Horizons shuts down two ETFs

Toronto-based Horizons Exchange Traded Funds Inc. will terminate two exchange-traded funds (ETFs) at the close of business on May 31: Horizons BetaPro US Dollar Bull Plus ETF and Horizons BetaPro US Dollar Bear Plus ETF. Effective immediately, no further direct subscriptions for units of the ETFs to be terminated will be accepted. The last date on which a redemption request may be placed with the manager, Horizons ETFs Management (Canada) Inc., is expected to be May 27, The terminated ETFs are expected to be delisted from the Toronto Stock Exchange at the close of business on May 28, with all units still held by investors being subject to a mandatory redemption at that time. In addition, the company has approved changes to the investment objective of Horizons S&P 500 Index (C$ Hedged) ETF. On or about April 1, the ETF will seek to replicate, to the extent possible, the performance of the S&P 500 index (total return), net of expenses. At the same time, Horizons ETFs Management (Canada) expects to change the name of this ETF to Horizons S&P 500 Index ETF and to offer units in both Canadian and U.S. dollars.

Compiled by Clare O’Hara (cohara@investmentexecutive.com).