Horizons ETFs Management (Canada) Inc. and its affiliate, AlphaPro Management Inc. (collectively known as “Horizons ETFs”) announced the launch of the Horizons Global Currency Opportunities ETF in a July 19 news release.
Set to be traded under the ticker symbol “HGC” on the TSX, the new ETF was established to allow investors low-cost, actively managed exposure to worldwide currency markets. It will use financial instruments to gain exposure to selected global currencies.
“The $5.3-trillion currency market is one of the largest asset classes in the world and, as we've seen clearly over the last two years, FX has the potential to significantly impact returns,” explained Steve Hawkins, co-CEO of Horizons ETFs. “We are now offering Canadian investors access to this market with the launch of HGC, an investment solution that can further diversify their portfolio with the potential to improve overall risk-adjusted returns.”
HGC’s currency investments have been selected through an integrated quantitative and qualitative investment process by CIBC Asset Management Inc., which currently includes the ranking of 32 currencies worldwide. “We chose to partner with CIBC Asset Management on this ETF because of their diligent approach to selecting currency investments that have the potential for greater returns, without adding excess risk,” noted Mr. Hawkins.
HGC is the first ETF for which CIBC Asset Management has acted as sub-advisor.
“We are pleased to be selected to sub-advise the Horizons Global Currency Opportunities ETF,” declared David Scandiffio, president and CEO of CIBC Asset Management. “As a global leader in the currency management field, we have been working with institutional investors for over 20 years to create sophisticated currency management solutions. We are thrilled to bring our institutional currency capabilities to retail investors through Horizons ETFs.”
HGC’s initial offering of units has been closed, and units began trading upon the bourse’s opening on July 19.
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