TORONTO, May 22, 2020 /CNW/ - Horizons ETFs
Management (Canada) Inc. (the
"Manager") is announcing Monday, June
22, 2020, as the next crude oil futures contract roll date
for the exposure of the BetaPro Crude Oil Daily Bull
ETF1 ("HOU") and the BetaPro Crude Oil -1x Daily
Bear ETF2 ("HOD", and together, the
"ETFs"). This announcement is further to the Manager's
press release of May 19, 2020,
announcing the change of the underlying futures contract exposure
of the ETFs to the October crude oil futures contract.
Due to the continuing volatility in the crude oil futures
markets, negotiations with the ETF's counterparties, and the
resulting changes to the ETF's operations, at 2:30 p.m. (EST) on June
22, 2020, 100% of the underlying exposure of the
ETFs will roll to the November crude oil futures contract. As
previously announced, the Manager will continue to assess the
situation on an ongoing basis and will announce any future roll
dates and schedules, by issuance of a press release and by way of
updates on the Manager's website www.horizonsetfs.com.
A prospectus amendment that reflects the changes set out above
will be filed following the date of this press release, and will be
available at www.sedar.com or the Manager's website at
www.horizonsetfs.com.
In the proxy materials for the upcoming shareholder meetings to
be held on July 2, 2020, the Manager
will announce the roll methodology for the proposed Horizons Crude
Oil Rolling Futures Index, (the "Proposed Oil Index"). If
the proposed investment objectives are approved by shareholders and
implemented as further described in the information circular, the
Proposed Oil Index will be a proprietary index owned and operated
by the Manager that will endeavour to provide exposure to as close
to the front month light sweet crude oil futures contract as is
deemed reasonable by the Manager, based on the current market
conditions for crude oil futures contracts. Subject to the receipt
of all necessary regulatory, shareholder and other third party
approvals, it is expected that the changes to the current
investment objectives of HOU and HOD will take effect in early
July, 2020. Additional details of the proposed changes will be made
available to shareholders of record as of May 22, 2020.
Investing in shares of the ETFs can be speculative, can involve
a high degree of risk and may only be suitable for persons who are
able to assume the risk of losing their entire investment.
Potential investors in these ETFs are reminded to read the
prospectus, as amended from time to time, and all information
available on www.sedar.com before investing. Investors should
continue to monitor their investment daily and, as previously
announced by the Manager, note that the ETFs are no longer expected
to achieve their stated investment objectives.
About Horizons ETFs Management (Canada) Inc.
(www.HorizonsETFs.com)
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 approximately $12 billion of
assets under management and 91 ETFs listed on major Canadian stock
exchanges.
Certain statements may constitute a forward-looking
statement, including those identified by the expression "expect"
and similar expressions (including grammatical variations thereof).
The forward-looking statements are not historical facts but reflect
the author's 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 such forward-looking statements. These
forward-looking statements are made as of the date hereof and the
authors 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, management fees and expenses all may be
associated with an investment in exchange traded products (the
"Horizons Exchange Traded Products") managed by Horizons ETFs
Management (Canada) Inc. The
Horizons Exchange Traded Products are not guaranteed, their values
change frequently and past performance may not be repeated. The
prospectus contains important detailed information about the
Horizons Exchange Traded Products. Please read the relevant
prospectus before investing.
1 Previously known as the BetaPro Crude Oil 2x Daily
Bull ETF
2 Previously known as the BetaPro Crude Oil -2x Daily
Bear ETF
SOURCE Horizons ETFs Management (Canada) Inc.