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2017 Funddata FundGrade A+® Award

Horizons Active Corporate Bond ETF (HAB)
Horizons Active Preferred Share ETF (HPR)
Horizons Canadian Midstream Oil & Gas Index ETF (HOG)
Horizons Cdn Insider Index ETF (HII)
 

2016 Funddata FundGrade A+® Award

Horizons Active US Floating Rate Bond (USD) ETF (HUF.U)
Horizons Active Corporate Bond ETF (HAB)
 

2015 Funddata FundGrade A+® Award

Horizons S&P 500® Index ETF (HXS)
Horizons Active Corporate Bond ETF (HAB)
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2017 Lipper Fund Award

Best Alternative Strategy ETF - Horizons Seasonal Rotation ETF (HAC)
Best Energy Equity ETF - Horizons Canadian Midstream Oil & Gas Index ETF (HOG)
Best Preferred Share Fixed Income ETF - Horizons Active Preferred Share ETF (HPR)
 

2016 Lipper Fund Award

Best Alternative Strategy ETF - Horizons Seasonal Rotation ETF (HAC)
Best Emerging Markets Equity ETF - Horizons Active Emerging Markets Dividend ETF (HAJ)
 

2015 Lipper Fund Award

Best U.S. Equity ETF - Horizons S&P 500® Index ETF (HXS)
Best High Yield Fixed Income ETF - Horizons Active High Yield Bond ETF (HYI)
Best Alternative Strategy ETF - Horizons Seasonal Rotation ETF (HAC)
Best Commodity ETF - Horizons Gold Yield ETF (HGY)
 

The FundGrade rating is used with permission from Fundata Canada Inc., all rights reserved. Fundata is a Canadian investment funds data and analytics company. The FundGrade A+ Rating identifies funds that have consistently demonstrated the best risk-adjusted returns through an entire calendar year. For more information on the rating system, please visit www.fundata.com. The Fundata FundGrade A+ Awards are presented annually to Canadian investment funds that achieve consistently high FundGrade scores through an entire calendar year. FundGrade A+ is a supplemental calculation to the FundGrade ratings and is performed at the end of each calendar year. Eligible funds must have received a FundGrade rating every month in the previous year. FundGrade A+ uses a “GPA-style” calculation, where monthly FundGrades from “A” to “E” receive scores from 4 to 0, respectively (A FundGrade rating of A indicates a fund is in the top 20% of funds in its category). A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded an A+ rating. A fund’s FundGrade rating is subject to change monthly. Performance for HUF.U for the period ending December 31, 2016 is as follows: 2.50% (1 year), 1.23 % (3 years), n/a (5 years) and 1.78% (since inception on February 14, 2012). HUF.U was awarded its FundGrade A+ Award for the one-year period ending December 31, 2016. In its award category – Global Fixed Income – HUF.U was in competition with 136 other investment funds. Performance for HAB for the period ending December 31, 2016 is as follows: 3.84% (1 year), 4.31% (3 years), 4.04% (5 years) and 4.72% (since inception on July14, 2010). HAB was awarded its FundGrade A+ Award for the one-year period ending December 31, 2016. In its award category – Canadian Fixed Income – HAB was in competition with 358 other investment funds.
 
Performance for HAB for the period ending December 31, 2017 is as follows: 3.54% (1 year), 3.14% (3 years), 3.36% (5 years) and 4.57% (since inception on July 14, 2010). HAB was awarded its FundGrade A+ Award for the one-year period ending December 31, 2017. In its award category – Canadian Fixed Income – HAB was in competition with 321 other investment funds. Performance for HPR for the period ending December 31, 2017 is as follows: 15.52% (1 year), 3.16% (3 years), 3.1% (5 years) and 3.95% (since inception on November 22, 2010). HPR was awarded its FundGrade A+ Award for the one-year period ending December 31, 2017. In its award category – Preferred Share Fixed Income – HPR was in competition with 31 other investment funds. Performance for HOG for the period ending December 31, 2017 is as follows: -2.17% (1 year), 0.60% (3 years), and 1.28% (since inception on July 14, 2014). HOG was awarded its FundGrade A+ Award for the one-year period ending December 31, 2017. In its award category – Energy Equity – HOG was in competition with 39 other investment funds. Performance for HII for the period ending December 31, 2017 is as follows: 12.67% (1 year) and 10.91(since inception on January 20, 2015). HII was awarded its FundGrade A+ Award for the one-year period ending December 31, 2017. In its award category – Canadian Equity – HII was in competition with 321 other investment funds.

