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HARC $19.08
Change $-0.12 -0.62%
Volume 500
Last Close $19.20
Prices delayed by 15 minutes. Last trade: Apr 03, 2020 05:15 PM
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HARC
January 16, 2017
18,647,244 (as at 2020-04-03)
878 (for 2020-04-03)
5,744 (as at 2020-02-29)
Toronto Stock Exchange
Horizons ETFs Management (Canada) Inc.
All Registered and Non-Registered Accounts
CIBC Asset Management Inc.
0.95% (plus applicable sales tax)
1.09% (AS AT 2020-03-31)
CAD
549300G3ENI4XIIO6E31
Found In
Active
Currency
The investment objective of HARC is to seek to generate positive absolute returns through long and short exposure to selected global currencies. HARC will generally hold Canadian short-term fixed-income securities and will primarily use derivative instruments to gain its exposure to selected global currencies.
**Performance since inception on January 16, 2017, as at March 31, 2020
as at February 29, 2020
Absolute Leverage (Notional Exposure / ETF NAV) 2.0401:1
Nav/Unit: $19.28360
Price: $19.08
Premium Discount: $-0.20
Premium Discount Percentage: -1.06%
Outstanding Shares: 967,000
as at April 3, 2020
• The only long/short global currency ETF in Canada: HARC gives investors both long- and short-position access to the world’s largest securities market, paired with the expertise of a world-class currency management team • Direct exposure to currencies: In the past five years, currencies have contributed to approximately 30% of the annualized total return on an S&P 500® investment by a Canadian investor* • Non-correlated returns: Currency returns tend to be driven by factors that are distinct from those of traditional asset classes • Absolute returns: HARC seeks to generate positive returns in all market conditions • A high level of expertise: With $32 billion in currency related assets under management, HARC’s sub-advisor (CIBC Asset Management Inc.) is one of the largest currency investment teams in North America** • Leverage: HARC may be exposed to leverage. Under normal market conditions, the maximum amount of leverage used, expressed as a ratio of total underlying notional value of the securities and/or financial derivative positions, divided by the net assets, will generally not exceed 3:1
* Source: Bloomberg, for the five-year period ending December 30, 2016. ** Source: CIBC Asset Management Inc., as at November 1, 2016.
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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 shares 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 10.00% and 45.00% 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.