TORONTO, March 12, 2020 /CNW/ - Auspice Capital Advisors Ltd. ("Auspice") announced today that it will be terminating Canadian Crude Oil Index ETF (the "ETF") (ticker symbol: CCX) effective at the close of business on or about May 22, 2020 (the "Termination Date").
"While the CCX was the top performing ETF in 2019 and has played an innovative role as the only way for investors to trade the price of Canadian heavy-oil along with creating financial liquidity for the market, the current economic and political environment has made it uneconomic for the CCX to persist," said Tim Pickering, CIO and founder of Auspice. "We will continue to publish the underlying Canadian Crude Index ("CCI") bringing transparency to the WCS market. This remains an excellent tool to gain exposure and for managing risk institutionally by hedging for producers and royalty owners with exposure to this important market."
Effective immediately, no further direct subscriptions for units of the ETF will be accepted, including any purchases made through a pre-authorized purchase plan. Units of the ETF are expected to be de-listed from the Toronto Stock Exchange, at the request of Auspice, at the close of business on or about May 19, 2020, with all units still held by investors being subject to a mandatory redemption as of the Termination Date.
Any remaining unitholders of the ETF as at the Termination Date will receive the net proceeds from the liquidation of the assets, less all liabilities and all expenses incurred in connection with the dissolution of the ETF, on a pro rata basis. If you hold units of the ETF, there may be tax implications to any disposition of your holdings. We strongly urge you to contact your financial advisor to discuss the financial and tax implications associated with a redemption of units and the termination of the ETF in your particular circumstances.
About Auspice Capital Advisors, Ltd.
Auspice is a Calgary Canada based fund manager of non-correlated alternatives which since 2006 has partnered with global institutional and retail clients. Led by a respected PM team with institutional pedigree from an Energy major and Canadian bank, Auspice employs a disciplined, rules-based approach to investment management and manages a suite of award-winning and innovative quantitative investment products available in a variety of delivery mechanisms (funds, ETFs, indices, managed accounts).
Auspice is registered as a portfolio manager (IFM, CTM, EMD) in Canada and a CTA with the NFA. Auspice is the manager and trustee of the CCX ETF, and is responsible for providing or arranging for the administrative and third party services required. Auspice owns and controls publishing and licensing of the Canadian Crude Index ("CCI" - ticker CDNCRUDE). It is available through most vendors and the Auspice website.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Auspice Capital Advisors Ltd. undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.
SOURCE Auspice Capital Advisors Ltd.
For further information: please visit www.auspicecapital.com or contact Arthur Chan at 1-888-792-9291.