HAP Nexus Hedge Fund Replication Trust

Size: px
Start display at page:

Download "HAP Nexus Hedge Fund Replication Trust"

Transcription

1 Annual Report December 31, 2016 ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours.

2 Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of Fund Performance...1 Financial Highlights...7 Past Performance...10 Summary of Investment Portfolio MANAGER S RESPONSIBILITY FOR FINANCIAL REPORTING...14 INDEPENDENT AUDITORS REPORT...15 FINANCIAL STATEMENTS Statements of Financial Position...16 Statements of Comprehensive Income...17 Statements of Changes in Financial Position...18 Statements of Cash Flows...19 Schedule of Investments...20 Notes to Financial Statements...22

3 Letter from the President and Co-CEO: It was another noteworthy year in 2016 for both Horizons ETFs Management (Canada) Inc. ( Horizons ETFs ) and the Canadian ETF industry. The industry surpassed $100 billion in assets under management ( AUM ) with now more than 400 ETF listings. Meanwhile, our AUM surpassed $7.0 billion and we launched 10 new ETFs, giving us a total of 76 different tools available for our clients. It was gratifying that this success was spread out across all three of our ETF line-ups which include our benchmark index ETFs, actively managed ETFs and BetaPro ETFs for tactical investors. With the evolution of the investment landscape in Canada bringing greater fee transparency and fewer tax-efficient products available to the retail investor, we ve focused on expanding our line-up of Total Return Index ( TRI ) ETFs. This includes the launch of the Horizons Cdn High Dividend Index ETF ( HXH ), the Horizons NASDAQ-100 Index ETF ( HXQ ) and the Horizons EURO STOXX 50 Index ETF ( HXX ), which is the first ETF of its kind in Canada to provide investors with low-cost, tax-efficient exposure to the performance of 50 of the largest sector-leading companies in Europe. Along with these new offerings, we lowered the cost of the Horizons S&P 500 Index ETF ( HXS ), reducing its management fee from 0.15% to 0.10%. We also launched currency hedged versions of popular U.S.-focused index strategies, including the Horizons S&P 500 CAD Hedged Index ETF ( HSH ) and the Horizons US 7-10 Year Treasury Bond CAD Hedged ETF ( HTH ), which give investors access to U.S. asset classes with a hedge to protect returns from currency volatility between the Canadian and U.S. dollars. While most equity markets finished the year on a positive note something which has certainly helped the growth of our benchmark suite of index-replicating ETFs fixed income investors had a more difficult year in For the first time in more than a generation, we may be looking at a period of prolonged rising rather than falling interest rates. November was the worst month on record for bond losses globally, according to Bloomberg, as markets digested the unexpected results and ramifications of the U.S. presidential election. We believe that our low-cost family of actively managed fixed income ETFs have the flexibility to reduce duration and take advantage of these potentially seismic changes in the fixed income market. One of the primary beneficiaries of rising rates, for example, was in the Canadian preferred share asset class. The Horizons Active Preferred Share ETF ( HPR ) has been the top asset-gatherer in the preferred share space in Canada this year and was our top-selling actively managed ETF for the calendar year. HPR now has a solid six-year track record that demonstrates the value of active management in this asset class. Regardless of the direction of markets or interest rates, we have ETF solutions that allow investors of all types to customize their portfolio exposure. Markets do change, sometimes quickly, and our family of ETFs gives investors the tools they need to help meet their objectives. For more information on all our strategies, please visit our website at where we offer a range of resources designed to help you become a more skilled ETF investor. Thank you for your continued support and wishing you strong returns in 2017, Steven J. Hawkins, President & Co-CEO Horizons ETFs Management (Canada) Inc.

4 MANAGEMENT REPORT OF FUND PERFORMANCE This annual management report of fund performance for (the Fund ) contains financial highlights and is included with the audited annual financial statements for the investment fund. You may request a copy of the Fund s unaudited interim or audited annual financial statements, interim or annual management report of fund performance, current proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosures, at no cost, from the Fund s manager, AlphaPro Management Inc. ( AlphaPro or the Manager ), by calling toll free , or locally (416) , by writing to us at: 26 Wellington Street East, Suite 700, Toronto ON, M5E 1S2, or by visiting our website at or SEDAR at This document may contain forward-looking statements relating to anticipated future events, results, circumstances, performance, or expectations that are not historical facts but instead represent our beliefs regarding future events. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions and other forward-looking statements will not prove to be accurate. We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed or implied in the forward-looking statements. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including but not limited to market and general economic conditions, interest rates, regulatory and statutory developments, and the effects of competition in the geographic and business areas in which the Fund may invest and the risks detailed from time to time in the Fund s prospectus. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors. We caution that the foregoing list of factors is not exhaustive, and that when relying on forward-looking statements to make decisions with respect to investing in the Fund, investors and others should carefully consider these factors, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. Due to the potential impact of these factors, the Manager does not undertake, and specifically disclaims, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Management Discussion of Fund Performance Investment Objective and Strategies The Fund s investment objective is to seek to acquire a currency hedged portfolio of futures contracts, money market instruments, exchange traded funds ( ETFs ) and cash that endeavours to replicate, to the best of its ability, the performance of the Morningstar Broad Hedge Fund Index (the Hedge Fund Index ), hedged to the Canadian dollar, net of expenses. The Fund does not invest, directly or indirectly, in the constituent hedge funds comprising the Hedge Fund Index. In order to achieve its investment objectives, the Fund seeks to track the performance of the Hedge Fund Index by using the Nexus Hedge Fund Index Replication Strategy (the Replication Strategy ). The Replication Strategy is a factor-based index replication method which uses statistical models to estimate the net exposure of the Hedge Fund Index s components to its main return-generating factors, which usually correspond to the main asset classes available on financial markets. National Bank of Canada ( NBC or the Replication Strategy Weightings Provider ) owns rights to use the Replication Strategy which will be implemented by the Fund s investment manager, Horizons ETFs Management (Canada) Inc. ( Horizons Management or the Investment Manager ). The Manager licenses use of the Replication Strategy from NBC. The Fund will use derivatives, including futures contracts and forwards, for hedging purposes. The Fund will be primarily invested in a basket of liquid futures contracts, money market instruments, cash, and, from time to time, ETFs. 1

5 Management Discussion of Fund Performance (continued) The Morningstar Broad Hedge Fund Index The Hedge Fund Index is a rules-based, asset-weighted index based on the largest and broadest hedge fund database in the hedge fund industry. The Hedge Fund Index is designed to capture the performance and behaviour of the most liquid hedge funds offering exposure to a wide spectrum of core and category hedge fund strategies. The Hedge Fund Index is comprised of between 600 and 800 U.S. based hedge funds from a universe of more than 7,000 single strategy and fundof-fund hedge funds. Many hedge funds have high initial investment requirements and long hold periods, both of which make it difficult for any investor to purchase and maintain a portfolio that holds all of the hedge funds listed in the Hedge Fund Index. As a result, the Hedge Fund Index is considered to be an un-investible index. Please refer to the Fund s prospectus and most recent annual information form for a complete explanation of the Fund s investment restrictions. Risk The Manager performs a review of the Fund s risk rating at least annually, as well as when there is a material change in the Fund s investment objective or investment strategies. The current risk rating for the Fund is: low to medium. Risk ratings are determined based on the historical volatility of the Fund as measured by the standard deviation of its performance against its mean. The risk categorization of the Fund may change over time and historical volatility is not indicative of future volatility. Generally, a risk rating is assigned to the ETF based on the historical rolling ten-year standard deviation of its return, the return of an underlying index, or of an applicable proxy index. In cases where the Manager believes that this methodology produces a result that is not indicative of the Fund s future volatility, the risk rating may be determined by the Fund s category. Risk ratings are not intended for use as a substitute for undertaking a proper and complete suitability or financial assessment by an investment advisor. Investments in the units of the Fund are speculative, involve a degree of risk and are suitable only for persons who are able to assume the risk of losing their entire investment. The Manager, as a summary for existing investors, is providing the list below of the risks to which an investment in the Fund may be subject. Prospective investors should read the Fund s prospectus and consider the full description of the risks contained therein before purchasing units. The risks to which an investment in the Fund is subject are listed below and have not changed from the list of risks found in the Fund s prospectus. A full description of each risk listed below may also be found in the prospectus. The prospectus is available at or from or by contacting AlphaPro Management Inc. directly via the contact information on the back page of this document. 2 Inability to achieve investment objective Risks relating to index Replication Strategy Leverage risk Purpose of the Replication Index and Replication Strategy Risks relating to use of derivatives Calculation, or termination, of the Hedge Fund Index Reliance on key personnel Tax-related risks Foreign security risk Foreign currency risk Political, economic and social risk Hedging risk Conflicts of interest Loss of limited liability Change in legislation No ownership interest Securities lending risk Operating history and market for units Limited history of the Hedge Fund Index Status of the fund for securities law purposes Not a trust company Nature of the units

