HORIZONS ETFs ANNOUNCES CHANGES TO MANAGEMENT FEE REBATES ON TWO ETFs

TORONTO, April 14, 2022 /CNW/ - Horizons ETFs Management (Canada) Inc. ("Horizons ETFs" or the "Manager") will reduce the rebate on the annual management fees of the Horizons Cash Maximizer ETF ("HSAV") and the Horizons High Interest Savings ETF ("CASH" and together, the "ETFs") effective the close of business today. Beginning April 15, 2022, the effective annual management fee for each of the ETFs will be thirteen basis points (0.13%) plus applicable sales taxes, following a fee rebate reduction of three basis points (0.03%).

The rebate change was made in light of the recent increase in the overnight rate by the Bank of Canada from 0.50% to 1.00%.  Horizons ETFs anticipates that as a result of the increase of the overnight rate, the gross yield of the ETFs, meaning the gross yield earned on the bank deposits of the ETFs, will be 1.45%, effective today, April 14, 2022.  With an effective annual management fee of 0.13%, HSAV and CASH will continue to be the lowest cost ETFs amongst all the high-interest savings ETFs currently listed in Canada+.

HSAV seeks to generate modest capital growth by investing primarily in high-interest deposit accounts with Canadian banks. While any decision to pay dividends or other distributions is within the discretion of Horizons ETFs, HSAV is not currently expected to make any regular distributions.

In February 2022, Horizons ETFs announced a suspension of new subscriptions for HSAV after its NAV exceeded $2 billion. More information on this can be found here: https://www.horizonsetfs.com/news/Press-Release/Horizons-Cash-Maximizer-ETF-Suspends-New-Subscript.

The suspension of new subscriptions for HSAV remains in effect. Any subsequent resumption of subscriptions for HSAV will be announced by press release and posted on the Manager's website.

CASH seeks to maximize monthly income for unitholders while preserving capital and liquidity by investing primarily in high interest deposit accounts with Canadian banks. The investment objective of CASH is similar to HSAV, except unlike HSAV, CASH seeks to pay out regular monthly distributions of income.

The rebate change on the ETFs will be effective April 15, 2022 and will remain in effect until further notice. Horizons ETFs will announce any changes to the rebates with a further press release.

For more information about HSAV, please visit: www.HorizonsETFs.com/HSAV

For more information about CASH, please visit: www.HorizonsETFs.com/CASH

About Horizons ETFs Management (Canada) Inc. (www.HorizonsETFs.com)

Horizons ETFs Management (Canada) Inc. is an innovative financial services 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 over $23 billion of assets under management and 105 ETFs listed on major Canadian stock exchanges.

+ based on all publicly available information as at the time of this press release

Commissions, management fees and expenses all may be associated with an investment in exchange traded products (the "Horizons Exchange Traded Products") managed by Horizons ETFs Management (Canada) Inc. 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.

Certain statements may constitute a forward-looking statement, including those identified by the expression "expect", "anticipate" 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.

HSAV uses cash accounts and does not track a traditional benchmark but rather a compounding rate of interest paid on a cash deposit that can change over time. Any distributions which are received by HSAV are reflected automatically in the net asset value (NAV) of HSAV. As a result, the shareholders of HSAV are not expected to receive any taxable distributions.

In February 2022, HSAV announced a suspension of all new subscriptions. During a period of suspended subscriptions, investors should note that ETF shares of HSAV would be expected to trade at a premium or substantial premium to the NAV per ETF Share of HSAV. During such periods, investors are strongly discouraged from purchasing ETF shares of HSAV on a stock exchange. Any suspension of subscriptions or resumption of subscriptions will be announced by press release and announced on the Manager's website. A suspension of subscriptions, if any, will not affect the ability of existing Shareholders to sell their ETF Shares in the secondary market at a price reflective, or potentially higher than, the NAV per ETF Share.

SOURCE Horizons ETFs Management (Canada) Inc.

For all inquiries: Please contact Horizons ETFs at 1-866-641-5739 (toll-free) or [phone], [email protected]