Horizons ETFs - Why does Horizons ETFs do Unit Splits?

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Why does Horizons ETFs do Unit Splits?

Why does Horizons ETFs do Unit Splits?

As a general rule of thumb, the decision to split units of an ETF would occur with unit values greater than or equal to $40. The split makes it easier for an investor to afford and trade 100 share "board lots." Without the split, lower trading volumes may occur.

Are all Horizons ETFs’ products RRSP, TFSA, RRIF, and RDSP eligible?

Yes, all ETFs offered by Horizons ETFs are eligible to be held within all accounts.

Can non-residents, including U.S. residents, Invest in Horizons ETFs products?

The Horizons ETFs are listed on the Toronto Stock Exchange pursuant to prospectuses filed with Canadian regulators, in accordance with Canadian securities laws and regulations. None of the exchange traded funds managed by Horizons ETFs Management (Canada) Inc. are regulated by nor registered with the U.S. Securities and Exchange Commission (SEC), or with any other foreign regulatory body. Generally, non-residents of Canada, including U.S. residents, may invest through a local broker in their jurisdiction that has facilities for directly or indirectly executing orders on the Toronto Stock Exchange.

However, at no time may non-residents of Canada be the beneficial owners of a majority of the Units of any one of our ETFs. If at any point the Manager expects or believes that more than 40% of the Units of an ETF are beneficially held by non-residents, the Manager may elect to send notice to one or more such non-resident holders requiring them to sell all or a portion of their units of such ETF within a stated period of time. If such Units have not been sold within the stated period of time, the Manager will suspend the voting and distribution rights associated with those Units and sell the Units on the holders behalf. The rights of affected holders in such instance are limited to receiving the net proceeds of the sale of such Units.

How do I obtain a copy of the prospectus?

An electronic copy of the prospectus can be downloaded from the Horizons ETFs website ETF product page.

To receive a print copy at no charge, please contact us at 1 866 641 5739 toll free or info@HorizonsETFs.com.

How does Horizons ETFs maintain liquidity?

Similar to mutual funds, ETFs are typically structured as an open-ended investment trust, meaning that new units of the ETF can be created (or redeemed) to meet demand as required. The liquidity of the ETF unit on the stock exchange is heavily dependent on the liquidity of the underlying holdings in the ETF portfolio. There are two important market mechanisms to ensure ETFs have adequate liquidity:

1. They are listed on an exchange; this provides a market for them to be traded in a transparent manner.

2. Each ETF has a designated broker obligated to create and redeem its units. In addition, there are other institutional traders known as Market Makers which also participate in the market to provide units on the exchange. This enables an investor to buy and sell units of the ETF at a price that is close to the NAV, excluding any brokerage fees.

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How is an ETF different from a mutual fund?

“ETF” stands for exchange traded fund, which, like a regular mutual fund, may invest in an underlying basket of assets such as stocks, bonds, currencies, options or commodities. Unlike regular mutual funds, however, the units of ETFs trade on a stock exchange just like common stock. This means that pricing is transparent and ETF units can be bought and sold throughout the regular trading day.

ETFs are flexible investment tools designed to be used by both individual and institutional investors. As a basket of investments, ETFs offer the diversification of mutual funds, but typically at a fraction of their cost.

What happens if an ETF closes?

Although infrequent, ETFs (like regular mutual funds) can be closed, usually as a result of extremely low investor interest. Horizons ETFs is required by law to make a public disclosure of its intent to de-list and close an ETF.

After the public disclosure of an ETF closure is made, subscription activity is immediately halted. Investors can sell their ETF units at any point up until the end of the de-listing day.

Similar to all ETFs, there are designated brokers ensuring the ETF price remains close to NAV (minus a small spread), however where an ETF is being terminated, the bid will remain tightly correlated to the NAV per unit of the ETF while the offer will widen since no new units can be subscribed for. Market Makers will typically only buy units in the market, which means investors will typically only be able to sell their units in the market.
If a unitholder sells their units of the ETF on the exchange before the de-listing date, they will get the cash proceeds from the sale after the regular 3 day settlement period. If they did not sell prior to the delisting of the ETF, they will typically receive the cash proceeds approximately 7 days after the de-listed date.

What is the difference between the Net Asset Value (NAV) per unit and Price?

All ETFs have two end-of-day "values". They have a closing market price per unit, as determined on the exchange, (the trading session's last trade), and a net asset value per unit (NAV), as determined by the ETF's independent fund accountant after the market closes

The closing price is typically the last transaction price of the ETF recorded by the Toronto Stock Exchange, whereas the NAV per unit is an independent calculation created by the ETF’s fund accountant, which calculates the market value of each unit based on the underlying value of the securities held by the ETF net of all its liabilities.

Since there may be a lag between the last time the ETF traded and changes in the underlying value of the ETF’s holdings, the NAV per unit would generally be considered a more accurate representation of the market value of the ETF.

Where can I purchase Horizons ETFs’ products?

Units of Horizons ETFs trade on the Toronto Stock Exchange (TSX). Units can be bought and sold throughout the normal trading day, using an online, discount or full-service brokerage account.

Who can I contact to learn more about Horizons ETFs?

To find out more about Horizons ETFs, please contact your advisor or contact us directly at 1-866-641-5739 toll free or info@HorizonsETFs.com.

