BetaPro Management Inc. has filed a preliminary prospectus for six new commodity Horizons BetaPro Exchange Traded Funds, the company said Wednesday.

HBP COMEX Silver Bull+ and Silver Bear+ Double ETFs are designed to provide daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to two times (200%), or two times (200%) the inverse (opposite), respectively, of the daily performance of the COMEX silver futures contract for the next delivery month.

“We have decided to launch our new Silver Bull+ and Bear+ Double ETFs to augment our suite of commodity-based leveraged ETFs and provide exposure to the second most popular precious metal,” says Howard Atkinson, president of Toronto-based BetaPro.

BetaPro describes the other four new Horizons BetaPro ETFs as “Single ETFs. They are:

• Horizons BetaPro COMEX Silver ETF;
• Horizons BetaPro COMEX Gold ETF;
• Horizons BetaPro NYMEX Crude Oil ETF; and
• Horizons BetaPro NYMEX Natural Gas ETF.

Each Single ETF is designed to provide daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to one times (100%) the daily performance of its specified underlying index.

HBP COMEX Silver and HBP COMEX Gold Single ETFs will use the COMEX silver futures contract for the next delivery month and the COMEX gold futures contract for the next delivery month, respectively, as its underlying index, and the HBP NYMEX Crude Oil and HBP NYMEX Natural Gas Single ETF ETFs will use the NYMEX light sweet crude oil futures contract for the next December delivery month and the NYMEX natural gas futures contract for the next January delivery month, respectively, as its underlying index.

“Based on the tremendous success of our single-inverse ETFs, we decided to complement our offerings with our first endeavour into single beta ETFs, focusing on individual commodities,” Atkinson says.

All of the new ETFs are denominated in Canadian dollars. BetaPro says any U.S. dollar gains or losses as a result of each ETF’s investment will be hedged back to the Canadian dollar to the best of the Single ETF’s ability.

IE