Ticker Name Risk Rating1 Risk Ratings as at Date
Total Return Index - Equity
HXT Horizons S&P/TSX 60™ Index ETF Low to Medium 2020-06-30
HXH Horizons Cdn High Dividend Index ETF Medium 2020-06-30
HXE Horizons S&P/TSX Capped Energy Index ETF High 2020-06-30
HXF Horizons S&P/TSX Capped Financials Index ETF Medium 2020-06-30
HXS Horizons S&P 500® Index ETF Medium 2020-06-30
HSH Horizons S&P 500 CAD Hedged Index ETF Medium 2020-06-30
HXQ Horizons NASDAQ-100® Index ETF Medium 2020-06-30
HXDM Horizons Intl Developed Markets Equity Index ETF Medium 2020-06-30
HXX Horizons EURO STOXX 50® Index ETF Medium to High 2020-06-30
HEWB Horizons Equal Weight Canada Banks Index ETF Medium 2020-06-30
HULC Horizons US Large Cap Index ETF Low to Medium 2020-06-30
HXCN Horizons S&P/TSX Capped Composite Index ETF Medium 2020-06-30
HXEM Horizons S&P/TSX Capped Composite Index ETF Medium 2020-04-30
Total Return Index - Fixed Income
HBB Horizons Cdn Select Universe Bond ETF Low 2020-06-30
HLPR Horizons Laddered Canadian Preferred Share Index ETF Medium 2020-06-30
HTB Horizons US 7-10 Year Treasury Bond ETF Medium 2020-06-30
HTH Horizons US 7-10 Year Treasury Bond CAD Hedged ETF Low 2020-06-30
HCRE Horizons Equal Weight Canada REIT Index ETF Medium 2020-06-30
HSAV Horizons Cash Maximizer ETF Low 2020-06-30
HSUV.U Horizons USD Cash Maximizer ETF Low 2020-06-30
Thematic Equity
HBGD Horizons Blockchain Technology & Hardware Index ETF Medium to High 2020-03-31
HII Horizons Cdn Insider Index ETF Medium 2020-03-31
HMMJ Horizons Marijuana Life Sciences Index ETF High 2020-03-31
HOG Horizons Canadian Midstream Oil & Gas Index ETF Medium to High 2020-03-31
RBOT Horizons Robotics and Automation Index ETF Medium to High 2020-03-31
Factor-Based Equity
HCN Horizons China High Dividend Yield Index ETF Medium 2020-03-31
INOC Horizons Inovestor Canadian Equity Index ETF Medium 2020-03-31
Currency
DLR Horizons US Dollar Currency ETF Low to Medium 2020-03-31
Commodity
HUC Horizons Crude Oil ETF High 2020-06-30
HUN Horizons Natural Gas ETF High 2020-06-30
HUG Horizons Gold ETF Medium 2020-06-30
HUZ Horizons Silver ETF High 2020-06-30
Alternative Strategy
HHF Horizons Morningstar Hedge Fund Index ETF Low to Medium 2020-05-31
HRAA Horizons Global Risk Parity ETF High 2020-06-30
Fixed Income
HAB Horizons Active Corporate Bond ETF Low 2019-12-31
HAD Horizons Active Cdn Bond ETF Low 2019-12-31
HAF Horizons Active Global Fixed Income ETF Low 2019-12-31
HEMB Horizons Active Emerging Markets Bond ETF Low to Medium 2019-12-31
HFP Horizons Active Floating Rate Preferred Share ETF Low to Medium 2019-12-31
HFR Horizons Active Ultra-Short Term Investment Grade Bond ETF Low 2019-12-31
HMP Horizons Active Cdn Municipal Bond ETF Low 2019-12-31
HPR Horizons Active Preferred Share ETF Low to Medium 2019-12-31
HUF.U Horizons Active Ultra-Short Term US Investment Grade Bond ETF Low 2019-12-31
HYI Horizons Active High Yield Bond ETF Low to Medium 2019-12-31
HSL Horizons Active Floating Rate Senior Loan ETF Low 2019-12-31
Equity Income
HAJ Horizons Active Emerging Markets Dividend ETF Medium 2019-12-31
HAL Horizons Active Cdn Dividend ETF Low to Medium 2019-12-31
HAU Horizons Active US Dividend ETF Low to Medium 2019-12-31
HAZ Horizons Active Global Dividend ETF Low to Medium 2019-12-31
Covered Call
HEA.U Horizons Enhanced Income US Equity (USD) ETF Low to Medium 2020-03-31
HEE Horizons Enhanced Income Energy ETF High 2020-03-31
HEF Horizons Enhanced Income Financials ETF Medium 2020-03-31
HEJ Horizons Enhanced Income International Equity ETF Medium 2020-03-31
HEP Horizons Enhanced Income Gold Producers ETF High 2020-03-31
HEX Horizons Enhanced Income Equity ETF Low to Medium 2020-03-31
HGY Horizons Gold Yield ETF Medium 2020-03-31
HNY Horizons Natural Gas Yield ETF High 2020-03-31
Currency
HARC Horizons Absolute Return Global Currency ETF Low to Medium 2020-05-31
Strategic
HAC Horizons Seasonal Rotation ETF Low to Medium 2020-05-31
HGM Horizons Managed Global Opportunities ETF Low to Medium 2019-12-31
MIND Horizons Active A.I. Global Equity ETF Low to Medium 2019-12-31
HBAL Horizons Balanced TRI ETF Portfolio Low to Medium 2019-05-31
HCON Horizons Conserative TRI ETF Portfolio Low 2019-05-31
HGRO Horizons Growth TRI ETF Portfolio Medium 2019-05-31
BetaPro - Single Inverse Equity
HIX BetaPro S&P/TSX 60™ Daily Inverse ETF Low to Medium 2020-06-30
HIU BetaPro S&P 500® Daily Inverse ETF Medium 2020-06-30
 

For all other BetaPro ETFs, the Risk Rating is High.

1Risk ratings are determined based on the historical volatility of a Horizons ETF as measured by the standard deviation of its performance against its mean. The risk categorization of a Horizons ETF may change over time and historical volatility is not indicative of future volatility. Generally, a risk rating is assigned to a Horizons ETF based on the historical rolling 10-year standard deviation of its return, the return of its underlying index, or of an applicable proxy index. In cases where the Manager believes that this methodology produces a result that is not indicative of the ETF’s future volatility, the risk rating may be determined by the ETF’s category. The risk rating of each Horizons ETF is reviewed at least annually, as well as when there is a material change in the ETF’s investment objective or investment strategies. Risk ratings are not intended for use as a substitute for undertaking a proper and complete suitability or financial assessment by an investment advisor.

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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 values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the relevant prospectus before investing.

The Horizons Exchange Traded Products include our BetaPro products (the “BetaPro Products”). The BetaPro Products are alternative mutual funds within the meaning of National Instrument 81-102 Investment Funds, and are permitted to use strategies generally prohibited by conventional mutual funds: the ability to invest more than 10% of their net asset value in securities of a single issuer, to employ leverage, and engage in short selling to a greater extent than is permitted in conventional mutual funds. While these strategies will only be used in accordance with the investment objectives and strategies of the BetaPro Products, during certain market conditions they may accelerate the risk that an investment in shares of a BetaPro Product decreases in value. The BetaPro Products consist of our 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. 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.