Why does an ETF trade at a premium or discount to its NAV?

A premium or discount to an ETF’s NAV per unit occurs when the market price of an ETF is above or below that NAV per unit.

The importance of understanding a premium and a discount is relevant when considering investing in an ETF. The level or size of premiums and discounts is generally greater when:
• the underlying assets of the ETF trade at different hours from the ETF (i.e. commodities)
• the underlying assets trade infrequently (i.e. bonds)
• the markets are in a greater state of instability or flux (i.e. at the Open and Close of a trading day)

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Can investors buy options on our ETFs?

The answer is yes, many of the BetaPro ETFs are available for options trading. View the list of applicable ETFs here on the TMX website where investors can also view their real time option chains.

Where can I find MiFID II and PRIIP information?

Coming into force in January of 2018, expanded MiFID regulations (MiFID II – Markets in Financial Instruments Directive) and PRIIP (Packaged Retail and Insurance-based Investment Products) regulations within the European Union (‘EU’) are designed to regulate EU Investment Managers and Broker Dealers, and enhance disclosure for the buy and sell side regarding investment products.

Horizons ETFs Management (Canada) Inc. (Horizons ETFs) does not carry-on business activities in the EU and is not subject to these disclosure requirements. However, we note that, generally speaking, our Fact Sheet (found on the landing page of each ETF) and the Regulatory ETF Facts document (found in our Regulatory section, and also through each ETFs landing page), combined, provide comparable relevant information about each ETF. These documents, combined with all other disclosure contained on our site (such as each product’s LEI (Legal Entity Identifier) number, found on each product page), should provide sufficient information to any EU distributor in order for them to comply with regulations.

Further, while we note that Horizons ETFs does not typically engage in broker-commission soft dollar arrangements, the Financial Statements of each ETF will identify the value of any such arrangements.

Do active ETFs pay distributions?

Almost all of our actively managed ETFs can make distributions. The distribution frequency and amounts are available on the Horizons ETFs website ETF product page for each active ETF.

What are ‘actively managed’ or ‘active ETFs’?

Actively managed or active ETFs are similar to traditional mutual funds, but the units of the fund are listed on an exchange. As a result, active ETFs combine the benefits of active management with the traditional structural advantages of ETFs, which results in lower fees, greater flexibility, liquidity, and convenience.

What are the differences between actively managed ETFs and passively managed/index ETFs?

Actively managed ETFs
• Managed by one or more portfolio managers
• Seeks to deliver better risk-adjusted returns than an index by selecting the portfolio securities for the ETF that meet its investment goals
• Slightly higher than index ETFs, but generally much lower than comparable actively managed regular mutual funds

Passively managed ETFs
• Tracks an index
• Seeks to replicate the performance of an index as efficiently as possible
• Low cost, since minimal portfolio oversight is required beyond replicating the index

What is a benchmark ETF?

More commonly known as an index-tracking or passive ETF, it is an ETF that provides one times (1x) the exposure to the underlying index or commodity. As opposed to leveraged ETFs which can provide 2x the daily exposure, or active ETFs that aim to beat a benchmark.

Horizons ETFs offers many types of single or benchmark ETFs such as single equity, single currency, and single commodity ETFs.

What is Tracking Error?

For any passive ETF that seeks to replicate the returns of an index or commodity benchmark, the success of the investment strategy is usually measured by how closely the ETF replicates the returns of that index or commodity benchmark. Any deviation from the return of the ETF versus the return of that index or commodity benchmark is generally considered tracking error.

Tracking error can be caused by a variety of factors including management fees, trading execution costs and taxes.

Are inverse, leveraged, or inverse and leveraged ETFs appropriate for a buy-and-hold investor?

Inverse and leveraged ETFs are tactical investment solutions that are primarily designed for the execution of a particular short-term investment strategy or perspective of the markets. These ETFs are designed to meet their investment objective only on a daily basis. They are not appropriate as a buy and hold investments if an investor is unable to closely monitor their performance. Because these ETFs use leverage, gains and losses are magnified and, due to compounding, the performance over periods other than one day will likely differ in amount and possibly direction, from the reference index/commodity benchmark. Please speak to an advisor or read the ETF’s prospectus before investing in them.

Do the BetaPro 2x Daily Bull, -2x Daily Bear ETF, and Daily Inverse ETFs pay distributions?

These ETFs may pay distributions annually. However, none of these ETFs have ever paid a distribution since their launch.

How do the effects of compounding and rebalancing affect my returns?

For the BetaPro ETFs whose objective is to realize a multiple of 2x or -2x the daily returns of a given benchmark index in particular, an investor's investment will experience the effects of daily compounding.

• For example, if $100 is invested in a BetaPro 2x Daily Bull ETF and the underlying index rises 1% on the next day, the investor would have $200 of exposure on day 1 and earn $2. On the following day, the investor would have $102 invested and $204 (i.e. 2x) of exposure. As such, as the ETF rises on consecutive days, the investor's capital invested to realize the daily return of the underlying benchmark index will increase each day, reflecting the "compounding" effect.

• Conversely, if $100 is invested in a BetaPro 2x Daily Bull ETF and the underlying index declines 1% on the next day, the investor would lose $2. On the following day, $98 will be invested to achieve the same investment objective. As such, as the ETF drops on consecutive days, the investor's capital invested to realize the daily return of the underlying benchmark index will decrease each day, again reflecting the "compounding" effect.

