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Horizons ETFs Announces Changes For Certain ETFs

Horizons BetaPro US 30-year Bond Bear Plus ETF to be terminated
Horizons BetaPro US 30-year Bond Bear Plus ETF to be terminated TORONTO – December 21, 2016 – Horizons ETFs Management (Canada) Inc. (the “Manager”) announced changes today, following special meetings of the unitholders of certain ETFs held on December 20, 2016 (the “Meetings”).

Changes to the Operating Expense Structure
As approved by unitholders of the ETFs at the Meetings, changes to the operating expense structure for the ETFs listed in the table below will be implemented on January 1, 2017.

As described in further detail in the management information circular dated November 15, 2016 (the “Circular”), the change expands the scope of operating expenses that may be payable by these ETFs.

The ETFs affected by the change are as follows:

 ETF  Ticker 
 Horizons BetaPro S&P/TSX Global Gold™ Bull Plus ETF   HGU 
 Horizons BetaPro S&P/TSX Global Gold™ Bear Plus ETF   HGD 
 Horizons BetaPro NYMEX® Crude Oil Bull Plus ETF   HOU 
 Horizons BetaPro NYMEX® Crude Oil Bear Plus ETF   HOD 
 Horizons BetaPro COMEX® Gold Bullion Bull Plus ETF   HBU 
 Horizons BetaPro COMEX® Silver Bear Plus ETF   HZD 
 Horizons NYMEX® Natural Gas ETF   HUN 
 Horizons BetaPro S&P 500 VIX Short-Term Futures™ Bull Plus ETF  HVU 
 Horizons US Dollar Currency ETF   DLR 

Changes to the Investment Objectives of HGU and HGD
Also at the Meetings, unitholders of Horizons BetaPro S&P/TSX Global Gold™ Bull Plus ETF (“HGU”) and Horizons BetaPro S&P/TSX Global Gold™ Bear Plus ETF (“HGD”) approved a change in their respective investment objectives. Effective at the close of business on December 30, 2016, the underlying index of HGU and HGD will be changed from the S&P/TSX Global Gold Index™ to the Solactive Canadian Gold Miners Index, as further described in the Circular.

Termination of Horizons BetaPro US 30-year Bond Bear Plus ETF (“HTD”)
The unitholders of HTD did not approve changes to the operating expense structure for HTD at the Meeting. The Manager has determined that the operation of HTD is no longer viable under the existing operating expense structure, and as a result, the Manager has made the decision to terminate HTD effective at the close of business on Tuesday, February 28, 2017 (the “Termination Date”). Additional details regarding the termination of HTD will be mailed to unitholders on or about December 30, 2016.

Effective immediately, no further direct subscriptions for units of HTD will be accepted. Wednesday, February 22, 2017 is expected to be the last date on which a redemption request may be placed with the Manager, and HTD is expected to be de-listed from the Toronto Stock Exchange, at the request of the

Manager, at the close of business on Thursday, February 23, 2017, with all units still held by investors being subject to a mandatory redemption as of the Termination Date.

In accordance with the declaration of trust of HTD, any remaining unitholders of HTD as at the Termination Date will receive the net proceeds from the liquidation of the assets, less all liabilities and all expenses incurred in connection with the dissolution of the HTD, on a pro rata basis.

About Horizons ETFs Management (Canada) Inc. 
Horizons ETFs Management (Canada) Inc. and its affiliate AlphaPro Management Inc. are innovative financial services companies offering the Horizons ETFs family of exchange traded funds. The Horizons ETFs family includes a broadly diversified range of investment tools with solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has more than $7 billion of assets under management and with 76 ETFs listed on the Toronto Stock Exchange, the Horizons ETFs family makes up one of the largest families of ETFs in Canada. Horizons ETFs Management (Canada) Inc. and AlphaPro Management Inc. are members of the Mirae

Asset Global Investments Group.
For further information, contact:
Martin Fabregas, Investor Relations
(416) 601-2508 or 1-866-641-5739
or visit

Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Horizons ETFs undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.

The Horizons Exchange Traded Products consist of the Horizons Index ETFs ("Index ETFs"), Bull Plus and Bear Plus ETFs ("Plus ETFs"), Inverse ETFs ("Inverse ETFs"), VIX ETFs (defined below) and active ETFs. The Plus ETFs and certain other Horizons Exchange Traded Products use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These Horizons Exchange Traded Products are subject to leverage risk and may be subject to aggressive investment risk and price volatility risk, which, where applicable, are described in their respective prospectuses. Each Plus ETF seeks a return, before fees and expenses, that is either 200% or -200% of the performance of a specified underlying index, commodity or benchmark (the "Target") for a single day. Each Index ETF or Inverse ETF seeks a return that is 100% or – 100%, respectively, of the performance of a Target. Due to the compounding of daily returns, a Plus ETF's or Inverse ETF's returns over periods other than one day will likely differ in amount and possibly direction from the performance of their respective Target(s) for the same period. The Horizons Exchange Traded Products whose Target is the S&P 500 VIX Short-Term Futures Index™ (the "VIX ETFs"), one of which is a Plus ETF and one of which is an Index ETF, as described in their prospectus, are speculative investment tools that are not conventional investments. The VIX ETFs' Target is highly volatile. As a result, the VIX ETFs are not generally viewed as stand-alone long-term investments. Historically, the VIX ETFs' Target has tended to revert to a historical mean. As a result, the performance of the VIX ETFs' Target is expected to be negative over the longer term and neither the VIX ETFs nor their Target are expected to have positive long term performance. Investors should monitor their holdings, as frequently as daily, to ensure that they remain consistent with their investment strategies.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in the ETFs. The ETFs are not guaranteed, their values change frequently and past performance may not be repeated. Please read the prospectus before investing.

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