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Horizons ETFs sets unit consolidation ratio for DLR/DLR.U


Horizons ETFs Management has set the ratio for the previously announced consolidation of the Horizons US Dollar Currency ETF (DLR, DLR.U) which is listed on the Toronto Stock Exchange.

After the TSX closed for trading today, 13 January, 2015, the units of the ETF will be consolidated based on a Consolidation Ratio of 1:1.005951, ie for every 1.005951 pre-consolidated units outstanding, one (1) consolidated unit will be issued, such that the net asset value (NAV) of the units of the ETF traded on the TSX under the US dollar (USD) ticker symbol DLR.U will now equal USD10.00 USD after the consolidation. The units traded under the Canadian dollar symbol DLR will undergo a consolidation at the same Consolidation Ratio. The units of the ETF will begin trading on a consolidated basis on Wednesday, January 14, 2015, the effective date of the consolidation.

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

No fractional units will be issued. Where the consolidation results in a fractional unit, the number of post-consolidation units will be rounded down to the nearest whole unit, 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.

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