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Horizons ETFs Announces Shareholder Approval for Proposed Investment Objective Changes to HNU and HND – Canada NewsWire

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TORONTO, Aug. 21, 2020 /CNW/ – Horizons ETFs Management (Canada) Inc. (“Horizons ETFs” or the “Manager“) held special meetings of the shareholders of the BetaPro Natural Gas 2x Daily Bull ETF (“HNU“) and the BetaPro Natural Gas -2x Daily Bear ETF (“HND” and together with HNU, the “ETFs“), on August 20, 2020, during which shareholders of the ETFs approved all matters relating to the proposed changes to the investment objectives of the ETFs previously announced by the Manager on July 3, 2020, and further described in an information circular that was made available to shareholders.

The new investment objectives change the underlying index used by the ETFs and allow adjustment of the leverage ratio employed by the ETFs to provide up to two-times positive (HNU) and up to two-times inverse (HND), the daily performance of the exposure to the Horizons Natural Gas Rolling Futures Index (the “New Natural Gas Index“).

The New Natural Gas Index is a proprietary index owned and operated by Horizons ETFs, and calculated by an independent third party calculation agent, that will endeavour to provide exposure to as close to the front month natural gas futures contract as is deemed reasonable by the Manager, based on the current market conditions for natural gas futures contracts and subject to negotiations with the ETFs’ counterparties.

Additionally, Horizons ETFs will change the names of the ETFs. The name of HNU will be changed to the “BetaPro Natural Gas Leveraged Daily Bull ETF” and HND to the “BetaPro Natural Gas Inverse Leveraged Daily Bear ETF“.  The ticker symbols of the ETFs will remain the same.

The Manager anticipates that the changes to the investment objectives will take effect at the close of business on or about Thursday, August 27, 2020, subject to the receipt of all necessary regulatory and third party approvals, with the name changes of the ETFs following on that date or as soon as practicable thereafter.

Leverage Ratio

Under the new investment objectives, the Manager anticipates, under normal market conditions, managing the leverage ratio to be as close to-two times (200%) as practicable for both HNU and HND. However, the Manager may, at its sole discretion, change the leverage ratio based on its assessment of the current market conditions for natural gas futures contracts and negotiations with the ETF’s counterparties at that time.  

The leverage ratio employed by the ETFs will be posted on the Manager’s website at http://www.HorizonsETFs.com and any changes to the leverage ratio will be disclosed by way of public announcement.

Currently, the ETFs are utilizing two-times positive (HNU) and two-times inverse (HND) the daily performance of their current underlying index, which will change to the New Natural Gas Index once the investment objective changes take effect.

With the implementation of the new investment objectives described above, the Manager has no expectation, at this time, of changing the leverage ratios that are currently being employed by the ETFs, nor does it anticipate any change to the natural gas front-month futures exposure or roll-methodology to which the ETFs are currently exposed.

About Horizons ETFs Management (Canada) Inc. (www.HorizonsETFs.com)

Horizons ETFs Management (Canada) Inc. is an innovative financial services company and offers one of the largest suites of exchange traded funds in Canada. The Horizons ETFs product family includes a broadly diversified range of solutions for investors of all experience levels to meet their investment objectives in a variety of market conditions. Horizons ETFs has over $14.5 billion of assets under management and 93 ETFs listed on major Canadian stock exchanges.

Commissions, management fees and expenses all may be associated with an investment in exchange traded products (the “Horizons Exchange Traded Products”) managed by Horizons ETFs Management (Canada) Inc. The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the relevant prospectus before investing.

The Horizons Exchange Traded Products include our BetaPro products (the “BetaPro Products”). The BetaPro Products are alternative mutual funds within the meaning of National Instrument 81-102 Investment Funds, and are permitted to use strategies generally prohibited by conventional mutual funds: the ability to invest more than 10% of their net asset value in securities of a single issuer, to employ leverage, and engage in short selling to a greater extent than is permitted in conventional mutual funds. While these strategies will only be used in accordance with the investment objectives and strategies of the BetaPro Products, during certain market conditions they may accelerate the risk that an investment in shares of a BetaPro Product decreases in value. The BetaPro Products include our Daily Bull and Daily Bear ETFs (“Leveraged and Inverse Leveraged ETFs”). The Leveraged and Inverse Leveraged ETFs use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These BetaPro Products are subject to leverage risk and may be subject to aggressive investment risk and price volatility risk, among other risks, which are described in their respective prospectuses. Each Leveraged and Inverse Leveraged ETF seeks a return, before fees and expenses, that is either up to, or equal to, either 200% or –200% of the performance of a specified underlying index, commodity futures index or benchmark (the “Target”) for a single day. Due to the compounding of daily returns a Leveraged and Inverse Leveraged ETF’s returns over periods other than one day will likely differ in amount and possibly direction, from the performance of their respective Target(s) for the same period. For Leveraged and Inverse Leveraged ETFs that seek up to 200% or up to or -200% leveraged exposure, the Manager anticipates, under normal market conditions, managing the leverage ratio as close to two times (200%) as practicable however, the Manager may, at its sole discretion, change the leverage ratio based on its assessment of the current market conditions and negotiations with the respective ETF’s counterparties at that time. Investors should monitor their holdings in BetaPro Products and their performance at least as frequently as daily to ensure such investment(s) remain consistent with their investment strategies.

