Exchange Bulletin

FNB Horizons BetaPro MSCI Japon Baissier Plus (HPD) To Trade On Toronto Stock Exchange


January 13, 2014

Horizons BetaPro MSCI Japan Bear Plus ETF (the "ETF") - An application has been granted for the original listing in the Industrial category of 252,500 Class A units (the "Units") of the ETF, all of which will be issued and outstanding upon completion of an initial public offering (the "Offering").

Listing of the Units will become effective at 5:01 p.m. on Monday, January 13, 2014 in anticipation of the Offering closing prior to the opening of business on Tuesday, January 14, 2014. The Units will be posted for trading at the opening of business on Tuesday, January 14, 2014, upon confirmation of the closing.

The ETF is authorized to issue an unlimited number of Units, each of which represents an equal, undivided interest in the net assets of the ETF. Units of the ETF are being issued and sold on a continuous basis and there is no maximum number of Units that may be issued.

Registrations and transfers of Units will be effected through the book-entry only system administered by CDS Clearing and Depository Services Inc. Beneficial owners of Units will not have the right to receive physical certificates evidencing their ownership of the Units. Units must be purchased, transferred and surrendered for redemption only through a CDS participant.

Additional information on the Units may be found in the prospectus dated January 2, 2014 (the "Prospectus"), which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Prospectus.

Stock Symbol: "HPD" CUSIP: 44051S 10 4 Currency CDN$

Designated Market Maker: National Bank Financial Inc.
Other Markets: None
Head Office Address: 26 Wellington Street East
Suite 700
Toronto, Ontario M5E 1S2
Website: www.horizonsetfs.com
Email: info@horizonsetfs.com
Head Office Telephone Number: (416) 933-5745
Fax Number: (416) 777-5181
Investor Relations: Martin Fabregas
Tel.: (416) 601-2508
mfabregas@horizonsetfs.com
Chief Financial Officer: Robert Shea
Corporate Secretary: Steven J. Hawkins
Incorporation: The ETF is an open-ended mutual fund established under the laws of the Province of Ontario on January 2, 2014 pursuant to an amended and restated master declaration of trust.
Manager and Trustee: Horizons ETFs Management (Canada) Inc.
Fiscal Year End: December 31
Nature of Business: The ETF seeks daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to two times (200%) the daily performance of the MSCI Japan Index (the "Underlying Index"). If the ETF is successful in meeting its investment objective, its net asset value should gain approximately two times as much, on a percentage basis, as the Underlying Index, when the Underlying Index rises on a given day. Conversely, the ETF's net asset value should lose approximately two times as much, on a percentage basis, as the Underlying Index when the Underlying Index declines on a given day.
Transfer Agent & Registrar: CST Trust Company at its principal office in Toronto.
Distributions and Automatic Reinvestment: Distributions on Units of the ETF, if any, are expected to be made annually at the end of each year where necessary.

On an annual basis, each ETF will ensure that all of its income (including net realized capital gains) has been distributed to Unitholders to such an extent that the ETF will not be liable for ordinary income tax thereon. Any such amount distributed by the ETF will be paid as a "reinvested distribution". Reinvested distributions on Units of an ETF will be reinvested automatically in additional Units of the ETF at a price equal to the net asset value per Unit of the ETF on such day and the Units of the ETF will be immediately consolidated such that the number of outstanding Units of the ETF held by each Unitholder on such day following the distribution will equal the number of Units of the ETF held by the Unitholder prior to the distribution.
Initial Issuance of Units: Pursuant to the terms of the Prospectus, Units will be issued and sold on a continuous basis and there will be no minimum number of Units that may be issued. Units sold in connection with the Offering for the ETF will amount to 252,500 Units at a price of $20.00 per Unit.