An anonymous director of Horizons ETFs Management reports

HORIZONS ETFS ANNOUNCES HOU SHARE CONSOLIDATION

In light of recent volatility in the crude oil market and the impact of this volatility on prices of certain exchange-traded funds, Horizons ETFs Management (Canada) Inc. intends to consolidate the shares of BetaPro Crude Oil 2x Daily Bull ETF as indicated in the attached table.

Share consolidation

After the close of trading on April 28, 2020, on the Toronto Stock Exchange, the shares of the ETF will be consolidated on the basis of the ratio set out herein, and will begin trading on a postconsolidated basis on April 29, 2020, the effective date of the consolidation.

                     SHARE CONSOLIDATION

ETF                                 Ticker   Consolidation ratio

BetaPro Crude Oil 2x Daily Bull ETF    HOU                  1:20        

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 share position. An investor's cost per share is also increased by the same ratio as the share consolidation, although the total cost remains unchanged.

No fractional shares will be issued. Where the consolidation results in a fractional shares, the number of postconsolidation 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 this corporate action, if it deems it appropriate to do so, before the effective date.

Shareholder information

Shareholders of the ETF do not need to take any action to effect this transaction. Shareholders will have their brokerage accounts automatically updated to reflect the consolidation. A shareholder's broker may take several days to reflect this transaction in the shareholder's account. However, the shareholder is still able to trade the shares of the ETF during this time. If they wish to do so, Horizons ETFs recommends investors contact their broker by phone during the settlement period to trade the postconsolidation shares.