• This latter phenomena explains why the investment risk is limited to the initial cost invested. You are only potentially subject to losing your original investment because the BetaPro 2x Daily Bull, -2x Daily Bear, and Daily Inverse ETFs are rebalanced daily so you cannot lose more than you invested.

What benchmarks do the BetaPro ETFs track?

The BetaPro ETFs track a number of key benchmarks across different asset classes. Please see the specific ETF’s website page on the Horizons ETFs’ website to obtain the benchmark for any of the BetaPro ETFs.

What is my risk for losses considering the BetaPro ETFs are leveraged?

Since these ETFs provide leverage, both gains and losses are magnified. Investors should anticipate a substantially higher standard deviation with these ETFs versus ETFs that do not use leverage. BetaPro ETFs are rebalanced on a daily basis, so unlike traditional leverage strategies, which tend to use lending mechanisms such as margin, BetaPro ETF unit holders will not lose more than their initial investment. These ETFs are designed to meet their investment objective only on a daily basis. Because these ETFs use leverage, gains and losses are magnified and, due to compounding, the performance over periods other than one day will likely differ in amount and possibly direction, from the reference index/commodity benchmark. Please read the prospectus and learn about all the risks associated with leveraged ETF investing.

What is a Corporate Class fund (ETF)?

Mutual funds in Canada (which includes ETFs) are typically set up using either a trust or corporate structure. First established in 1987, mutual fund corporations are structured similarly to traditional corporations. Under one corporate structure, many different investment fund mandates (series) can exist. In the case of ETFs, the different ETFs are all held within the corporate structure, where each ETF is a separate class or series.

Within a Canadian mutual fund corporation structure, only Canadian capital gains and dividends can be distributed to investors. From a tax perspective, any income and foreign dividends generated within any one series of the corporation can potentially be offset by losses and expenses incurred in other series (from a tax perspective), which generally makes the corporate class structure more tax-efficient than a traditional mutual fund trust.

According to Strategic Insight, more than $157 billion is invested in corporate class mutual funds in Canada. It is a widely used structure used by advisors and end-investors primarily for taxable accounts.

How will the conversion happen?

Horizons ETFs will merge all of the ETFs it offers that primarily use derivatives-based structures into a new mutual fund corporation; this would include all of the Horizons Total Return Index (TRI) ETFs and all of the BetaPro ETFs. The ETFs will all still be ETFs and have the same investment objectives, same tickers, and same fee structures, as they do currently. The primary difference is that each ETF will be a series within the corporate class structure as opposed to an individual trust, which will allow these ETFs to pool expenses and use realized losses of income and capital to offset realized gains of income and capital across all series.

Will the new Horizons ETFs Corporate Class products continue to use their derivative structures?

Horizons is proposing to add 15 of our TRI ETFs into the corporate structure alongside four single commodity ETFs and 25 leveraged, inverse and inverse leveraged ETFs that make up our BetaPro ETF family. All of these ETFs use a synthetic derivative replication structure and no taxable distributions have ever been paid to end unitholders of these 44 ETFs. The ETFs are expected to maintain their current derivative-based structure and follow the same investment objectives as when they were mutual fund trusts. They are expected to keep the likelihood of a taxable distribution by the new mutual fund corporation extremely low.

What makes the TRI ETFs tax efficient?

The synthetic derivatives structure of these ETFs, which utilize swap-agreements with major Canadian Schedule 1 Banks, are designed to reduce the likelihood of taxable distributions being paid to unitholders. Instead, the value of any income or dividends generated by the underlying index securities are generally reflected in the net-asset-value of the ETF (NAV). Under the new corporate structure, nothing about this arrangement will change. However the TRI ETFs will have the added benefit of being able to aggregate future realized income and capital losses and expenses to offset any potential realized income and capital gains that could result from the settlement or partial settlement of swap contracts.

How do these differ from other corporate class funds?

The major difference between these ETFs and other corporate class funds is that these products will use a synthetic derivatives structure as the portfolio, whereas most other corporate class mandates in Canada utilize a traditional physical strategy, where they own the physical securities of a portfolio.

By using the synthetic derivatives structure, our ETFs will typically only realize income gains and losses from downsizing the derivative contracts and will continue to have additional performance advantages, which include low-tracking error relative to other physically replicated index strategies, as well as similar tax benefits to when they were in a trust structure, since these ETFs are not expected to make regular income distributions.

Why did Horizons ETFs decide to recommend the change to these ETFs structures?

The 2019 Federal Budget released by the Department of Finance on March 19, 2019, and updated on July 30, 2019, proposed several changes to the taxation of Canadian mutual fund trusts and in particular the “allocation to redeemers” methodology used by many mutual funds and exchange-traded funds. The TRI and BetaPro ETFs had utilized the “allocation to redeemers” methodology to ensure the tax-efficiency of their strategy.

With the elimination of the “allocation to redeemers” methodology as it relates to income, there was an increased likelihood that the TRI and BetaPro ETFs would have to make distributions after the 2019 tax year. By reorganizing the TRI and BetaPro ETFs into a corporate fund structure, Horizons ETFs will no longer need to use the “allocation to redeemers” methodology or the related Capital Gains Refund Mechanism (CCRM).

