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Horizons ETFs Announces Final Ratios for Security Consolidations

TORONTO – March 18, 2020 – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs”) is announcing today that, based on the ongoing recent market volatility, it intends to make the following revisions to the consolidation of shares or units (individually a “Security”, or collectively, the “Securities”) of certain exchange traded funds (the “ETFs”) initially announced by way of a press release dated March 6, 2020, and amended in a press release dated March 10, 2020, as indicated in the table below.

Security Consolidations

After the close of trading on Friday, March 20, 2020, on the Toronto Stock Exchange (the “TSX”) and/or the NEO Aequitas Exchange (the “NEO Exchange”), the Securities of each of the ETFs listed in the table below will be consolidated on the basis of the final ratio indicated (the “Final Consolidation Ratio”), and will begin trading on a post-consolidated basis on Monday, March 23, 2020, the effective date of the consolidations. The consolidation ratios originally announced on March 6, 2020 (the “Original Consolidation Ratio”) and amended on March 10, 2020 (the “Amended Consolidation Ratio”), are also presented in the table for comparison purposes only.

Ticker Final Consolidation
Amended Consolidation
Original Consolidation
HEU 1 : 20 1 : 10 1 : 4
HFD 1 : 4 1 : 4 1 : 4
HGD 1 : 4 1 : 4 1 : 4
HMJU 1 : 20 1 : 10 1 : 10
1 : 4 1 : 4 1 : 4
HOU* 1 : 10 1 : 5 N/A
1 : 4 1 : 4 1 : 4
HXD 1 : 4 1 : 4 1 : 4


* No share consolidation for HOU was included in the original press release dated March 6, 2020.

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

No fractional Securities will be issued. Where the consolidation results in a fractional Securities, the number of post-consolidation Securities will be rounded down to the nearest whole Security, in the case of a fractional interest that is less than 0.5, or rounded up to the nearest whole number, in the case of a fractional interest that is 0.5 or greater.

Horizons ETFs reserves the right to cancel or amend these corporate actions, if we deem it appropriate to do so, before the effective date.

Securityholder Information

Securityholders of the ETFs do not need to take any action to effect these transactions. Securityholders will have their brokerage accounts automatically updated to reflect the consolidations. A Securityholder’s broker may take several days to reflect these transactions in the Securityholder’s account (the “Settlement Period”). However, the Securityholder is still able to trade the Securities of the ETFs during this time. If they wish to do so, Horizons ETFs recommends investors contact their broker by phone during the Settlement Period in order to trade the post-consolidation Securities.

About Horizons ETFs Management (Canada) Inc. (
Horizons ETFs Management (Canada) Inc. is an innovative financial services company and offers one of the largest suites of exchange traded funds in Canada. The Horizons ETFs product family includes a broadly diversified range of solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $12 billion of assets under management and 93 ETFs listed on major Canadian stock exchanges.

For investor inquiries:
Contact Horizons ETFs at 1-866-641-5739 (toll-free) or (416) 933-5745

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