TORONTO, April 21, 2020 /CNW/ - In response to the extreme
volatility in crude oil markets, Horizons ETFs Management
(Canada) Inc. (the
"Manager") has announced today, that it will not be
accepting new subscriptions for shares of the BetaPro Crude Oil 2x
Daily Bull ETF ("HOU") and the BetaPro Crude Oil -2x Daily
Bear ETF ("HOD", and together with HOU, the "ETFs"),
which trade on the Toronto Stock Exchange under the ticker symbols
HOU and HOD respectively.
The Manager accepted all subscriptions received this morning
before the 9:30am deadline and has
now suspended new subscriptions for shares of the ETFs until
further notice. Redemptions will continue to be accepted in the
normal course.
The Manager anticipates that purchases of new shares of the ETFs
at the available offer prices on the secondary market are not
expected to be reflective of the underlying net asset values per
share. The Manager anticipates that the secondary market will
continue to provide holders of shares with a forum to sell shares
at a price reflective of the applicable net asset value per
share.
It is imperative to note that shares of the ETFs could be
expected to trade at a substantial premium to their net asset value
while subscriptions of shares are suspended. As a result, the
Manager strongly discourages investors from purchasing shares of
the ETFs at this time.
The Manager will advise as soon as there are any further
developments with respect to the ETFs.
SOURCE Horizons ETFs Management (Canada) Inc.