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HXX

HORIZONS EUROPE 50 INDEX ETF

Investment Objective
HXX seeks to replicate, to the extent possible, the Price NAV
performance of the Solactive Europe 50 Rolling Futures $44.37 $43.8382
Index (Total Return), net of expenses. The Solactive Europe $0.52 1.19% $1.0549 2.47%
50 Rolling Futures Index (Total Return) is designed to
Volume 1 Last Close
measure the performance of 50 of the largest companies
that are sector leaders in the Eurozone. 259 $43.85
Effective December 2, 2020, the name and the Index of the Prices delayed by 15 minutes.
ETF were changed. Last Trade: July 13, 2023 , 12:43 PM

Benchmark

Corporate Class - Total Return

Risk Rating 2

Horizons Europe 50 Index ETF (Timestamp: July 13, 2023, 12:58pm) 1 of 11

Fund Details

Ticker Inception Date Net Assets 3

HXX December 06, 2016 $95,733,383
As at July 12, 2023

Consolidated Prior Day Average Daily Trading Volume Exchange

Volume 4 Over a 12 Month Period 5 Toronto Stock Exchange
2,200 8,921
ForJuly 12, 2023 As at July 12, 2023

Investment Manager Eligibility Benchmark

Horizons ETFs Management All Registered and Solactive Europe 50 Rolling
(Canada) Inc. Non-Registered Investment Future Index (Total Return)
Accounts

Bloomberg Index Ticker Management Fee Management Expense Ratio 6

SOEU50RF 0.17% (Plus applicable sales 0.19%
tax) As at December 31, 2022

Swap Fee Currency Currency Hedging

No more than 0.30% CAD N/A

Counterparty Exposure 7 LEI 8

4.02% 54930046FH8EE1LKXF84
As at July 31, 2022

Price and NAV as at July 12, 2023

NAV / Unit Price Premium Discount Premium Discount Outstanding Shares

$43.8382 $43.88 $0.04 Percentage 2,183,790
0.10 %

Horizons Europe 50 Index ETF (Timestamp: July 13, 2023, 12:58pm) 2 of 11

Index Investment Metrics as at June 30, 2023

Index 12-Month Current Index Yield 10

Trailing Yield 9
3.38 3.48

Daily Nav

HXX Volume

$40

$20

500k

2017 2018 2019 2020 2021 2022 2023

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 taxes payable by any security holder. The NAV values do contemplate management fees
and other fund expenses. The chart is not a performance chart and is not indicative of future NAV values which will vary.

Horizons Europe 50 Index ETF (Timestamp: July 13, 2023, 12:58pm) 3 of 11

Growth of 10K

$10000

$0

Jan '17 Jan '18 Jan '19 Jan '20 Jan '21 Jan '22 Jan '23

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 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 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 vary.

Annualized Performance (%)

1mo 3mo 6mo YTD 1 yr 3 yr 5 yr 10 yr SIR**

Horizons Europe 50 Index ETF 4.40 2.16 19.13 19.13 40.96 11.55 7.01 -- 8.83

Solactive Europe 50 Rolling Future 4.42 2.28 19.20 19.20 41.38 12.06 7.45 -- 9.31
Index (Total Return)

**Fund performance since inception on December 06, 2016 , as at June 30, 2023

Horizons Europe 50 Index ETF (Timestamp: July 13, 2023, 12:58pm) 4 of 11

Calendar Year Performance (%)

2015 2016 2017 2018 2019 2020 2021 2022

Horizons Europe 50 Index ETF -- -- 16.04 -9.04 21.05 5.39 13.84 -9.51

Solactive Europe 50 Rolling Future Index (Total -- -- 16.57 -8.63 21.68 5.64 14.29 -8.96
Return)

The Inception Date shown is the inception date of the predecessor ETF of the same name which was structured as a trust. On
November 27, 2019, after receiving unitholder approval, the predecessor ETF merged into a class of shares of a corporate fund
structure. In accordance with exemptive relief, the data of the ETF presented here includes the historical data of the predecessor
ETF in order to provide full disclosure of the ETF's data.

