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better or worse? BetaPro Management Inc. Announces Changes to Roll Methodology for Two Horizons BetaPro Commodity-Based ETFs

soapbubble(菊香盈袖)
本文发表在 rolia.net 枫下论坛BetaPro Management Inc. Announces Changes to Roll Methodology for Two Horizons BetaPro Commodity-Based ETFs
5:00 PM ET, September 1, 2009

TORONTO, Sep. 1, 2009 (Canada NewsWire via COMTEX) -- BetaPro Management Inc. ("BetaPro"), manager of Horizons BetaPro NYMEX(R) Natural Gas Bull Plus ETF (the "HBP Natural Gas Bull+ ETF") and the Horizons BetaPro NYMEX(R) Natural Gas Bear Plus ETF (the "HBP Natural Gas Bear+ ETF"), has announced changes to the roll methodology for the NYMEX(R) Natural Gas futures contracts for these two exchange traded funds ("ETFs") effective September 8, 2009. The HBP Natural Gas Bull+ ETF and HBP Natural Gas Bear+ ETF each seek investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to: two times (200%) the daily performance of, or negative two times (-200%) the daily performance of, respectively, the NYMEX(R) Natural Gas futures contract for the next delivery month. These ETFs represent a liquid benchmark for investors that desire an exposure to NYMEX(R) Natural Gas futures contracts.
Futures contracts must be rolled from the specified delivery month to a subsequent delivery month before the contract requires the holder to accept delivery of a physical commodity on maturity. In order to roll, the HBP Natural Gas Bull+ ETF and HBP Natural Gas Bear+ ETF will refer to a primary futures contract and a secondary futures contract in different weighting over the period of time the roll is implemented. As contracts reach that delivery date at the end of the month, the secondary contract for a subsequent delivery month becomes the primary futures contract. Currently, these ETFs track the NYMEX(R) Natural Gas futures contract according to the following schedule:


-------------------------------------------------------------------------
Current HBP NYMEX(R) Natural Gas Bull + ETF and
Month HBP NYMEX(R) Natural Gas Bear + ETF
-------------------------------------------------------------------------
Primary Contract Secondary Contract
-------------------------------------------------------------------------
January February March
-------------------------------------------------------------------------
February March April
-------------------------------------------------------------------------
March April May
-------------------------------------------------------------------------
April May June
-------------------------------------------------------------------------
May June July
-------------------------------------------------------------------------
June July August
-------------------------------------------------------------------------
July August September
-------------------------------------------------------------------------
August September October
-------------------------------------------------------------------------
September October November
-------------------------------------------------------------------------
October November December
-------------------------------------------------------------------------
November December January
-------------------------------------------------------------------------
December January February
-------------------------------------------------------------------------

Effective September 8, 2009, the roll dates for the HBP Natural Gas Bull+
ETF and HBP Natural Gas Bear+ ETF will be from the 5th to 12th (inclusive)
trading day of each month in which a roll is made. The allocation between the
primary and secondary futures contracts during a roll for these ETFs going
forward will be as follows:

-------------------------------------------------------------------------
Trading Day(s)(1) Primary Contract Secondary Contract
-------------------------------------------------------------------------
1-4 100% 0%
-------------------------------------------------------------------------
5 87.5% 12.5%
-------------------------------------------------------------------------
6 75% 25%
-------------------------------------------------------------------------
7 62.5% 37.5%
-------------------------------------------------------------------------
8 50% 50%
-------------------------------------------------------------------------
9 37.5% 62.5%
-------------------------------------------------------------------------
10 25% 75%
-------------------------------------------------------------------------
11 12.5% 87.5%
-------------------------------------------------------------------------
12 0% 100%
-------------------------------------------------------------------------



