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HEA $15.36
Change $-0.02 -0.13%
Volume 1675
Last Close $15.38
Prices delayed by 15 minutes. Last trade: Oct 23, 2019 05:15 PM
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HEA
January 15, 2014
28,871,984 (as at 2019-10-22)
14,924 (for 2019-10-22)
2,628 (as at 2019-09-30)
Toronto Stock Exchange
Horizons ETFs Management (Canada) Inc.
All Registered and Non-Registered Accounts
CA44049W1005
0.65% (plus applicable sales tax)
CAD
549300GWB73M3TT1WP12
Found In
Active
Covered Call
The investment objective of Horizons HEA is to provide Unitholders with: (a) exposure to the performance of an equal weighted portfolio of large capitalization U.S. companies; and (b) monthly U.S. dollar distributions of dividend and call option income. Horizons HEA will invest primarily in a portfolio of equity and equity related securities of U.S. companies that, as at the Constituent Reset Date, are amongst the largest by market capitalization and most liquid issuers on the New York Stock Exchange (the “NYSE”) or the NASDAQ Stock Market (“NASDAQ”). Horizons HEA will rebalance, on an equal weight basis, the portfolio of constituent securities on each Constituent Reset Date. Horizons HEA will not to seek to hedge its exposure to the U.S. dollar back to the Canadian dollar. To mitigate downside risk and generate income, Horizons HEA will generally write covered call options on 100% of the portfolio securities. The level of covered call option writing may vary based on market volatility and other factors.
**Performance since inception on January 15, 2014, as at September 30, 2019
as at September 30, 2019
Most Recent Distribution per Unit : 0.05223
Estimated Annualized Yield : 5.35%
12-Month Trailing Yield: 5.66%
Distribution Frequency : Monthly
Record Date: 2019-09-30
Nav/Unit: $15.37180
Price: $15.38
Premium Discount: $0.01
Premium Discount Percentage: 0.05%
as at October 22, 2019
To achieve its investment objective Horizons HEA primarily invests in an equal weighted portfolio of large capitalization U.S. companies. Semi-annually, on the Constituent Reset Date, the Investment Manager will select from the largest and most liquid U.S. companies listed on the NYSE or the NASDAQ and will invest Horizons HEA in each issuer equally. Horizons HEA will rebalance, on an equal weight basis, the portfolio of constituent securities on each Constituent Reset Date. The number of issuers included in the portfolio may change on a Constituent Reset Date. Between Constituent Reset Dates, the allocation between each of these constituent securities will change due to market movement and the Investment Manager will typically not re-allocate, include or exclude issuers from Horizons HEA’s portfolio until its next rebalance date or Constituent Reset Date, other than when, in the opinion of the Investment Manager, circumstances necessitate a change (e.g. insufficient liquidity of an issuer’s options). To mitigate downside risk and generate income, the Investment Manager actively manages a covered call strategy that will generally write out of the money covered call options on 100% of the portfolio securities.
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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.