Horizons Europe 50 Index ETF (Timestamp: July 13, 2023, 12:58pm) 5 of 11

Top 10 Holdings
As at May 31, 2023

Security Name Weight

ASML Holding NV 8.98%

LVMH Moet Hennessy Louis Vuitton SE 7.01%

TotalEnergies SE 4.39%

Sap SE 4.15%

Siemens AG Cl N 3.81%

Sanofi SA 3.60%

L'Oreal SA 3.20%

Schneider Electric SE 3.06%

L'Air Liquide SA 2.72%

Allianz SE 2.68%

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 Sector Allocation Geographic Exposure
As at June 30, 2023 As at June 30, 2023

Consumer Goods 20.26% France 41.43%

Financials 18.73% Germany 26.38%

Information Technology 15.04% Netherlands 15.03%

Industrial Services 14.26% Spain 6.62%

Consumer Service 8.19% Italy 5.03%

Health Care 6.82% Ireland 2.24%

Materials 5.21% Finland 1.79%

Energy 5.12% Belgium 1.48%

Utilities 3.77%

Communication Services 2.20%

Real Estate 0.39%

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 www.horizonsetfs.com

1 Volume: Real-time volume on the Toronto Stock Exchange only

2 Risk Rating: Risk Rating is based on how much the ETF's returns have changed from year to year. It doesn't tell you how volatile the ETF

will be in the future. The rating can change overtime. An ETF with a low risk rating can still lose money.

3 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)

4
Consolidated Prior Day Volume: The ETF's aggregate volume traded on all Canadian exchanges

5
Average Daily Trading Volume Over a 12 Month Period: The ETF's aggregate average daily trading volume over a 12 month period traded
on all Canadian exchanges

6 Management Expense Ratio: Management expense ratio (“MER”) is based on total expenses, including sales tax, (excluding commissions

and other portfolio transaction costs) for the stated period for each ETF and is expressed as an annualized percentage of each ETF's daily
average net asset value during the period. Out of its management fees, the Manager pays for such services to the ETF as investment manager
compensation, service fees and marketing.

7 Counterparty Exposure: 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.

8 LEI: The LEI is the Legal Entity Identifier, which is an identification code under international standards for the accurate identification of

legal entities like the ETF.

9 Index 12-Month Trailing Yield: Where the Index yield is not provided directly from the index provider the weighted average trailing yield

of index constituents (based on the sum of their trailing dividend yields over the previous 12 months divided by the price at the close on
the last business day of the last month end) has been used. Gross or net divided amounts are used based on the local market convention.

10 Current Index Yield: Where the Index yield is not provided directly from the index provider the weighted average yield of index constituents

(based on the sum of the indicated dividend yields [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] of all index constituent
securities) has been used. Gross or net dividend amount is used based on market convention.

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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 Horizons Exchange Traded Products 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 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(s) or future returns on investment in the ETF(s). Only the returns for periods of one year or greater are annualized returns.

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.

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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. BetaPro Inverse Bitcoin ETF (“BITI”),
which is a -1X ETF, as described in the prospectus, is a speculative investment tool that is not a conventional investment. Its Target, an
index which replicates exposure to rolling Bitcoin Futures and not the spot price of Bitcoin, is highly volatile. As a result, the ETF is intended
as a stand-alone investment. There are inherent risks associated with products linked to crypto-assets, including Bitcoin Futures. While
Bitcoin Futures are traded on a regulated exchange and cleared by regulated central counterparties, direct or indirect exposure to the high
level of risk of Bitcoin Futures will not be suitable for all types of investors. An investment in any of the BetaPro Products is not intended
as a complete investment program and is appropriate only for investors who have the capacity to absorb a loss of some or all of their
investment. Please read the full risk disclosure in the prospectus before investing. 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.

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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.

Horizons TRI ETFs include ETFs that use physical replication instead of a total return swap to gain exposure to their benchmark index.
These ETFs are a class of shares in a corporate class structure that allows the ETF to deliver its returns in a tax-efficient manner. With this
structure, the ETF will receive the total return of the Index (less any withholding tax payable on constituent distributions if applicable), which
is reflected in the NAV of the ETF. However, investors are not expected to receive any taxable distributions from these ETFs. 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 a cash deposit that can change over time.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to
purchase exchange traded products (the “Horizons Exchange Traded Products”) managed by Horizons ETFs Management (Canada) Inc.
and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard.
Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their
professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the
circumstances of an investor.

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