In our view, the corporate structure provides ample flexibility to eliminate or significantly reduce the potential for taxable distributions being made in the circumstances where there is a requirement to pre-settle any of the underlying swaps in these ETFs.

There are also significant operational efficiencies that can be achieved through a corporate structure. For example, Horizons ETFs will only need to file one-tax return for the overarching mutual fund corporation. All expenses for the corporation can also be aggregated, alongside all gains and losses, which can create more structural tax efficiency.

The ETFs will also be able to streamline their ongoing reporting requirements and how they deal with the management of the swap structures and expenses associated with that process.

In our view these operational efficiencies should result in cost-advantages for the corporation, and by extension, unit holders of the ETFs.

Are there any concerns around the Federal Government or the Canadian Revenue Agency making additional changes that could impact this new structure?

The government can always make legislative changes that impact any investment product structures. In the case of these corporate class ETFs, we believe the government would have to target the mechanics of the corporate class structure as a whole, which would effectively impact all $157 billion+ of corporate class mutual assets.

The currently proposed legislation changes impact our ETFs ability to use the “allocation to redeemers” methodology, which meant the federal government was concerned with how certain unit holders were deducting the income allocated to them from the TRI and BetaPro ETFs.

This new structure will not use the “allocation to redeemers” methodology, and will provide ample, well-established, corporate tax mechanisms that can be used to continue the benefits of these ETF strategies.

Do I need to do anything to ensure my ETF holdings are continued into the new structure?

If all of the necessary regulatory approvals are received and the reorganization is approved by unitholder vote, there will be an automatic merger of a unitholders’ current trust units into a new series of shares of the corporate structure that would have substantially the same attributes to the ETF trust they previously owned. The proposed corporate class reorganization is not expected to be a taxable event for unitholders of the ETFs, so long as those Canadian resident unitholders who currently own units of the affected ETFs in taxable accounts, subsequent to the reorganization, make a joint election with the proposed mutual fund corporation under Section 85 of the Income Tax Act, as part of the exchange from their existing trust units into shares of a series of the corporation. Horizons ETFs is establishing a process to provide assistance to unitholders and their custodians in taking the necessary steps to file the joint election, which will be free of charge.

Will there be a forced dispostition of the units of these ETFs?

The reorganization of the existing ETF units into a series of shares of the new ETF corporation does, from a tax perspective, constitute a deemed disposition of the units. However, where the units are held in a taxable account, the unitholder can make a joint election with the mutual fund corporation to defer such disposition, as previously indicated.

Will there be any retro-active taxation of the ETFs?

We do not expect any tax liability to result from the built-up historical gains of any of the ETFs. The only way for a unitholder to incur a potential tax liability in this process would be to sell their units in the open market through the facilities of a stock exchange thereby realizing a capital gain or loss, or to not file a section 85 rollover documentation if they hold the units in a taxable account at the conversation/reorganization date.

Will there be any change in fees or costs to own these ETFs?

Horizons ETFs does not anticipate changing the fee structure on any of these ETFs related to their reorganization, nor do we expect any additional costs for unitholders to own units of these ETFs. Horizons ETFs is covering all costs of the reorganization.

In what circumstances would these ETFs be expected to pay a distribution?

While we don’t expect these ETFs to pay any distributions, there is always the possibility that distributions could be required to be paid. However, we would expect their size and frequency to be much smaller than other types of physically replicated strategies. All distributions from a mutual fund corporation are in the form of Canadian capital gains and dividends.

Will there be a T-Class structure of these?

No. There is no plan to create a T-class of these ETFs, since they are not expected to pay any taxable distributions, which negates most of the need to create a T-class structure at this time.

When will this change occur?

If approved at unitholder meetings expected to begin early November, 2019, the conversion of the existing mutual fund trust structure into the proposed corporate structure should occur before the end of the 2019 calendar year.

What approvals are required?

There are regulatory and unitholder approvals required to complete the proposed reorganization. Unitholders will be delivered materials by mail in the coming weeks, which will include how to vote. We fully expect to revive all necessary approvals in due course.

What if unitholders do not approve the transaction(s)?

If unitholders do not approve the conversion, Horizons ETFs will need to examine a number of product structure alternatives on an ETF by ETF basis, including potentially terminating some of the affected ETFs. However, since the proposed changes are, in our view, clearly in the best interest of the investors, we have no reason to expect that the required approvals would not be forthcoming.

Will this be a taxable event for unitholders who are non-residents of Canada?

This will vary from jurisdiction to jurisdiction, however, generally, the exchange of the existing ETF units for the corresponding series of shares of the ETF corporation will be deemed as a disposition for tax purposes.

Many jurisdictions, like Canada, have elections tax payers can make in order to defer the taxable event until they dispose of the series of shares of the new ETF corporation. Investors should consult the local tax advisor for guidance.

For U.S. residents, we understand that no such deferral is expected to be available.

Who should invest in these funds?

The determination of whether or not an investor should invest in one of these ETFs should be made after careful consideration of the client’s risk/return objectives. Investors should also always read the ETF’s prospectus before investing. In the case of ETFs from the TRI product line-up, these typically generate optimal results when held in taxable, i.e. non-registered accounts where income and dividend distributions would be taxed as earned. That said, all of these ETFs are eligible for registered accounts, including RRSP, RRIFs and TFSAs.

