Horizons Universa US Black Swan ETF (US Dollar Units) - HUS.U

ETF Overview

The investment objective of the fund is to provide unitholders with exposure to:

the performance of the S&P 500 through a portfolio of equity securities and/or index funds
an actively managed basket of put and call options (the 'US Black Swan Overlay') that seeks to provide protection from significant market declines over rolling one-month periods and seeks to reduce the overall volatility of returns of Horizons HUS

Horizons HUS will not seek to hedge its exposure to the U.S. dollar back to the Canadian dollar.

The ETF trades in U.S. dollars on the TSX.

Additional Fund Information

To achieve its investment objective, Horizons HUS.U is at all times substantially invested in a portfolio of equity securities and/or index funds that will provide exposure to the S&P 500.

Additionally, the Sub-Advisor has implemented the US Black Swan Overlay in accordance with its proprietary methods to attempt to provide protection from significant market declines over rolling one-month periods.

The bulk of this protection comes in the form of long and short positions on put and call options on indices that track the performance of the S&P 500.

The long put options will generally be significantly "out of the money", and should generate returns in the event of a significant decline in the S&P 500.

The Sub-Advisor generally intends to re-initiate new option positions, or roll existing option positions, that make up the US Black Swan Overlay each month and reinvest any gains from these activities into equity securities and/or index funds.

The Sub-Advisor also may, at its discretion, liquidate and establish new option positions in the US Black Swan Overlay during a month, or liquidate option positions without establishing new positions.

The US Black Swan Overlay only contains exchange-traded options. Horizons HUS.U does not seek to hedge its exposure to the U.S. dollar back to the Canadian dollar.

Active Management

This fund has an active management mandate ( A minority of ETFs have an active investment management mandate or a degree of active investment management. Full active management involves an investment manager actively managing the fund - deciding which securities to buy/sell, and when etc. However, many 'active' ETFs employ only partial active investment management, not full. ), not passive ( Most ETFs are passively managed - they have no active investment management. Passive ETFs simply try to replicate the returns of an index as closely as possible, such as the S&P/TSX 60 Index. ).

The fund's benchmark ( Most actively managed funds have a benchmark. The fund manager typically aims to exceed the performance of that benchmark. ) is:

S&P 500 Index

Key ETF Data

Fundamentals
Category (main)	Active USA Equity and S&P 500 Options - Black Swan strategy
Category (other)	Active Equity & Equity Options
Underlying Index	No Index
ETF Structure	Active management. No index
Asset Class	Equity and Equity Options
Region	USA
Issuer	Horizons ETFs (Canada)
ETF Home Page	Available here

Fund Facts
Inception Date	May 30, 2012
Total Holdings	Unknown
Distribution Frequency	Quarterly
Leverage	None
Significant Currency Exposure	Yes
Currency Hedging	No

Fees
Management Fee	0.95%
Management Expense Ratio (MER)	Unknown *
Performance Fee	20% of outperformance over Benchmark with high watermark

* Not available yet

Trading Information
Ticker	HUS.U
Exchange	TSX (Toronto Stock Exchange)
Currency	USD *

* Trades in USD.

Eligibility
Eligibility *	RRSP, RRIF, RESP, TFSA, DPSP, RDSP
DRIP available **	Yes
PACC Plan available **	Yes
SWP available **	Yes

* Always check eligibility with your plan operator as plans and accounts can differ

** Not all brokers can facilitate these plans. Check with your broker.

Current Price, Fund Performance, Yield, NAV, Charts etc

To view the TSX or Morningstar fund page for this ETF click on the Fund Data menu tab or below:

SPDR US: SPDR S&P 500 ETF

SPDR US includes a wealth of data on the SPDR S&P 500 ETF.