The roll dates, as well as the allocation between the primary and secondary futures contracts, may be changed by BetaPro in its sole discretion at anytime based on liquidity for the underlying primary and secondary futures contracts as the primary futures contract's expiry approaches. BetaPro will usually post the current roll schedule at www.hbpetfs.com on an ongoing basis.
A trading day is any day on which the NYMEX is open and publishes a settlement price for the primary and, if applicable, secondary NYMEX(R) Natural Gas futures contract and on which the Toronto Stock Exchange is open and publishes closing prices.
For more information, please visit www.HBPETFs.com.
About BetaPro Management Inc. (www.HBPETFs.com)更多精彩文章及讨论，请光临枫下论坛 rolia.net
(#103433@43)
Last Updated: 2009-9-2
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Replies, comments and Discussions:

  • HNU 没有最低只有更低。。。 继续AD? RS 不远了 -happytrading(XXX); 2009-9-1 (#103115@43)
    • I bought them at $2.56 and still holding -bugatlarge(hy); 2009-9-1 (#103124@43)
    • 估计你们没经历过REVERSE SPLIT，上次的价格大概在1.7X，问问瓦盆吧 -gszy(灌水888); 2009-9-1 (#103130@43)
      • 是的,大概最低是1.6X左右, 瓦盆在那里分分必赚. REVERSE SPLIT后有两三天疯涨, 我侥幸赢利逃脱.好险. -ican(apple); 2009-9-1 (#103152@43)
    • HNU 在9月10日会全部换到11月份contract, 此刻11月的contract价接近$4.和10月份差$1. 如果11月份contract价格未来降到$3.5,HNU还要跌25%, 会触动5:1合股,合股后价格回到8.5左后.如果11月的contract价升到$5,则HNU回到$3.3左右. -aloha2u(工夫茶); 2009-9-1 (#103131@43)
      • 那不是很惨。5：1合股后。是不是实际上只是原来的1.7/share？ -hnuhou168(coolcool); 2009-9-1 (#103146@43)
        • 2.1 又补了点... -dnext(next); 2009-9-1 (#103216@43)
          • 唉。。。。 -endless_tunnel(endless_tunnel); 2009-9-1 (#103217@43)
          • 趁早扔了，HNU这东西不能捂的。 -szs11(Hedge); 2009-9-1 (#103219@43)
            • Agree. It was 60 last September. 96% down now. Why hold it? -shakehands(买房子了); 2009-9-1 (#103222@43)
              • 八月份天然气合约收在3.3，九月份合约最后是2.8，按照这个趋势10月份天然气一定低于2.5. 就是说ＨＮＵ还会有２０％的下跌空间。考虑飓风和突然出现的冷空气这两个因素，HNU也可能持平，不过这个几率很小。 -szs11(Hedge); 2009-9-1 (#103242@43)
                • 同意，总觉得到了冬天就会好些。现在突然觉得不是那么回事。冬季gas价格只是给hnu这样的提供了更好的下跌空间。合股的做法根本就是骗人。给更多的下跌空间 -cybertrader(cybertrader); 2009-9-1 (#103262@43)
                  • 今天10月份合约价格下跌，11月份合约反而上升，看样子是给下个月HNU留出充足的下跌空间。 -szs11(Hedge); 2009-9-2 (#103476@43)
          • 2.1 割了1/3 ，而且考虑遇反弹全割。这股在下降通道里不能考虑补。 -cybertrader(cybertrader); 2009-9-1 (#103261@43)
    • buy HND -mapleforum(maple_wizard); 2009-9-1 (#103245@43)
    • HNU today 2.17 in 2.09 out, should go with HND -gloriayaya(yaya); 2009-9-1 (#103249@43)
      • How will this effect HNU? -zzhenxiang(阿曼 ); 2009-9-1 (#103288@43)
      • I hate those H** seious ETFs; you just don't know what kind of formula they are using; and they go down way fast than they go up in any market condition; Rule #1 for myself, never touch them; -samqyang(Kingkong); 2009-9-1 (#103291@43)
        • Any comment on GAS.TO? -informix(); 2009-9-1 (#103296@43)
          • just my own 2 cents; I will buy it when it up at least 20% from bottom; see inside why I would do so; -samqyang(Kingkong); 2009-9-2 {2084} (#103298@43)
            本文发表在 rolia.net 枫下论坛looks strange, but what I learned from US market is 20% up is nothing if it's really pass the historical bottom;