6 Management Discussion of Fund Performance (continued) Results of Operations For the year ended December 31, 2016, the Fund returned 4.04%. The Fund seeks to provide a similar risk/return profile to its benchmark, the Hedge Fund Index, which returned 3.24% for the same period. The difference between the Hedge Fund Index and the Fund s performance can be explained by the fact that the asset class and sector weights of hedge fund companies and invested securities are unknown to the Fund s Investment Manager. The Replication Strategy is a factor-based index replication method which uses statistical models to estimate the net exposure of the Hedge Fund Index s components to its main return-generating factors, which usually correspond to the main asset classes available on financial markets. Market and Portfolio Review The following discussion examines how the Fund s returns were affected by its exposure to the following asset classes: equity, fixed income, foreign exchange, and commodities. Exposure to these asset classes allowed the Fund to offer a similar risk return profile to the Hedge Fund Index. Equity It was a very eventful year in 2016 for the equity component of the Fund. At one point in February, U.S. equities were down over 10% year-to-date, but rallied at the end of the first quarter to finish in positive territory. The second quarter was bullish until the results of the U.K. referendum on whether to leave the European Union, the result of which drove markets down globally. However, these events did not stop the S&P 500 from reaching an all-time-high during the third quarter. When Donald Trump won the U.S. presidential election in November, the index reacted negatively at first, but the Trump-rally began soon after. The S&P 500 finished the year up 11.96% on a total return basis in U.S. dollars. The Fund held its U.S. equity exposure relatively constant throughout 2016 and was able to benefit from the positive market movements. On the other hand, the Fund s short position in emerging markets ended the year with a loss due to multiple factors. The first is that the economic growth rates in emerging markets continued to be higher than those in developed markets. The second is the increase in central bank easing expectations, which drove the market up. The third is that investors who seek higher returns continued to pour capital into emerging markets. Fixed Income The fixed income component of the fund generated good returns this year. The major contributors to this were German bunds and Japanese 10-year bonds. Ahead of the British referendum (Brexit) in June, yields on sovereign bonds reached an all-time-low. Investors, seeking to allocate their funds to safer assets, caused German and Japanese 10-year bonds to surge. Since investors were pouring money into these safe assets, with yields that were negative or close to zero, they were exposed to potentially significant losses from just a small yield increase. The fear that this could trigger a collapse in the bond market caused investors to panic when global yields rebounded in the second half of the year. The fixed income allocation of the strategy underwent some major changes in While Japanese 10-year bonds and German bunds remained the largest holdings, the Fund significantly increased its short fixed income allocation. As a result, the Fund only had a 16% fixed income net exposure at the end of the year, compared with an 87% net exposure at the beginning. Should yields continue to rise, the strategy will be less exposed to the potential damage from fixed income assets. 3

7 Management Discussion of Fund Performance (continued) Foreign Exchange The anticipation surrounding Brexit had a strong impact on the foreign exchange component of the portfolio. The Fund began the year with a long British Pound (GBP) position; however, the strategy was able to rebalance its GBP weights to a short position before the two major GBP crashes in June and October. The unexpected Leave Brexit result in June caused GBP to tumble by over 10% versus the U.S. dollar in the week following the vote. On top of that, the new British Prime Minister Theresa May s speech on her plans for Brexit, where she favored a hard exit, sent the GBP to levels not seen since the 1980 s. The strategy s short position in the GBP finished the year with a gain. The Japanese yen (JPY) and the Canadian dollar (CAD) positions did not perform as well. In the first six months of the year, the JPY had its strongest half year since 1999, creating a loss for the strategy s short JPY position. Then, JPY almost reversed all of its gains in the second half of the year. This trend reversal did not favour the Fund, and as a result, the JPY no longer has significant weight in the Fund. The Canadian dollar followed rising oil prices during the first half of 2016, creating a loss for the strategy s short position, and then stabilized during the second half of the year. Commodities The agricultural futures contracts generated good returns in The harvest yields were unexpectedly high, which benefits the Fund s short wheat position. The energy futures contracts ended the year flat. The strategy gradually accumulated long heating oil positions throughout year, which profited from the cold weather and the production cut agreement by the Organization of the Petroleum Exporting Countries ( OPEC ) at the end of November. This offsets the losses from the crude oil and nature gas futures, where both contracts downward trends were interrupted in The precious metals futures contracts realized a loss. Uncertainty in the market at the beginning of the year caused the price of precious metals to rise. When events such as Brexit and the U.S. presidential election unfolded, uncertainty in the market was eased and the price of precious metals started to fall. This switch in market conditions did not favor the strategy. The exposure to metal futures contracts was minimal during Other Operating Items and Changes in Net Assets Attributable to Holders of Redeemable Units For the year ended December 31, 2016, the Fund generated gross comprehensive income (loss) from investments and derivatives of $1,818,508. This compares to $1,406,425 for the years ended December 31, The Fund incurred management, operating and transaction expenses of $486,901 (2015 $408,118) of which $60,803 (2015 $61,927) was either paid or absorbed by the Manager on behalf of the Fund. The waiving and/or absorption of such fees and/or expenses by the Manager may be terminated at any time, or continued indefinitely, at the discretion of the Manager. The Fund distributed $1,373,286 to unitholders during the year (2015 $1,079,060). Presentation 4 The attached financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ). Any mention of total net assets, net assets, net asset value or increase (decrease) in net assets in the financial statements and/or management report of fund performance for periods starting on or after January 1, 2013 is referring

8 Management Discussion of Fund Performance (continued) to net assets or increase (decrease) in net assets attributable to holders of redeemable units as reported under IFRS. Any information presented for periods prior to January 1, 2013 is in accordance with Canadian generally accepted accounting principles ( Canadian GAAP ). Recent Developments Other than indicated below, there are no recent industry, management or Fund related developments that are pertinent to the present and future of the Fund. Change to the Investment Management Structure On May 12, 2016, Horizons ETFs Management (Canada) Inc. assumed the duties previously performed by Fiera Capital Corporation ( Fiera ) as the investment sub-advisor to the Fund. There was no impact to the investment objectives and strategies as a result of this change. Related Party Transactions Certain services have been provided to the Fund by related parties and those relationships are described below. Manager, Trustee and Investment Manager The manager and trustee of the Fund is AlphaPro Management Inc., 26 Wellington Street East, Suite 700, Toronto, Ontario, M5E 1S2, a corporation incorporated under the laws of Ontario specializing in actively managed ETFs. AlphaPro is a subsidiary of Horizons ETFs Management (Canada) Inc., which also serves as the Fund s investment manager, and both entities are members of the Mirae Asset Financial Group. The Investment Manager is responsible for implementing the Fund s investment strategies. If the Fund invests in the Horizons Management ETFs, Horizons Management may receive management fees in respect of the Fund s assets invested in such Horizons Management ETFs. The offices of the Manager and Investment Manager are the same. Other Related Parties An affiliate of National Bank of Canada ( NBC ) and National Bank Financial Inc. ( NBF ) holds an indirect minority interest in the Manager. NBF acts or may act as a designated broker, an underwriter and/or a registered trader (market maker) for ETFs managed by AlphaPro. These relationships may create actual or perceived conflicts of interest which investors should consider. Fiera, the former sub-advisor of the Fund, is an affiliate of NBF and, as stated above, an affiliate of NBF holds an indirect minority interest in the Manager. As a result, up until the change to the investment management structure on May 12, 2016, Fiera was considered to be an associate of the Manager. NBF s potential roles as a designated broker and a dealer are not as an underwriter of the Fund in connection with the primary distribution of units under the Fund s prospectus. NBF was not involved in the preparation of, nor did it perform any review of, the contents of the Fund s prospectus. NBF and its affiliates may, at present or in the future, engage in business with the Fund and the issuers of securities making up the investment portfolio of the Fund, or with the Manager or any funds sponsored by the Manager or its affiliates, including by making loans, executing brokerage transactions, entering into derivative transactions or providing advisory or agency services. In addition, the relationship between NBF and its af- 5

