Toronto, Ontario – April 2, 2020 - Auspice Capital Advisors Ltd. (“Auspice”) is providing an update in respect of the previously announced termination of the Canadian Crude Oil Index ETF (“CCX”), which trades on the Toronto Stock Exchange (the “TSX”) under the ticker symbol CCX, on or about May 22, 2020, and the delisting of units of CCX from the TSX on or about May 19, 2020.
As previously indicated, in accordance with applicable securities laws, no further direct subscriptions for units of CCX have been permitted since March 12, 2020.
AUSPICE IS CONCERNED THAT INVESTORS ARE BUYING UNITS OF CCX ON THE TSX AT A TRADING PRICE PER UNIT OF CCX THAT IS WELL ABOVE THE NET ASSET VALUE (“NAV”) PER UNIT OF CCX.
As indicated below, the trading price per unit of CCX is materially higher than the actual NAV per unit of CCX.
As no new direct subscriptions for units of CCX have been permitted since March 12, 2020 as indicated above, Auspice is unable to address this discrepancy between CCX’s trading price and its NAV.
Investors should be wary of buying units of CCX on the TSX as any investors holding units of CCX when it is terminated on May 22, 2020 will only receive the NAV per unit of CCX at that time and not the last trading price per unit of CCX. This may mean an investor could suffer a significant loss of their investment depending on when they bought their units of CCX.
Auspice will continue to monitor the situation and will provide additional updates as it believes are necessary.
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.