An anonymous director reports
HORIZONS ETFS ANNOUNCES NEXT EXPOSURE ROLL DATE OF HOU AND HOD
Monday, June 22, 2020, is the next crude oil futures contract roll date for the exposure of the BetaPro Crude Oil Daily Bull ETF (1) and the BetaPro Crude Oil -1x Daily Bear ETF (2). 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 per cent 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 a continuing 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.
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 SEDAR or the manager's website.
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. 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 the ETFs 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.
(1) Previously known as the BetaPro Crude Oil 2x Daily Bull ETF.
(2) Previously known as the BetaPro Crude Oil -2x Daily Bear ETF.
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