9 Management Discussion of Fund Performance (continued) filiates, and the Manager and its affiliates may extend to other activities, such as being part of a distribution syndicate for other funds sponsored by the Manager or its affiliates. The ETF, in its course of normal business in seeking to achieve its investment objective, may enter into portfolio transactions that involve an investment in securities of an issuer that is a related party to the Manager. The Manager is permitted to execute these transactions without seeking advance approval from the ETF s Independent Review Committee ( IRC ), provided the Manager complies with the predetermined list of requirements agreed upon with the IRC. For the years ended December 31, 2016 and 2015, the Fund did not make any payments to NBF and/or its affiliates in broker commissions on portfolio transactions. 6

10 Financial Highlights The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance since it effectively began operations on April 16, This information is derived from the Fund s audited annual financial statements. Please see the front page for information on how you may obtain the annual or interim financial statements. The Fund s Net Assets per Unit Class A Year Net assets, beginning of year (1) $ Increase (decrease) from operations: Total revenue Total expenses (0.13) (0.11) (0.09) (0.09) (0.19) Realized gains for the year Unrealized gains (losses) for the year 0.30 (0.49) Total increase (decrease) from operations (2) (0.11) Distributions: From net investment income (excluding dividends) (0.53) (0.30) (1.68) (1.78) Total annual distributions (3) (0.53) (0.30) (1.68) (1.78) Net assets, end of year (4) $ This information is derived from the Fund s audited annual financial statements as at December 31 of the years shown. Units of the Fund list their initial net asset value of $10.00 as at April 16, Information from 2013 onwards is in accordance with IFRS. Information for years prior to 2013 is reported under Canadian GAAP. 2. Net assets per unit and distributions are based on the actual number of units outstanding at the relevant time. The increase (decrease) from operations is based on the weighted average number of units outstanding over the financial period. 3. Distributions, if any, were paid in cash, reinvested in additional units of the Fund, or both. 4. The Financial Highlights are not intended to act as a continuity of the opening and closing net assets per unit. 7

11 Financial Highlights (continued) The Fund s Ratios and Supplemental Data Class A Year (1) Total net asset value (000 s) $ 37,585 49,720 31,259 23,502 19,837 Number of units outstanding (000 s) 2,593 3,551 2,285 1,996 2,005 Management expense ratio (2) 0.71% 0.69% 0.69% 0.68% 0.68% Management expense ratio before waivers and absorptions (3) 0.84% 0.83% 1.05% 1.28% 1.05% Trading expense ratio (4) 0.19% 0.10% 0.06% 0.17% 0.07% Portfolio turnover rate (5) 0.00% 0.00% 0.00% 0.00% 0.00% Net asset value per unit, end of year $ This information is provided as at December 31 of the years shown. Information from 2013 onwards is in accordance with IFRS. Information for years prior to 2013 is reported under Canadian GAAP. 2. Management expense ratio is based on total expenses, including sales tax, (excluding commissions and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset value during the year. Out of its management fees, the Manager pays for such services to the Fund as portfolio manager compensation, service fees and marketing. 3. The Manager, at its discretion, may waive and/or absorb a portion of the fees and/or expenses otherwise payable by the Fund. The waiving and/or absorption of such fees and/or expenses by the Manager may be terminated at any time, or continued indefinitely, at their discretion. 4. The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net asset value during the year. 5. The Fund s portfolio turnover rate indicates how actively its portfolio investments are traded. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. Generally, the higher the portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of the Fund. Futures transactions have zero transactional and markedto-market value at the time they are entered into, either as a long or short transaction. Even though these futures have a long or short notional exposure to an underlying asset, because of this zero transactional value it always results in a portfolio turnover calculation, as prescribed by National Instrument , of zero. 8

12 Financial Highlights (continued) Management Fees The Manager appoints the Investment Manager and provides, or oversees the provision of, administrative services required by the Fund including, but not limited to: negotiating contracts with certain third-party service providers, such as portfolio managers, custodians, registrars, transfer agents, auditors and printers; authorizing the payment of operating expenses incurred on behalf of the Fund; arranging for the maintenance of accounting records for the Fund; preparing reports to unitholders and to the applicable securities regulatory authorities; calculating the amount and determining the frequency of distributions by the Fund; preparing financial statements, income tax returns and financial and accounting information as required by the Fund; ensuring that unitholders are provided with financial statements and other reports as are required from time to time by applicable law; ensuring that the Fund complies with all other regulatory requirements, including the continuous disclosure obligations of the Fund under applicable securities laws; administering purchases, redemptions and other transactions in units of the Fund; and dealing and communicating with unitholders of the Fund. The Manager provides office facilities and personnel to carry out these services, if not otherwise furnished by any other service provider to the Fund. The Manager also monitors the investment strategies of the Fund to ensure that the Fund complies with its investment objectives, investment strategies and investment restrictions and practices. In consideration for the provision of these services, the Fund s Manager receives a monthly fee at the annual rate of 0.50% plus applicable sales taxes, of the net asset value of the Fund, calculated and accrued daily and payable monthly in arrears. The Investment Manager and Replication Strategy Weightings Provider are compensated for their services by the Manager without any further cost to the Fund. The table below details, in percentage terms, the services received by the Fund from the Manager in consideration of the management fees paid during the year. Portfolio management fees, Waived/absorbed expenses general administrative costs of the Fund Marketing and profit 7% 70% 23% 9

13 Past Performance Sales commissions, management fees and expenses all may be associated with an investment in the Fund. Please read the prospectus before investing. The indicated rates of return are the historical total returns including changes in unit value and reinvestment of all distributions, if any, and do not take into account sales, redemptions, distributions or optional charges or income taxes payable by any investor that would have reduced returns. An investment in the Fund is not guaranteed. Its value changes frequently and past performance may not be repeated. The Fund s performance numbers assume that all distributions are reinvested in additional units of the Fund. If you hold this Fund outside of a registered plan, income and capital gains distributions that are paid to you increase your income for tax purposes whether paid to you in cash or reinvested in additional units. The amount of the reinvested taxable distributions is added to the adjusted cost base of the units that you own. This would decrease your capital gain or increase your capital loss when you later redeem from the Fund, thereby ensuring that you are not taxed on this amount again. Please consult your tax advisor regarding your personal tax situation. Year-by-Year Returns The following chart presents the performance of the Fund s units for the periods shown. In percentage terms, the chart shows how much an investment made on the first day of the financial period would have grown or decreased by the last day of the financial period % 15.00% 10.00% Rate of Return 5.00% 0.00% -5.00% % Fund Short -3.15% 7.28% -0.60% 4.65% -4.39% Fund Long 2.09% 11.73% 16.77% -2.30% 8.43% Fund Total -1.06% 19.01% 16.17% 2.35% 4.04% Units of the Fund list their initial net asset value of $10.00 as at April 16,

14 Past Performance (continued) Annual Compound Returns The following table presents the Fund s annual compound total return since inception and for the periods shown ended December 31, 2016 compared with the Fund s applicable benchmark. The table is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the Fund or future returns on investments in the Fund. Period 1 Year 3 Year Since Inception HAP Nexus Hedge Fund Replication Trust Return % Short -4.39% Long 8.43% Morningstar Broad Hedge Fund Index Return % Total 4.04% 3.24% Short -0.18% Long 7.53% Total 7.35% 3.61% Short 0.70% Long 7.66% Total 8.37% 4.18% Units of the Fund list their initial net asset value of $10.00 as at April 16,

15 Summary of Investment Portfolio As at December 31, 2016 % of Fund s Asset & Sector Mix Net Asset Value Net Asset Value Long Positions Futures Contracts Treasury Bond Speculative* $ 148, % Currency Forward Hedge* (12,018) -0.03% Futures Contracts Index Speculative* (36,668) -0.10% Futures Contracts Currency Speculative* (67,569) -0.19% Futures Contracts Commodity Speculative* (91,977) -0.24% Cash and Cash Equivalents 29,356, % Margin Deposits 7,971, % Other Assets less Liabilities 8, % Short Positions Futures Contracts Currency Speculative* 133, % Futures Contracts Commodity Speculative* 76, % Futures Contracts Index Speculative* 52, % Futures Contracts Treasury Bond Speculative* 44, % $ 37,585, % *Positions in futures and/or forward contracts are disclosed as the gain/(loss) that would be realized if the contracts were closed out on the date of this report. 12

