is either up to, or equal to, 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 Leveraged and Inverse Leveraged 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 Leveraged and Inverse Leveraged ETFs, possibly direction from the performance of their respective Target(s) for the same period. For certain Leveraged and Inverse Leveraged ETFs that seek up to 200% or up to or -200% leveraged exposure, the Manager anticipates, under normal market conditions, managing the leverage ratio as close to two times (200%) as practicable however, the Manager may, at its sole discretion, change the leverage ratio based on its assessment of the current market conditions and negotiations with the respective ETF’s counterparties at that time. 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 publishes 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. BetaPro Bitcoin ETF (“HBIT”), and BetaPro Inverse Bitcoin ETF (“BITI”), which are a 1X ETF, and an up to -1X ETF, respectively, as described in the prospectus, are speculative investment tools that are not conventional investments. Their Target, an index which replicates exposure to rolling Bitcoin Futures and not the spot price of Bitcoin, is highly volatile. As a result, neither ETF is intended as a stand-alone investment. There are inherent risks associated with products linked to crypto-assets, including Bitcoin Futures. While Bitcoin Futures are traded on a regulated exchange and cleared by regulated central counterparties, direct or indirect exposure to the high level of risk of Bitcoin Futures will not be suitable for all types of investors. An investment in any of the BetaPro Products is not intended as a complete investment program and is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment. Please read the full risk disclosure in the prospectus before investing. 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.

Horizons Total Return Index ETFs (“Horizons TRI ETFs”) are generally index-tracking ETFs that use an innovative investment structure known as a Total Return Swap to deliver index returns in a low-cost and tax-efficient manner. Unlike a physical replication ETF that typically purchases the securities found in the relevant index in the same proportions as the index, most Horizons TRI ETFs use a synthetic structure that never buys the securities of an index directly. Instead, the ETF receives the total return of the index through entering into a Total Return Swap agreement with one or more counterparties, typically large financial institutions, which will provide the ETF with the total return of the index in exchange for the interest earned on the cash held by the ETF. Any distributions which are paid by the index constituents are reflected automatically in the net asset value (NAV) of the ETF. As a result, the Horizons TRI ETF receives the total return of the index (before fees), which is reflected in the ETF’s share price, and investors are not expected to receive any taxable distributions. Certain Horizons TRI ETFs (Horizons Nasdaq-100 ® Index ETF and Horizons US Large Cap Index ETF) use physical replication instead of a total return swap. The Horizons Cash Maximizer ETF and Horizons USD Cash Maximizer ETF use cash accounts and do not track an index but rather a compounding rate of interest paid on the cash deposits that can change over time.

*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.

The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade name or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade name for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.

"Standard & Poor's®" and "S&P®" are registered trademarks of Standard and Poor's® Financial Services LLC ("S&P"), "TSX®" is a registered trademark of TSX Inc.("TSX"), and Morningstar® is a registered trademark of Morningstar Research Inc. ("Morningstar"). These marks have been licensed for use by Horizons ETFs Management (Canada) Inc. where applicable. The Horizons Exchange Traded Products are not sponsored, endorsed, sold, or promoted by S&P, TSX, or Morningstar and 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 Horizons Exchange Traded Products. All trademarks/service marks are registered by their respective owners. 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 Horizons Exchange Traded Products.

The mark and name “Hang Seng High Dividend Yield Index” (the “Index”) is proprietary to Hang Seng Data Services Limited (“HSDS”) which has licensed its compilation and publication to Hang Seng Indexes Company Limited (“HSIL”). HSIL and HSDS have agreed to the use of, and reference to, the Index by Horizons ETFs Management (Canada) Inc. (“the Issuer”) in connection with the Horizons China High Dividend Yield Index ETF (the “Product”). However, neither HSIL nor HSDS warrants, represents or guarantees to any person the accuracy or completeness of the Index, its computation or any information related thereto and no warranty, representation or guarantee of any kind whatsoever relating to the Index is given or may be implied. Neither HSIL nor HSDS accepts any responsibility or liability for any economic or other loss which may be directly or indirectly sustained by any person as a result of or in connection with the use of and/or reference to the Index by the Issuer in connection with the Product, or any inaccuracies, omissions or errors of HSIL in computing the Index. Any person dealing with the Product shall place no reliance whatsoever on HSIL and/or HSDS nor bring any claims or legal proceedings against HSIL and/or HSDS in any manner whatsoever. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual relationship between any broker or other person dealing with the Product and HSIL and/or HSDS and must not be construed to have created such relationship. Click here to read more

Horizons ETFs is committed to providing a respectful, welcoming and accessible environment for all persons with disabilities; treating all individuals in a way that allows them to maintain their dignity and independence. We are devoted to offering our services in a manner that is accessible to all clients.

We believe in integration and equal opportunity, which is why we are committed to a workplace that is accessible and enables our employees to participate fully. Our policies are designed to keep the recruitment, retention and development of talent impartial and barrier-free. Every employee is expected to contribute to creating and sustaining such a workplace. Horizons ETFs ensures that all individuals are aware of their rights and responsibilities to promote an accessible working environment for persons with disabilities.

Upon request, Horizons ETFs will provide a copy of the policy for those individuals requesting it, in accessible format that takes into account the person’s disability, if any. We welcome and appreciate feedback regarding this policy. To obtain a copy of the policy or to comment on its content, please contact our Human Resources department and the email provided below.

Email: HR@horizonsetfs.com

Mail: Horizons ETFs Management (Canada) Inc.
Attn: Human Resources Department
55 University Avenue, Suite 800
Toronto, Ontario, M5J 2H7

Phone: 416-601-2507

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About Horizons

Management

Steven Hawkins

Thomas Park

Julie Stajan

Greg Sainsbury

Jasmit Bhandal

Martin Fabregas

Jaime Purvis

Jeff Lucyk

Tammy Cash, CM

Mark Noble

Retail Sales

Sales Team

Jeff Lucyk - Head of Retail Sales

Brock Smusiak – Southwest Ontario

Tiago Pontes - Southwest Ontario

Krista Hicks - Manitoba, Southeast Ontario, Ottawa

Casper Kleczek - Manitoba, Southeast Ontario, Ontario

Julia Howe - Central, Northern Ontario

Jonathan Burneo - Central, Northern Ontario

Marie-Chantal Lauzon - Quebec

Brian Harman - Quebec

Karim Ghalayini - Quebec, Atlantic Provinces

Nefis Sebai- Quebec, Atlantic Provinces

Skye Collyer – British Columbia

James Rollo - British Columbia

Andrew Gennaro - Prairies

Natasha Graf - Prairies

Jeff Hsu - Client Services

Cristina Alvadane

Institutional Sales

Jaime Purvis

Dave Hammond

Emerson Baker

Investment Management Team – Key Members

Hans Albrecht, MBA, CIM®, FCSI

Nicolas Piquard, CFA®

Brooke Thackray

Partners

Partners

CIBC Asset Management, Inc.

DMAT Capital Management Inc.

Fiera Capital Corp.

Guardian Capital LP

Inovestor Asset Management Inc.

Mirae Asset Global Investments Co., Ltd.

ReSolve Asset Management Inc.

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