What are the risks of investing in a corporate class fund?

There are numerous risks associated with investing. Each of the individual ETFs have risk ratings associated with the inherent historical market risk of their respective investment objectives, and their prospectuses detail other risks associated with investing in them as well. However, in terms of risk associated with the corporate structure, we view there to be limited risk relative to traditional mutual fund trusts.

One key risk associated with a corporate structure relative to a traditional mutual fund trust is the fact that any income earned within the corporate structure cannot be distributed to end unitholders and is generally taxed at the corporate rate, which can be higher than an individual investor’s marginal tax rate. However, since the new mutual fund corporation is not expected to have net taxable income, we believe this risk is not significant. Since the corporation is not expected to have net taxable income, we do not expect any of the ETFs to have distributions, similar to how they operate now.

How can I invest in these funds?

All of these ETFs are TSX-listed ETFs and can be purchased or sold through an advisor or in your self-directed brokerage account.

ETF Name	Ticker	ETF Name	Ticker
Horizons S&P/TSX 60™ Index ETF	HXT	BetaPro Gold Bullion 2x Daily Bull ETF	HBU
Horizons S&P 500® Index ETF	HXS	BetaPro Gold Bullion -2x Daily Bear ETF	HBD
Horizons S&P 500 CAD Hedged Index ETF	HSH	BetaPro Crude Oil 2x Daily Bull ETF	HOU
Horizons S&P/TSX Capped Energy Index ETF	HXE	BetaPro Crude Oil -2x Daily Bear ETF	HOD
Horizons S&P/TSX Capped Financials Index ETF	HXF	BetaPro Natural Gas 2x Daily Bull ETF	HNU
Horizons Cdn Select Universe Bond ETF	HBB	BetaPro Natural Gas -2x Daily Bear ETF	HND
Horizons NASDAQ-100® Index ETF	HXQ	BetaPro Silver 2x Daily Bull ETF	HZU
Horizons EURO STOXX 50® Index ETF	HXX	BetaPro Silver -2x Daily Bear ETF	HZD
Horizons Cdn High Dividend Index ETF	HXH	BetaPro S&P/TSX 60™ 2x Daily Bull ETF	HXU
Horizons US 7-10 Year Treasury Bond ETF	HTB	BetaPro S&P/TSX 60™ -2x Daily Bear ETF	HXD
Horizons US 7-10 Year Treasury Bond CAD Hedged ETF	HTH	BetaPro S&P/TSX Capped Financials™ 2x Daily Bull ETF	HFU
Horizons Laddered Canadian Preferred Share Index ETF	HLPR	BetaPro S&P/TSX Capped Financials™ -2x Daily Bear ETF	HFD
Horizons Intl Developed Markets Equity Index ETF	HXDM	BetaPro S&P/TSX Capped Energy™ 2x Daily Bull ETF	HEU
Horizons Equal Weight Canada REIT Index ETF	HCRE	BetaPro S&P/TSX Capped Energy™ -2x Daily Bear ETF	HED
Horizons Equal Weight Canada Banks Index ETF	HEWB	BetaPro NASDAQ-100® 2x Daily Bull ETF	HQU
Horizons Gold ETF	HUG	BetaPro NASDAQ-100® -2x Daily Bear ETF	HQD
Horizons Silver ETF	HUZ	BetaPro S&P 500® 2x Daily Bull ETF	HSU
Horizons Crude Oil ETF	HUC	BetaPro S&P 500® -2x Daily Bear ETF	HSD
Horizons Natural Gas ETF	HUN	BetaPro Canadian Gold Miners 2x Daily Bull ETF	HGU
		BetaPro Canadian Gold Miners -2x Daily Bear ETF	HGD
		BetaPro Marijuana Companies 2x Daily Bull ETF	HMJU
		BetaPro Marijuana Companies Inverse ETF	HMJI
		BetaPro S&P/TSX 60™ Daily Inverse ETF	HIX
		BetaPro S&P 500® Daily Inverse ETF	HIU
		BetaPro S&P 500 VIX Short-Term Futures™ ETF	HUV

What is a Unit Consolidation and what affect does it have on a Horizons ETF?

A unit consolidation is the opposite of a unit split, where there is a reduction in the number of units and an accompanying increase in the unit price (NAV), such that the value of holdings remains the same after the consolidation.

For example, if it was announced on July 6, 20XX, after the TSX closed for trading on Thursday, July 19, 20XX, the units of the following exchange traded fund would be consolidated on the basis of the ratio (the "Consolidation Ratio") set out below, and begin trading on a consolidated basis on Friday, July 20, 20XX, the effective date of the consolidation:

ETF	Ticker	Split Ratio
BetaPro S&P 500 VIX Short-Term Futures™ 2x Daily Bull ETF	HVU	1:10

Pre-consolidation:
Shares 1,000
NAV $2
Value $2,000

Post-consolidation:
Shares 100 (1000 ÷ 10)
NAV $20 ($2 x 10)
Value $2,000

In a 1:10 consolidation, every 10 units would be consolidated into a single unit. This means you will have one-tenth the number of HVU shares and the price of HVU will be multiplied by a factor of 10. Mathematically, this event will not impact the value of your investment in HVU. For example, if you had 100 shares prior to the consolidation, you now have 10 shares, both worth $2,000.