16 Summary of Investment Portfolio (continued) As at December 31, 2016 Top Holdings** % of Fund s Net Asset Value Long Positions Japanese 10-Year Mini Bond Futures 57.88% S&P 500 E-Mini Index Futures 49.93% Euro-Bund Futures 22.84% Soybean Futures 6.99% Copper Futures 5.37% NY Harbor ULSD Futures 5.19% Australian Dollar Currency Futures 5.14% Silver Futures 4.00% U.S. 2-Year Treasury Bond Futures 2.32% Japanese Yen Currency Futures 1.92% Short Positions Crude Oil Futures -0.96% Natural Gas Futures -2.13% Mini MSCI Emerging Markets Index Futures -4.91% Gold 100oz. Futures -4.94% British Pound Currency Futures -6.35% Wheat Futures % U.S. 10-Year Treasury Bond Futures % Canadian Dollar Currency Futures % Canadian 10-Year Treasury Bond Futures % Australian 10-Year Treasury Bond Futures % Australian 3-Year Treasury Bond Futures % ** All futures positions are speculative in nature. Positions in futures contracts are disclosed in terms of their notional exposure. Aggregate notional exposure of futures contracts equals % of the Fund s NAV. The summary of investment portfolio may change due to the ongoing portfolio transactions of the Fund. The most recent financial statements are available at no cost by calling , by writing to us at 26 Wellington Street East, Suite 700, Toronto, Ontario, M5E 1S2, by visiting our website at or through SEDAR at 13

17 MANAGER S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying audited annual financial statements of (the Fund ) are the responsibility of the manager and trustee to the Fund, AlphaPro Management Inc. (the Manager ). They have been prepared in accordance with International Financial Reporting Standards using information available and include certain amounts that are based on the Manager s is best estimates and judgments. The Manager has developed and maintains a system of internal controls to provide reasonable assurance that all assets are safeguarded and to produce relevant, reliable and timely financial information, including the accompanying financial statements. These financial statements have been approved by the Board of Directors of the Manager and have been audited by KPMG LLP, Chartered Professional Accountants, Licensed Public Accountants, on behalf of unitholders. The independent auditors report outlines the scope of their audit and their opinion on the financial statements. Steven J. Hawkins Director AlphaPro Management Inc. Taeyong Lee Director AlphaPro Management Inc. 14

18 INDEPENDENT AUDITORS REPORT To the Unitholders of (the Fund ) We have audited the accompanying financial statements of the Fund, which comprise the statements of financial position as at December 31, 2016 and 2015, the statements of comprehensive income, changes in financial position and cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as at December 31, 2016 and 2015, and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants March 15, 2017 Toronto, Canada 15

19 Statements of Financial Position As at December 31, Assets Cash and cash equivalents $ 29,356,876 $ 45,591,482 Margin deposits (note 12) 7,971,574 4,859,463 Amounts receivable relating to accrued income 31,275 24,968 Derivative assets (note 3) 572, ,298 Total assets 37,932,103 50,731,211 Liabilities Accrued expenses 22,644 28,802 Derivative liabilities (note 3) 324, ,366 Total liabilities 347,062 1,011,168 Total net assets (note 2) $ 37,585,041 $ 49,720,043 Number of redeemable units outstanding, Class A (note 9) 2,592,530 3,551,394 Total net assets per unit, Class A $ $ (See accompanying notes to financial statements) Approved on behalf of the Board of Directors of the Manager: Steven J. Hawkins Taeyong Lee 16

20 Statements of Comprehensive Income For the Years Ended December 31, Income Interest income for distribution purposes $ 194,327 $ 225,290 Securities lending income (note 8) 8,307 9,186 Net realized gain on sale of investments and derivatives 554,594 2,597,336 Net realized gain on foreign exchange 69, ,219 Net change in unrealized appreciation (depreciation) of investments and derivatives 975,028 (1,566,747) Net change in unrealized appreciation (depreciation) of foreign exchange 17,086 (16,859) 1,818,508 1,406,425 Expenses Management fees (note 10) 267, ,748 Audit fees 10,097 9,960 Independent Review Committee fees Securityholder reporting costs 8,023 8,819 Administration fees 95,451 92,270 Transaction costs 91,764 42,869 Other expenses 13,868 4, , ,118 Amounts that were payable by the investment fund that were paid or absorbed by the Manager (60,803) (61,927) 426, ,191 Increase in net assets for the year $ 1,392,410 $ 1,060,234 Increase in net assets per unit, Class A $ 0.42 $ 0.33 (See accompanying notes to financial statements) 17

21 Statements of Changes in Financial Position For the Years Ended December 31, Total net assets at the beginning of the year $ 49,720,043 $ 31,258,912 Increase in net assets 1,392,410 1,060,234 Redeemable unit transactions Proceeds from the issuance of securities of the investment fund 12,242,581 19,397,691 Aggregate amounts paid on redemption of securities of the investment fund (25,769,993) (1,996,794) Securities issued on reinvestment of distributions 1,373,286 1,079,060 Distributions: From net investment income (1,373,286) (1,079,060) Total net assets at the end of the year $ 37,585,041 $ 49,720,043 (See accompanying notes to financial statements) 18

22 Statements of Cash Flows For the Years Ended December 31, Cash flows from operating activities: Increase in net assets for the year $ 1,392,410 $ 1,060,234 Adjustments for: Net realized gain on sale of investments and derivatives (554,594) (2,597,336) Net realized loss on currency forward contracts (16,560) (171,749) Net change in unrealized depreciation (appreciation) of investments and derivatives (975,028) 1,566,747 Net change in unrealized depreciation (appreciation) of foreign exchange (17,086) 16,859 Proceeds from the sale of investments 571,154 2,769,085 Margin deposits (3,112,111) (2,842,441) Amounts receivable relating to accrued income (6,307) 3,553 Accrued expenses (6,158) 8,696 Net cash used in operating activities (2,724,280) (186,352) Cash flows from financing activities: Amount received from the issuance of units 12,242,581 19,397,691 Amount paid on redemptions of units (25,769,993) (1,996,794) Net cash from (used in) financing activities (13,527,412) 17,400,897 Net increase (decrease) in cash and cash equivalents during the year (16,251,692) 17,214,545 Effect of exchange rate fluctuations on cash and cash equivalents 17,086 (16,859) Cash and cash equivalents at beginning of year 45,591,482 28,393,796 Cash and cash equivalents at end of year $ 29,356,876 $ 45,591,482 Interest received, net of withholding taxes $ 188,020 $ 228,843 (See accompanying notes to financial statements) 19

23 Schedule of Investments As at December 31, 2016 Average Fair Security Contracts Cost Value DERIVATIVES (0.66%) Treasury Bond Futures (0.52%) Long Positions (0.40%) Euro-Bund Futures March 2017 at EUR Notional Value EUR 6,073, $ 127,109 Japanese 10-Year Mini Bond Futures March 2017 at JPY Notional Value JPY 1,893,528, ,712 U.S. 2-Year Treasury Bond Futures March 2017 at US$ Notional Value US$650,063 3 (84) 148,737 Short Positions (0.12%) Australian 3-Year Treasury Bond Futures March 2017 at AU$ Notional Value (AU$10,477,913) (94) 24,411 Australian 10-Year Treasury Bond Futures March 2017 at AU$ Notional Value (AU$6,642,612) (52) (880) Canadian 10-Year Treasury Bond Futures March 2017 at C$ Notional Value (C$4,400,960) (32) 23,040 U.S. 10-Year Treasury Bond Futures March 2017 at US$ Notional Value (US$3,107,031) (25) (1,741) 44,830 Currency Futures (0.17%) Long Positions (-0.19%) Australian Dollar Currency Futures March 2017 at US$ Notional Value US$1,440, (58,313) Japanese Yen Currency Futures March 2017 at US$ Notional Value US$537,313 5 (9,256) (67,569) Short Positions (0.36%) British Pound Currency Futures March 2017 at US$ Notional Value (US$1,776,463) (23) 48,202 Canadian Dollar Currency Futures March 2017 at US$ Notional Value (US$3,199,845) (43) 85, ,816 Index Futures (0.04%) Long Positions (-0.10%) S&P 500 E-Mini Index Futures March 2017 at US$2, Notional Value US$13,976, (36,668) 20 Short Positions (0.14%) Mini MSCI Emerging Markets Index Futures March 2017 at US$ Notional Value (US$1,374,240) (32) 52,344

