Mr. Martin Fabregas reports

HORIZONS ETFS ANNOUNCES APRIL 2019 DISTRIBUTIONS FOR ITS COVERED CALL ETFS

Horizons ETFs Management (Canada) Inc. has released the distribution amounts per unit for its suite of covered-call exchange-traded funds (the ETFs), for the period ending April 30, 2019, as indicated in the attached table.

The ex dividend date for the distributions is anticipated to be April 29, 2019, for all unitholders of record on April 30, 2019. The distributions for units of each ETF will be paid in cash or, if the unitholder has enrolled in the respective ETF's dividend reinvestment plan (DRIP), reinvested in additional units of the applicable ETF, on or about May 10, 2019.

Horizons ETFs has made an additional announcement regarding the April distributions for certain of its ETFs in a separate press release.

                                             APRIL DISTRIBUTIONS

ETF name                              Ticker   Current-month   NAV change   Current-month   Prior-month   Absolute 
                                      symbol    distribution   from prior        yield (2)     yield (3)    change   
                                                        rate     month (1)                                in yield  
                                                                                                              from
                                                                                                             prior 
                                                                                                          month (4)

Horizons Enhanced Income Equity ETF      HEX        $0.02827         2.54%           5.03%         5.51%     -0.48%
Horizons Enhanced Income Energy ETF      HEE        $0.04745         5.64%           6.01%         6.50%     -0.49%
Horizons Enhanced Income Gold
Producers ETF                            HEP        $0.10262        -6.15%           5.30%         5.01%      0.29%
Horizons Enhanced Income Financials 
ETF                                      HEF        $0.03835         2.68%           5.45%         5.48%     -0.03%
Horizons Enhanced Income International
Equity ETF                               HEJ        $0.03209        -0.59%           6.67%         6.81%     -0.14%
Horizons Enhanced Income U.S. Equity
(USD) ETF (5)                          HEA.U        $0.04961         2.16%           5.02%         5.88%     -0.86%
                                         HEA        $0.04961         1.95%           5.02%         5.88%     -0.86%
Horizons Gold Yield ETF                  HGY        $0.01639        -2.41%           4.30%         4.45%     -0.15%
Horizons Natural Gas Yield ETF           HNY        $0.06563        -7.86%           6.80%         7.01%     -0.21%

(1) Based on the period from March 21, 2019, to April 22, 2019, where the prior month's NAV (net asset value) 
per unit is adjusted to include the prior month's distribution.
(2) Annualized and based on the applicable April 22, 2019, NAV per unit, which is available at the Horizons
ETFs website.
(3) Annualized and based on the applicable March 21, 2019, NAV per unit, which is available at the Horizons
ETFs website.
(4) The absolute change of the prior month's previously announced annualized distribution yield to the 
current month's annualized distribution yield.
(5) Distributions for Horizons Enhanced Income U.S. Equity (USD) ETF are declared and paid in U.S. dollars, 
including those listed under the Canadian-dollar-traded ticker HEA. The approximate Canadian-dollar-equivalent 
distribution rate for HEA is 6.622 cents per unit. For unitholders who hold the Canadian-dollar-traded HEA, 
distribution payments will typically be converted to Canadian dollars by the unitholder's account holder.

Each ETF does not have a fixed distribution but pays distributions monthly. Distribution rates are generally based on the average current volatility of the securities held by the ETF, along with any dividend income received, less expenses payable by the ETF. The amount of monthly cash distributions is expected to fluctuate from month to month, and there can be no assurance that an ETF will make any distributions in any particular month or months. Monthly distributions will be paid in cash, unless the investor has chosen to participate in the ETF's reinvestment plan.