Access the Smaller-Cap Marijuana Sector The Horizons Emerging Marijuana Growers Index ETF (“HMJR”) seeks to replicate, to the extent possible, the performance of the Emerging Marijuana Growers Index (“Index”), net of expenses. The Index is designed to provide exposure to the performance of a basket of primarily North American publicly-listed small-capitalization companies primarily involved in the cultivation, production and/or distribution of marijuana.

Increased Demand on the HorizonCannabis companies are raising significant capital to increase capacity in anticipation of higher demand since the legalization of recreational cannabis in Canada. This, in turn, has resulted in significant investor interest in the Cannabis sector. According to Statistics Canada, in 2017 Canadians spent approximately CAD $6 billion on marijuana2. Now with legalization, demand is expected to be higher, and so too may the potential value of the Canadian Cannabis market.

Key Features of HMJR:• Strong Growth Potential: Gain exposure to the rapidly growing Marijuana

industry. The entire legal Marijuana market is expected to reach USD $24.5 billion in sales by 20213

• Small-Cap Focus: Emphasis is on early stage, small-cap companies with significant upside growth potential

• International Exposure: HMJR will have exposure to internationally listed stocks• Rebalanced Quarterly: HMJR rebalances quarterly to reflect the changing

leadership and drivers of growth within the industry

Emerging Marijuana Growers Index• Securities in the Index are listed on stock exchanges primarily in North America,

and are equity securities of small-capitalization life sciences companies and other companies with significant business activities in the marijuana industry

• Issuers generally have an initial market capitalization of at least CAD $50 million and less than CAD $500 million, at the time of rebalancing, and up to a maximum market capitalization of CAD $750 million

• Non-North American issuers may represent up to 20% of the Index components• No issuer represents more than 8% of the Index on each rebalance

2Source: CBC News, January 25, 2018. 3Source: Arcview Market Research, 2021.

Horizons Emerging Marijuana Growers Index ETF (HMJR)

ETF Snapshot Name: Horizons Emerging Marijuana Growers Index ETF

Launch Date: February 14, 2018

Ticker: HMJR

Management Fee:1

0.85%

Stock Exchange:Aequitas NEO Exchange

Investment Manager:Horizons ETFs Management (Canada) Inc.

Underlying Index:Emerging Marijuana Growers Index

Bloomberg Index Ticker: EMMAR

Distribution Frequency:Quarterly (if applicable)

Rebalanced: Quarterly

Currency Hedging: No

Eligibility:All registered and non-registered investment accounts

1Plus applicable sales taxes.

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ETF Holdings4

Company Name Weight (%) Company Name Weight

(%) Company Name Weight (%)

Cresco Labs Inc 7.06 Flower One Holdings Inc 1.78 48North Cannabis Corp 0.80

Trulieve Cannabis Corp 6.29 Ignite Intl Brands Ltd 1.64 1933 Industries Inc 0.76

Valens Groworks Corp 4.86 Terrascend Corp 1.61 Vivo Cannabis Inc 0.76

Harvest Health & Rec Inc 4.50 Cansortium Inc 1.45 C21 Investments Inc 0.75

Auxly Cannabis Group Inc 4.41 Heritage Cannabis Holdings 1.44 Benchmark Botanics Inc 0.74

Sundial Growers Inc 4.07 Agraflora Organics Intl Inc 1.44 Rubicon Organics Inc 0.72

Neptune Wellness Solutions Inc 4.03 Slang Worldwide Inc 1.44 Body & Mind Inc 0.71

Pharmacielo Ltd New 3.34 Khiron Life Sciences Corp 1.41 Mpx International Corp 0.66

Ianthus Capital Holdings Inc 3.34 Seach Medical Group Ltd 1.35 Dionymed Brands Inc 0.03

Cannaroyalty Corp 3.09 Weedmd Inc 1.34 Natures Hemp Corp 0.03

Liberty Health Sciences Inc 3.05 Cannara Biotech Inc 1.25

Flowr Corp New 3.00 Elixinol Global Ltd 1.09

Supreme Cannabis Co Inc The 2.75 Medmen Enterprises Inc 1.02

Green Organic Dutchman Hldgs 2.74 Althea Group Holdings Ltd 1.01

Green Growth Brands Inc 2.64 Cann Group Ltd 0.95

Aleafia Health Inc 2.18 4Front Ventures Corp 0.94

Ayr Strategies Inc 2.13 Ascent Industries Corp 0.93

Planet 13 Holdings Inc 2.00 Together Pharma Ltd 0.86

Jushi Holdings Inc 1.99 Auscann Group Holdings Ltd 0.82

Acreage Holdings Inc 1.99 Zenabis Global Inc 0.80

Commissions, management fees and expenses all may be associated with an investment in Horizons Emerging Marijuana Growers Index ETF managed by Horizons ETFs Management (Canada) Inc. (the “ETF”). 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 financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade name or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade name for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.

Certain statements may constitute a forward-looking statement, including those identified by the expression “expect” and similar expressions (including grammatical variations thereof). The forward-looking statements are not historical facts but reflect the author’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. These and other factors should be considered carefully and readers should not place undue reliance on such forward looking statements. These forward-looking statements are made as of the date hereof and the authors do not undertake to update any forward-looking statement that is contained herein, whether as a result of new information, future events or otherwise, unless required by applicable law.

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

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Horizons Emerging Marijuana Growers Index ETF (HMJR)

4As at December 31, 2019.

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