BETAPRO

CRUDE OIL 2X DAILY

BULL ETF
HOU $6.70 Ticker:
HOU
Eligibility:
All Registered and Non-Registered Accounts
CHANGE $5.89 +727.16% Inception Date: Benchmark:
VOLUME1 36571334 January 15, 2008 Solactive Light Sweet Crude Oil Front Month MD
LAST CLOSE $0.81 Rolling Futures Index ER
Net Assets2:
67,718,124 (as at 2020-03-20) Bloomberg Index Ticker:
Prices delayed by 15 minutes.
SOLCCLER
Last trade: Mar 23, 2020 09:19 AM Consolidated Prior Day Volume3:
64,389,838 (for 2020-03-20) Management Fee:
1.15% (plus applicable sales tax)
Average Daily Trading Volume Over A 12
Month Period4: Currency:
5,925,261 (as at 2020-02-29) CAD

Exchange: LEI 5:
Toronto Stock Exchange 54930008XOPU1WU16P08

Investment Manager:
Horizons ETFs Management (Canada) Inc.

Horizons - Crude Oil 2x Daily Bull ETF (Timestamp: March 23, 2020) 1 of 4
Investment Objective
HOU seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, PRICE AND NAV
that endeavour to correspond to two times (200%) the daily performance of its Referenced Futures Index. HOU is denominated in as at March 20, 2020
Canadian dollars. Any U.S. dollar gains or losses as a result of the ETF’s investment will be hedged back to the Canadian dollar to Nav/Unit: $0.60500
the best of its ability.
Price: $0.67
The ETF uses leverage and is riskier than funds that do not. The ETF seeks a return, before fees and expenses, of +200% or - Premium Discount: $0.07
200% of its Referenced Index for a SINGLE DAY. The returns of the ETF over periods longer than ONE DAY will likely differ in
amount, and possibly direction (of the performance, or inverse performance, as applicable) of the Referenced Index. Longer Premium Discount Percentage: 10.74%
periods AND/OR greater volatility will make the possible divergence more pronounced. Investors should monitor their Outstanding Shares: 111,936,900
investment in this ETF daily. Please read the prospectus and ensure you understand this ETF before investing in it.

Daily NAV (1 Year) HOU Volume

$5.00

$0.00

Apr '19 Jul '19 Oct '19 Jan '20

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 securityholder. 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.

Growth Of 10K (1 Year)

$0.03k

$0.025k

$0.02k

$0.015k

$0.01k

$0.005k
Apr '19 Jul '19 Oct '19 Jan '20

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*
1 Mo 3 Mo 6 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr SIR**

- - - - - - - - -
BetaPro Crude Oil 2x Daily Bull ETF
26.35 36.24 38.94 47.82 49.07 25.75 36.76 35.76 43.12
**Performance since inception on January 15, 2008, as at February 29, 2020

Calendar Year Performance*

2012 2013 2014 2015 2016 2017 2018 2019

ETF (HOU) -30.44 5.54 -70.17 -77.36 -11.53 -4.96 -47.28 47.46

Horizons - Crude Oil 2x Daily Bull ETF (Timestamp: March 23, 2020) 2 of 4
Commodity Rolls
as at March 20, 2020

Name Weighting

Crude Oil May 2020 100.00%

Click here for more information on Crude Oil futures

Horizons - Crude Oil 2x Daily Bull ETF (Timestamp: March 23, 2020) 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 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). Under National Instrument 81-102, the net amount owed to the ETF’s
Bank Counterparty(ies), which is also the positive mark-to-market value of the derivative instruments in the ETF, cannot generally exceed 10% of the net assets of the ETF, therefore
counterparty risk is limited to a maximum of 10% of the ETF’s net assets. 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.
5 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.
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.

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 units of a BetaPro Product decreases in value. The BetaPro Products consist of our 2x Daily Bull and 2x Daily Bear ETFs (“2x Daily ETFs”), Inverse ETFs (“Inverse ETFs”) and our
BetaPro S&P 500 VIX Short-Term Futures™ ETF (the “VIX ETF”). Included in the 2x Daily 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 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, among other risks, which 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 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 2x Daily
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 2x Daily ETFs, possibly direction from the performance of
their respective Target(s) for the same period. 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 15.00% and 35.00% per annum of the aggregate notional exposure of HMJI’s forward documents. The hedging costs may increase above this range.
The manager will publish, 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.

*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 Horizons Exchange Traded Products or returns on investment in the Horizons Exchange Traded
Products. Only the returns for periods of one year or greater are annualized returns.

Horizons - Crude Oil 2x Daily Bull ETF (Timestamp: March 23, 2020) 4 of 4