Horizons ETFs Management (Canada) has reduced the management fee structure of both the Horizons Canadian Black Swan ETF and Horizons U.S. Black Swan ETF.
The change, which is retroactive to November 1, 2014, cuts the annual management fees of the Class E Units and Advisor Class Units of the two funds. The new fees are:
|HUT||Class E Units||HUT||0.70% of the net asset value of HUT’s Class E Units|
|Advisor Class Units||HUT.A||1.45% of the net asset value of HUT’s Advisor Class Units|
|HUS||Class E Units||HUS.U||0.70% of the net asset value of HUS’s Class E Units|
|Advisor Class Units||HUS.V||1.45% of the net asset value of HUS’s Advisor Class Units|
Previously, the annual fees were 0.95% in respect of the Class E Units of each ETF, and 1.70% in respect of the Advisor Class Units of each ETF. The ETFs’ management fees are calculated and accrued daily and payable monthly in arrears.
The Black Swan ETFs seek to capture the upside gains of the applicable stock index while using various option strategies to seek to avoid losses in the event of a significant and sudden market decline.
This announcement follows Horizons’ announcement in September of the reduction of the annual management fee for its S&P/TSX 60 Equal Weight Index ETF (HEW) from 0.50% to 0.40%.