Mr. Martin Fabregas reports

HORIZONS ETFS ANNOUNCES UNIT CONSOLIDATION

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 ETF as indicated in the attached table.

Unit consolidation

After the close of trading on Wednesday, July 30, 2014, on the Toronto Stock Exchange, the units of the ETF will be consolidated on the basis of the ratio set out in the table and will begin trading on a postconsolidated basis on Thursday, July 31, 2014, the effective date of the consolidation.

ETF                                                        Symbol  Consolidation ratio

Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus     HVU                  1:5             

When a unit consolidation occurs, the net asset value per unit is increased by the same ratio as the unit consolidation so that the unit consolidation has no impact on the value of the investor's total unit position. An investor's cost per unit is also increased by the same ratio as the unit consolidation, although their total cost remains unchanged.