24 Schedule of Investments (continued) As at December 31, 2016 Average Fair Security Contracts Cost Value Commodity Futures (-0.04%) Long Positions (-0.24%) Copper Futures March 2017 at US$ Notional Value US$1,503, (99,645) NY Harbor ULSD Futures February 2017 at US$ Notional Value US$1,451, ,376 Silver Futures March 2017 at US$ Notional Value US$1,119, (47,020) Soybean Futures March 2017 at US$1, Notional Value US$1,957, (688) (91,977) Short Positions (0.20%) Crude Oil Futures February 2017 at US$ Notional Value (US$268,600) (5) (9,774) Gold 100oz. Futures February 2017 at US$1, Notional Value (US$1,382,040) (12) 23,523 Natural Gas Futures February 2017 at US$3.72. Notional Value (US$595,840) (16) (35,253) Wheat Futures March 2017 at US$ Notional Value (US$2,835,600) (139) 97,969 76,465 Currency Forwards (-0.03%) Currency forward contract to buy US$1,050,000 for C$1,399,950 maturing January 12, ,690 Currency forward contract to buy C$1,656,435 for US$1,250,000 maturing January 12, 2017 (21,708) (12,018) TOTAL DERIVATIVES 247,960 TOTAL LONG POSITION (59,495) TOTAL SHORT POSITION 307,455 TOTAL INVESTMENT PORTFOLIO (0.66%) $ 247,960 Cash and cash equivalents (78.11%) 29,356,876 Margin deposits (21.21%) 7,971,574 Other assets less liabilities (0.02%) 8,631 TOTAL NET ASSETS (100.00%) $ 37,585,041 (See accompanying notes to financial statements) 21

25 Notes to Financial Statements For the Years Ended December 31, 2016 and REPORTING ENTITY (the Fund ) is an investment trust established under the laws of the Province of Ontario by Declaration of Trust and effectively began operations on April 16, The address of the Fund s registered office is: c/o AlphaPro Management Inc., 26 Wellington Street East, Suite 700, Toronto, Ontario, M5E 1S2. The Fund s investment objective is to seek to acquire a currency hedged portfolio of futures contracts, money market instruments, exchange traded funds ( ETFs ) and cash that endeavours to replicate, to the best of its ability, the performance of the Morningstar Broad Hedge Fund Index (the Hedge Fund Index ), hedged to the Canadian dollar, net of expenses. The Fund does not invest, directly or indirectly, in the constituent hedge funds comprising the Hedge Fund Index. In order to achieve its investment objectives, the Fund seeks to track the performance of the Hedge Fund Index by using the Nexus Hedge Fund Index Replication Strategy (the Replication Strategy ). The Replication Strategy is a factor-based index replication method which uses statistical models to estimate the net exposure of the Hedge Fund Index s components to its main return-generating factors, which usually correspond to the main asset classes available on financial markets. National Bank of Canada ( NBC or the Replication Strategy Weightings Provider ) owns rights to use the Replication Strategy which will be implemented by the Fund s sub-advisor, Fiera Capital Corporation ( Fiera or the Sub-Advisor ). The Manager licenses use of the Replication Strategy from NBC. The Fund will use derivatives, including futures contracts and forwards, for hedging purposes. The Fund will be primarily invested in a basket of liquid futures contracts, money market instruments, cash, and, from time to time, ETFs. AlphaPro Management Inc. ( AlphaPro or the Manager ) is the manager and trustee of the Fund. The Manager has appointed Horizons ETFs Management (Canada) Inc. ( Horizons Management or the Investment Manager ), an affiliate of the Manager, to act as the investment manager to the Fund. The Investment Manager is responsible for implementing the Fund s investment strategies. The Manager and Investment Manager are both members of the Mirae Asset Financial Group ( Mirae Asset ). On May 12, 2016, Horizons ETFs Management (Canada) Inc. assumed the duties previously performed by Fiera Capital Corporation as the investment sub-advisor to the Fund. There was no impact to the investment objectives and strategies as a result of this change. 2. BASIS OF PREPARATION (i) Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ). Any mention of total net assets, net assets, net asset value or increase (decrease) in net assets is referring to net assets or increase (decrease) in net assets attributable to holders of redeemable units as reported under IFRS. These financial statements were authorized for issue on March 15, 2017 by the Board of Directors of the Manager. (ii) Basis of measurement The financial statements have been prepared on the historical cost basis except for financial instruments at fair value though profit or loss, which are measured at fair value. (iii) Functional and presentation currency 22 These financial statements are presented in Canadian dollars, which is the Fund s functional currency.

26 Notes to Financial Statements (continued) For the Years Ended December 31, 2016 and SIGNIFICANT ACCOUNTING POLICIES The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a) Financial instruments (i) Recognition, initial measurement and classification Financial assets and financial liabilities at fair value through profit or loss ( FVTPL ) are initially recognized on the trade date, at fair value (see below), with transaction costs recognized in the statements of comprehensive income. Other financial assets and financial liabilities are recognized on the date on which they are originated at fair value. The Fund classifies financial assets and financial liabilities into the following categories: Financial assets at fair value through profit or loss: - Held for trading: derivative financial instruments - Designated as at fair value through profit or loss: debt securities and equity investments Financial assets at amortized cost: All other financial assets are classified as loans and receivables Financial liabilities at fair value through profit or loss: - Held for trading: derivative financial instruments Financial liabilities at amortized cost: all other financial liabilities are classified as other financial liabilities (ii) Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Fund has access at that date. The fair value of a liability reflects its non-performance risk. Investments are valued at fair value as of the close of business on each day upon which a session of the TSX is held ( Valuation Date ) and based on external pricing sources to the extent possible. Investments held that are traded in an active market through recognized public stock exchanges, over-the-counter markets, or through recognized investment dealers, are valued at their closing sale price. However, such prices may be adjusted if a more accurate value can be obtained from recent trading activity or by incorporating other relevant information that may not have been reflected in pricing obtained from external sources. Short-term investments, including notes and money market instruments, are valued at amortized cost which approximates fair value. Investments held that are not traded in an active market, including some derivative financial instruments, are valued using observable market inputs where possible, on such basis and in such manner as established by the Manager. Derivative financial instruments are recorded in the statements of financial position according to the gain or loss that would be realized if the contracts were closed out on the Valuation Date. Margin deposits, if any, are included in the schedule of investments as margin deposits. See also the summary of fair value measurements in note 7. Fair value policies used for financial reporting purposes are the same as those used to measure the net asset value ( NAV ) for transactions with unitholders. The fair value of other financial assets and liabilities approximates their carrying values due to the short-term nature of these instruments. 23

HAP Nexus Hedge Fund Replication Trust

HAP Nexus Hedge Fund Replication Trust Interim Report June 30, 2016 HAP Nexus Hedge Fund Replication Trust ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

HAP Nexus Hedge Fund Replication Trust

HAP Nexus Hedge Fund Replication Trust Annual Report December 31, 2014 HAP Nexus Hedge Fund Replication Trust ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons Auspice Managed Futures Index ETF (HMF, HMF.A:TSX)

Horizons Auspice Managed Futures Index ETF (HMF, HMF.A:TSX) Annual Report December 31, 2016 (HMF, HMF.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion

More information

Horizons Gold Yield ETF (HGY, HGY.A:TSX)

Horizons Gold Yield ETF (HGY, HGY.A:TSX) Annual Report December 31, 2014 (HGY, HGY.A:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion

More information

HAP Broad Commodity Fund

HAP Broad Commodity Fund Annual Report December 31, 2014 HAP Broad Commodity Fund Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management

More information

Horizons Morningstar Hedge Fund Index ETF (HHF, HHF.A:TSX)

Horizons Morningstar Hedge Fund Index ETF (HHF, HHF.A:TSX) Annual Report December 31, 2015 Horizons Morningstar Hedge Fund Index ETF (HHF, HHF.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons Gold Yield ETF (HGY, HGY.A:TSX)

Horizons Gold Yield ETF (HGY, HGY.A:TSX) Interim Report June 30, 2016 Horizons Gold Yield ETF (HGY, HGY.A:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Annual Report December 31, 2016

Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents

More information

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX)

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Annual Report December 31, 2016 Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND

More information

BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (formerly Horizons BetaPro S&P/TSX Capped Financials Bull Plus ETF)

BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (formerly Horizons BetaPro S&P/TSX Capped Financials Bull Plus ETF) Annual Report December 31, 2016 BetaPro S&P/TSX Capped Financials 2x Daily Bull ETF (HFU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT

More information

Horizons Gold ETF (formerly Horizons COMEX Gold ETF) (HUG:TSX) Annual Report December 31, 2016

