Horizons ends advisor fees

Toronto-based Horizons ETFs Management (Canada) Inc. is eliminating all advisor-class units for its Canadian-listed ETFs. Investment advisors no longer will be able to purchase A-class Horizons ETFs as of Jan. 31. The advisor fee option will be phased out completely from Horizons’ product shelf by the end of April 2017. A-class funds currently make up less than 1% of Horizons’ assets under management (AUM). Horizons decided to eliminate the A-class funds because of the current regulatory environment and the move by many advisors to fee-based advice models. As well, Horizons recently announced changes to the operating expense structure of nine ETFs: Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF; Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF; Horizons BetaPro NYMEX Crude Oil Bull Plus ETF; Horizons BetaPro NYMEX Crude Oil Bear Plus ETF; Horizons BetaPro COMEX Gold Bullion Bull Plus ETF; Horizons BetaPro COMEX Silver Bear Plus ETF; Horizons NYMEX Natural Gas ETF; Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF; and Horizons US Dollar Currency ETF. Also, the investment objectives of Horizons BetaPro S&P/TSX Global Gold Bull Plus and Horizons BetaPro S&P/TSX Global Gold Bear Plus ETFs have changed: the underlying index for these ETFs now will be the Solactive Canadian gold miners index instead of the S&P/TSX global gold index. For full details regarding these funds, including fees, visit www.horizonsetfs.com.

(fcollie@investmentexecutive.com).