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HAD $10.35
Change $0.03 +0.29%
Volume 3850
Last Close $10.32
Prices delayed by 15 minutes. Last trade: Oct 23, 2019 05:15 PM
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HAD
October 10, 2012
67,649,053 (as at 2019-10-22)
6,476 (for 2019-10-22)
22,955 (as at 2019-09-30)
Toronto Stock Exchange
Horizons ETFs Management (Canada) Inc.
All Registered and Non-Registered Accounts
Fiera Capital Corporation
0.42% (plus applicable sales tax)
CAD
549300CTUHFB15E8FJ98
Found In
Active
Fixed Income
The investment objective of Horizons HAD is to seek long-term returns primarily through maximized interest income and moderate capital appreciation. Horizons HAD invests primarily in a portfolio of high-quality Canadian fixed income securities denominated in Canadian dollars including government and corporate bonds.
**Performance since inception on October 10, 2012, as at September 30, 2019
★ ★ ★ ★ ★ star Overall Morningstar Rating™1
★ ★ ★ ★ star 3-Year Morningstar Rating™1
★ ★ ★ ★ ★ star 5-Year Morningstar Rating™2
1 Ratings are based out of 463 funds in the Canadian Fixed Income Morningstar category as at 30/09/2019. 2 Ratings are based out of 351 funds in the Canadian Fixed Income Morningstar category as at 30/09/2019.
Morningstar, Inc. rates mutual funds and ETFs from 1 to 5 stars based on an objective mathematical evaluation of past performance (after adjusting for risk and accounting for sales charges) in comparison to similar funds and ETFs. Every fund is rated versus its category peers over the following discrete periods: three years, five years, and ten years (Morningstar, Inc. does not calculate one year ratings). The performance that corresponds to this (these) rating(s) and rating period(s) is shown on this product page. Funds are rated on a curve, with the top 10% and bottom 10% of risk-adjusted performers in each category receiving one star and five stars, respectively. The next 22.5% at each end of the scale receive two stars and four stars, respectively, whilst the middle 35% receive three stars. The Overall Morningstar Rating is a weighted average of the ratings for all rated periods. The Overall Ratings view the funds as long-term investment vehicles and therefore puts the most emphasis on longer time-periods. For a fund with 10 years of history, a 50% weight is put on the 10-year rating period, a 30% weight on the five-year rating period, and a 20% weight on the three-year rating period. For a fund with five years of history, a 60% weight is put on the five-year rating period, and a 40% weight on the three-year rating period. For a fund with 3 years of history, the Overall Rating will have a 100% weight on the three-year rating period. Funds and ETFs are rated monthly and those with less than three years of history are not rated. The ratings can change monthly and are a useful tool for identifying funds and ETFs worthy of further research, but should not be considered buy or sell signals. For more information see www.morningstar.com. Past performance is no guarantee of future results.
as at September 30, 2019
Most Recent Distribution per Unit : 0.01936
Estimated Annualized Yield : 2.24%
12-Month Trailing Yield: 2.35%
Distribution Frequency : Monthly
Record Date: 2019-09-30
Nav/Unit: $10.33030
Price: $10.32
Premium Discount: $-0.01
Premium Discount Percentage: -0.10%
Outstanding Shares: 6,548,600
as at October 22, 2019
Weighted Average Duration: 8.9
Average Credit Quality: A+
Weighted Average Coupon: 2.89
Weighted Average Yield to Maturity: 2.05
To achieve Horizons HAD's investment objectives, the ETF's Sub-Advisor uses research on Canadian economic conditions and their impact on interest rates to select fixed income securities that, based on the Sub-Advisor's view, are believed to offer superior risk adjusted returns relative to passively managed Canadian bond indices. When the Sub-Advisor believes that interest rates will increase, the Sub-Advisor may choose securities with shorter terms and when the Sub-Advisor believes that interest rates will decrease, the Sub-Advisor may choose securities with longer terms.
Horizons HAD will be substantially invested at all times in a portfolio primarily composed of Canadian federal and provincial government bonds, Canadian corporate bonds and municipal bonds. Horizons HAD may also from time-to-time invest in foreign government, foreign government-backed and corporate bonds denominated in Canadian dollars and certain high quality asset-backed securities.
