NEW YORK--(BUSINESS WIRE)--Today, Horizons ETFs Management (US) LLC (the "Firm") announced that the Horizons S&P 500® Covered Call ETF (the “Fund”) has officially been reorganized as a series of the Horizons ETF Trust I. The Fund will maintain its listing on NYSE Arca under the ticker symbol HSPX.
The Fund, initially launched as a series of Exchange Listed Funds Trust, joins the Horizons family of ETFs, which includes BullMark LatAm Select Leaders ETF (BMLA), Horizons DAX Germany ETF (DAX), Horizons NASDAQ 100 Covered Call ETF (QYLD), and Horizons USA Managed Risk ETF (USMR).
The reorganization, which follows the Firm’s purchase of Recon Capital’s ETF business in early 2017, is part of the Firm’s larger effort to streamline its business and build out a suite of exchange-traded products that leverage the Firm’s in-house expertise. The migration of the Fund to the Horizons ETF Trust I did not result in any change in expense ratio for the Fund when compared to its expense ratio as a series of the Exchange Listed Funds Trust.
In addition, shareholders should expect continuity in their investment experience because the Fund’s investment objective and strategies did not change: the Fund seeks to provide investment results that, before fees and expenses, generally correspond to the performance of the Horizons S&P 500® Stock Covered Call Index.
Horizons ETFs Management (US) LLC is the new investment adviser to the Fund. The fund’s portfolio managers, who held that role in a sub-adviser capacity before the reorganization, remain in place. The fund will no longer have a sub-adviser.
About the Horizons ETFs Group (www.HorizonsETFs.com)
Horizons ETFs Management (US) LLC is a member of the Horizons ETFs Group. The Horizons ETFs Group consists of innovative financial services companies offering regional families of ETFs in Canada, Korea, Hong Kong, Australia, the United States and Colombia. Currently, all of the ETFs offered by these companies use the Horizons ETFs’ brand with the exception of the “BetaShares” family of ETFs in Australia and the ‘Mirae Asset Tiger ETFs’ family in Korea. With approximately US$14.6 billion in assets under management and 227 ETF listings worldwide (as of May 31, 2017), the Horizons ETFs Group makes up one of the largest collective families of ETFs in the world. All of the Horizons ETFs Group companies and affiliates are subsidiaries of Mirae Asset Global Investments Co., Ltd.
About Mirae Asset Global Investments (www.MiraeAsset.com)
Mirae Asset Global Investments is one of the world’s largest investment managers in emerging market equities. With approximately 670 employees, including 152 dedicated investment professionals, Mirae Asset offers a breadth of emerging markets expertise. Mirae Asset’s offices are located in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the U.K., the United States and Vietnam. Headquartered in Seoul, South Korea, the firm manages US$100.5 billion in assets globally (as of March 31, 2017) through a diversified platform to offer market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, such as real estate, private equity and hedge funds. Mirae Asset Global Investments (USA) LLC is focused on providing equity and fixed income investment advisory services to mutual funds, foreign investment trusts and institutions.
Exchange Traded Fund investing involves risk, including loss of principal.
Before investing you should carefully consider each Funds’ investment objectives, risks, charges and expenses. This and other information is in their respective prospectus which can be found at www.horizonsetfs.com (HSPX) and www.reconfunds.com (DAX, QYLD, USMR, & BMLA). Please read the prospectus carefully before you invest. Distributor: Foreside Fund Services, LLC.
Individual shares of the Horizons-branded exchange traded funds (the “Funds”) may be purchased or sold in the secondary market throughout the regular trading day. However, shares of HSPX are not individually redeemable directly from the Funds. Each Fund issues and redeems shares on a continuous basis, at NAV, only in blocks of at least 50,000 shares (“Creation Units”), principally in-kind for securities included in the relevant Index. Recon Funds’ Shares are bought and sold at market price (not NAV), are not individually redeemable, and owners of the Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations only, consisting of 50,000 Shares. Brokerage commissions will reduce returns.