TORONTO, Dec. 31, 2014 /CNW/ - Horizons ETFs
Management (Canada) Inc.
("Horizons ETFs"), the manager and trustee of the
Horizons US Dollar Currency ETF (the "ETF"), listed
on the Toronto Stock Exchange ("TSX") under the Canadian
dollar (CAD) traded symbol DLR and U.S. dollar (USD) traded
symbol DLR.U, has announced today that it intends to
consolidate the units of the ETF, as outlined below:
Unit Consolidation
After the TSX has closed for trading on Tuesday, January 13, 2015, the units of the ETF
will be consolidated on the basis of a ratio (the "Consolidation
Ratio") yet to be determined, such that the net asset value
("NAV") of the units of the ETF traded on the TSX under the
ticker symbol DLR.U will equal $10.00
USD upon such consolidation. The units traded under
the CAD symbol DLR will undergo the same Consolidation Ratio. The
units of the ETF will begin trading on a consolidated basis on
Wednesday, January 14, 2015, the
effective date of the consolidation.
Based on the closing NAV of December 24,
2014, the Consolidation Ratio would be approximately
1:1.005645, i.e. for every 1.005645 pre-consolidated units
outstanding, one (1) consolidated unit would be issued. This
rate is provided only as an example of the Consolidation Ratio. The
final Consolidation Ratio will be determined at the close of
business on Tuesday, January 13,
2015.
When a unit consolidation occurs, the net asset value per unit
is increased by the same ratio as the unit consolidation so that
the unit consolidation has no impact on the value of the investor's
total unit position. An investor's cost per unit is also increased
by the same ratio as the unit consolidation, although their total
cost remains unchanged.
No fractional units will be issued. Where the consolidation
results in a fractional unit, the number of post-consolidation
units will be rounded down to the nearest whole unit, in the case
of a fractional interest that is less than 0.5, or rounded up to
the nearest whole number, in the case of a fractional interest that
is 0.5 or greater.
Commissions, trailing commissions, management fees and
expenses all may be associated with an investment in the ETFs. The
ETFs are not guaranteed, their values change frequently and past
performance may not be repeated. Please read the prospectus before
investing.
About Horizons ETFs Management (Canada) Inc. (www.HorizonsETFs.com)
Horizons ETFs is an innovative financial services company
offering the Horizons ETFs family of exchange-traded funds. The
Horizons ETFs family includes a broadly diversified range of
investment tools with solutions for investors of all experience
levels to meet their investment objectives in a variety of market
conditions. With more than $4.6
billion in assets under management as of November 30, 2014, and 72 ETFs listed on the TSX,
the Horizons ETFs family makes up one of the largest families of
ETFs in Canada. Horizons ETFs is a
member of the Mirae Asset Financial Group.
SOURCE Horizons ETFs Management (Canada) Inc.