Horizons Gold ETF (formerly Horizons COMEX Gold ETF) (HUG:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 Horizons Gold ETF (formerly Horizons COMEX Gold ETF) (HUG:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT

More information

Horizons Enhanced Income Energy ETF (HEE:TSX)

Horizons Enhanced Income Energy ETF (HEE:TSX) Interim Report June 30, 2017 Horizons Enhanced Income Energy ETF (HEE:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons China High Dividend Yield Index ETF (HCN:TSX)

Horizons China High Dividend Yield Index ETF (HCN:TSX) Annual Report December 31, 2016 Horizons China High Dividend Yield Index ETF (HCN:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons Cdn High Dividend Index ETF (HXH:TSX)

Horizons Cdn High Dividend Index ETF (HXH:TSX) Annual Report December 31, 2016 Horizons Cdn High Dividend Index ETF (HXH:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND

More information

Horizons US 7-10 Year Treasury Bond CAD Hedged ETF (HTH:TSX)

Horizons US 7-10 Year Treasury Bond CAD Hedged ETF (HTH:TSX) Annual Report December 31, 2016 (HTH:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of

More information

Horizons Enhanced Income Gold Producers ETF (HEP, HEP.A:TSX)

Horizons Enhanced Income Gold Producers ETF (HEP, HEP.A:TSX) Annual Report December 31, 2014 Horizons Enhanced Income Gold Producers ETF (HEP, HEP.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

BetaPro Gold Bullion 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Gold Bullion Bull Plus ETF) (HBU:TSX) Annual Report December 31, 2016

BetaPro Gold Bullion 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Gold Bullion Bull Plus ETF) (HBU:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 BetaPro Gold Bullion 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Gold Bullion Bull Plus ETF) (HBU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it

More information

Horizons Natural Gas Yield ETF (HNY:TSX)

Horizons Natural Gas Yield ETF (HNY:TSX) Annual Report December 31, 2017 Horizons Natural Gas Yield ETF (HNY:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ACTIVE BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

BetaPro S&P 500 VIX Short-Term Futures ETF (formerly Horizons BetaPro S&P 500 VIX Short-Term Futures ETF)

BetaPro S&P 500 VIX Short-Term Futures ETF (formerly Horizons BetaPro S&P 500 VIX Short-Term Futures ETF) Annual Report December 31, 2016 BetaPro S&P 500 VIX Short-Term Futures ETF (HUV:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

BetaPro NASDAQ-100-2x Daily Bear ETF (formerly Horizons BetaPro NASDAQ-100 Bear Plus ETF) (HQD:TSX) Annual Report December 31, 2016

BetaPro NASDAQ-100-2x Daily Bear ETF (formerly Horizons BetaPro NASDAQ-100 Bear Plus ETF) (HQD:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 BetaPro NASDAQ-100-2x Daily Bear ETF (formerly Horizons BetaPro NASDAQ-100 Bear Plus ETF) (HQD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com

More information

BetaPro S&P 500 Daily Inverse ETF (formerly Horizons BetaPro S&P 500 Inverse ETF) (HIU:TSX) Annual Report December 31, 2016

BetaPro S&P 500 Daily Inverse ETF (formerly Horizons BetaPro S&P 500 Inverse ETF) (HIU:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 BetaPro S&P 500 Daily Inverse ETF (formerly Horizons BetaPro S&P 500 Inverse ETF) (HIU:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK

More information

BetaPro Silver 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Silver Bull Plus ETF) (HZU:TSX) Annual Report December 31, 2016

BetaPro Silver 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Silver Bull Plus ETF) (HZU:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 BetaPro Silver 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Silver Bull Plus ETF) (HZU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com

More information

Horizons Crude Oil ETF (formerly Horizons NYMEX Crude Oil ETF) (HUC:TSX) Annual Report December 31, 2016

Horizons Crude Oil ETF (formerly Horizons NYMEX Crude Oil ETF) (HUC:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 Horizons Crude Oil ETF (formerly Horizons NYMEX Crude Oil ETF) (HUC:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents

More information

Horizons BetaPro COMEX Silver Bull Plus ETF (HZU:TSX)

Horizons BetaPro COMEX Silver Bull Plus ETF (HZU:TSX) Annual Report December 31, 2014 Horizons BetaPro COMEX Silver Bull Plus ETF (HZU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

BetaPro S&P 500-2x Daily Bear ETF (formerly Horizons BetaPro S&P 500 Bear Plus ETF) (HSD:TSX) Annual Report December 31, 2016

BetaPro S&P 500-2x Daily Bear ETF (formerly Horizons BetaPro S&P 500 Bear Plus ETF) (HSD:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 BetaPro S&P 500-2x Daily Bear ETF (formerly Horizons BetaPro S&P 500 Bear Plus ETF) (HSD:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK

More information

Horizons BetaPro COMEX Silver Bear Plus ETF (HZD:TSX)

Horizons BetaPro COMEX Silver Bear Plus ETF (HZD:TSX) Annual Report December 31, 2014 Horizons BetaPro COMEX Silver Bear Plus ETF (HZD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

BetaPro Crude Oil -2x Daily Bear ETF (formerly Horizons BetaPro NYMEX Crude Oil Bear Plus ETF) (HOD:TSX) Annual Report December 31, 2016

BetaPro Crude Oil -2x Daily Bear ETF (formerly Horizons BetaPro NYMEX Crude Oil Bear Plus ETF) (HOD:TSX) Annual Report December 31, 2016 Annual Report December 31, 2016 BetaPro Crude Oil -2x Daily Bear ETF (formerly Horizons BetaPro NYMEX Crude Oil Bear Plus ETF) (HOD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours.

More information

Horizons Managed Multi-Asset Momentum ETF (HMA, HMA.A:TSX)

Horizons Managed Multi-Asset Momentum ETF (HMA, HMA.A:TSX) Interim Report June 30, 2016 (HMA, HMA.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion

More information

Horizons Auspice Broad Commodity Index ETF (HBR, HBR.A:TSX)

Horizons Auspice Broad Commodity Index ETF (HBR, HBR.A:TSX) Annual Report December 31, 2014 Horizons Auspice Broad Commodity Index ETF (HBR, HBR.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

HAP Nexus Hedge Fund Replication Trust

HAP Nexus Hedge Fund Replication Trust Annual Report December 31, 2017 HAP Nexus Hedge Fund Replication Trust ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons Canadian Midstream Oil & Gas Index ETF (HOG:TSX)

Horizons Canadian Midstream Oil & Gas Index ETF (HOG:TSX) Annual Report December 31, 2016 Horizons Canadian Midstream Oil & Gas Index ETF (HOG:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons US Equity Managed Risk ETF (HUS.U, HUS.V:TSX)

Horizons US Equity Managed Risk ETF (HUS.U, HUS.V:TSX) Annual Report December 31, 2015 Horizons US Equity Managed Risk ETF (HUS.U, HUS.V:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT

More information

Horizons US Equity Managed Risk ETF (formerly Horizons US Black Swan ETF and Horizons Universa US Black Swan ETF) (HUS.U, HUS.

Horizons US Equity Managed Risk ETF (formerly Horizons US Black Swan ETF and Horizons Universa US Black Swan ETF) (HUS.U, HUS. Annual Report December 31, 2014 (formerly Horizons US Black Swan ETF and Horizons Universa US Black Swan ETF) (HUS.U, HUS.V:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK

More information

Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF (HVU:TSX)

Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF (HVU:TSX) Annual Report December 31, 2014 (HVU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of

More information

Horizons NYMEX Natural Gas ETF (HUN:TSX)

Horizons NYMEX Natural Gas ETF (HUN:TSX) Interim Report June 30, 2016 Horizons NYMEX Natural Gas ETF (HUN:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons NYMEX Crude Oil ETF (HUC:TSX)

Horizons NYMEX Crude Oil ETF (HUC:TSX) Annual Report December 31, 2014 Horizons NYMEX Crude Oil ETF (HUC:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons Enhanced Income Financials ETF (HEF:TSX)

Horizons Enhanced Income Financials ETF (HEF:TSX) Interim Report June 30, 2017 Horizons Enhanced Income Financials ETF (HEF:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

BetaPro Silver -2x Daily Bear ETF (formerly Horizons BetaPro COMEX Silver Bear Plus ETF) (HZD:TSX) Interim Report June 30, 2017

