Toronto-based Horizons ETFs Management (Canada) Inc. announced changes in the operating expense structure and investment objectives of multiple exchange traded funds (ETFs) it offers.
Nine ETFs will have their operating expense structure modified on Jan. 1, 2017 in order to expand the scope of the operating expenses that may be payable by these ETFs. The affected products are:
- Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF
- Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF
- Horizons BetaPro NYMEX Crude Oil Bull Plus ETF
- Horizons BetaPro NYMEX Crude Oil Bear Plus ETF
- Horizons BetaPro COMEX Gold Bullion Bull Plus ETF
- Horizons BetaPro COMEX Silver Bear Plus ETF
- Horizons NYMEX Natural Gas ETF
- Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF
- Horizons U.S. Dollar Currency ETF
The decision to change the operating expense structure of those ETFs was made after unitholders approved the move in meetings on Dec. 20.
Unitholders of Horizons BetaPro U.S. 30-year Bond Bear Plus ETF did not approve the proposal to change the operating expense structure of that particular product. Subsequently, Horizons ETFs will terminate the fund at the close of business on Feb 28, 2017, as the operation of the ETF is no longer viable under the existing structure, according to the announcement released on Wednesday.
Those meetings also had unitholders of Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF and Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF approve a change in the investment objective of those products. The underlying index of both ETFs will be changed to the Solactive Canadian gold miners index from the S&P/TSX global gold index, which will be effective at the close of business on Dec. 30.
Further details regarding the changes to these particular ETFs can be found through the firm’s announcement.
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