Toronto-based Horizons ETF Management (Canada) Inc. has launched two exchange-traded funds (ETFs). Horizons Active Cdn. Municipal Bond ETF will invest primarily in Canadian municipal bonds denominated in Canadian dollars. Up to 75% of the fund’s assets will consist of non-rated Canadian municipal bonds, which are issued by mid-size municipalities and provide a slightly higher yield than the rated debt of larger cities. The ETF will be subadvised by Montreal-based Fiera Capital Corp. Horizons Managed Global Opportunities ETF will invest mainly in North American stock exchanges but also may have exposure to global equities, fixed-income or currencies, as well as gold. Kelowna, B.C.-based Forstrong Global Asset Management Inc. is subadvisor for this ETF. (Forstrong was previously known as HAHN Investment Stewards & Co. Inc.) This launch marks the first time Forstrong has managed a Canadian ETF. Management fees for the municipal bond ETF are 0.85% for A-class units and 0.35% for common units. Management fees for the global opportunities ETF are 1.6% for A-class units and 0.85% for common units. Minimum investment for both ETFs is $100.

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