Why does Horizons ETFs do Unit Consolidations?

As a general rule, a consolidation would occur with unit values at or lower than $4. Lower priced securities require a relatively higher number of shares to be traded to establish the same dollar value position. As a result, investors paying brokerage commissions on a per share basis would incur higher transaction costs. As well, brokerage firms typically will not allow securities trading at prices under $3 to be marginable.

What is a Unit Split and what affect does it have on a Horizons ETF?

As its name implies, a unit split is when an ETF increases the number of outstanding units of the ETF at a particular ratio (such as 2 for 1), and decreases the net asset per unit of the ETF, by the inverse ratio. In a unit split, there is an increase in the number of units issued accompanied by a proportional decrease in the unit price (Net Asset Value), such that the value of holdings remains the same after the split.

Here's an example:

If on Friday, May 4, 2015, at the end of the trading day for the TSX, it was announced that units of the following ETF would be split on the basis of the ratio (the "Split Ratio") set out below, and began trading on a split adjusted basis on Monday, May 7, 2015. The split becomes effective on May 9, 2015, for unitholders of record on that date:

ETF	Ticker	Split Ratio
BetaPro Natural Gas -2x Daily Bear ETF	HND	4:1

A 4:1 unit split means each unit will be split into four units. After the split, you will have four times the number of HND shares you had previously. Additionally, the price of HND will be divided by a factor of four. Mathematically, this will not impact the value of your investment in HND. For example, if you had 100 shares worth $2,000 prior to the split, you now have 400 shares that are still worth $2,000 post-split.

Pre-split:
Shares 100
NAV $20 (per share)
Value $2,000

Post-split on a 4:1 basis:
Shares 400 (100 x 4)
NAV $5 (per share) ($20 ÷ 4)
Value $2,000

Why does Horizons ETFs do Unit Splits?

Why does it take so long to update my brokerage account after a unit split or consolidation?

Horizons ETFs Management (Canada) Inc. works very closely with reorganization departments at all the major brokerage firms to provide the complete and timely information required for these changes. However, in the normal course of business it may take 3-5 business days to update holdings for clients. Please call your brokerage firm with any questions and to confirm that your individual account has been updated.

What are the historical splits/consolidations of Horizons ETFs?

