Skip To Main Content
Press Releases

Horizons ETFs Announces Unitholder Approval of Proposed Corporate Class Reorganization for Certain ETFs

12/11/19 - 12:00 am

TORONTO – November 12, 2019 – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs”) announced today that at special meetings of the unitholders of the exchange traded funds listed in the table below (the “ETFs”), held on November 12, 2019, unitholders of the ETFs approved all matters relating to the merger of each ETF (the “Mergers”), currently structured as a trust, into a corresponding class of shares of a new multi-class corporate fund structure to be managed by Horizons ETFs, all as further described in the Management Information Circular dated October 4, 2019, previously mailed to unitholders.

Other than BetaPro Gold Bullion -2x Daily Bear ETF (“HBD”), whose meeting has been adjourned until Wednesday, November 13, 2019, all of the exchange traded funds set out in Horizons ETFs’ press release dated August 23, 2019, have received unitholder approval for reorganization into the corporate class structure. Horizons ETFs anticipates that it will provide an update on the unitholder vote for HBD on November 13, 2019.

Listed below are the ETFs that have received unitholder approval to merge into the multi-class corporate fund structure:

NOVEMBER 27, 2019
NOVEMBER 29, 2019
ETF Name Ticker   ETF Name Ticker
BetaPro Gold Bullion 2x Daily Bull ETF HBU   Horizons S&P/TSX 60™ Index ETF HXT
BetaPro Crude Oil 2x Daily Bull ETF HOU   Horizons S&P 500® Index ETF HXS
BetaPro Crude Oil -2x Daily Bear ETF HOD   Horizons S&P 500 CAD Hedged Index ETF HSH
BetaPro Natural Gas 2x Daily Bull ETF HNU   Horizons S&P/TSX Capped Energy Index ETF HXE
BetaPro Natural Gas -2x Daily Bear ETF HND   Horizons S&P/TSX Capped Financials Index ETF HXF
BetaPro Silver 2x Daily Bull ETF HZU   Horizons Cdn Select Universe Bond ETF HBB
BetaPro Silver -2x Daily Bear ETF HZD   Horizons NASDAQ-100® Index ETF HXQ
BetaPro S&P/TSX 60™ 2x Daily Bull ETF HXU   Horizons EURO STOXX 50® Index ETF HXX
BetaPro S&P/TSX 60™ -2x Daily Bear ETF HXD   Horizons Cdn High Dividend Index ETF HXH
BetaPro S&P/TSX Capped Financials™ 2x Daily Bull ETF HFU   Horizons US 7-10 Year Treasury Bond ETF HTB
BetaPro S&P/TSX Capped Financials™ -2x Daily Bear ETF HFD   Horizons US 7-10 Year Treasury Bond CAD Hedged ETF HTH
BetaPro S&P/TSX Capped Energy™ 2x Daily Bull ETF HEU   Horizons Laddered Canadian Preferred Share Index ETF HLPR
BetaPro S&P/TSX Capped Energy™ -2x Daily Bear ETF HED   Horizons Intl Developed Markets Equity Index ETF HXDM
BetaPro NASDAQ-100® 2x Daily Bull ETF HQU   Horizons Equal Weight Canada REIT Index ETF HCRE
BetaPro NASDAQ-100® -2x Daily Bear ETF HQD   Horizons Equal Weight Canada Banks Index ETF HEWB
BetaPro S&P 500® 2x Daily Bull ETF HSU  
BetaPro S&P 500® -2x Daily Bear ETF HSD
BetaPro Canadian Gold Miners 2x Daily Bull ETF HGU
BetaPro Canadian Gold Miners -2x Daily Bear ETF HGD
BetaPro Marijuana Companies 2x Daily Bull ETF HMJU
BetaPro Marijuana Companies Inverse ETF HMJI
BetaPro S&P/TSX 60™ Daily Inverse ETF HIX
BetaPro S&P 500® Daily Inverse ETF HIU
BetaPro S&P 500 VIX Short-Term Futures™ ETF HUV
Horizons Gold ETF HUG
Horizons Silver ETF HUZ
Horizons Crude Oil ETF HUC
Horizons Natural Gas ETF HUN


The necessary regulatory and Independent Review Committee approvals have also been received.

Accordingly, Horizons ETFs expects to proceed with the Mergers on November 27 and November 29, 2019, as indicated in the above table. The ETFs will continue to trade as normal up until the Mergers, and will continue trading on the trading day following the Mergers under the same tickers.

We are excited to have completed this last stage of the approval process and thank our unitholders for their ongoing support throughout the corporate class reorganization,” said Steve Hawkins, President and CEO of Horizons ETFs. “With the completion of the reorganization expected before the end of the month, we are putting the proposed changes to the Income Tax Act behind us and moving forward to the next stage of innovation for our tax-efficient ETF suite, which also includes our BetaPro ETFs.

It is important to note that these ETFs are not expected to carry forward any tax liability into the proposed multi-class corporate fund structure, and no historical or retroactive taxable implications to unitholders of these ETFs are expected.

The reorganization is not expected to be a taxable event for unitholders of the ETFs provided that, in the case of Canadian resident unitholders who hold units of the ETFs in taxable accounts, such unitholders make a joint election with the proposed multi-class corporate fund structure under Section 85 of the Income Tax Act (Canada) as part of the exchange from their existing trust units into shares of a class of the new corporate fund structure. Horizons ETFs is establishing a process to provide assistance to unitholders in taking the necessary steps to file the joint election, which will be free of charge. Additional information can be found here:

About Horizons ETFs Management (Canada) Inc. (
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 $10 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

For media inquiries:
Contact Jonathan McGuire
External Communications Manager
Horizons ETFs Management (Canada) Inc.
(416) 640-2956

Download PDF

Categories: Press Releases

Commissions, management fees, and expenses all may be associated with an investment in products (the "Global X Funds") managed by Global X Investments Canada Inc. The Global X Funds are not guaranteed, their values change frequently and past performance may not be repeated. Certain Global X Funds may have exposure to leveraged investment techniques that magnify gains and losses which may result in greater volatility in value and could be subject to aggressive investment risk and price volatility risk. Such risks are described in the prospectus. The Global X Money Market Funds are not covered by the Canada Deposit Insurance Corporation, the Federal Deposit Insurance Corporation, or any other government deposit insurer. There can be no assurances that the money market fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the Funds will be returned to you. Past performance may not be repeated. The prospectus contains important detailed information about the Global X Funds. Please read the relevant prospectus before investing.

Global X Investments Canada Inc. ("Global X") is a wholly owned subsidiary of Mirae Asset Global Investments Co., Ltd. ("Mirae Asset"), the Korea-based asset management entity of Mirae Asset Financial Group. Global X is a corporation existing under the laws of Canada and is the manager, investment manager and trustee of the Global X Funds.

© 2024 Global X Investments Canada Inc. All Rights Reserved.