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Horizons Equal Weight Banks Index ETF

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$0.2436
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Horizons Short-Term U.S. Treasury Premium Yield ETF

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$-0.05
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$-0.1074
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Horizons High Interest Savings ETF

Price
$50.00
$-0.20
-0.40%
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HMJI

BetaPro Marijuana Companies Inverse ETF

Investment Objective

HMJI is designed to provide daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to the single inverse (opposite) of the daily performance of the North American MOC Marijuana Index (TR). The Inverse ETF does not seek to achieve its stated investment objective over a period of time greater than one day.

In order to achieve its investment objective, the Inverse ETF may invest in equity securities, interest bearing accounts and T-Bills and/or other financial instruments, including derivatives.

 

Important Risk Considerations

HMJI is very different from most other exchange-traded funds, and is permitted to use strategies generally prohibited by conventional mutual funds. While such strategies will only be used in accordance with the investment objective and strategy of the ETF, during certain market conditions they may accelerate the risk that an investment in the Units of the ETF decreases in value.

HMJI, before fees and expenses, does not and should not be expected to return the inverse (e.g. -100%) of the return of its Underlying Index over any period of time other than daily.

The returns of HMJI over periods longer than one day will, under most market conditions, be in the opposite direction from the performance of its Underlying Index for the same period. However, the deviation of returns of HMJI from the inverse performance of its Underlying Index can be expected to become more pronounced as the volatility of HMJI’s Underlying Index, and/or the period of time increases.

Hedging costs charged to an ETF reduce the value of the forward price payable to that ETF. Due to the high cost of borrowing the securities of marijuana companies, the hedging costs charged to HMJI and indirectly borne by Unitholders are anticipated to be material.

Although the hedging costs of HMJI are assessed on a monthly basis to reflect the current market conditions, these hedging costs are expected to materially reduce the daily returns of HMJI to Unitholders and to materially impair the ability of HMJI to meet its investment objectives. Currently, Horizons ETFs Management (Canada) Inc. (the “Manager”) anticipates that, in respect of HMJI, based on existing market conditions, the hedging costs charged to HMJI and indirectly 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 beyond this range.

Although the Manager does not, as of the date of this prospectus, anticipate suspending subscriptions for new Units, it is possible that due to a Counterparty’s difficulties and costs associated with shorting the securities of constituent issuers, including the potential inability of a Counterparty to borrow securities of constituent issuers in order to “short” such issuers, HMJI will be subject to the risk that one or more Counterparties could refuse to increase the ETF’s existing notional exposure under the current Forward Documents. If the ETF cannot increase its notional exposure under the Forward Documents, the Manager will accordingly suspend new subscriptions for Units of HMJI until such time as the Manager can increase the notional exposure under the Forward Documents. During a period of suspended subscriptions, investors should note that Units of HMJI are expected to trade at a premium or substantial premium to NAV. In such cases, investors are strongly discouraged from purchasing Units of HMJI on a stock exchange. Any suspension of subscriptions will be announced by press release and on the Manager’s website. The suspension of subscriptions, if any, will not affect the ability of existing Unitholders to sell their Units in the secondary market at a price reflective of the NAV per Unit. See “Significant Hedging Cost Risk and Risk of Suspended Subscriptions (HMJI)” in the prospectus.

Investors should read the prospectus to understand the risks, and monitor their investments in the ETF at least daily.

 

Fund Details

Ticker
HMJI
Inception Date
May 23, 2019
Net Assets ?
$3,362,502
As at  November 29, 2023
Consolidated Prior Day Volume ?
3 103
For  November 30, 2023
Average Daily Trading Volume Over a 12 Month Period ?
625
As at  November 30, 2023
Exchange
Toronto Stock Exchange
Investment Manager
Horizons ETFs Management (Canada) Inc.
Eligibility
All Registered and Non-Registered Investment Accounts
Bloomberg Index Ticker
BAMMART
Management Fee
1.45%
(Plus applicable sales taxes)
Management Expense Ratio ?
2.06%
As at June 30, 2023
Currency
CAD
Currency Hedging
Seeks to hedge the U.S. dollar value of its portfolio to the Canadian dollar at all times
LEI ?
549300FQB5PSGO7WAD76
Current Hedging Cost
14.5882%
(As at October 31, 2023)
NAV / Unit
$29.9422
Price
$31.68
Premium Discount
$1.74
Premium Discount Percentage
5.49%
Outstanding Shares
108,070

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**
BetaPro Marijuana Companies Inverse ETF 20.94 29.01 46.69 61.92 110.52 15.43 -- -- 29.16

**Fund performance since inception on May 23, 2019, as at October 31, 2023

Calendar Year Performance (%) *

2015 2016 2017 2018 2019 2020 2021 2022

BetaPro Marijuana Companies Inverse ETF

-- -- -- -- -- -28.92 -19.51 86.69

The Inception Date shown is the inception date of the predecessor ETF of the same name which was structured as a trust. On November 27, 2019, after receiving unitholder approval, the predecessor ETF merged into a class of shares of a corporate fund structure. In accordance with exemptive relief, the data of the ETF presented here includes the historical data of the predecessor ETF in order to provide full disclosure of the ETF’s data.

Distributions

Distribution data is not currently available.

Top 10 Index Holdings

As at September 30, 2023
Security Name Weight
Chart Industries Inc 10.37%
Tilray Brands Inc 9.95%
Jazz Pharmaceuticals PLC 9.72%
MyMD Pharmaceuticals Inc 6.96%
Flora Growth Corp 6.32%
Corbus Pharmaceuticals Holdings Inc 6.28%
22nd Century Group Inc 6.17%
Cardiol Therapeutics Inc Cl A 6.13%
Terrascend Corp 6.07%
SNDL Inc 5.72%

(Plus applicable sales tax)

At a Glance

Investment Objective

HMJI is designed to provide daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to the single inverse (opposite) of the daily performance of the North American MOC Marijuana Index (TR). The Inverse ETF does not seek to achieve its stated investment objective over a period of time greater than one day.

