Welcome to Generation ETFs, brought to you by Horizons ETFs Management (Canada) Inc. This is a podcast series dedicated to the next generation of investing. In this series, Generation ETFs aims to educate and inspire advisors and investors by discussing market trends and investment strategies with leading experts in the industry.

Season 3

Season 3 Ep. 22: Can Dividends Immunize Your Portfolio Against a Recession? (Transcript)
April 28, 2022 - With record inflation, a possible recession looming, volatility plaguing equities and persisting weakness in bonds, how can investors “immunize” their portfolios against the threats and challenges of today’s marketplace? Mark Noble, Executive Vice President of ETF Strategy at Horizons ETFs is joined by Srikanth Iyer, Managing Director and head of i3 Investments of Guardian Capital to discuss how a dividend-focused strategy – with lessons from Warren Buffet – can help investors avoid the traps of high-flying stocks while outpacing inflation through attractive dividend income strategies. Mark and Srikanth cover how rate hikes, the Russian invasion of Ukraine and the lessons of previous decades are informing the economic cycle right now and how advisors and investors can tactically incorporate data, artificial intelligence and ETFs to give their portfolios a needed booster shot against what’s ailing the investment landscape today.


Season 3 Ep. 21: The European Carbon Credit Outlook (Transcript)
March 29, 2022 - By placing a price on carbon emissions, carbon credits have been one of the most effective tools introduced so far for reducing industrial emissions and fighting climate change. They’re also one of most interesting asset classes to become accessible to investors in recent years. After triple digit performance returns in European Union Allowances (EUAs) in 2021, 2022 has seen volatility on the back of the Russian invasion of Ukraine. What implications will the conflict have on the price of carbon and climate change policy? Tune into this episode of Generation ETFs, where Horizons ETFs’ Portfolio Manager Nick Piquard is joined by Ingvild Sørhus, Lead EU Carbon Credit Analyst with Refinitiv, to tackle the biggest questions about carbon credits right now, including the carbon credit outlook, whether carbon credits are “ESG”, the impacts of Russia on European carbon credit policy and the future of carbon credit systems across the world.


Season 3 Ep. 20: The Economic Impacts of the Russian Invasion of Ukraine (Transcript)
March 11, 2022 - On February 24, 2022, the Russian invasion of Ukraine began the first major war in Europe in decades. In response, countries across the world have collaborated to provide lethal and humanitarian aid for Ukraine, while levying significant sanctions against Russia that have left the country’s economic future in doubt and politically isolated. Angelo Katsoras, Geopolitical Analyst at National Bank joins Horizons ETFs’ Mark Noble to discuss the consequences of the war, the impacts of the sanctions and how there are likely long term implications for investors, including higher commodity prices for the next decade and added geopolitical risks of investing outside of North America.


Season 3 Ep. 19: The 2022 Preferred Share Outlook (Transcript)
Could Preferred Shares extend their 2021 winning streak through 2022? While fixed income returns were tepid in 2021, preferred shares shone during the year, thanks to the introduction of Limited Recourse Capital Notes (LRCNs) and other factors. Join Mark Noble, Executive Vice President of ETF Strategy as he speaks to Fiera Capital Portfolio Manager Nicolas Normandeau, one of Canada’s largest managers of preferred shares, as he highlights his outlook for the year ahead on the asset class, the target return, the continuing benefits of LRCN replacements and how rising rates from the Bank of Canada will impact issuance yields.


[Francais] Season 3 Ep. 19: The 2022 Preferred Share Outlook (Transcript)
Could Preferred Shares extend their 2021 winning streak through 2022? While fixed income returns were tepid in 2021, preferred shares shone during the year, thanks to the introduction of Limited Recourse Capital Notes (LRCNs) and other factors. Join Marie-Chantel Lauzon, Senior Vice-President, Business Development as she speaks to Fiera Capital Portfolio Manager Nicolas Normandeau, one of Canada’s largest managers of preferred shares, as he highlights his outlook for the year ahead on the asset class, the target return, the continuing benefits of LRCN replacements and how rising rates from the Bank of Canada will impact issuance yields.


