Horizons ETFs has completed the merger of Horizons Enhanced US Equity Income ETF (HES) into Horizons Enhanced Income US Equity (USD) ETF (HEA).
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 (HEA) and Advisor Class units (HEA.A) of Horizons HEA respectively, at the following ratios, based on the closing net asset values of each class of each ETF.
As a result of the merger, 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 14 March 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 14 March 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.
