Horizons S&P/TSX 60™ Index ETF (HXT, HXT.U:TSX)

Summary of Investment Portfolio As at March 31, 2020

% of ETF's Asset Mix Net Asset Value Net Asset Value Canadian Equity Exposure through Index Swaps $ 1,713,103,153 99.45% Cash - Other 4,365,251 0.25% Other Assets less Liabilities 5,202,911 0.30% $ 1,722,671,315 100.00%

% of ETF's Top Holdings Net Asset Value Cash held for Collateral 83.15% Fair Value of Index Swaps (notional value $1,441,446,599)(1) 16.30% Cash - Other 0.25%

Top 25 Securities % Weighting in In the Underlying Index*—S&P/TSX 60™ Index Underlying Index 8.20% -Dominion Bank (The) 7.16% Inc. 5.45% Canadian National Railway Co. 5.19% Bank of Nova Scotia (The) 4.59% Inc., Class 'A' 4.02% TransCanada Corp. 3.84% Brookfield Asset Management Inc., Class 'A' 3.82% BCE Inc. 3.43% Corp. 3.02% 2.98% Ltd. 2.81% Canadian Imperial Bank of Commerce 2.40% Inc. 2.28% Financial Corp. 2.26% Alimentation Couche-Tard Inc., Class 'B' 1.89% Waste Connections Inc. 1.89% Corp. 1.86% Ltd. 1.81% Inc. 1.75% Franco-Nevada Corp. 1.74% Constellation Software Inc. 1.66% Fortis Inc. 1.65% Canadian Natural Resources Ltd. 1.50% Inc., Class 'B' 1.37%

(1) The fair value of index swap(s) represents the amount receivable/(payable) from/(to) the counterparty of the ETF’s total return swap agreement(s) as at the date of this report.

* These positions represent the top 25 constituents of the Underlying Index. The ETF is exposed to the performance of the Underlying Index on a total return basis through a total return swap agreement.

The summary of investment portfolio may change due to the ongoing portfolio transactions of the ETF. The ETF’s most recent financial statements are available at no cost by calling toll free 1-866-641-5739, or (416) 933-5745, by writing to us at Horizons ETFs Management (Canada) Inc., 55 University Avenue, Suite 800, Toronto, Ontario, M5J 2H7, by visiting our website at www.horizonsetfs.com or through SEDAR at www.sedar.com.