An anonymous director reports

HORIZONS ETFS ANNOUNCES ESTIMATED 2023 ANNUAL NON-CASH DISTRIBUTIONS

Horizons ETFs Management (Canada) Inc. has estimated non-cash distributions for unitholders of certain exchange-traded funds it manages for the 2023 tax year as indicated in the attached table. Those ETFs managed by Horizons ETFs not listed in the attached table are not expected to have non-cash distributions for the 2023 tax year.

Please note that these are estimated amounts only as of Nov. 28, 2023. Circumstances may arise which could cause these estimates to change before the ETFs' applicable tax year ends on Dec. 15, 2023.

Each ETF is required to distribute any net income and capital gains it has earned during the year. The non-cash distributions will be automatically reinvested in additional units of the respective ETFs and immediately consolidated so that the number of units held by the unitholder (the outstanding units of the ETFs) and the net asset value of the ETFs will not change as a result of the non-cash distributions. The annual non-cash distributions will be reported to unitholders as taxable distributions and will increase each unitholder's adjusted cost base for the respective ETF. The non-cash distributions may be income and/or capital gains in nature. These estimated amounts are for the non-cash distributions only, and do not include any estimates of the regular monthly or quarterly cash distributions, as applicable, including income and capital gain amounts that may form a part of the monthly and/or quarterly distributions.

Horizons ETFs expects to announce the final year-end non-cash distribution amounts, as well as any regular monthly or quarterly cash distribution amounts, on or about Dec. 20, 2023. The ex dividend dates for all of these distributions (cash and non-cash) are anticipated to be Dec. 28, 2023, and Dec. 29, 2023, for all unitholders of record on Dec. 29, 2023. In early 2024, the tax characteristics of all distributions for 2023 for the ETFs will be reported to brokers through the Clearing and Depository Services Inc. and will be posted on its website shortly thereafter.

About Horizons ETFs Management (Canada) Inc.

Horizons ETFs is an innovative financial service company and offers one of the largest suites of exchange-traded funds in Canada. The Horizons ETFs product family includes a broadly diversified range of solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $28-billion of assets under management and 119 ETFs listed on major Canadian stock exchanges. Horizons ETFs is a wholly owned subsidiary of the Mirae Asset Financial Group, which manages approximately $710-billion of assets across 13 countries around the world.

Commissions, management fees and expenses all may be associated with an investment in 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 relevant prospectus before investing. Investment funds are not covered by the Canada Deposit Insurance Corp. or any other government deposit insurer.

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