Season 3 Ep. 18: Entering the Metaverse with Horizons ETFs (Transcript)
The metaverse is a term that is being used to describe a growing collection of existing and future technologies that allow people to engage with the digital world. From virtual reality real estate to cryptocurrencies fueling digital economies, the metaverse is a theme that captures emerging sectors that are driving the future forward. Steve Hawkins, President & CEO of Horizons ETFs joins Mark Noble, Horizons ETFs’ Executive Vice President of ETF Strategy to discuss what the metaverse is today and what it could be tomorrow, the investment opportunity in the years ahead and the best ways to get exposure to the companies making it possible.


Season 3 Ep. 17: Lower for Longer: Why Recent Inflation is Likely Not Here to Stay (Transcript)
Generation ETFs is joined once again by Barry Allan, renowned fixed income manager and founder of DMAT Capital to reflect on the state of markets today, from whether the inflationary environment is transitory or here to stay and whether we’re due for an equity market on the horizon. Barry Allan also shares how he’s positioned his portfolios to capture higher yields and absolute returns.


Season 3 Ep. 16: The Struggle for Semiconductor Supremacy (Transcript)
Over the past two years, the global semiconductor shortage has impacted consumers’ ability to purchase virtually all electronic goods, from new cars to gaming consoles. Behind the scenes, a geopolitical race between the United States, China and other nations is underway to become semiconductor self-sufficient in order to protect supply chains and safeguard against national security concerns. National Bank Geopolitical Analyst Angelo Katsoras joins Horizons ETFs’ Mark Noble to discuss the re-shoring of manufacturing, how it could impact pricing and who is poised to win the struggle for semiconductor supremacy.


Season 3 Ep. 15: The Thematic Schematic with Global X’s Jay Jacobs (Transcript)
Ever wondered what the “secret sauce” is behind a thematic ETF? In the latest episode of Generation ETFs, Horizons ETFs’ Mark Noble is joined by Jay Jacobs, Senior Vice President and Head of Research and Strategy at Global X, a U.S. leader in thematic ETFs to discuss how thematic ETFs are designed, developed and delivered, why they’ve become a favourite of today’s investors and what themes he believes have the best disruptive potential for the future of global markets and the world at large.


Season 3 Ep. 14: Balanced ETFs with Cut the Crap Investing’s Dale Roberts (Transcript)
Mark Noble, Executive Vice President, ETF Strategy at Horizons ETFs chats with Dale Roberts, founder of Cut the Crap Investing about the growing ETF marketplace, asset allocation ETFs and his financial influencer journey.


Season 3 Ep. 13: The Biggest Winner ETF Trading Tips (Transcript)
The Biggest Winner 10 launches on May 31st! Tune into our latest Generation ETFs podcast for a discussion with Skye Collyer, Vice President at Horizons ETFs and Roger Chandhok, Director, Equity Derivatives at National Bank Financial about tips, tricks and strategies for trading ETFs and how you could potentially take home the $7,500 grand prize for being the biggest winner in the ETF trading competition!


Season 3 Ep. 12: The Cannabis/Psychedelics Outlook (Transcript)
Mark Noble, Executive Vice President of ETF Strategy at Horizons ETFs discusses the intersection between pot stocks and the burgeoning psychedelics sector with one of the first analysts to cover both spaces, Andrew Partheniou, Associate VP, Institutional Research at Stifel GMP. In this podcast, Mark and Andrew discuss technical approaches to evaluating companies in the cannabis and psychedelic sectors, the cross-border differences and challenges for Canadian LPs, U.S. MSOs and investors, as well as the state of current valuations and future revenue potential.


