Horizons ETFs Announces Completion of ETF Merger

TORONTO, March 14, 2014 /CNW/ - AlphaPro Management Inc. ("AlphaPro") and its affiliate Horizons ETFs Management (Canada) Inc. (collectively, "Horizons ETFs"),  are pleased to announce the completion of the previously announced merger (the "Merger") of Horizons Enhanced US Equity Income ETF ("Horizons HES") into Horizons Enhanced Income US Equity (USD) ETF ("Horizons HEA") effective as of the close of business today.

The Class E units and Advisor Class units of Horizons HES (listed on the Toronto Stock Exchange ("TSX") under the symbols HES and HES.A, respectively) were exchanged for the Canadian dollar listed Class E units (TSX: HEA) and Advisor Class units (TSX: HEA.A) of Horizons HEA, respectively, at the following ratios (the "Merger Ratios"), based on the closing net asset values of each class of each ETF.

ETF

Class of Units

Ticker

Merger Ratio

Horizons Enhanced Income US Equity (USD) ETF

Class E

HEA

0.750218:1

Advisor Class

HEA.A

0.750113:1

As a result of the above Merger Ratios, Class E unitholders of Horizons HES will be issued 0.750218 Class E units of Horizons HEA for each Class E unit of Horizons HES held as at March 14, 2014, and Advisor Class unitholders of Horizons HES will be issued 0.750113 Advisor Class units of Horizons HEA for each Advisor Class unit of Horizons HES held as at March 14, 2014. 

The investment objective and portfolio composition for each of the ETFs is substantially similar. The Merger will allow Horizons ETFs to consolidate the management of the two ETFs and is expected to reduce the costs of operating the ETFs.

Certain statements may constitute a forward looking statement, including those identified by the expression "expect" and similar expressions (including grammatical variations thereof) to the extent they relate to the ETFs. The forward-looking statements are not historical facts but reflect the ETFs, the ETFs' managers or Horizons ETFs' current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations.  These and other factors should be considered carefully and readers should not place undue reliance on the ETFs' forward looking statements. These forward-looking statements are made as of the date hereof and the ETFs do not undertake to update any forward-looking statement that is contained herein, whether as a result of new information, future events or otherwise, unless required by applicable law.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in the ETFs. The ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

About Horizons ETFs Management (Canada) Inc. (www.HorizonsETFs.com)

Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. are innovative financial services companies offering the Horizons ETFs family of exchange-traded funds. The Horizons ETFs family includes a broadly diversified range of investment tools with solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. With approximately $4.0 billion in assets under management and 69 ETFs listed on the Toronto Stock Exchange, the Horizons ETFs family makes up one of the largest families of ETFs in Canada. Horizons ETFs Management (Canada) Inc. and AlphaPro Management Inc. are members of the Mirae Asset Financial Group.

SOURCE Horizons ETFs Management (Canada) Inc.

For further information: Martin Fabregas, Investor Relations, (416) 601-2508 or 1-866-641-5739.