GOLD ETFHORIZONS

HUG $11.81CHANGE $-0.15 -1.25%VOLUME1 80LAST CLOSE $11.96

Prices delayed by 15 minutes. Last trade: Oct 20, 2017 09:12 PM

Inception Date:June 24, 2009

CUSIP:44054G107

Ticker:HUG

Net Assets :2

9,209,655 (as at 2017-10-12)

Consolidated Prior Day Volume :3

100 (for 2017-10-12)

Exchange:Toronto Stock Exchange

Investment Manager:Horizons ETFs Management (Canada) Inc.

Eligibility:All Registered and Non-Registered Accounts

Benchmark:Solactive Gold Front Month MD Rolling FuturesIndex ER

Bloomberg Ticker:SOLCGCER

Management Fee:0.65% (plus applicable sales tax)

Currency:CAD

1 of 3Horizons - Gold ETF (Timestamp: October 21, 2017)

Jan '17 Apr '17 Jul '17 Oct '17

HUG Volume

$10.00

$11.00

$12.00

Oct '16 Jan '17 Apr '17 Jul '17$10k

$11k

$12k

$13k

Name Weighting

Gold Bullion December 2017 100.00%

Investment ObjectiveHorizons HUG seeks investment results, before fees, expenses, distributions, brokerage commissions and other transactioncosts, that endeavour to correspond to the performance of the COMEX® gold futures contract for a subsequent delivery month.Any U.S. dollar gains or losses as a result of the ETF’s investment will be hedged back to the Canadian dollar to the best of theETF’s ability.

Daily NAV (1 Year)

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, ifany. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxespayable by any securityholder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance chart and isnot indicative of future NAV values which will vary.

Growth Of 10K (1 Year)

The Growth of 10K chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made bythe ETF, if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges orincome taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performancechart and is not indicative of future NAV values which will vary.

Annualized Performance*

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

Horizons Gold ETF -2.90 2.70 1.46 9.38 -4.91 -0.19 -7.83 2.00**Performance since inception on June 24, 2009, as at September 30, 2017

Calendar Year Performance*

2009** 2010 2011 2012 2013 2014 2015 2016

ETF (HUG) 15.20 26.83 8.40 5.40 -29.13 -2.51 -11.91 6.00**Calendar year performance since inception June 24, 2009

Commodity Rollsas at October 20, 2017

for more information on Gold futures

2 of 3Horizons - Gold ETF (Timestamp: October 21, 2017)

WWW.HORIZONSETFS.COM

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

The value of all assets, less the value of all liabilities, at a particular point in time. (Includes all classes of this ETF) 2 Net Assets: .

The ETF’s aggregate volume traded on all Canadian exchanges. 3 Consolidated Prior Day Volume:

Horizons ETFs is a Member of Mirae Asset Global Investments. Commissions, trailing commissions, management fees and expenses all may be associated with an investment inexchange traded products managed by AlphaPro Management Inc. and Horizons ETFs Management (Canada) Inc. (the "Horizons Exchange Traded Products"). The HorizonsExchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed informationabout the Horizons Exchange Traded Products. 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 takeinto 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 thetable 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 returnsfor periods of one year or greater are annualized returns.

3 of 3Horizons - Gold ETF (Timestamp: October 21, 2017)