An anonymous director reports

HORIZONS ETFS ANNOUNCES SHAREHOLDER MEETINGS FOR HOU AND HOD

Horizons ETFs Management (Canada) Inc. will hold special meetings of shareholders of the BetaPro Crude Oil Daily Bull ETF and the BetaPro Crude Oil -- 1x Daily Bear ETF at which shareholders will be asked to approve proposed changes to the current investment objectives of the exchange-traded funds.

The meetings for shareholders of BetaPro Crude Oil -- 1x and BetaPro Crude Oil Daily will be held at 2 p.m. Toronto time and 2:30 p.m. Toronto time on Thursday, July 2, 2020, respectively, in a virtual-only format where shareholders may attend and participate by live audio webcast.

Following an extensive review of the activities and structures of BetaPro Crude Oil -- 1x and BetaPro Crude Oil Daily, the manager has determined that it would be in the best interests of the shareholders of the ETFs to change the current investment objectives of these ETFs.

The current investment objectives have not been met since April 22, 2020, when the manager instituted temporary measures as a result of the extraordinary market volatility in the crude oil futures market. More details on these measures can be accessed on the manager's website.

The current and proposed investment objectives

BetaPro Crude Oil Daily

Current investment objective

BetaPro Crude Oil Daily seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to two times (200 per cent) the daily performance of the Solactive Light Sweet Crude Oil Front Month MD Rolling Futures Index ER. BetaPro Crude Oil Daily is denominated in Canadian dollars. Any United-States-dollar gains or losses as a result of the ETF's investment will be hedged back to the Canadian dollar to the best of its ability.

Proposed investment objective

BetaPro Crude Oil Daily seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to up to two times (200 per cent) the daily performance of the Horizons Crude Oil Rolling Futures Index. BetaPro Crude Oil Daily is denominated in Canadian dollars. Any U.S. dollar gains or losses as a result of the ETF's investment are hedged back to the Canadian dollar to the best of its ability.

BetaPro Crude Oil -- 1x

Current investment objective

BetaPro Crude Oil -- 1x seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to two times (200 per cent) the inverse (opposite) of the daily performance of the Solactive Light Sweet Crude Oil Front Month MD Rolling Futures Index ER. BetaPro Crude Oil -- 1x is denominated in Canadian dollars. Any U.S. dollar gains or losses as a result of the ETF's investment will be hedged back to the Canadian dollar to the best of its ability.

Proposed investment objective

BetaPro Crude Oil -- 1x seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to up to two times (200 per cent) the inverse (opposite) of the daily performance of the Horizons Crude Oil Rolling Futures Index. BetaPro Crude Oil -- 1x is denominated in Canadian dollars. Any U.S. dollar gains or losses as a result of the ETF's investment are hedged back to the Canadian dollar to the best of its ability.

These proposed investment objectives, if approved by shareholders and implemented, change the underlying index used by the ETFs and allow adjustment of the leverage ratio of the ETFs to provide up to two times positive (BetaPro Crude Oil Daily) and up to two times inverse (BetaPro Crude Oil -- 1x), the daily performance of the exposure to the Horizons Crude Oil Rolling Futures Index.

The proposed oil index will be a proprietary index owned and operated by Horizons ETFs that will endeavour to provide exposure to as close to the front month light sweet crude oil futures contract as is deemed reasonable by the manager, based on the current market conditions for crude oil futures contracts.

Additional details on the proposed changes will be provided in an information circular that will be made available to shareholders of record as of May 22, 2020. Subject to the receipt of all necessary regulatory, shareholder and other third party approvals, it is expected that the changes to the current investment objectives of BetaPro Crude Oil -- 1x and BetaPro Crude Oil Daily will take effect in early July, 2020.

Additionally, if the changes to the current investment objectives are approved at the ETF's shareholder meetings, Horizons ETFs, as soon as practicable, plans to change the names of the ETFs to the BetaPro Crude Oil Leveraged Daily Bull ETF (HOU) and the BetaPro Crude Oil Inverse Leveraged Daily Bear ETF (HOD), respectively.

We seek Safe Harbor.