HORIZONS ETFs ANNOUNCES ETF CONSOLIDATIONS

TORONTO, Feb. 3, 2023 /CNW/ - Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") has announced today that it intends to consolidate the shares of certain exchange traded funds (the "ETFs") as indicated in the table below.

After the close of trading on Friday, February 17, 2023, on the Toronto Stock Exchange, the shares of each ETF will be consolidated based on the ratio (the "Consolidation Ratio") set out below and will begin trading on a post-consolidated basis on Tuesday, February 21, 2023, the effective date of the consolidation:

ETF Name	Ticker	Consolidation Ratio
BetaPro Natural Gas Leveraged Daily Bull ETF	HNU	1:15
BetaPro S&P 500 VIX Short-Term Futures™ ETF	HUV	1:6
BetaPro S&P/TSX 60™ Daily Inverse ETF	HIX	1:4
BetaPro NASDAQ-100® -2x Daily Bear ETF	HQD / HQD.U	1:4
BetaPro S&P 500® -2x Daily Bear ETF	HSD	1:4

When a share consolidation occurs, the net asset value per share is increased by the same ratio as the share consolidation so that the share consolidation has no impact on the value of the investor's total position. An investor's cost per share is also increased by the same ratio as the share consolidation, although their total cost remains unchanged.

No fractional shares will be issued. Where the consolidation results in a fractional share, the number of post-consolidation shares will be rounded down to the nearest whole share, in the case of a fractional interest that is less than 0.5, or rounded up to the nearest whole number, in the case of a fractional interest that is 0.5 or greater.

Horizons ETFs reserves the right to cancel or amend these corporate actions if we deem it appropriate to do so, before the effective date of Tuesday, February 21, 2023.

Shareholder Information

Shareholders of the ETFs do not need to take any action to effect these transactions. Shareholders will have their brokerage accounts automatically updated to reflect the consolidations. A shareholder's broker may take several days to reflect these transactions in the shareholder's account (the "Settlement Period"). However, the shareholder is still able to trade the shares of the ETFs during this time. If they wish to do so, Horizons ETFs recommends investors contact their broker by phone during the Settlement Period in order to trade the post-consolidation shares.

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 $24 billion of assets under management and 107 ETFs listed on major Canadian stock exchanges.

Commissions, management fees and expenses all may be associated with an investment in exchange traded products managed by Horizons ETFs Management (Canada) Inc. (the "Horizons Exchange Traded Products"). The Horizons Exchange Traded Products are not guaranteed, their value changes frequently and past performance may not be repeated. Certain Horizons Exchange Traded Products may have exposure to leveraged investment techniques that magnify gains and losses and which may result in greater volatility in value and could be subject to aggressive investment risk and price volatility risk. Such risks are described in the prospectus. The prospectus contains important detailed information about the ETF. Please read the relevant prospectus before investing.

For a summary of the risks of an investment in the ETFs, please see the specific risks set out in the applicable prospectus.  The ETFs trades like a stock, fluctuates in market value and may trade at a discount to its net asset value, which may increase the risk of loss.

This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase the Horizons Exchange Traded Products and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment.

SOURCE Horizons ETFs Management (Canada) Inc.

Contact Horizons ETFs at 1-866-641-5739 (toll-free) or [phone], [email protected]