BetaPro Silver -2x Daily Bear ETF (formerly Horizons BetaPro COMEX Silver Bear Plus ETF) (HZD:TSX) Interim Report June 30, 2017 Interim Report June 30, 2017 BetaPro Silver -2x Daily Bear ETF (formerly Horizons BetaPro COMEX Silver Bear Plus ETF) (HZD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com

More information

Horizons Morningstar Hedge Fund Index ETF (HHF:TSX)

Horizons Morningstar Hedge Fund Index ETF (HHF:TSX) Interim Report June 30, 2018 (HHF:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of Fund

More information

Horizons BetaPro COMEX Gold Bullion Bear Plus ETF (HBD:TSX)

Horizons BetaPro COMEX Gold Bullion Bear Plus ETF (HBD:TSX) Interim Report June 30, 2016 Horizons BetaPro COMEX Gold Bullion Bear Plus ETF (HBD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons BetaPro S&P 500 VIX Short-Term Futures ETF (HUV:TSX)

Horizons BetaPro S&P 500 VIX Short-Term Futures ETF (HUV:TSX) Annual Report December 31, 2015 Horizons BetaPro S&P 500 VIX Short-Term Futures ETF (HUV:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT

More information

Horizons US 7-10 Year Treasury Bond CAD Hedged ETF (HTH:TSX)

Horizons US 7-10 Year Treasury Bond CAD Hedged ETF (HTH:TSX) Interim Report June 30, 2017 (HTH:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of Fund

More information

Horizons BetaPro COMEX Silver Bull Plus ETF (HZU:TSX)

Horizons BetaPro COMEX Silver Bull Plus ETF (HZU:TSX) Interim Report June 30, 2016 Horizons BetaPro COMEX Silver Bull Plus ETF (HZU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

BetaPro S&P 500 VIX Short-Term Futures Daily Inverse ETF (formerly Horizons BetaPro S&P 500 VIX Short-Term Futures Inverse ETF)

BetaPro S&P 500 VIX Short-Term Futures Daily Inverse ETF (formerly Horizons BetaPro S&P 500 VIX Short-Term Futures Inverse ETF) Interim Report June 30, 2017 BetaPro S&P 500 VIX Short-Term Futures Daily Inverse ETF (HVI:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT

More information

Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX)

Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX) Interim Report June 30, 2016 Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons BetaPro S&P/TSX 60 Inverse ETF (HIX:TSX)

Horizons BetaPro S&P/TSX 60 Inverse ETF (HIX:TSX) Annual Report December 31, 2014 Horizons BetaPro S&P/TSX 60 Inverse ETF (HIX:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

BetaPro Crude Oil -2x Daily Bear ETF (formerly Horizons BetaPro NYMEX Crude Oil Bear Plus ETF) (HOD:TSX) Interim Report June 30, 2017

BetaPro Crude Oil -2x Daily Bear ETF (formerly Horizons BetaPro NYMEX Crude Oil Bear Plus ETF) (HOD:TSX) Interim Report June 30, 2017 Interim Report June 30, 2017 BetaPro Crude Oil -2x Daily Bear ETF (formerly Horizons BetaPro NYMEX Crude Oil Bear Plus ETF) (HOD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com

More information

Horizons US 7-10 Year Treasury Bond ETF (HTB, HTB.U:TSX)

Horizons US 7-10 Year Treasury Bond ETF (HTB, HTB.U:TSX) Interim Report June 30, 2017 Horizons US 7-10 Year Treasury Bond ETF (HTB, HTB.U:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Interim Report June 30, 2017

Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Interim Report June 30, 2017 Interim Report June 30, 2017 Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents

More information

Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX)

Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX) Interim Report June 30, 2017 Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX)

Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX) Annual Report December 31, 2014 Horizons S&P/TSX Capped Energy Index ETF (HXE:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons Active Floating Rate Bond ETF (HFR, HFR.A:TSX)

Horizons Active Floating Rate Bond ETF (HFR, HFR.A:TSX) Annual Report December 31, 2016 Horizons Active Floating Rate Bond ETF (HFR, HFR.A:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT

More information

Horizons BetaPro S&P/TSX Capped Energy Bull Plus ETF (HEU:TSX)

Horizons BetaPro S&P/TSX Capped Energy Bull Plus ETF (HEU:TSX) Annual Report December 31, 2015 Horizons BetaPro S&P/TSX Capped Energy Bull Plus ETF (HEU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT

More information

Horizons Global Risk Parity ETF (HRA:TSX)

Horizons Global Risk Parity ETF (HRA:TSX) Interim Report June 30, 2017 Horizons Global Risk Parity ETF (HRA:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons BetaPro S&P/TSX Capped Energy Bear Plus ETF (HED:TSX)

Horizons BetaPro S&P/TSX Capped Energy Bear Plus ETF (HED:TSX) Interim Report June 30, 2016 (HED:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of Fund

More information

Horizons S&P 500 Index ETF (HXS, HXS.U:TSX)

Horizons S&P 500 Index ETF (HXS, HXS.U:TSX) Interim Report June 30, 2016 Horizons S&P 500 Index ETF (HXS, HXS.U:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons BetaPro S&P 500 Inverse ETF (HIU:TSX)

Horizons BetaPro S&P 500 Inverse ETF (HIU:TSX) Annual Report December 31, 2015 Horizons BetaPro S&P 500 Inverse ETF (HIU:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND

More information

Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF (HVU:TSX)

Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF (HVU:TSX) Interim Report June 30, 2015 (HVU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of Fund

More information

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX)

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Interim Report June 30, 2017 Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons Morningstar Hedge Fund Index ETF (HHF:TSX)

Horizons Morningstar Hedge Fund Index ETF (HHF:TSX) Annual Report December 31, 2017 Horizons Morningstar Hedge Fund Index ETF (HHF:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX)

Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX) Annual Report December 31, 2016 Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT

More information

Horizons BetaPro NASDAQ-100 Bear Plus ETF (HQD:TSX)

Horizons BetaPro NASDAQ-100 Bear Plus ETF (HQD:TSX) Annual Report December 31, 2014 Horizons BetaPro NASDAQ-100 Bear Plus ETF (HQD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons Active Preferred Share ETF (HPR, HPR.A:TSX)

Horizons Active Preferred Share ETF (HPR, HPR.A:TSX) Interim Report June 30, 2016 Horizons Active Preferred Share ETF (HPR, HPR.A:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND

More information

BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (formerly Horizons BetaPro S&P/TSX Capped Energy Bear Plus ETF)

BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (formerly Horizons BetaPro S&P/TSX Capped Energy Bear Plus ETF) Interim Report June 30, 2017 BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (HED:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons BetaPro NYMEX Crude Oil Bull Plus ETF (HOU:TSX)

Horizons BetaPro NYMEX Crude Oil Bull Plus ETF (HOU:TSX) Interim Report June 30, 2016 Horizons BetaPro NYMEX Crude Oil Bull Plus ETF (HOU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons Enhanced Income Equity ETF (HEX, HEX.A:TSX)

Horizons Enhanced Income Equity ETF (HEX, HEX.A:TSX) Annual Report December 31, 2016 Horizons Enhanced Income Equity ETF (HEX, HEX.A:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF

More information

Horizons BetaPro S&P/TSX 60 Bull Plus ETF (HXU:TSX)

Horizons BetaPro S&P/TSX 60 Bull Plus ETF (HXU:TSX) Interim Report June 30, 2016 Horizons BetaPro S&P/TSX 60 Bull Plus ETF (HXU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons BetaPro S&P 500 VIX Short-Term Futures Inverse ETF (HVI:TSX)

Horizons BetaPro S&P 500 VIX Short-Term Futures Inverse ETF (HVI:TSX) Interim Report June 30, 2015 (HVI:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of Fund

More information

Horizons NYMEX Crude Oil ETF (HUC:TSX)

Horizons NYMEX Crude Oil ETF (HUC:TSX) Interim Report June 30, 2016 Horizons NYMEX Crude Oil ETF (HUC:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX)

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Annual Report December 31, 2017 Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ACTIVE BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND

More information

Horizons BetaPro COMEX Gold Bullion Bear Plus ETF (HBD:TSX)

Horizons BetaPro COMEX Gold Bullion Bear Plus ETF (HBD:TSX) Interim Report June 30, 2015 Horizons BetaPro COMEX Gold Bullion Bear Plus ETF (HBD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

BetaPro Natural Gas 2x Daily Bull ETF (HNU:TSX)

