Canada’s First Global Risk Parity ETFThe Horizons Global Risk Parity ETF (“HRA”) seeks long-term capital appreciation through the use of asset allocation. HRA will primarily use exchange traded products to gain exposure to a portfolio of global asset classes with a focus on the forecasted amount of risk that each investment contributes.

The Potential to Enhance Long-Term Returns with Risk ParityMost investors understand the benefits of diversification without truly appreciating how it is achieved in a portfolio. While a portfolio may be widely diversified across a number of asset classes, its risk profile might actually be highly concentrated.

HRA uses a portfolio allocation strategy, commonly known as Risk Parity – an approach that seeks to ensure that each asset class in the portfolio contributes an equal amount of risk, thus creating optimal portfolio diversification. This approach seeks to ensure that the correlations between various asset classes are reduced and the overall risk level of the portfolio remains balanced.

HRA will invest primarily in a portfolio of exchange traded funds to gain exposure to a wide array of asset classes that can perform in various economic conditions. These sectors include Global Equity markets, Global Fixed Income instruments and inflation hedges such as Gold Bullion, Real Estate and Treasury Inflation Protected Securities (“TIPS”). HRA may hedge some or all of its non-Canadian dollar currency exposure at the discretion of the sub-advisor.

Risk Diversification

Equities Treasuries

Capital Contribution

Risk Contribution

Traditional 50/50 Portfolios

Simple Risk Parity

FOR ILLUSTRATIVE PURPOSES ONLY.”Equities” represents an allocation in the Vanguard Total Stock Market ETF (VTI:NYSE).”Treasuries” represents an allocation in the iShares 7-10 Year Treasury Bond ETF (IEF:NYSE).

Horizons Global Risk Parity ETF (HRA)

ETF Snapshot Name: Horizons Global Risk Parity ETF

Launch Date: July 21, 2016

Ticker: HRA

Management Fee:10.65%

Investment Manager: Horizons ETFs Management (Canada) Inc.

Sub-Advisor:ReSolve Asset Management Inc.

Distribution Frequency: Annually, if any (none expected)

Currency: Dynamically hedged

Eligibility: All registered and non-registered investment accounts

1Plus applicable sales tax. Annual management fee reduced from 0.85% to 0.65%, effective December 1, 2018.

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HorizonsETFs.com

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Commissions, management fees and expenses all may be associated with an investment in the Horizons Global Risk Parity ETF (the “ETF”), managed by Horizons ETFs Management (Canada) Inc. The ETF is not guaranteed, its values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the ETF. Please read the prospectus before investing. The sub-advisor and investment manager have a direct interest in the management fees of the ETF, and may, at any given time, have a direct or indirect interest in the ETF or its holdings.

To learn more, please visit www.HorizonsETFs.com/HRA

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Horizons Global Risk Parity ETF (HRA)

Key Features:• Risk balanced: The first ETF in Canada to implement a dynamic risk parity strategy, which targets a constant risk profile for the ETF,

regardless of market conditions• Globally diversified: Provides exposure to a global portfolio of Equities, Fixed Income, Commodities and Real Estate • Low volatility: Uses a dynamic asset allocation strategy designed to respond to changing market conditions and aims to keep the

portfolio’s target level of volatility constant• Experienced sub-advisor: Over 20 years of experience in institutional portfolio management techniques focused on global asset

allocation• Non-correlated: Its return profile makes it an effective complement to traditional portfolios• Dynamically Currency Hedged: ReSolve Asset Management Inc. can actively change currency exposure to potentially generate higher

returns• Fees: HRA will be subject to its proportionate share of the fees and expenses of the ETFs in which it invests, in addition to its own fees

and expenses

ReSolve Asset Management Inc.ReSolve Asset Management Inc. is a Toronto-based investment management firm that delivers ETF-managed portfolio solutions focused on global asset allocation. ReSolve serves advisors, institutions and individual investors in both Canada and the United States, offering investments in ETFs, Mutual Funds and Separately Managed Accounts suitable for both core and explore mandates.

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