Horizons HAD will not invest in bonds denominated in currencies other than the Canadian Dollar.
Horizons HAD may from time to time also use both long and short futures contracts and forwards to manage its duration objective and hedge any resulting non-Canadian currency exposure to the Canadian Dollar.
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Commissions, management fees and expenses all may be associated with an investment in exchange traded products managed by Horizons ETFs Management (Canada) Inc. (the "Horizons Exchange Traded Products"). The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the Horizons Exchange Traded Products. Please read the relevant prospectus before investing. The Horizons Exchange Traded Products include our BetaPro products (the “BetaPro Products”). The BetaPro Products are alternative mutual funds within the meaning of National Instrument 81-102 Investment Funds, and are permitted to use strategies generally prohibited by conventional mutual funds: the ability to invest more than 10% of their net asset value in securities of a single issuer, to employ leverage, and engage in short selling to a greater extent than is permitted in conventional mutual funds. While these strategies will only be used in accordance with the investment objectives and strategies of the BetaPro Products, during certain market conditions they may accelerate the risk that an investment in units of a BetaPro Product decreases in value. The BetaPro Products consist of our 2x Daily Bull and 2x Daily Bear ETFs (“2x Daily ETFs”), Inverse ETFs (“Inverse ETFs”) and our BetaPro S&P 500 VIX Short-Term Futures™ ETF (the “VIX ETF”). Included in the 2x Daily ETFs and the Inverse ETFs are the BetaPro Marijuana Companies 2x Daily Bull ETF (“HMJU”) and BetaPro Marijuana Companies Inverse ETF (“HMJI”), which track the North American MOC Marijuana Index (NTR) and North American MOC Marijuana Index (TR), respectively. The 2x Daily ETFs and certain other BetaPro Products use leveraged investment techniques that can magnify gains and losses and may result in greater volatility of returns. These BetaPro Products are subject to leverage risk and may be subject to aggressive investment risk and price volatility risk, among other risks, which are described in their respective prospectuses. Each 2x Daily ETF seeks a return, before fees and expenses, that is either 200% or –200% of the performance of a specified underlying index, commodity futures index or benchmark (the “Target”) for a single day. Each Inverse ETF seeks a return that is –100% of the performance of its Target. Due to the compounding of daily returns a 2x Daily ETF’s or Inverse ETF’s returns over periods other than one day will likely differ in amount and, particularly in the case of the 2x Daily ETFs, possibly direction from the performance of their respective Target(s) for the same period. Hedging costs charged to BetaPro Products reduce the value of the forward price payable to that ETF. Due to the high cost of borrowing the securities of marijuana companies in particular, the hedging costs charged to HMJI are expected to be material and are expected to materially reduce the returns of HMJI to unitholders and materially impair the ability of HMJI to meet its investment objectives. Currently, the manager expects the hedging costs to be charged to HMJI and borne by unitholders will be between 15.00% and 35.00% per annum of the aggregate notional exposure of HMJI’s forward documents. The hedging costs may increase above this range. The manager will publish, on its website, the updated monthly fixed hedging cost for HMJI for the upcoming month as negotiated with the counterparty to the forward documents, based on the then current market conditions. The VIX ETF, which is a 1x ETF, as described in the prospectus, is a speculative investment tool that is not a conventional investment. The VIX ETF’s Target is highly volatile. As a result, the VIX ETF is not intended as a stand-alone long-term investment. Historically, the VIX ETF’s Target has tended to revert to a historical mean. As a result, the performance of the VIX ETF’s Target is expected to be negative over the longer term and neither the VIX ETF nor its target is expected to have positive long-term performance. Investors should monitor their holdings in BetaPro Products and their performance at least as frequently as daily to ensure such investment(s) remain consistent with their investment strategies. *The indicated rates of return are the historical annual compounded total returns including changes in per unit value and reinvestment of all dividends or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. The rates of return shown in the table are not intended to reflect future values of the ETF or returns on investment in the ETF. Only the returns for periods of one year or greater are annualized returns.