Ticker Weighting Method Risk Rating1 Annual
Management Fee2

Benchmark - Equities
HXT Market Cap Weighted Medium 0.07%3
HXS Market Cap Weighted Medium 0.10%
HSH Market Cap Weighted Medium 0.10%
HEW Equal Weighted Medium 0.50%/0.40%4
HXE Market Cap Weighted High 0.35%
HXF Market Cap Weighted Medium 0.35%
HXQ Market Cap Weighted Medium 0.25%
HXX Market Cap Weighted High 0.17%
HII Equal Weighted Medium 0.65%
HOG Equal Weighted Medium to High 0.55%
HXH Equal Weighted Medium 0.10%
HCN Equal Weighted Medium to High 0.70%
HMMJ Market Cap Weighted High 0.75%
HXDM Market Cap Weighted Medium to High 0.20%

Benchmark - Fixed Income
HBB Universe Proportionately Weighted Low 0.09%
HTB Universe Proportionately Weighted Low to Medium 0.15%
HTH Universe Proportionately Weighted Low to Medium 0.15%

Benchmark - Single Commodities
HUC N/A High 0.75%
HUN N/A High 0.75%
HUG N/A Medium to High 0.75%
HUZ N/A High 0.75%

Actively Managed - Equities
HAL Actively Managed Low to Medium 0.70%
HAJ Actively Managed Medium 0.80%
HAZ Actively Managed Medium 0.80%
HAU Actively Managed Medium 0.70%

Actively Managed - Covered Call
HEA Equal Weighted 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 N/A Medium 0.60%
HNY N/A High 0.85%

Actively Managed - Fixed Income/Yield
HAB Actively Managed Low 0.50%
HAD Actively Managed Low 0.42%
HAF Actively Managed Low 0.45%
HFP Actively Managed Low to Medium 0.55%
HFR Actively Managed Low 0.40%
HMP Actively Managed Low 0.35%
HPR Actively Managed Low to Medium 0.55%
HUF.U Actively Managed Low 0.40%
HYI Actively Managed Low 0.60%
HSL Actively Managed Low 0.75%

Actively Managed - Alternative/Multi-Asset Strategies
HAC Actively Managed Low to Medium 0.75%5
HGM Actively Managed Low to Medium 0.85%
HMA Actively Managed Low to Medium 0.85%
HHF Actively Managed Low to Medium 0.95%
HMF Actively Managed Medium 0.95%
HRA Actively Managed Low to Medium 0.85%
HGC Actively Managed Low to Medium 0.55%
HARC Actively Managed Medium 0.95%

DLR N/A Low to Medium 0.45%
CAN N/A Low to Medium 0.45%

BetaPro - Single Inverse Equity
HIX N/A Medium 1.15%
HIU N/A Medium 1.15%

For all BetaPro inverse (excluding HIX and HIU), leveraged, inverse leveraged or volatility 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 five-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 0.07% rebated by 0.04% to an effective management fee of 0.03%, until at least September 30, 2018 (PLUS APPLICABLE SALES TAX).

40.50% of the net asset value of the Class E Units of Horizons HEW at or below $30,000,000; plus 0.40% of any portion of the net asset value of the Class E Units of Horizons HEW that exceeds $30,000,000.

5Horizons 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%).

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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 consist of the Horizons Index ETFs ("Index ETFs"), 2x Daily Bull and -2x Daily Bear ETFs ("2x Daily ETFs"), Inverse ETFs ("Inverse ETFs"), VIX ETFs (defined below) and active ETFs. The 2x Daily ETFs and certain other Horizons Exchange Traded Products use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These Horizons Exchange Traded 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 Index ETF or Inverse ETF seeks a return that is 100% or -100%, respectively, 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 possibly direction from the performance of their respective Target(s) for the same period. The Horizons Exchange Traded Products whose Target is the S&P 500 VIX Short-Term Futures Index™ (the "VIX ETFs"), one of which is a 2x Daily ETF and one of which is an Index ETF, as described in their prospectus, are speculative investment tools that are not conventional investments. The VIX ETFs' Target is highly volatile. As a result, the VIX ETFs are not generally viewed as stand-alone long-term investments. Historically, the VIX ETFs' 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 ETFs nor their Target are 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.