HORIZONS

S&P 500 INDEX ETF ®

HXS $59.36 Ticker:

HXS
Benchmark:
S&P 500® Index
CHANGE $0.59 +1.00%
Inception Date: Bloomberg Index Ticker:
VOLUME1 26822
November 30, 2010 SPXT
LAST CLOSE $58.77
Net Assets2: Management Fee:
Prices delayed by 15 minutes.
3,325,729,136 (as at 2021-12-10) 0.10% (plus applicable sales tax)
Last trade: Dec 10, 2021 05:00 PM
Consolidated Prior Day Volume3: Management Expense Ratio 4:
149,466 (for 2021-12-10) 0.10% (AS AT 2021-06-30)

Average Daily Trading Volume Over A 12 Swap Fee:

Month Period5: No more than 0.30%
155,234 (as at 2021-11-30)
Currency:
Exchange: CAD
Toronto Stock Exchange
Counterparty Exposure6:
Investment Manager: 42.83% (as at 2021-11-30)
Horizons ETFs Management (Canada) Inc.
LEI 7:
Eligibility: 5493002V1ZGRP2SB0E49
All Registered and Non-Registered Accounts

Horizons - S&P 500® Index ETF (Timestamp: December 12, 2021) 1 of 4

Investment Objective
Horizons HXS seeks to replicate, to the extent possible, the performance of the S&P 500® Index (Total Return), net of PRICE AND NAV
as at December 10, 2021
expenses. The S&P 500® Index (Total Return) is designed to measure the performance of the large-cap market segment
of the U.S. equity market. Nav/Unit: $59.356
Price: $59.36
Daily NAV (Since Inception) HXS Volume
Premium Discount: $0.00

$50.00 Premium Discount Percentage: 0.01%

Outstanding Shares: 56,030,200
$25.00

$0.00 INDEX INVESTMENT METRICS

as at October 31, 2021

Index 12-Month Trailing Yield8: 1.30

Current Index Yield9: 1.32
2012 2014 2016 2018 2020 2022

The NAV chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made by the ETF,
if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income INDEX SECTOR ALLOCATION
taxes payable by any securityholder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance as at November 30, 2021
chart and is not indicative of future NAV values which will vary.

Growth Of 10K (Since Inception)

$80k

$60k

$40k Information Technology

(29.35%)
Consumer Discretionary
$20k (13.17%)
Health Care (12.72%)
Financials (10.84%)
$0k Communication Services
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (10.36%)
Industrials (7.80%)
The Growth of 10K chart above is based on the historical daily net asset value per unit (NAV) of the ETF, and represents the value of an initial Consumer Staples (5.58%)
investment into the ETF of $10,000 since its inception, on a total return basis. Distributions, if any, are treated as reinvested, and it does not take into
account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate Energy (2.71%)
management fees and other fund expenses where paid by the fund. The chart is not a performance chart and is not indicative of future value which will Real Estate (2.62%)
vary.
Materials (2.50%)
Utilities (2.37%)
Annualized Performance*
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr SIR**

Horizons S&P 500® Index ETF 2.47 2.49 15.53 23.16 25.31 18.33 16.24 18.40 17.28
**Performance since inception on November 30, 2010, as at November 30, 2021

Calendar Year Performance*

2013 2014 2015 2016 2017 2018 2019 2020

ETF (HXS) 37.95 23.80 20.11 8.24 13.58 3.41 24.56 15.58

S&P 500 Index Total Return 41.42 24.25 20.70 8.90 13.47 3.99 25.25 16.48

Horizons - S&P 500® Index ETF (Timestamp: December 12, 2021) 2 of 4

Horizons HXS is listed in both Cdn$ and US$. The performance of the US$ units of Horizons HXS directly corresponds to
the performance, in U.S. dollar terms, of the S&P 500® Index (Total Return), net of expenses. The performance of the
Cdn$ units of Horizons HXS will generally, but not directly, correspond to the performance, in Canadian dollar terms, of the
S&P 500® Index (Total Return), net of expenses. The difference in the performance of the Cdn$ units of Horizons HXS
compared to the performance, in Canadian dollar terms, of the S&P 500® Index (Total Return), net of expenses, is solely a
result of the differences in daily FX rates used by the ETF and the Index provider to determine the NAV and Index level
respectively, in Canadian Dollar terms. These differences are not an accurate representation of the index tracking for
Horizons HXS in meeting its investment objective. Please refer to the HXS.U Annualized Performance for an accurate
representation of the index tracking for Horizons HXS.

