The Montréal Exchange (MX) announced the re-introduction of ETF option classes for two BetaPro inverse leveraged products on May 25, 2026, according to a member notice published by the Canadian Derivatives Clearing Corporation (CDCC).
The two ETFs affected are the BetaPro Natural Gas Inverse Leveraged Daily Bear ETF (HND) and the BetaPro Crude Oil Inverse Leveraged Daily Bear ETF (HOD). Both are leveraged products designed to deliver daily returns that correspond to the inverse performance of their respective commodity benchmarks.
The re-introduction means the option series on HND and HOD that were previously delisted will now be available again for listing and trading on MX starting on Wednesday, May 27, 2026.
How MX ETF options work
Each ETF option contract on MX represents 100 units of the underlying exchange-traded fund, though this can be adjusted for stock splits or distributions. The contracts are American style, meaning holders can exercise them at any point before expiry rather than only on the expiration date.
Exercise and settlement run through the CDCC, a wholly-owned subsidiary of MX that acts as the central clearing counterparty for exchange-traded derivative products in Canada.
Trading hours are 9:30 a.m. to 4:00 p.m. Each option class opens for trading when a trade occurs on its underlying ETF on a recognised Canadian exchange, or otherwise at 9:35 a.m.
The expiry cycle offers, at minimum, the nearest four consecutive months plus the next four months in the designated quarterly cycle of March, June, September, and December.
A recurring pattern
MX has carried out several similar re-introductions in recent months. The exchange’s notices page shows re-introductions of option classes on May 6, May 5, and March 24, 2026.
In December 2024, MX re-listed ETF option classes for two other BetaPro products, the BetaPro Canadian Gold Miners -2x Daily Bear ETF (HGD) and the BetaPro Natural Gas Leveraged Daily Bull ETF (HNU). That circular included contract details such as strike prices, margin intervals, and position limits.
The pattern suggests MX periodically delists and re-introduces option classes on leveraged ETFs as underlying liquidity or eligibility conditions change. CDCC sets the eligibility criteria that determine which ETFs can support listed options.
For traders using HND and HOD for short-term hedging or directional energy exposure, the restored option classes provide additional ways to manage exposure on these products.
