Toronto-based Horizons ETFs Management (Canada) Inc. has proposed changes to two leveraged natural gas ETFs.

In a release on Friday, Horizons proposed amending the amount of leverage used in the BetaPro Natural Gas 2X Daily Bull ETF (ticker: HNU) and the BetaPro Natural Gas -2x Daily Bear ETF (ticker: HND) and changing the underlying index of both funds.

Currently, HNU endeavours to correspond to 200% the daily performance of the Solactive Natural Gas Front Month MD Rolling Futures Index ER. HND attempts to correspond to -200% the daily performance of the same index.

Horizons has proposed changing the leverage of HNU and HND to a maximum of 200% and -200%, respectively, the daily performance of a new proprietary index, the Horizons Natural Gas Rolling Futures Index.

Under the new investment objective, Horizons will be able to use its discretion to reduce the leverage ratio for each ETF based on current market conditions.

If the changes are approved, HNU will be renamed the BetaPro Natural Gas Leveraged Daily Bull ETF and HND will be renamed the BetaPro Natural Gas Inverse Leveraged Daily Bear ETF. The ticker symbols for both funds will remain the same.

Virtual shareholder meetings to approve the changes will take place on August 20.

Also on Friday, Horizons announced that its proposal to change the investment objectives and underlying index of two leveraged crude oil ETFs has been approved.

The two funds, which will be renamed the BetaPro Crude Oil Leveraged Daily Bull ETF (ticker: HOU) and the BetaPro Crude Oil Inverse Leveraged Daily Bear ETF (ticker: HOD), will now have amended leverage ratios and a new underlying index.

Subscriptions into HOU and HOD were suspended in April when the price of oil dipped into negative territory.

Changes to both funds take effect on July 9.