The Toronto Stock Exchange reports that exchange-traded fund (ETF) shares of BetaPro Crude Oil 2x Daily Bull ETF will be listed and posted for trading, in substitution for the ETF's Class A units, at the open on Nov. 28, 2019. According to the TSX, the ETF shares will trade under the symbol HOU and Cusip No. 08662L 10 5. At the same time, the Class A units will be delisted.
As stated in the management information circular dated Oct. 4, 2019, the ETF's manager, Horizons ETFs Management (Canada) Inc. (Horizons), is reorganizing 29 ETFs, currently structured as trusts, into a corresponding class of shares of a new multiclass corporate fund structure to be managed by Horizons. Pursuant to the reorganization, effective Nov. 27, 2019, each Class A unit of each ETF will be exchanged for one share of a corresponding ETF series of shares of the ETF.
The TSX reports that unitholders do not need to take any action in order to receive the ETF shares. Trades on Nov. 26, 2019, and Nov. 27, 2019, will settle on Nov. 27, 2019. According to the TSX, Horizons does not currently intend to pay regular dividends or returns of capital on the ETF shares. There will be no change to the names of each ETF and each stock symbol. The ETF shares will be sold on a continuous basis pursuant to a prospectus dated Nov. 15, 2019.
For more information, see the management information circular dated Oct. 4, 2019.
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