BetaPro Natural Gas 2x Daily Bull ETF (HNU:TSX) Interim Report June 30, 2018 BetaPro Natural Gas 2x Daily Bull ETF (HNU:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ACTIVE BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons Crude Oil ETF (formerly Horizons NYMEX Crude Oil ETF) (HUC:TSX) Annual Report December 31, 2017

Horizons Crude Oil ETF (formerly Horizons NYMEX Crude Oil ETF) (HUC:TSX) Annual Report December 31, 2017 Annual Report December 31, 2017 Horizons Crude Oil ETF (formerly Horizons NYMEX Crude Oil ETF) (HUC:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ACTIVE BENCHMARK BETAPRO Contents

More information

Horizons S&P/TSX Capped Financials Index ETF (HXF:TSX)

Horizons S&P/TSX Capped Financials Index ETF (HXF:TSX) Annual Report December 31, 2017 (HXF:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of

More information

Horizons BetaPro NASDAQ-100 Bull Plus ETF (HQU:TSX)

Horizons BetaPro NASDAQ-100 Bull Plus ETF (HQU:TSX) Interim Report June 30, 2016 Horizons BetaPro NASDAQ-100 Bull Plus ETF (HQU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons COMEX Silver ETF (HUZ:TSX)

Horizons COMEX Silver ETF (HUZ:TSX) Interim Report June 30, 2015 Horizons COMEX Silver ETF (HUZ:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management

More information

BetaPro S&P 500 Daily Inverse ETF (formerly Horizons BetaPro S&P 500 Inverse ETF) (HIU:TSX) Interim Report June 30, 2017

BetaPro S&P 500 Daily Inverse ETF (formerly Horizons BetaPro S&P 500 Inverse ETF) (HIU:TSX) Interim Report June 30, 2017 Interim Report June 30, 2017 BetaPro S&P 500 Daily Inverse ETF (formerly Horizons BetaPro S&P 500 Inverse ETF) (HIU:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO

More information

Horizons BetaPro S&P/TSX 60 Inverse ETF (HIX:TSX)

Horizons BetaPro S&P/TSX 60 Inverse ETF (HIX:TSX) Interim Report June 30, 2016 Horizons BetaPro S&P/TSX 60 Inverse ETF (HIX:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons US 7-10 Year Treasury Bond ETF (HTB, HTB.U:TSX)

Horizons US 7-10 Year Treasury Bond ETF (HTB, HTB.U:TSX) Annual Report December 31, 2017 Horizons US 7-10 Year Treasury Bond ETF (HTB, HTB.U:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

BetaPro Canadian Gold Miners -2x Daily Bear ETF (formerly Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF)

BetaPro Canadian Gold Miners -2x Daily Bear ETF (formerly Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF) Interim Report June 30, 2017 BetaPro Canadian Gold Miners -2x Daily Bear ETF (HGD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons Enhanced Income International Equity ETF (HEJ:TSX)

Horizons Enhanced Income International Equity ETF (HEJ:TSX) Interim Report June 30, 2017 (HEJ:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE Management Discussion of Fund

More information

Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Annual Report December 31, 2017

Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Annual Report December 31, 2017 Annual Report December 31, 2017 Horizons Natural Gas ETF (formerly Horizons NYMEX Natural Gas ETF) (HUN:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ACTIVE BENCHMARK BETAPRO Contents

More information

Horizons NASDAQ-100 Index ETF (HXQ, HXQ.U:TSX)

Horizons NASDAQ-100 Index ETF (HXQ, HXQ.U:TSX) Interim Report June 30, 2017 Horizons NASDAQ-100 Index ETF (HXQ, HXQ.U:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

BetaPro Silver 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Silver Bull Plus ETF) (HZU:TSX) Annual Report December 31, 2017

BetaPro Silver 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Silver Bull Plus ETF) (HZU:TSX) Annual Report December 31, 2017 Annual Report December 31, 2017 BetaPro Silver 2x Daily Bull ETF (formerly Horizons BetaPro COMEX Silver Bull Plus ETF) (HZU:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com

More information

BetaPro NASDAQ-100 2x Daily Bull ETF (formerly Horizons BetaPro NASDAQ-100 Bull Plus ETF) (HQU:TSX) Interim Report June 30, 2017

BetaPro NASDAQ-100 2x Daily Bull ETF (formerly Horizons BetaPro NASDAQ-100 Bull Plus ETF) (HQU:TSX) Interim Report June 30, 2017 Interim Report June 30, 2017 BetaPro NASDAQ-100 2x Daily Bull ETF (formerly Horizons BetaPro NASDAQ-100 Bull Plus ETF) (HQU:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com

More information

Horizons China High Dividend Yield Index ETF (HCN:TSX)

Horizons China High Dividend Yield Index ETF (HCN:TSX) Interim Report June 30, 2016 Horizons China High Dividend Yield Index ETF (HCN:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD:TSX)

Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD:TSX) Annual Report December 31, 2014 Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX)

Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX) Annual Report December 31, 2014 Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT

More information

Horizons BetaPro S&P/TSX 60 Bear Plus ETF (HXD:TSX)

Horizons BetaPro S&P/TSX 60 Bear Plus ETF (HXD:TSX) Annual Report December 31, 2015 Horizons BetaPro S&P/TSX 60 Bear Plus ETF (HXD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons Active US Floating Rate Bond (USD) ETF (HUF.U, HUF.V, HUF:TSX)

Horizons Active US Floating Rate Bond (USD) ETF (HUF.U, HUF.V, HUF:TSX) Annual Report December 31, 2015 Horizons Active US Floating Rate Bond (USD) ETF (HUF.U, HUF.V, HUF:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT

More information

Horizons Enhanced Income Gold Producers ETF (HEP:TSX)

Horizons Enhanced Income Gold Producers ETF (HEP:TSX) Interim Report June 30, 2018 Horizons Enhanced Income Gold Producers ETF (HEP:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons S&P/TSX 60 Index ETF (HXT, HXT.U:TSX)

Horizons S&P/TSX 60 Index ETF (HXT, HXT.U:TSX) Annual Report December 31, 2017 Horizons S&P/TSX 60 Index ETF (HXT, HXT.U:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ACTIVE BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND

More information

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX)

Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Interim Report June 30, 2015 Horizons US Dollar Currency ETF (DLR, DLR.U:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons BetaPro S&P/TSX 60 TM Inverse ETF (HIX:TSX)

Horizons BetaPro S&P/TSX 60 TM Inverse ETF (HIX:TSX) Interim Report June 30, 2015 Horizons BetaPro S&P/TSX 60 TM Inverse ETF (HIX:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX)

Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX) Interim Report June 30, 2015 Horizons Active Floating Rate Senior Loan ETF (HSL, HSL.A:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

Horizons China High Dividend Yield Index ETF (HCN:TSX)

Horizons China High Dividend Yield Index ETF (HCN:TSX) Annual Report December 31, 2017 Horizons China High Dividend Yield Index ETF (HCN:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT

More information

BetaPro S&P/TSX 60 Daily Inverse ETF (formerly Horizons BetaPro S&P/TSX 60 Inverse ETF) (HIX:TSX) Annual Report December 31, 2017

BetaPro S&P/TSX 60 Daily Inverse ETF (formerly Horizons BetaPro S&P/TSX 60 Inverse ETF) (HIX:TSX) Annual Report December 31, 2017 Annual Report December 31, 2017 BetaPro S&P/TSX 60 Daily Inverse ETF (HIX:TSX) ACTIVE BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND

More information

Horizons China High Dividend Yield Index ETF (HCN:TSX)

Horizons China High Dividend Yield Index ETF (HCN:TSX) Interim Report June 30, 2017 Horizons China High Dividend Yield Index ETF (HCN:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF

More information

Horizons BetaPro S&P 500 Bear Plus ETF (HSD:TSX)

Horizons BetaPro S&P 500 Bear Plus ETF (HSD:TSX) Interim Report June 30, 2015 Horizons BetaPro S&P 500 Bear Plus ETF (HSD:TSX) ALPHA BENCHMARK BETAPRO Innovation is our capital. Make it yours. www.horizonsetfs.com Contents MANAGEMENT REPORT OF FUND PERFORMANCE

More information

Horizons Active Floating Rate Bond ETF (HFR, HFR.A:TSX)

Horizons Active Floating Rate Bond ETF (HFR, HFR.A:TSX) Annual Report December 31, 2014 Horizons Active Floating Rate Bond ETF (HFR, HFR.A:TSX) Innovation is our capital. Make it yours. www.horizonsetfs.com ALPHA BENCHMARK BETAPRO Contents MANAGEMENT REPORT

More information