TORONTO – April 22, 2020 – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs”) is further announcing today that, in light of recent volatility in the crude oil market and the impact of this volatility on prices of certain of its ETFs, it intends to consolidate the shares of the BetaPro Crude Oil 2x Daily Bull ETF (“HOU” or the “ETF”) as indicated in the table below.
Share Consolidation
After the close of trading on Tuesday, April 28, 2020, on the Toronto Stock Exchange (the “TSX”), the shares of the ETF will be consolidated on the basis of the ratio (the “Consolidation Ratio”) set out below, and will begin trading on a post-consolidated basis on Wednesday, April 29, 2020, the effective date of the consolidation:
| ETF | Ticker | Consolidation Ratio |
| BetaPro Crude Oil 2x Daily Bull ETF | HOU | 1:20 |
When a share consolidation occurs, the net asset value per share is increased by the same ratio as the share consolidation so that the share consolidation has no impact on the value of the investor’s total share position. An investor’s cost per share is also increased by the same ratio as the share consolidation, although their total cost remains unchanged.
No fractional shares will be issued. Where the consolidation results in a fractional shares, the number of post-consolidation shares will be rounded down to the nearest whole share, 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.
Horizons ETFs reserves the right to cancel or amend this corporate action, if we deem it appropriate to do so, before the effective date.
Shareholder Information
Shareholders of the ETF do not need to take any action to effect this transaction. Shareholders will have their brokerage accounts automatically updated to reflect the consolidation. A shareholder’s broker may take several days to reflect this transaction in the shareholder’s account (the “Settlement Period”). However, the shareholder is still able to trade the shares of the ETF during this time. If they wish to do so, Horizons ETFs recommends investors contact their broker by phone during the Settlement Period in order to trade the post-consolidation shares.
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 more than $11 billion of assets under management and 91 ETFs listed on major Canadian stock exchanges.
For investor inquiries:
Contact Horizons ETFs at 1-866-641-5739 (toll-free) or (416) 933-5745
[email protected]
Categories: Press Releases