Season 3 Ep. 11: Can Uranium Power the Future and Your Portfolio? (Transcript)
In the 1950s, uranium, the fuel source behind nuclear energy, was touted as the ‘fuel of the future’. While nuclear energy has proliferated across the world, it currently only represents 10% of global en-ergy production. Is this nuclear energy future still on the horizon or has its moment passed? Join Nick Piquard, Vice President, Portfolio Manager and Options Strategist at Horizons ETFs and David Talbot, Managing Director, Equity Research at Red Cloud Securities, as they discuss the current state of urani-um production and nuclear energy, their outlooks on its growth prospects and what investing in urani-um could potentially mean for your portfolio.


Season 3 Ep. 10: Can Psychedelics Change the Pharmaceutical Industry? (Transcript)
After years of restrictions, Psychedelic compounds like psilocybin, ketamine and MDMA have been permitted to once again be studied and adapted into potential therapies for a variety of mental illnesses and could spark a revolution in the pharmaceutical industry. Join Mark Noble, Executive Vice President, ETF Strategy at Horizons ETFs as he speaks to psychedelics analyst Tania Gonsalves, Vice President, Equity Research at Canaccord Genuity about the emerging psychedelics industry and which companies are leading the way to unlocking potent new ways of treating mental illnesses.


Season 3 Ep. 9: Finding Fixed Income Solutions in a Low Yield World with Barry Allan (Transcript)
Renowned Canadian fixed income manager Barry Allan joins Generation ETFs to discuss navigating the 2020 fixed income landscape, his outlook and approach for finding sustainable income in a low yield world, as well as to highlight his new firm, DMAT Capital and their sub-advisory of two Horizons’ actively managed fixed income funds.


Season 3 Ep. 8: What the Trump/Biden Election May Mean for Your Portfolio (Transcript)
The U.S. presidential election can be a polarizing event for voters, and historical data shows that this can be the case for the stock market too. Join Brooke Thackray, Research Analyst at Horizons ETFs, as he explores the seasonal investing trends surrounding U.S. presidential elections.


Season 3 Ep. 7: Are Tax-Efficient Investments the Right Medicine for Your Professional Corporation? (Transcript)
Investing within a professional corporation can be complex. For incorporated professionals, which often includes doctors, lawyers, accountants, contractors and more, what you choose to invest in can have a significant impact on the tax exposure and liabilities of your corporate investment portfolio.


Season 3 Ep. 6: Road to Recovery: The Global Economy in the Post-COVID World (Transcript)
With the start of a new decade, the COVID-19 pandemic and subsequent shutdown paralyzed the global economy. As quarantines now begin to ease across the world, what will be the new normal? Join Tyler Mordy, CEO & CIO of Forstrong Global Asset Management for a discussion on the road to recovery and what emerging macroeconomic trends could guide tomorrow’s markets.


Season 3 Ep. 5: Earth Day (Transcript)
Sucheta Rajagopal, a leading ESG expert and investment advisor and portfolio manager with Mackie Research Capital Corp., discusses one of the biggest investments stories of 2019, ESG. Environmental, social, and corporate governance issues are becoming increasingly important to Canadian investors. How companies address these issues has implications for your portfolio and the world.


Season 3 Ep. 4: COVID-19 (Transcript)
In this episode of Generation ETFs, Candice Bangsund, Vice President and Portfolio Manager of Global Asset Allocation at Fiera Capital, provides us with a global macro update and provides a few key reasons that despite the markets looking dire, long-term, the global economic expansion will likely continue if and when fears about the COVID-19 virus subside.


Season 3 Ep. 3: International Women's Day (Transcript)
To get to the bottom of why we still, as women, seem stressed about money, today we’re joined by Stephanie Wolfe of Wolfe Collective Wealth to discuss women and wealth on this special International Women's Day episode of Generation ETFs.


Season 3 Ep. 2: Could 2020 Returns Beat 2019? (Transcript)
Join Candice Bangsund, Vice President and Portfolio Manager of Global Asset Allocation at Fiera Capital, as she discusses key macro-economic trends and her outlook for the next 12 months.


Season 3 Ep. 1: When Human Meets Machine (Transcript)
In the hunt for high-yield investments, Guardian Capital’s Srikanth Iyer is bringing human and machine together to capture sustainable dividends. Srikanth and Horizons ETFs’ Mark Noble highlight how AI is helping navigate today’s global market volatility.


