TORONTO – April 28, 2020 – Horizons ETFs Management (Canada) Inc. (the “Manager”) announces that, further to the Manager’s press releases announcing certain amendments to the rolling methodology employed by the ETFs on April 22, 2020, the BetaPro Crude Oil 2x Daily Bull ETF1 (“HOU”) and the BetaPro Crude Oil -2x Daily Bear ETF2 (“HOD”, and together with HOU, the “ETFs”) effective as of 2:30 p.m. (EST) today, will no longer track the July futures contract as previously announced. Instead, due to the continuing volatility in the crude oil futures markets, negotiations with the ETF’s counterparties, and the resulting changes to the ETF’s operations, at 2:30 p.m. (EST) today, 100% of the underlying exposure of the ETFs will roll to the September crude oil futures contract.

With respect to subsequent roll dates, the ETFs will no longer roll to the secondary futures contract on the 10th trading day of each month as previously announced. Instead, the Manager will assess the situation on an ongoing basis and announce any future roll dates and schedules, whether monthly, quarterly or otherwise, by issuance of a press release and by way of updates on the Manager’s website www.horizonsetfs.com.

A prospectus amendment that reflects the changes set out above will be filed following the date of this press release, and will be available at www.sedar.com or the Manager’s website at www.horizonsetfs.com.

Continued Suspended Subscriptions (commenced April 21, 2020)

On April 21, 2020, the Manager announced it will not be accepting subscriptions for new shares of HOU or HOD until further notice. Redemptions will continue to be accepted in the normal course. It is imperative to note that units of HOU and HOD have traded, and are expected to continue to trade, at a substantial premium to their net asset value while subscriptions of new shares are suspended. The Manager continues to strongly discourage investors from purchasing shares of HOU and HOD at this time.

Both HOU and HOD have been trading since April 21, 2020, at prices that are not reflective of their underlying net asset value. The Manager anticipates this will persist while the ETFs remain closed to new subscriptions. Please visit the Manager's website www.horizonsetfs.com to obtain the net asset value for the ETFs.

The Manager also anticipates that the ETFs will be able to re-open to subscriptions for new shares when the extreme market volatility in crude oil futures markets subsides and when it is able to obtain additional underlying exposure for the ETFs in the normal course.

Investing in shares of the ETFs can be speculative, can involve a high degree of risk and may only be suitable for persons who are able to assume the risk of losing their entire investment.

Potential investors in these ETFs are reminded to read the prospectus, as amended from time to time, and all information available on www.sedar.com before investing. Investors should continue to monitor their investment daily and, as previously announced by the Manager, note that the ETFs are no longer expected to achieve their stated investment objectives.

The Manager will advise as soon as there are any further developments with respect to the ETFs.

For all inquiries, please contact:
Horizons ETFs at 1-866-641-5739 (toll-free) or (416) 933-5745
info@horizonsetfs.com

1To be renamed the BetaPro Crude Oil Daily Bull ETF, with the name change expected to be effective on the Toronto Stock Exchange on April 29, 2020, and to undergo a share consolidation on a 1:20 basis, effective on the same date.
2To be renamed the BetaPro Crude Oil -1x Daily Bear ETF, with the name change expected to be effective on the Toronto Stock Exchange on April 29, 2020.

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Horizons ETFs Addresses Impact of Volatile Crude Oil Futures Markets on HOU and HOD

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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 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.