Date	Ticker	Name	S / C	Ratio
12/18/2008	HMU	BetaPro S&P/TSX Global Base Metals™ Bull+ ETF	C	1 : 4
12/18/2008	HJU	BetaPro MSCI Emerging Markets Bull+ ETF	C	1 : 5
01/02/2009	HOD	BetaPro NYMEX® Crude Oil Bear+ ETF	S	2 : 1
01/02/2009	HOU	BetaPro NYMEX® Crude Oil Bull+ ETF	C	1 : 5
01/02/2009	HGD	BetaPro S&P/TSX Global Gold™ Bear+ ETF	C	1 : 5
04/15/2009	HND	BetaPro NYMEX® Natural Gas Bear+ ETF	S	5 : 1
04/15/2009	HNU	BetaPro NYMEX® Natural Gas Bull+ ETF	C	1 : 4
09/16/2009	HND	BetaPro NYMEX® Natural Gas Bear+ ETF	S	2 : 1
09/16/2009	HNU	BetaPro NYMEX® Natural Gas Bull+ ETF	C	1 : 5
10/27/2009	HMU	BetaPro S&P/TSX Global Base Metals™ Bull+ ETF	S	3 : 1
10/27/2009	HMD	BetaPro S&P/TSX Global Base Metals™ Bear+ ETF	C	1 : 4
10/27/2009	HJU	BetaPro MSCI Emerging Markets Bull+ ETF	S	3 : 1
10/27/2009	HJD	BetaPro MSCI Emerging Markets Bear+ ETF	C	1 : 4
06/03/2010	HGD	BetaPro S&P/TSX Global Gold™ Bear+ ETF	C	1 : 4
11/8/2010	HZU	BetaPro COMEX® Silver Bull+ ETF	S	3 : 1
11/8/2010	HNU	BetaPro NYMEX® Natural Gas Bull+ ETF	C	1 : 2
03/16/2011	HBU	BetaPro COMEX® Gold Bullion Bull+ ETF	S	2 : 1
03/16/2011	HKU	BetaPro Comex® Copper Bull+ ETF	S	2 : 1
03/16/2011	HZD	BetaPro COMEX® Silver Bear+ ETF	C	1 : 4
05/10/2011	HZU	BetaPro COMEX® Silver Bull+ ETF	S	3 : 1
09/19/2011	HBD	BetaPro COMEX® Gold Bullion Bear+ ETF	C	1 : 4
11/23/2011	HNU	BetaPro NYMEX® Natural Gas Bull+ ETF	C	1 : 4
04/13/2012	HNU	BetaPro NYMEX® Natural Gas Bull+ ETF	C	1 : 4
04/13/2012	HNO	BetaPro NYMEX® Long Natural Gas/Short Crude Oil Spread ETF	C	1 : 4
04/13/2012	HUN	Horizons NYMEX® Natural Gas ETF	C	1 : 4
05/09/2012	HND	BetaPro NYMEX® Natural Gas Bear+ ETF	S	4 : 1
05/09/2012	HIN	BetaPro NYMEX® Natural Gas Inverse ETF	S	4 : 1
07/19/2012	HVU	BetaPro S&P 500 VIX Short/Term Futures™ Bull+ ETF	C	1 : 10
01/04/2013	DLR.U	Horizons US Dollar Currency ETF	C	1 : 1.009601
03/13/2013	HVU	BetaPro S&P 500 VIX Short/Term Futures™ Bull+ ETF	C	1 : 4
04/05/2013	HND	BetaPro NYMEX® Natural Gas Bear+ ETF	C	1 : 2
04/05/2013	HUV	BetaPro S&P 500 VIX Short/Term Futures™ ETF	C	1 : 4
05/06/2013	HZU	BetaPro COMEX® Silver Bull+ ETF	C	1 : 4
05/06/2013	HGU	BetaPro S&P/TSX Global Gold™ Bull+ ETF	C	1 : 4
05/15/2013	HEP	Horizons Enhanced Income Gold Producers ETF	C	1 : 2
09/09/2013	HXT	Horizons S&P/TSX 60™ Index ETF	C	1 : 2
11/18/2013	HXS	Horizons S&P 500® Index ETF	C	1 : 2
11/18/2013	HVU	BetaPro S&P 500 VIX Short/Term Futures™ Bull+ ETF	C	1 : 4
11/18/2013	HQD	BetaPro NASDAQ/100® Bear+ ETF	C	1 : 4
12/20/2013	DLR	Horizons US Dollar Currency ETF	C	1 : 1.005
02/13/2014	HND	BetaPro NYMEX® Natural Gas Bear+ ETF	C	1 : 2
06/18/2014	HED	BetaPro S&P/TSX Capped Energy™ Bear+ ETF	C	1 : 4
06/18/2014	HFD	BetaPro S&P/TSX Capped Financials™ Bear+ ETF	C	1 : 4
06/18/2014	HSD	BetaPro S&P 500® Index Bear+ ETF	C	1 : 4
06/18/2014	HQU	BetaPro NASDAQ/100® Bull+ ETF	S	2 : 1
07/30/2014	HVU	BetaPro S&P 500 VIX Short/Term Futures™ Bull+ ETF	C	1 : 5
11/24/2014	HOU	BetaPro NYMEX® Crude Oil Bull+ ETF	C	1 : 2
01/14/2015	DLR	Horizons US Dollar Currency ETF	C	1 : 1.005951
01/16/2015	HOU	BetaPro NYMEX® Crude Oil Bull+ ETF	C	1 : 4
08/24/2015	HEU	BetaPro S&P/TSX Capped Energy™ Bull+ ETF	C	1 : 4
08/24/2015	HUV	BetaPro S&P 500 VIX Short/Term Futures™ ETF	C	1 : 10
08/24/2015	HVU	BetaPro S&P 500 VIX Short/Term Futures™ Bull+ ETF	C	1 : 10
08/25/2015	HVI	BetaPro S&P 500 VIX Short/Term Futures™ Inverse ETF	S	2 : 1
11/26/2015	HGU	BetaPro S&P/TSX Global Gold™ Bull+ ETF	C	1: 5
11/26/2015	HIU	BetaPro S&P 500® Inverse ETF	C	1 : 10
11/26/2015	HNU	BetaPro NYMEX® Natural Gas Bull+ ETF	C	1 : 10
11/26/2015	HOU	BetaPro NYMEX® Crude Oil Bull+ ETF	C	1 : 2
11/26/2015	HQD	BetaPro NASDAQ/100® Bear+ ETF	C	1 : 5
11/26/2015	HXD	BetaPro S&P/TSX 60™ Bear+ ETF	C	1 : 2
11/26/2015	HZU	BetaPro COMEX® Silver Bull+ ETF	C	1 : 5
02/16/2016	HEE	Horizons Enhanced Income Energy ETF	C	1 : 5
02/16/2016	HEP	Horizons Enhanced Income Gold Producers ETF	C	1 : 5
02/16/2016	HNY	Horizons Natural Gas Yield ETF	C	1 : 5
