TORONTO – January 17, 2020 – Horizons ETFs Management (Canada) Inc. (the “Manager”) is pleased to announce a meeting of unitholders (the “Meeting”) of Horizons Emerging Marijuana Growers Index ETF (“HMJR”) on Wednesday, February 19, 2020.

The purpose of the Meeting is to consider and vote on a proposal (the “Proposal”) to merge HMJR into Horizons US Marijuana Index ETF (“HMUS”), another exchange-traded fund (“ETF”) managed by the Manager, in order to combine HMJR and HMUS (the “Merger”) into one ETF. HMUS would be the continuing fund (the “Continuing Fund”).

The Meeting will be held at 10:00 a.m. (Eastern Time) on Wednesday, February 19, 2020, at the offices of Blake, Cassels & Graydon LLP, Commerce Court West, 199 Bay Street, Suite 4000, Toronto, Ontario.

As HMUS is a substantially larger fund also managed by the Manager, it is the opinion of the Manager that merging HMJR into HMUS will provide unitholders of HMJR with the opportunity to continue their investment in a marijuana-focused ETF that will have a larger market capitalization and greater exposure to larger-capitalization, North American publicly-listed life sciences companies with significant business activities in, or significant exposure to, the United States marijuana or hemp industries.

The unitholders of the Continuing Fund, as a result of its greater size, may benefit over time from a reduction of its management expense ratio, as its operating and regulatory costs are expected to be spread over a larger asset base. If the Proposal is approved and implemented, HMUS will be the Continuing Fund, and unitholders of HMJR will become holders of Canadian dollardenominated units of HMUS as a result of the Merger.

If unitholders of HMJR approve the Proposal, the Manager currently anticipates implementing the Proposal as soon as reasonably practicable following the Meeting, subject to obtaining all required regulatory and other approvals.

The Independent Review Committee of HMJR has reviewed the Proposal, and has concluded that the Proposal represents the business judgment of the Manager uninfluenced by considerations other than the best interests of HMJR and that this Proposal achieves a fair and reasonable result for HMJR.

Effective immediately, no new subscriptions for units of HMJR will generally be accepted. While the Manager anticipates that the secondary market will continue to provide investors with a forum to sell units at a price reflective of the net asset value per unit, the Manager recommends that investors not make further purchases of units of HMJR as the available offer price on the secondary market may no longer be reflective of the underlying net asset value per unit.

Further details of the Meetings and the Manager’s Proposal are described in the Circular, which will be available to unitholders on or about January 17, 2019 at www.sedar.com and www.HorizonsETFs.com.

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 more than $10.5 billion of assets under management and 91 ETFs listed on major Canadian stock exchanges.

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

For media inquiries:
Contact Jonathan McGuire
Corporate Communications Manager
Horizons ETFs Management (Canada) Inc.
(416) 640-2956
jmcguire@horizonsetfs.com

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forwardlooking information. Horizons ETFs undertakes no obligation to update publicly or otherwise revise any forwardlooking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.

There are risks associated with this product. HMUS is expected to invest in the Marijuana industry in certain U.S. states that have legalized marijuana for therapeutic or adult-use, which is currently illegal under U.S. federal law. HMUS will passively invest in companies involved in the marijuana industry in the U.S. where local state law regulates and permits such activities, as well as in companies involved in the Canadian legal Marijuana industry. HMUS will not be directly engaged in the manufacture, importation, possession, use, sale or distribution of marijuana in either Canada or the U.S. Please read the full risk disclosure in the prospectus before investing.

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Horizons ETFs 2019 Annual Non-Cash Distributions - Nominal Payment Date Update

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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 sahres of a BetaPro Product decreases in value. The BetaPro Products consist of our 2x Daily Bull and 2x Daily Bear ETFs (“2x Daily ETFs”), Inverse ETFs (“Inverse ETFs”) and our BetaPro S&P 500 VIX Short-Term Futures™ ETF (the “VIX ETF”). Included in the 2x Daily 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 2x Daily 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 2x Daily ETF seeks a return, before fees and expenses, that is 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 2x Daily 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 2x Daily ETFs, possibly direction from the performance of their respective Target(s) for the same period. 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 will publish, 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.

*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.