            Reason 1:
            Nature GAS price down from last July, 2008 (see chart at http://futures.tradingcharts.com/chart/NG/W), down already ~14 months; and yes, strangely, it didn't even bounce in last whole winter;

            most of people believes that the winter cold should push the price up, which I now doubt it;
            but I may wrong;

            Reason 2:
            use City (C) as example; down from around 50$ start last Jan, 2008; and if you buy it at 25$, half price, you know it's wrong; 12.5$ still wrong; 6.25$ wrong, 3.125 wrong 1.75625 wrong
            96 cents finally

            do you know my point? you will not know how low it can go untill it's bounce back;

            you can buy and hold GAS.TO now, but nobody can tell your how many percent you may lose before it finally go upward trends; if you have guts and hold it, then go ahead; but most people can't abide even 20% off their purchase price;

            I normally buy stocks in upward trends clearly; due to I knew if I am not that greedy, e.g. 50% gain for example; I will usually be safe and sound when do the upward trends;
            it can go down like C 50/1 = 50,00%, I should have an easy chance if I only take 50% of gain;

            Reason 3:
            GAS.TO steal your money by the way;

            nature gas price from Jul, 2008 (13.605 high) to today (1 Sep, 2009) (2.75 low) lost
            13.605/2.75 ~= 5 times; but this GAS.TO from Jul 2008 (~32 CAD/share high) to today's close 4.17 , that is 32/4.17 ~= 7.7 times;

            so, somebody is steal the money here; who, the fund manager; why, cost, comission, bla, bla; any cost will be on you;

            in simple words, don't expect it will go back to 32$ even if the nature gas(back to the peak price again, but you should see double at least if the price go up 3 times;

            I am still waiting, searching the right stock to hold though I knew the bottom of the NS almost there; will keep posted when I am in;

            just my own 2 cents, please think and research and decide on your own更多精彩文章及讨论，请光临枫下论坛 rolia.net
            • Not bad at all ! Your posts make a lot of sense. How low you think this market would go and how long it would take? I was thinking S&P around 910 level. Which sector you would buy? Are you short anything at the moment? -ffree(aleverage); 2009-9-2 (#103299@43)
            • Thank you very much for the valuable advice. All your posts are great. -informix(); 2009-9-2 (#103300@43)
            • Great analysis, thank you, Kingkong! -livein(tryit); 2009-9-2 (#103301@43)
    • better or worse? BetaPro Management Inc. Announces Changes to Roll Methodology for Two Horizons BetaPro Commodity-Based ETFs -soapbubble(菊香盈袖); 2009-9-2 {6766} (#103433@43)
      本文发表在 rolia.net 枫下论坛BetaPro Management Inc. Announces Changes to Roll Methodology for Two Horizons BetaPro Commodity-Based ETFs
      5:00 PM ET, September 1, 2009

      TORONTO, Sep. 1, 2009 (Canada NewsWire via COMTEX) -- BetaPro Management Inc. ("BetaPro"), manager of Horizons BetaPro NYMEX(R) Natural Gas Bull Plus ETF (the "HBP Natural Gas Bull+ ETF") and the Horizons BetaPro NYMEX(R) Natural Gas Bear Plus ETF (the "HBP Natural Gas Bear+ ETF"), has announced changes to the roll methodology for the NYMEX(R) Natural Gas futures contracts for these two exchange traded funds ("ETFs") effective September 8, 2009. The HBP Natural Gas Bull+ ETF and HBP Natural Gas Bear+ ETF each seek investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to: two times (200%) the daily performance of, or negative two times (-200%) the daily performance of, respectively, the NYMEX(R) Natural Gas futures contract for the next delivery month. These ETFs represent a liquid benchmark for investors that desire an exposure to NYMEX(R) Natural Gas futures contracts.
      Futures contracts must be rolled from the specified delivery month to a subsequent delivery month before the contract requires the holder to accept delivery of a physical commodity on maturity. In order to roll, the HBP Natural Gas Bull+ ETF and HBP Natural Gas Bear+ ETF will refer to a primary futures contract and a secondary futures contract in different weighting over the period of time the roll is implemented. As contracts reach that delivery date at the end of the month, the secondary contract for a subsequent delivery month becomes the primary futures contract. Currently, these ETFs track the NYMEX(R) Natural Gas futures contract according to the following schedule:


      -------------------------------------------------------------------------
      Current HBP NYMEX(R) Natural Gas Bull + ETF and
      Month HBP NYMEX(R) Natural Gas Bear + ETF
      -------------------------------------------------------------------------
      Primary Contract Secondary Contract
      -------------------------------------------------------------------------
      January February March
      -------------------------------------------------------------------------
      February March April
      -------------------------------------------------------------------------
      March April May
      -------------------------------------------------------------------------
      April May June
      -------------------------------------------------------------------------
      May June July
      -------------------------------------------------------------------------
      June July August
      -------------------------------------------------------------------------
      July August September
      -------------------------------------------------------------------------
      August September October
      -------------------------------------------------------------------------
      September October November
      -------------------------------------------------------------------------
      October November December
      -------------------------------------------------------------------------
      November December January
      -------------------------------------------------------------------------
      December January February
      -------------------------------------------------------------------------

      Effective September 8, 2009, the roll dates for the HBP Natural Gas Bull+
      ETF and HBP Natural Gas Bear+ ETF will be from the 5th to 12th (inclusive)
      trading day of each month in which a roll is made. The allocation between the
      primary and secondary futures contracts during a roll for these ETFs going
      forward will be as follows:

      -------------------------------------------------------------------------
      Trading Day(s)(1) Primary Contract Secondary Contract
      -------------------------------------------------------------------------
      1-4 100% 0%
      -------------------------------------------------------------------------
      5 87.5% 12.5%
      -------------------------------------------------------------------------
      6 75% 25%
      -------------------------------------------------------------------------
      7 62.5% 37.5%
      -------------------------------------------------------------------------
      8 50% 50%
      -------------------------------------------------------------------------
      9 37.5% 62.5%
      -------------------------------------------------------------------------
      10 25% 75%
      -------------------------------------------------------------------------
      11 12.5% 87.5%
      -------------------------------------------------------------------------
      12 0% 100%
      -------------------------------------------------------------------------



      The roll dates, as well as the allocation between the primary and secondary futures contracts, may be changed by BetaPro in its sole discretion at anytime based on liquidity for the underlying primary and secondary futures contracts as the primary futures contract's expiry approaches. BetaPro will usually post the current roll schedule at www.hbpetfs.com on an ongoing basis.
      A trading day is any day on which the NYMEX is open and publishes a settlement price for the primary and, if applicable, secondary NYMEX(R) Natural Gas futures contract and on which the Toronto Stock Exchange is open and publishes closing prices.
      For more information, please visit www.HBPETFs.com.
      About BetaPro Management Inc. (www.HBPETFs.com)更多精彩文章及讨论，请光临枫下论坛 rolia.net
      • 切换的时间变长了两个交易日。对目前持有HNU的可能是个好消息。9月16日，可能有点“寒气”了。 -aloha2u(工夫茶); 2009-9-2 (#103461@43)
        • Natural Gas Future 在盘后又跌了5分？不知道为什么？ -softwind(清风); 2009-9-2 (#103473@43)
          • 好像有过气商支付使用费给用户的时代。 -cybertrader(cybertrader); 2009-9-2 (#103474@43)
    • lower and lower, you guys still belive in it? out and get other much better chances. and then come back when NG turns positive. -happytrading(XXX); 2009-9-3 (#103535@43)
    • 1:5 split.... fxxxxked... -happytrading(XXX); 2009-9-3 (#103563@43)
      • That Means HND go higher and higher, this one is 100% garanteed to make profit. No risk at all. -mapleforum(maple_wizard); 2009-9-3 (#103580@43)

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