In order to achieve its investment objective, the Inverse ETF may invest in equity securities, interest bearing accounts and T-Bills and/or other financial instruments, including derivatives.

 

Important Risk Considerations

HMJI is very different from most other exchange-traded funds, and is permitted to use strategies generally prohibited by conventional mutual funds. While such strategies will only be used in accordance with the investment objective and strategy of the ETF, during certain market conditions they may accelerate the risk that an investment in the Units of the ETF decreases in value.

HMJI, before fees and expenses, does not and should not be expected to return the inverse (e.g. -100%) of the return of its Underlying Index over any period of time other than daily.

The returns of HMJI over periods longer than one day will, under most market conditions, be in the opposite direction from the performance of its Underlying Index for the same period. However, the deviation of returns of HMJI from the inverse performance of its Underlying Index can be expected to become more pronounced as the volatility of HMJI’s Underlying Index, and/or the period of time increases.

Hedging costs charged to an ETF reduce the value of the forward price payable to that ETF. Due to the high cost of borrowing the securities of marijuana companies, the hedging costs charged to HMJI and indirectly borne by Unitholders are anticipated to be material.

Although the hedging costs of HMJI are assessed on a monthly basis to reflect the current market conditions, these hedging costs are expected to materially reduce the daily returns of HMJI to Unitholders and to materially impair the ability of HMJI to meet its investment objectives. Currently, Horizons ETFs Management (Canada) Inc. (the “Manager”) anticipates that, in respect of HMJI, based on existing market conditions, the hedging costs charged to HMJI and indirectly 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 beyond this range.

Although the Manager does not, as of the date of this prospectus, anticipate suspending subscriptions for new Units, it is possible that due to a Counterparty’s difficulties and costs associated with shorting the securities of constituent issuers, including the potential inability of a Counterparty to borrow securities of constituent issuers in order to “short” such issuers, HMJI will be subject to the risk that one or more Counterparties could refuse to increase the ETF’s existing notional exposure under the current Forward Documents. If the ETF cannot increase its notional exposure under the Forward Documents, the Manager will accordingly suspend new subscriptions for Units of HMJI until such time as the Manager can increase the notional exposure under the Forward Documents. During a period of suspended subscriptions, investors should note that Units of HMJI are expected to trade at a premium or substantial premium to NAV. In such cases, investors are strongly discouraged from purchasing Units of HMJI on a stock exchange. Any suspension of subscriptions will be announced by press release and on the Manager’s website. The suspension of subscriptions, if any, will not affect the ability of existing Unitholders to sell their Units in the secondary market at a price reflective of the NAV per Unit. See “Significant Hedging Cost Risk and Risk of Suspended Subscriptions (HMJI)” in the prospectus.

Investors should read the prospectus to understand the risks, and monitor their investments in the ETF at least daily.

 

Product Facts

Fund Details

Ticker
HMJI
Inception Date
May 23, 2019
Net Assets ?
$3,362,502
As at  November 29, 2023
Consolidated Prior Day Volume ?
3 103
ForNovember 30, 2023
Average Daily Trading Volume Over a 12 Month Period ?
625
As at  November 30, 2023
Exchange
Toronto Stock Exchange
Investment Manager
Horizons ETFs Management (Canada) Inc.
Eligibility
All Registered and Non-Registered Investment Accounts
Bloomberg Index Ticker
BAMMART
Management Fee
1.45%
(Plus applicable sales taxes)
Management Expense Ratio ?
2.06%
 As at June 30, 2023
Currency
CAD
Currency Hedging
Seeks to hedge the U.S. dollar value of its portfolio to the Canadian dollar at all times
LEI ?
549300FQB5PSGO7WAD76
Current Hedging Cost
14.5882%
(As at October 31, 2023)
NAV / Unit
$29.9422
Price
$31.68
Premium Discount
$1.74
Premium Discount Percentage
5.49%
Outstanding Shares
108,070

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**
BetaPro Marijuana Companies Inverse ETF 20.94 29.01 46.69 61.92 110.52 15.43 -- -- 29.16

**Fund performance since inception on May 23, 2019, as at October 31, 2023

Calendar Year Performance (%)

2015 2016 2017 2018 2019 2020 2021 2022
BetaPro Marijuana Companies Inverse ETF -- -- -- -- -- -28.92 -19.51 86.69

The Inception Date shown is the inception date of the predecessor ETF of the same name which was structured as a trust. On November 27, 2019, after receiving unitholder approval, the predecessor ETF merged into a class of shares of a corporate fund structure. In accordance with exemptive relief, the data of the ETF presented here includes the historical data of the predecessor ETF in order to provide full disclosure of the ETF’s data.

Distributions

Distribution data is not currently available.

Holdings

Top 10 Index Holdings

As at September 30, 2023
Security Name Weight
Chart Industries Inc 10.37%
Tilray Brands Inc 9.95%
Jazz Pharmaceuticals PLC 9.72%
MyMD Pharmaceuticals Inc 6.96%
Flora Growth Corp 6.32%
Corbus Pharmaceuticals Holdings Inc 6.28%
22nd Century Group Inc 6.17%
Cardiol Therapeutics Inc Cl A 6.13%
Terrascend Corp 6.07%
SNDL Inc 5.72%

(Plus applicable sales tax)

Related Posts

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