Prior to April 1, 2013, the investment objective of HXS included hedging its exposure back to the Canadian dollar. As of
April 1, 2013, that hedging component was removed. Had it been retained, the ETF’s performance since then would have
been higher or lower depending on the direction of the CAD/USD exchange rate fluctuations.

Index Top 10 Holdings

as at November 30, 2021

Security Name Weight

APPLE INC 6.70%

MICROSOFT CORP 6.41%

AMAZON.COM INC 3.94%

TESLA INC 2.40%

ALPHABET INC 2.20%

NVIDIA CORP 2.10%

ALPHABET INC 2.07%

META PLATFORMS INC 2.00%

BERKSHIRE HATHAWAY INC 1.32%

JPMORGAN CHASE & CO 1.22%

For more information, please click here:

S&P 500® Index

Horizons - S&P 500® Index ETF (Timestamp: December 12, 2021) 3 of 4

 WWW.HORIZONSETFS.COM

1
Volume: Real-time volume on the Toronto Stock Exchange only.
2
Net Assets: The value of all assets, less the value of all liabilities, at a particular point in time. (Includes all classes of this ETF) .
3
Consolidated Prior Day Volume: The ETF’s aggregate volume traded on all Canadian exchanges.
4 Average Daily Trading Volume over 12 Month Period: The ETF’s aggregate average daily trading volume over a 12 month period traded on all Canadian exchanges.
5
Counterparty Exposure: represents a net amount owed to or owed from the ETF’s Bank Counterparty(ies), as a percentage of the total net assets of the ETF. If the
figure is negative, there is no counterparty risk as the ETF has more cash collateral than the net assets of the ETF and the ETF owes that net amount to its Bank
Counterparty(ies). If the figure is positive, there is counterparty risk for the net amount owed to the ETF by the Bank Counterparty(ies). Counterparty risk generally refers
to the credit risk with respect to the amount an ETF expects to receive from its Bank Counterparty(ies) to the financial instruments entered into by the ETF.
6
LEI: The Legal Entity Identifier (LEI) is the International ISO standard 17442. LEIs are identification codes that enable consistent and accurate identification of all
legal entities that are parties to financial transactions, including non-financial institutions.
7
Estimated Annualized Yield: An estimate of the annualized yield an investor would receive if the most recent distribution rate stayed the same for the next twelve
months, stated as a percentage of the net asset value per unit on the date before the ex-dividend date of the current distribution.
8
Current Index yield: Sum of the weighted dividend indicated yields of all index constituent securities. The dividend indicated yield is defined as the most recently
announced dividend amount, annualized based on the dividend frequency, then divided by the market price as at the close of the last business day of the last month
end. Gross or net dividend amount is used based on market convention.

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 prospectus
before investing.

Standard & Poor's® and S&P 500®

“Standard & Poor’s®” and “S&P®” are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and “TSX®” is a registered trademark of the TSX Inc.
(“TSX”). These marks have been licensed for use by Horizons ETFs Management (Canada) Inc. The ETF is not sponsored, endorsed, sold, or promoted by the S&P, TSX
or their affiliated companies and none of these parties make any representation, warranty or condition regarding the advisability of buying, selling or holding
units/shares of the ETF.

*The indicated rates of return are the historical annual or annual compounded total returns (as indicated) 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 [the Index/Indices] or returns on investment in the ETF
[the Index/Indices is not/are not directly investable]. Only the returns for periods of one year or greater are annualized returns. Display of index returns utilize the 4pm
London WM FX Rate. Prior to April 1, 2013, the investment objective of HXS included hedging its exposure back to the Canadian dollar. As of April 1, 2013, that hedging
component was removed. Had it been retained, the ETF’s performance would have been higher or lower depending on the direction of the CAD/USD exchange rate
fluctuations.

Horizons - S&P 500® Index ETF (Timestamp: December 12, 2021) 4 of 4