Certain statements may constitute a forward-looking statement, including those identified by the expression “expect” and similar expressions (including grammatical variations thereof). The forward-looking statements are not historical facts but reflect the author’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking statements. These forward-looking statements are made as of the date hereof and the authors do not undertake to update any forward-looking statement that is contained herein, whether as a result of new information, future events or otherwise, unless required by applicable law.

SOURCE Horizons ETFs Management (Canada) Inc.

For further information: For all inquiries: Contact Horizons ETFs at 1-866-641-5739 (toll-free) or (416) 933-5745, [email protected]

Related Links

http://horizonsetfs.com/

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Latest COVID-19 research investment supports knowledge exchange on social, cultural and economic impact of COVID-19 – Canada NewsWire

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Research funding will help equip public, private and not-for-profit organizations to respond to challenges posed by pandemic

OTTAWA, ON, Sept. 21, 2020 /CNW/ – As Canada continues to manage the impacts of the COVID-19 pandemic, supporting the work of Canadian researchers is key to building a healthy, more resilient and prosperous country. Working together with government, industry and not-for-profit organizations, researchers from across the social sciences and humanities can help provide data, insight and evidence to guide our actions in the months to come while we navigate postpandemic economic and social recovery.

Today, the Honourable Navdeep Bains, Minister of Innovation, Science and Industry, announced an investment of over $4 million in funding through the Social Sciences and Humanities Research Council‘s (SSHRC) Partnership Engage Grants, to support 172 projects and almost 600 researchers working with businesses and community partners from across Canada. These grants provide short-term and timely support for partnered research activities that will inform decision-making in the public, private or not-for-profit sector.

In response to the early phases of the pandemic crisis, the latest Partnership Engage Grants competition included a special call to address COVID-19 related research. Over $3 million of the investment announced today will directly support 139 projects addressing this call. Some of these projects funded will study changes in the teaching profession, the pandemic’s impact on small- and medium-sized enterprises, mental health among entrepreneurs, and impacts on seniors and their community support services.

Quotes

“The ongoing COVID-19 pandemic has posed unprecedented challenges around the world. While much of the focus to date has been on developing and testing effective countermeasures to control the spread of the virus, the work these researchers will be doing to examine the longer-term impacts of the pandemic on individuals, businesses and communities will better position Canada for a strong recovery.” 
—The Honourable Navdeep Bains, Minister of Innovation, Science and Industry

“SSHRC’s investment in these diverse partnered research projects will advance critical knowledge needed to address the impacts of COVID-19 and the social, cultural and economic challenges facing citizens, communities and businesses in Canada and around the world.”
Ted Hewitt, President, Social Sciences and Humanities Research Council

Quick facts

  • SSHRC’s Partnership Engage Grants provide short-term and timely support for partnered research activities that will inform decision making at a partner organization from the public, private or not-for-profit sector.
  • The Partnership Engage Grants COVID-19 Special Initiative provides researchers and their partners a unique opportunity to foster knowledge exchange on COVID-19 crisis-related issues, challenges and impacts. It offers a unique opportunity to exchange knowledge between postsecondary researchers and different sectors of society, including graduate students, postdoctoral researchers and other highly qualified personnel.
  • The Partnership Engage Grants COVID-19 Special Initiative call is ongoing. Recipients of the September-deadline applications will be announced soon.
  • The application intake for this first ever COVID-19 Special Initiative competition exceeded expectations. To ensure an appropriate response to this demand, SSHRC reallocated just over $3 million more to this initiative. This additional funding brings the total amount for the June and upcoming September competitions to almost $5 million.

Associated links

Follow SSHRC on social media: Twitter, Instagram, Facebook

Follow @CDNScience on social media: Twitter, Instagram, Facebook

SOURCE Social Sciences and Humanities Research Council of Canada

For further information: John Power, Press Secretary, Office of the Minister of Innovation, Science and Industry, 343-550-1456, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]; Media Relations, Social Sciences and Humanities Research Council, 343-549-6141, [email protected]

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http://www.sshrc-crsh.gc.ca/

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CI Financial buying U.S. investment adviser Bowling Portfolio Management – Vancouver Courier

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TORONTO — CI Financial Corp. says it has signed a deal to acquire U.S. investment adviser Bowling Portfolio Management LLC.

The firm based in Cincinnati has US$450 million in assets under management.

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Financial terms of the transaction were not disclosed.

Bowling provides financial planning and investment management services to high-net-worth clients.

CI has been expanding its operations in the U.S. this year in a series of acquisitions.

It says when all pending transactions close, it will hold interests in wealth management firms across the U.S. with combined assets of approximately US$11.5 billion.

This report by The Canadian Press was first published Sept. 21, 2020.

Companies in this story: (TSX:CIX)

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CI Financial buying U.S. investment adviser Bowling Portfolio Management – Prince George Citizen

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TORONTO — CI Financial Corp. says it has signed a deal to acquire U.S. investment adviser Bowling Portfolio Management LLC.

The firm based in Cincinnati has US$450 million in assets under management.

article continues below

Financial terms of the transaction were not disclosed.

Bowling provides financial planning and investment management services to high-net-worth clients.

CI has been expanding its operations in the U.S. this year in a series of acquisitions.

It says when all pending transactions close, it will hold interests in wealth management firms across the U.S. with combined assets of approximately US$11.5 billion.

This report by The Canadian Press was first published Sept. 21, 2020.

Companies in this story: (TSX:CIX)

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