Mr. Martin Fabregas reports

HORIZONS ETFS ANNOUNCES UNIT CONSOLIDATION

Horizons Exchange Traded Funds Inc. and its affiliate Horizons ETFs Management (Canada) Inc., the manager and trustee of the Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF, intends to consolidate the units of the exchange-traded fund, as indicated.

Unit consolidation

After the Toronto Stock Exchange has closed for trading on Tuesday, March 12, 2013, the units of the exchange-traded fund will be consolidated on the basis of the ratio set out herein and will begin trading on a consolidated basis on Wednesday, March 13, 2013, the effective date of the consolidation.

                                                                                    
ETF                                 Ticker    Consolidation ratio

Horizons BetaPro S&P 500 VIX 
Short-Term Futures Bull Plus ETF      HVU                     1:4