AS AT JULY 31, 2018

Ticker Weighting Method Risk Rating1 Annual
Management Fee2

Total Return Index - Equity
HXT Market Cap Weighted Medium 0.03%3
HXH Market Cap Weighted Medium 0.10%
HXE Market Cap Weighted High 0.25%
HXF Market Cap Weighted Medium 0.25%4
HXS Market Cap Weighted Medium 0.10%5
HSH Market Cap Weighted Medium 0.10%
HXQ Market Cap Weighted Medium 0.25%
HXDM Market Cap Weighted Medium 0.20%
HXX Market Cap Weighted Medium to High 0.17%

Total Return Index - Fixed Income
HBB Universe Proportionately Weighted Low 0.09%
HTB Universe Proportionately Weighted Medium 0.15%
HTH Universe Proportionately Weighted Low to Medium 0.15%

Thematic Equity
BKCH Market Cap Weighted High 0.65%
HII Equal Weighted Medium 0.65%
HMJR Market Cap Weighted High* 0.85%
HMMJ Market Cap Weighted High* 0.75%
HOG Equal Weighted Medium 0.55%
RBOT Equal Weighted Medium to High 0.68%

Factor-Based Equity
HEW Equal Weighted Medium 0.50%
HCN Equal Weighted Medium to High 0.70%
INOC Equal Weighted Medium 0.50%

CAN Passive Low to Medium 0.45%
DLR Passive Low to Medium 0.45%

HUC Single Commodity High 0.75%
HUN Single Commodity High 0.75%
HUG Single Commodity Medium 0.65%
HUZ Single Commodity High 0.65%

Alternative Strategy
HHF Actively Managed Medium 0.95%

Fixed Income
HAB Actively Managed Low 0.50%
HAD Actively Managed Low 0.42%
HAF Actively Managed Low 0.45%
HEMB Actively Managed Low to Medium 0.55%
HFP Actively Managed Low to Medium 0.55%
HFR Actively Managed Low 0.40%
HMP Actively Managed Low 0.29%
HPR Actively Managed Low to Medium 0.55%
HUF Actively Managed Low 0.40%
HYI Actively Managed Low 0.60%
HSL Actively Managed Low to Medium 0.75%

Equity Income
HAJ Actively Managed High 0.80%
HAL Actively Managed Medium 0.70%
HAU Actively Managed Medium 0.70%
HAZ Actively Managed Medium 0.80%
HADM Actively Managed Medium 0.80%

Covered Call
HEA Equal Weighted Low to Medium 0.65%
HEE Equal Weighted High 0.65%
HEF Equal Weighted Medium 0.65%
HEJ Equal Weighted Medium 0.65%
HEP Equal Weighted High 0.65%
HEX Equal Weighted Medium 0.65%
HGY Single Commodity Medium to High 0.60%
HNY Single Commodity High 0.85%

HARC Actively Managed Low to Medium 0.95%
HGC Actively Managed Low 0.55%

HAC Actively Managed Low to Medium 0.75%6
HGM Actively Managed Medium 0.85%
HRA Actively Managed Low to Medium 0.85%
MIND Actively Managed Medium 0.55%
HBAL Actively Managed Medium 0.00%7
HCON Actively Managed Low to Medium 0.00%7

BetaPro - Single Inverse Equity
HIX Single Index (Inverse) Medium 1.15%
HIU Single Index (Inverse) Medium 1.15%

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

*Due to how new the Marijuana sector is, no appropriate benchmark index or proxy spans the required 10 years for the calculation. To be conservative, we defaulted the risk ratings to the highest possible category given the highly volatile nature of this sector.

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.
2Plus applicable sales tax. Each ETF may be subject to additional operating expenses as outlined in its applicable prospectus.
3Annual management fee of 0.07% rebated by 4bps (0.04%) to an effective management fee of 3bps, or 0.03%, effective October 1, 2015, until at least September 30, 2019.
4Annual management fee reduced from 0.35% to 0.25% effective April 1, 2017.
5Annual management fee reduced from 0.15% to 0.10% effective April 1, 2016.
6Horizons HAC pays to the Manager a Performance Fee, if any, equal to 20% of the amount by which the performance of Horizons HAC, at any date on which the fee is payable, (i) exceeds the High Water Mark and (ii) is greater than an annualized return of five percent (5%).
7Horizons ETFs currently anticipates that the management expense ratio of HCON and HBAL will be approximately 0.15% and 0.16% and will not exceed 0.17% and 0.18%, respectively, while the aggregate trading expense ratio of the portfolio of Horizons TRI ETFs held by HCON and HBAL will be approximately 0.18 and 0.20%, respectively. As trading expense ratios include expenses outside of the Manager’s control, the trading expense ratio of HCON and HBAL is subject to change at any time.

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Horizons ETFs is a Member of Mirae Asset Global Investments. Commissions, management fees and expenses all may be associated with an investment in exchange traded products managed by Horizons ETFs Management (Canada) Inc. (the "Horizons Exchange Traded Products"). The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the relevant prospectus before investing.

The Horizons Exchange Traded Products include our BetaPro Products which consist of our 2x Daily Bull and 2x Daily Bear ETFs ("2x Daily ETFs"), Inverse ETFs ("Inverse ETFs") and our VIX ETF (defined below). The 2x Daily ETFs and certain other BetaPro Products use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These BetaPro Products are subject to leverage risk and may be subject to aggressive investment risk and price volatility risk, which, where applicable, are described in their respective prospectuses. Each 2x Daily ETF seeks a return, before fees and expenses, that is either 200% or -200% of the performance of a specified underlying index, commodity or benchmark (the "Target") for a single day. Each Inverse ETF seeks a return that is -100% of the performance of a Target. Due to the compounding of daily returns, a 2x Daily ETF's or Inverse ETF's returns over periods other than one day will likely differ in amount and, for the 2x Daily ETFs, possibly direction from the performance of their respective Target(s) for the same period. The BetaPro Product whose Target is the S&P 500 VIX Short-Term Futures Index™ (the "VIX ETF"), which is a (1x) VIX ETF, as described in the prospectus, is a speculative investment tool that is not a conventional investment. The VIX ETF’s Target is highly volatile. As a result, the VIX ETF is not generally viewed as stand-alone long-term investment. Historically, the VIX ETF’s Target has tended to revert to a historical mean. As a result, the performance of the VIX ETFs' Target is expected to be negative over the longer term and neither the VIX ETF nor its Target is expected to have positive long term performance. Investors should monitor their holdings, as frequently as daily, to ensure that they remain consistent with their investment strategies.

*The indicated rates of return are the historical annual compounded total returns including changes in per unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. The rates of return shown in the table are not intended to reflect future values of the ETF or returns on investment in the ETF. Only the returns for periods of one year or greater are annualized returns.