05/30/2016	HGD	BetaPro S&P/TSX Global Gold™ Bear+ ETF	C	1 : 4
05/30/2016	HOU	BetaPro NYMEX® Crude Oil Bull+ ETF	C	1 : 2
05/30/2016	HTD	BetaPro U.S. 30/Year Bond Bear+ ETF	C	1 : 2
05/30/2016	HUC	Horizons NYMEX® Crude Oil ETF	C	1 : 2
05/30/2016	HGU	BetaPro S&P/TSX Global Gold™ Bull+ ETF	S	2 : 1
11/26/2016	HVU	BetaPro S&P 500 VIX Short/Term Futures™ 2x Daily Bull ETF	C	1 : 10
05/29/2017	HVU	BetaPro S&P 500 VIX Short/Term Futures™ 2x Daily Bull ETF	C	1 : 3
05/29/2017	HUV	BetaPro S&P 500 VIX Short-Term Futures™ ETF	C	1 : 2
05/29/2017	HVI	BetaPro S&P 500 VIX Short-Term Futures™ Daily Inverse ETF	S	2 : 1
01/15/2018	HVU	BetaPro S&P 500 VIX Short/Term Futures™ 2x Daily Bull ETF	C	1 : 5
03/04/2019	HNU	BetaPro Natural Gas 2x Daily Bull ETF	C	1 : 5
03/04/2019	HSD	BetaPro S&P 500® -2x Daily Bear ETF	C	1 : 4
03/23/2019	HEU	BetaPro S&P/TSX Capped Energy™ 2x Daily Bull ETF	C	1 : 4
03/23/2019	HFD	BetaPro S&P/TSX Capped Financials™ -2x Daily Bear ETF	C	1 : 4
03/23/2019	HGD	BetaPro Canadian Gold Miners -2x Daily Bear ETF	C	1 : 4
03/23/2019	HMJU	BetaPro Marijuana Companies 2x Daily Bull ETF	C	1 : 10
03/23/2019	HMUS/HMUS.U	Horizons US Marijuana Index ETF	C	1 : 4
03/23/2019	HQD/HQD.U	BetaPro NASDAQ-100® -2x Daily Bear ETF	C	1 : 4
03/23/2019	HXD	BetaPro S&P/TSX 60™ -2x Daily Bear ETF	C	1 : 4
02/14/2020	HUV	BetaPro S&P 500 VIX Short-Term Futures™ ETF	C	1 : 10
02/14/2020	HQU	BetaPro NASDAQ-100® 2x Daily Bull ETF	S	4 : 1
02/14/2020	HSU	BetaPro S&P 500® 2x Daily Bull ETF	S	2 : 1
03/20/2020	HEU	BetaPro S&P/TSX Capped Energy™ 2x Daily Bull ETF	C	1 : 20
03/20/2020	HFD	BetaPro S&P/TSX Capped Financials™ -2x Daily Bear ETF	C	1 : 4
03/20/2020	HGD	BetaPro Canadian Gold Miners -2x Daily Bear ETF	C	1 : 4
03/20/2020	HMJU	BetaPro Marijuana Companies 2x Daily Bull ETF	C	1 : 20
03/20/2020	HMUS/HMUS.U	Horizons US Marijuana Index ETF	C	1 : 4
03/20/2020	HOU	BetaPro Crude Oil Leveraged Daily Bull ETF	C	1 : 10
03/20/2020	HQD/HQD.U	BetaPro NASDAQ-100® -2x Daily Bear ETF	C	1 : 4
03/20/2020	HXD	BetaPro S&P/TSX 60™ -2x Daily Bear ETF	C	1 : 4
04/28/2020	HOU	BetaPro Crude Oil Leveraged Daily Bull ETF	C	1 : 20
05/22/2020	HGD	BetaPro Canadian Gold Miners -2x Daily Bear ETF	C	1 : 2
05/22/2020	HNU	BetaPro Natural Gas Leveraged Daily Bull ETF	C	1 : 5
05/22/2020	HZD	BetaPro Silver -2x Daily Bear ETF	C	1 : 2
11/25/2020	HBD	BetaPro Gold Bullion -2x Daily Bear ETF	C	1 : 2
11/25/2020	HIX	BetaPro S&P/TSX 60™ Daily Inverse ETF	C	1 : 2
11/25/2020	HQD	BetaPro NASDAQ-100® -2x Daily Bear ETF	C	1 : 2
11/25/2020	HSD	BetaPro S&P 500® -2x Daily Bear ETF	C	1 : 2
11/25/2020	HZD	BetaPro Silver -2x Daily Bear ETF	C	1 : 2
06/05/2021	HSH	Horizons S&P 500 CAD Hedged Index ETF	S	2:01
06/05/2021	HULC	Horizons US Large Cap Index ETF	S	2:01
06/05/2021	HULC.U	Horizons US Large Cap Index ETF	S	2:01
06/05/2021	HXS	Horizons S&P 500® Index ETF	S	2:01
06/05/2021	HXS.U	Horizons S&P 500® Index ETF	S	2:01
06/05/2021	HXQ	Horizons NASDAQ-100® Index ETF	S	2:01
06/05/2021	HXQ.U	Horizons NASDAQ-100® Index ETF	S	2:01
06/05/2021	HBGD	Horizons Big Data & Hardware Index ETF	S	3:01
06/05/2021	HBGD.U	Horizons Big Data & Hardware Index ETF	S	3:01
06/05/2021	HOU	BetaPro Crude Oil Leveraged Daily Bull ETF	S	3:01
06/05/2021	HXU	BetaPro S&P/TSX 60™ 2x Daily Bull ETF	S	3:01
06/05/2021	HFU	BetaPro S&P/TSX Capped Financials™ 2x Daily Bull ETF	S	3:01
06/05/2021	HEU	BetaPro S&P/TSX Capped Energy™ 2x Daily Bull ETF	S	3:01
06/05/2021	HSU	BetaPro S&P 500® 2x Daily Bull ETF	S	3:01
06/05/2021	HQU	BetaPro NASDAQ-100® 2x Daily Bull ETF	S	3:01
06/05/2021	HED	BetaPro S&P/TSX Capped Energy™ -2x Daily Bear ETF	C	1:05
06/05/2021	HOD	BetaPro Crude Oil Inverse Leveraged Daily Bear ETF	C	1:04
06/05/2021	HZD	BetaPro Silver -2x Daily Bear ETF	C	1:04

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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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