*The Lipper Fund Awards, granted annually, are part of the Thomson Reuters Awards for Excellence awarded by Lipper, Inc. and highlight funds that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Ratings for Consistent Return, which is a risk-adjusted performance measure calculated over 36, 60 and 120 month periods. The highest 20% of funds in each category are named Lipper Leaders for Consistent Return and receive a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2 and the lowest 20% are scored 1. The highest Lipper Leader for Consistent Return in each category wins the Lipper Fund Award. Lipper Leader ratings change monthly. For more information, see www.lipperweb.com. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.
 
Horizons Seasonal Rotation ETF (HAC), Horizons Gold Yield ETF (HGY), Horizons S&P 500 Index ETF (HXS) and the Horizons Active High Yield Bond ETF (HYI) were awarded the 2015 Lipper Fund Award in the Alternative Strategies, Commodity, US Equity, and High Yield Fixed Income categories for the three year period ending July 31, 2015 out of a total of 6, 8, 16, and 11 ETFs, respectively.  Performance for the HAC fund for the period ended July 31, 2015 is as follows: 12.76 % (1 year), 9.89 % (3 years), 8.68 % (5 years) and 9.11 % (since inception on November 19, 2009). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 4 (3 years), 5 (5 years). Performance for the HGY fund for the period ended July 31, 2015 is as follows: -13.47 % (1 year), -30.28 % (3 years), and -23.15 % (since inception on December 20, 2010). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 3 (3 years). Performance for the HXS fund for the period ended July 31, 2015 is as follows: 32.82 % (1 year), 27.50 % (3 years) and 47.49 % (since inception on November 30, 2010). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 4 (3 years). Performance for the HYI fund for the period ended July 31, 2015 is as follows: 0.15 % (1 year), 18.93 % (3 years) and 7.12 % (since inception on February 14, 2012). The corresponding Lipper Leader ratings of the fund for the same period are as follows: 4 (3 years).

Horizons Seasonal Rotation ETF (HAC) and the Horizons Active Emerging Markets ETF (HAJ) were awarded the 2016 Lipper Fund Award in the Alternative Strategies and Emerging Markets Equity categories for the three-year period ending July 31, 2016 out of a total of 6 and 9 ETFs, respectively. Performance for the HAC fund for the period ended July 31, 2016 is as follows: 6.56% (1 year), 8.84% (3 years), 7.00% (5 years) and 8.41% (since inception on November 19, 2009). The corresponding Lipper Leader ratings for HAC for the same period are as follows: 4 (3 years), 5 (5 years).  Performance for the HAJ fund for the period ended July 31, 2016 is as follows: 11.06% (1 year), -9.24% (3 years), and 9.75% (since inception on October 10, 2010). The corresponding Lipper Leader Ratings for HAJ for the same period as follows 5 (3 years).

Horizons Seasonal Rotation ETF (HAC), Horizons Canadian Midstream Oil & Gas Index ETF (HOG) and Horizons Active Preferred Share ETF (HPR) were awarded the 2017 Lipper Fund Award in the Alternative Strategies, Energy Equity and Preferred Share Fixed Income categories for the three-year period ending July 31, 2017 out of a total of 6, 6 and 6 ETFs, respectively. Performance for the HAC fund for the period ended July 31, 2017 is as follows: 5.14% (1 year), 8.31% (3 year), 8.38% (5 year), 8.34% (since inception on November 19, 2009). Performance for the HOG fund for the period ended July 31, 2017 is as follows: 17.26% (1 year), 0.90% (3 year), 1.52% (since inception on July 14, 2014). Performance for the HPR fund for the period ended July 31, 2017 is as follows: 19.39% (1 year), 2.34% (3 year), 2.74% (5 year), 3.64% (since inception on November 22, 2010). The corresponding Lipper Leader total return ratings for HAC for the same period are as follows: 5 (3 years), 4 (5 years). The corresponding Lipper Leader Ratings for HOG for the same period are 5 (3 years). The corresponding Lipper Leader Ratings for HPR for the same period are as follows: 3 (3 years), 4 (5 years).

Horizons ETFs is a Member of Mirae Asset Global Investments. 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 which consist of our 2x Daily Bull and 2x Daily Bear ETFs ("2x Daily ETFs"), Inverse ETFs ("Inverse ETFs") and our VIX ETF (defined below). 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, which, where applicable, 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 or benchmark (the "Target") for a single day. Each Inverse ETF seeks a return that is -100% of the performance of a 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, for the 2x Daily ETFs, possibly direction from the performance of their respective Target(s) for the same period. The BetaPro Product whose Target is the S&P 500 VIX Short-Term Futures Index™ (the "VIX ETF"), which is a (1x) VIX 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 generally viewed as 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 ETFs' 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, as frequently as daily, to ensure that they 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.