Season 2

Season 2 Ep. 7: The Rise of Artificial Intelligence (Part 2) (Transcript)
Curious about how smart robots will change the future of work? Here’s Part 2 of our podcast with Chief Commercialization Officer, Cameron Schuler of Toronto’s Vector Institute – a world leading artificial intelligence research hub.


Season 2 Ep. 6: Can Sustainable Investing Save the World? (Transcript)
We might invest to change our fortunes for the better but what if we could do the same for the world as well? Amid the threat of climate change, inequality and political unrest, the movement towards socially responsible or ethical investing is empowering regular investors to help create a brighter future. Good Investing Guru Tim Nash sits down with Horizons ETFs’ Mark Noble to highlight what investors are doing right now, how investors can be better, whether marijuana is “responsible” and the next big issues on the horizon.


Season 2 Ep. 5: The Rise of Artificial Intelligence (Transcript)
From finance to advertising, artificial intelligence is changing the way that we live. With the rise of A.I. and the automated workforce, should we be worried about our job prospects? How is the collection of mass personal data affecting the future? Portfolio Manager Hans Albrecht sits down with Cameron Schuler, Chief Commercialization Officer, VP, Industry Innovation of the Vector Institute, one of the world’s leading artificial intelligence research hubs.


Season 2 Ep. 4: Trade Wars, The Chinese Economy, and What It Means For ETFs (Transcript)
The world is changing: from trade wars to climate change, even small incidents continents away can have ripple effects with significant consequences for tomorrow’s markets. In our fifth podcast, we go global with Forstrong Global Investment’s President and CIO, Tyler Mordy to take a look at what trends are developing across the world and what they mean for ETFs and the investing outlook.


Season 2 Ep. 3: Why Own Marijuana Stocks? (Part 2) (Transcript)
There’s a lot of hype around the marijuana industry, but how much substance is there to actually owning Marijuana-focused stocks? We take a deep-dive into the investment case for actually owning Marijuana-focused stocks with John Zamparo, Director, Equity Research – Retail, Consumer Products, and Cannabis at CIBC Capital Markets. Mr. Zamparo helps to demystify what makes a good Marijuana investment and looks at the underlying drivers behind the growth of valuations in Marijuana stocks and both the opportunities and risks facing the sector down the road.


Season 2 Ep. 2: Why Own Marijuana Stocks? (Part 1) (Transcript)


Season 2 Ep. 1: Brooke Thackray (Transcript)
Seasonal investing: Can historical trends guide smart investing decisions? Brooke Thackray explains how it works on the Season 2 premiere on Generation ETFs.


Season 1

Season 1 Ep. 6: Brooke Thackray (Transcript)
In this episode of Generation ETFs, Brooke Thackray discusses seasonality and what it means for investors today.


Season 1 Ep. 5: Tyler Mordy (Transcript)
Tyler Mordy discusses ETF strategies and the next evolution of investment products.


Season 1 Ep. 4: Sri Iyer (Transcript)
In this episode of Generation ETFs, Sri Iyer discusses the ins and outs of dividend investing. Sri is managing director and head of systematic strategies at Guardian Capital, where he helps lead the development and implementation of proprietary systematic strategies.


Season 1 Ep. 3: Brooke Thackray (Transcript)
In this episode of Generation ETFs, Brooke Thackray discusses the concept of seasonality and what it means for investors.


Season 1 Ep. 2: The Options Guys (Transcript)
In this episode of Generation ETFs, Hans Albrecht and Nicolas Piquard, dubbed “The Options Guys,” demystify options and discuss options terminology that might confuse people. Nick and Hans also talk about some of the advantages of trading options within an ETF rather than on your own.


Season 1 Ep. 1: Mark Yamada (Transcript)
This episode of Generation ETFs features an interview with Mark Yamada, President and Chief Executive Officer of PŮR Investing, Inc. PŮR is focused on getting investors better and more personalized investing solutions.

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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.