Horizons ETFs Management (Canada) Inc. has launched the Horizons Cdn Select Universe Bond ETF (HBB). It provides low-cost and tax-efficient exposure to the Canadian investment-grade bond universe.

Read: Safety measures for swap-based ETFs

The ETF seeks to replicate the performance of the Solactive Canadian Select Universe Bond Index, net of expenses.

HBB will also be the first fixed-income ETF in Canada to use the total return swap structure, which can reduce the risk of tracking error.

HBB will begin trading today on the Toronto Stock Exchange.

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