Exchange Bulletin

Horizons Active Floating Rate Senior Loan ETF (HSL) To Trade On Toronto Stock Exchange


October 14, 2014

Horizons Active Floating Rate Senior Loan ETF (the "ETF") - An application has been granted for the original listing in the Industrial category of 990,000 Class E units (the "Class E Units") and 25,000 Advisor Class units (the "Advisor Class Units") of the ETF (collectively, the "Units"), 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 Tuesday, October 14, 2014 in anticipation of the Offering closing prior to the opening of business on Wednesday, October 15, 2014. The Units will be posted for trading at the opening of business on Wednesday, October 15, 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. ("CDS"). 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 October 2, 2014 (the "Prospectus"), which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Prospectus.

Class E Units

Stock Symbol: "HSL" CUSIP: 44052L 20 7 Trading Currency: CDN$

Advisor Class Units

Stock Symbol: "HSL.A" CUSIP: 44052L 10 8 Trading Currency: CDN$



Designated Market Maker: BMO Nesbitt Burns Inc.
Other Markets: None
Head Office Address: 26 Wellington Street East
Suite 700
Toronto, Ontario
M5E 1S2
Website: www.horizonsetfs.com
Email: info@alphapro.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
Secretary: Steven J. Hawkins
Incorporation: The ETF is an open-ended mutual fund established under the laws of the Province of Ontario on October 2, 2014 pursuant to an amended and restated master declaration of trust.
Manager and Trustee: AlphaPro Management Inc.
Fiscal Year End: December 31
Nature of Business: The investment objective of the ETF is to seek to provide Unitholders with a high level of current income by investing primarily in a diversified portfolio of U.S. senior secured floating rate loans, which are generally rated below investment grade (loans rated at or below BB+ by Standard & Poor's, or a similar rating by a designated rating organization) and debt securities, with capital appreciation as a secondary objective. The ETF will, to the best of its ability, seek to hedge its non-Canadian dollar currency exposure to the Canadian dollar at all times.
Transfer Agent & Registrar: CST Trust Company at its principal office in Toronto.
Conversion of Units: Unitholders may convert Advisor Class Units into Class E Units or Class E Units into Advisor Class Units. To do so, Units must be surrendered and the Unitholder's CDS participant must deliver to CDS (at its office in the City of Toronto) on behalf of the Unitholder a written notice of the Unitholder's intention to convert during the period from the first day of a month until 5:00 p.m. (Toronto time) on the last business day prior to the 16th day of such month. Units surrendered for conversion will be converted on the last Trading Day of that Month (the "Monthly Conversion Date"). For each Advisor Class Unit or Class E Unit so converted, a Unitholder will receive a number of Class E Units or Advisor Class Units equal to the net asset value per Advisor Class Unit or Class E Unit as of the Monthly Conversion Date divided by the net asset value per Class E Unit or Advisor Class Unit as of the Monthly Conversion Date.
Distributions and Automatic Reinvestment: It is anticipated that the ETF will make distributions to its Unitholders on a monthly basis. Such distributions will be paid in cash, unless a Unitholder is participating in the Reinvestment Plan. The ETF will determine and announce at least annually the amount to be distributed during the following annual period based upon the Manager's estimate of distributable cash flow of the ETF for the annual period. The ETF may make additional distributions in any given year.

An ETF will ensure that all of its income (including net realized capital gains), as computed for tax purposes, will be distributed to Unitholders to such an extent that the ETF will not be liable for non-refundable income tax thereon. Such distributions will be paid in cash unless a Unitholder is participating in the Reinvestment Plan.
Initial Issuance of Units: Pursuant to the Prospectus, 990,000 Class E Units and 25,000 Advisor Class Units will be issued at a subscription price of $10.00 per Unit.