Both ETFs are part of Horizons ETFs’ $3 billon suite of actively managed ETFs

TORONTO, November 10, 2016 – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs”) is proud to announce that two of its ETFs (exchange traded funds) won “best” in their respective categories at the 2016 Thomson Reuters Lipper Fund Awards (“Lipper Fund Awards”).

The following ETFs won awards:

Fund Name Ticker Lipper Fund Awards Category Award Period
Horizons Seasonal Rotation ETF HAC Alternative Strategies 3 Years
Horizons Active Emerging Markets Dividend ETF HAJ Emerging Markets Equity 3 Years

We’re very proud of our Lipper wins for two ETFs that have delivered exceptional performance relative to their peer group since their respective inceptions,” said Steve Hawkins, President and Co-CEO of Horizons ETFs. “Canadian ETF investors are recognizing that there is a place for both actively and passively managed ETFs in their investment portfolios. HAC and HAJ are prime examples of our long-held belief that active management in a low-cost ETF structure provides the potential to produce superior returns.

The Lipper Fund Awards are calculated based on a comparison with other ETFs in the same Canadian Investment Funds Standards Committee (CIFSC) category. The 2016 Lipper Fund Awards are given to funds for delivering consistently strong risk-adjusted performance relative to their peers, for various time periods ending July 31, 2016.

HAC received the 2016 Lipper Fund Award in the Alternative Strategies category for the three-year period ending July 31, 2016, ranking first out of the six ETFs eligible for consideration. HAC uses a proprietary, seasonal rotation investment strategy which seeks to deliver absolute returns in all market conditions. HAC rotates between certain asset classes or industry sectors at specific times of the year, based on repeating seasonal events in the markets or the economy.

Last year was a difficult one for Canadian equities, and HAC delivered attractive positive returns. This year was a great year for Canadian equity returns, and HAC still delivered a positive relative return. Really, this is an ETF that continues to find ways to generate positive returns in most market environments,” said Mr. Hawkins. “HAC has continued to deliver positive returns since its inception in 2009, with a much lower standard deviation than the broader North American equity market and in fact, has never had a single negative calendar year of performance.

HAJ won in the Best Emerging Market Equity category amongst nine eligible ETFs for the three-year period ending July 31, 2016. HAJ seeks long-term returns consisting of regular dividend income and modest long-term capital growth. HAJ invests primarily in equity and equity related securities of companies with operations in emerging market economies.

HAJ is sub-advised by Guardian Capital LP (“Guardian”) and focuses on holding a portfolio of dividend-paying stocks that are based in emerging markets. Guardian uses its proprietary GPS (Growth, Payout and Sustainability) approach to select securities – finding dividend stocks that offer a good balance of capital appreciation and an attractive yield. Guardian, based in Toronto, has assets under management of more than $25 billion as at June 30, 2016.

Emerging markets offer a lot of growth potential for investors, but that growth is sometimes accompanied by higher volatility,” said Mr. Hawkins. “HAJ has done an excellent job of lowering the volatility of investing in this asset class, by holding higher quality dividend-paying stocks relative to the broader emerging market category. This results in investors getting meaningful exposure to emerging markets equities, but with a reduced risk profile versus the outright buying of an emerging market index strategy.

About the Lipper Fund Awards
For more than three decades and in over 20 countries worldwide, the Thomson Reuters Lipper Fund Awards have honoured funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers. Renowned fund data and proprietary methodology is the foundation of the Award qualification. Individual classifications of three-, five-, and ten-year periods, as well as fund families with high average scores for the three-year period are recognized. For more information about the Lipper Fund Awards, please contact or visit

About Horizons ETFs Management (Canada) Inc.
Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. are innovative financial services companies offering the Horizons ETFs family of exchange traded funds. The Horizons ETFs family includes a broadly diversified range of investment tools with solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $6.7 billion of assets under management and with 75 ETFs listed on the Toronto Stock Exchange, the Horizons ETFs family makes up one of the largest families of ETFs in Canada. Horizons ETFs Management (Canada) Inc. and AlphaPro Management Inc. are members of the Mirae Asset Global Investments Group.

For more information:
Mark Noble, Head of Sales Strategy
Horizons ETFs Management (Canada) Inc.
(416) 640-8254

Horizons Seasonal Rotation ETF (HAC) and the Horizons Active Emerging Markets ETF (HAJ) were awarded the 2016 Lipper Fund Award in the Alternative Strategies and Emerging Markets Equity categories for the three-year period ending July 31, 2016 out of a total of 6 and 9 ETFs, respectively.

The Thomson Reuters Lipper Fund Awards, granted annually, highlight funds that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Lipper Fund Awards are based on the Lipper Ratings for Consistent Return, which is a risk-adjusted performance measure calculated over 36, 60 and 120 month periods. The highest 20% of funds in each category are named Lipper Leaders for Consistent Return and receive a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2 and the lowest 20% are scored 1. The highest Lipper Leader for Consistent Return in each category wins the Lipper Fund Award. Lipper Leader ratings change monthly. For more information, see Although Thomson Reuters Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper.

Certain statements may constitute a forward looking statement, including those identified by the expression “expect” and similar expressions (including grammatical variations thereof). The forward-looking statements are not historical facts but reflect the author’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. These and other factors should be considered carefully and readers should not place undue reliance on such forward looking statements. These forward-looking statements are made as of the date hereof and the authors do not undertake to update any forward-looking statement that is contained herein, whether as a result of new information, future events or otherwise, unless required by applicable law.

The corresponding Lipper Leader ratings for HAC for the same period are as follows: 4 (3 years), 5 (5 years). The corresponding Lipper Leader Ratings for HAJ for the same period as follows 5 (3 years).

Annualized performance:

ETF 1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr SIR*
HAC 0.95 -0.49 2.39 5.05 6.56 8.84 7.00 8.41
HAJ 4.94 4.61 15.27 12.89 11.06 9.24 - 9.75

*Performance since inception for HAC is November 19, 2009 and for HAJ is October 10, 2012, as of July 31, 2016.

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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. 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.