HARC
Canada’s First Long/Short Active Global Currency ETF
Despite being the largest and most liquid market in the world, the global currency market has traditionally been accessible to institutional investors only and is largely untapped by Canadian retail investors – as very few have the financial resources or expertise to access it directly. Horizons Absolute Return Global Currency ETF (HARC) provides investors with access to an institutional currency strategy managed by one of North America’s largest currency investors, CIBC Asset Management Inc.
Key Features
• 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
• 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, CIBC AM is one of the largest currency investment teams in North America1
• 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
• Tax efficient reinvestment. Net interest income from settlement of currency forwards is reflected in HARC’s net asset value (“NAV”) but is not expected to be paid out.
1Source: CIBC Asset Management Inc., as at May 31, 2020.
Investment Objective
HARC seeks 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.
Fund Details
Ticker
HARC
Inception Date
January 16, 2017
Net Assets ?
$62,506,854
As at January 26, 2023
Consolidated Prior Day Volume ?
7,719
For January 26, 2023
Average Daily Trading Volume Over a 12 Month Period ?
11,809
As at January 26, 2023
Exchange
Toronto Stock Exchange
Investment Manager
Horizons ETFs Management (Canada) Inc.
Eligibility
All Registered and Non-Registered Investment Accounts
Sub-Advisor
Management Fee
0.85%
(Plus applicable sales tax)
Management Expense Ratio ?
1.07%
As at June 30, 2022
Currency
CAD
Currency Hedging
N/A
LEI ?
549300G3ENI4XIIO6E31
The NAV chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made by the ETF, if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance chart and is not indicative of future NAV values which will vary.
The Growth of 10K chart above is based on the historical daily net asset value per unit (NAV) of the ETF, and represents the value of an initial investment into the ETF of $10,000 since its inception, on a total return basis. Distributions, if any, are treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses where paid by the fund. The chart is not a performance chart and is not indicative of future value which will vary.
Annualized Performance (%) *
| 1mo | 3mo | 6mo | YTD | 1 yr | 3 yr | 5 yr | 10 yr | SIR** | |
|---|---|---|---|---|---|---|---|---|---|
| Horizons Absolute Return Global Currency ETF | 0.05 | -1.14 | 2.59 | -0.84 | -0.84 | 0.48 | 0.91 | -- | 1.63 |
**Fund performance since inception on January 16, 2017, as at December 31, 2022
Calendar Year Performance (%) *
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|
|
Horizons Absolute Return Global Currency ETF |
-- | -- | -- | -3.87 | 7.29 | -0.20 | 2.50 | -0.84 |
Distributions
Distribution data is not currently available.
Top 10 Holdings
As at December 31, 2022| Security Name | Symbol | Long / Short | Absolute Exposure as a % of Net Assets |
|---|---|---|---|
| Indonesian Rupiah | IDR | L | 19.12 |
| British Pound | GBP | S | 18.99 |
| Indian Rupee | INR | L | 18.93 |
| Taiwan | TWD | S | 16.27 |
| Euro | EUR | S | 15.90 |
| Mexican Peso Forward | MXN | L | 14.97 |
| Canadian Dollar Forward | CAD | S | 13.47 |
| Offshore Chinese Renminbi | CNH | S | 13.20 |
| Brazilian Real Forward | BRL | L | 12.05 |
| Swiss Franc | CHF | L | 7.80 |
Education
Regulatory and Legal
Financial Reports
At a Glance
Canada’s First Long/Short Active Global Currency ETF
Despite being the largest and most liquid market in the world, the global currency market has traditionally been accessible to institutional investors only and is largely untapped by Canadian retail investors – as very few have the financial resources or expertise to access it directly. Horizons Absolute Return Global Currency ETF (HARC) provides investors with access to an institutional currency strategy managed by one of North America’s largest currency investors, CIBC Asset Management Inc.
Key Features
• 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
• 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, CIBC AM is one of the largest currency investment teams in North America1
• 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
• Tax efficient reinvestment. Net interest income from settlement of currency forwards is reflected in HARC’s net asset value (“NAV”) but is not expected to be paid out.
1Source: CIBC Asset Management Inc., as at May 31, 2020.
Product Facts
Investment Objective
HARC seeks 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.
Fund Details
Ticker
HARC
Inception Date
January 16, 2017
Net Assets ?
$62,506,854
As at January 26, 2023
Consolidated Prior Day Volume ?
7,719
For January 26, 2023
Average Daily Trading Volume Over a 12 Month Period ?
11,809
As at January 26, 2023
Exchange
Toronto Stock Exchange
Investment Manager
Horizons ETFs Management (Canada) Inc.
Eligibility
All Registered and Non-Registered Investment Accounts
Sub-Advisor
Management Fee
0.85%
(Plus applicable sales tax)
Management Expense Ratio ?
1.07%
As at June 30, 2022
Currency
CAD
Currency Hedging
N/A
LEI ?
549300G3ENI4XIIO6E31
The NAV chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made by the ETF, if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance chart and is not indicative of future NAV values which will vary.
The Growth of 10K chart above is based on the historical daily net asset value per unit (NAV) of the ETF, and represents the value of an initial investment into the ETF of $10,000 since its inception, on a total return basis. Distributions, if any, are treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder. The NAV values do contemplate management fees and other fund expenses where paid by the fund. The chart is not a performance chart and is not indicative of future value which will vary.
Performance & Distributions
Annualized Performance (%) *
| 1mo | 3mo | 6mo | YTD | 1 yr | 3 yr | 5 yr | 10 yr | SIR** | |
|---|---|---|---|---|---|---|---|---|---|
| Horizons Absolute Return Global Currency ETF | 0.05 | -1.14 | 2.59 | -0.84 | -0.84 | 0.48 | 0.91 | -- | 1.63 |
**Fund performance since inception on January 16, 2017, as at December 31, 2022
Calendar Year Performance (%)
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|---|---|
| Horizons Absolute Return Global Currency ETF | -- | -- | -- | -3.87 | 7.29 | -0.20 | 2.50 | -0.84 |
Distributions
Distribution data is not currently available.
Holdings
Top 10 Holdings
As at December 31, 2022| Security Name | Symbol | Long / Short | Absolute Exposure as a % of Net Assets |
|---|---|---|---|
| Indonesian Rupiah | IDR | L | 19.12 |
| British Pound | GBP | S | 18.99 |
| Indian Rupee | INR | L | 18.93 |
| Taiwan | TWD | S | 16.27 |
| Euro | EUR | S | 15.90 |
| Mexican Peso Forward | MXN | L | 14.97 |
| Canadian Dollar Forward | CAD | S | 13.47 |
| Offshore Chinese Renminbi | CNH | S | 13.20 |
| Brazilian Real Forward | BRL | L | 12.05 |
| Swiss Franc | CHF | L | 7.80 |
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