The Horizons Exchange Traded Products include our BetaPro products (the “BetaPro Products”). The BetaPro Products are alternative mutual funds within the meaning of National Instrument 81-102 Investment Funds, and are permitted to use strategies generally prohibited by conventional mutual funds: the ability to invest more than 10% of their net asset value in securities of a single issuer, to employ leverage, and engage in short selling to a greater extent than is permitted in conventional mutual funds. While these strategies will only be used in accordance with the investment objectives and strategies of the BetaPro Products, during certain market conditions they may accelerate the risk that an investment in shares of a BetaPro Product decreases in value. The BetaPro Products consist of our Daily Bull and Daily Bear ETFs (“Leveraged and Inverse Leveraged ETFs”), Inverse ETFs (“Inverse ETFs”) and our BetaPro S&P 500 VIX Short-Term Futures™ ETF (the “VIX ETF”). Included in the Leveraged and Inverse Leveraged ETFs and the Inverse ETFs are the BetaPro Marijuana Companies 2x Daily Bull ETF (“HMJU”) and BetaPro Marijuana Companies Inverse ETF (“HMJI”), which track the North American MOC Marijuana Index (NTR) and North American MOC Marijuana Index (TR), respectively. The Leveraged and Inverse Leveraged ETFs and certain other BetaPro Products use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These BetaPro Products are subject to leverage risk and may be subject to aggressive investment risk and price volatility risk, among other risks, which are described in their respective prospectuses. Each Leveraged and Inverse Leveraged ETF seeks a return, before fees and expenses, that is either up to, or equal to, either 200% or –200% of the performance of a specified underlying index, commodity futures index or benchmark (the “Target”) for a single day. Each Inverse ETF seeks a return that is –100% of the performance of its Target. Due to the compounding of daily returns a Leveraged and Inverse Leveraged ETF’s or Inverse ETF’s returns over periods other than one day will likely differ in amount and, particularly in the case of the Leveraged and Inverse Leveraged ETFs, possibly direction from the performance of their respective Target(s) for the same period. For certain Leveraged and Inverse Leveraged ETFs that seek up to 200% or up to or -200% leveraged exposure, the Manager anticipates, under normal market conditions, managing the leverage ratio as close to two times (200%) as practicable however, the Manager may, at its sole discretion, change the leverage ratio based on its assessment of the current market conditions and negotiations with the respective ETF’s counterparties at that time. Hedging costs charged to BetaPro Products reduce the value of the forward price payable to that ETF. Due to the high cost of borrowing the securities of marijuana companies in particular, the hedging costs charged to HMJI are expected to be material and are expected to materially reduce the returns of HMJI to unitholders and materially impair the ability of HMJI to meet its investment objectives. Currently, the manager expects the hedging costs to be charged to HMJI and borne by unitholders will be between 10.00% and 45.00% per annum of the aggregate notional exposure of HMJI’s forward documents. The hedging costs may increase above this range. The manager publishes on its website, the updated monthly fixed hedging cost for HMJI for the upcoming month as negotiated with the counterparty to the forward documents, based on the then current market conditions. The VIX ETF, which is a 1x ETF, as described in the prospectus, is a speculative investment tool that is not a conventional investment. The VIX ETF’s Target is highly volatile. As a result, the VIX ETF is not intended as a stand-alone long-term investment. Historically, the VIX ETF’s Target has tended to revert to a historical mean. As a result, the performance of the VIX ETF’s Target is expected to be negative over the longer term and neither the VIX ETF nor its target is expected to have positive long-term performance. Investors should monitor their holdings in BetaPro Products and their performance at least as frequently as daily to ensure such investment(s) remain consistent with their investment strategies.

Horizons Total Return Index ETFs (“Horizons TRI ETFs”) are generally index-tracking ETFs that use an innovative investment structure known as a Total Return Swap to deliver index returns in a low-cost and tax-efficient manner. Unlike a physical replication ETF that typically purchases the securities found in the relevant index in the same proportions as the index, most Horizons TRI ETFs use a synthetic structure that never buys the securities of an index directly. Instead, the ETF receives the total return of the index through entering into a Total Return Swap agreement with one or more counterparties, typically large financial institutions, which will provide the ETF with the total return of the index in exchange for the interest earned on the cash held by the ETF. Any distributions which are paid by the index constituents are reflected automatically in the net asset value (NAV) of the ETF. As a result, the Horizons TRI ETF receives the total return of the index (before fees), which is reflected in the ETF’s share price, and investors are not expected to receive any taxable distributions. Certain Horizons TRI ETFs (Horizons Nasdaq-100 ® Index ETF and Horizons US Large Cap Index ETF) use physical replication instead of a total return swap. The Horizons Cash Maximizer ETF and Horizons USD Cash Maximizer ETF use cash accounts and do not track an index but rather a compounding rate of interest paid on the cash deposits that can change over time.

*The indicated rates of return are the historical annual compounded total returns including changes in per unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. The rates of return shown in the table are not intended to reflect future values of the ETF or returns on investment in the ETF. Only the returns for periods of one year or greater are annualized returns.