An anonymous director of Horizons ETFs Management reports

HORIZONS ETFS ANNOUNCES CLOSURE OF ETF

Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. will terminate the Horizons Auspice Broad Commodity Index ETF, effective at the close of business on June 30, 2015. The classes of the ETF being terminated are as set out in the attached table.

              CLASSES OF ETF BEING TERMINATED

ETF                                        Class of units Ticker

Horizons Auspice Broad Commodity Index ETF Class E        HBR   
                                           Advisor class  HBR.A 

Effective immediately, no further direct subscriptions for units of the ETF will be accepted. June 24, 2015, is expected to be the last date on which a redemption request may be placed with the manager, and the ETF is expected to be delisted from the Toronto Stock Exchange, at the request of the manager, at the close of business on or about June 25, 2015, with all units still held by investors being subject to a mandatory redemption as of the termination date.

Any remaining unitholders of the ETF as at the termination date will receive the net proceeds from the liquidation of the assets, less all liabilities and all expenses incurred in connection with the dissolution of the ETF, on a pro rata basis.