Horizons ETFs Management has reorganised the Horizons S&P 500 Covered Call ETF as a series of the Horizons ETF Trust I. The Fund will maintain its listing on NYSE Arca under the ticker symbol HSPX.
The Fund, initially launched as a series of Exchange Listed Funds Trust, joins the Horizons family of ETFs, which includes BullMark LatAm Select Leaders ETF (BMLA), Horizons DAX Germany ETF (DAX), Horizons NASDAQ 100 Covered Call ETF (QYLD), and Horizons USA Managed Risk ETF (USMR).
The reorganisation, which follows the Firm’s purchase of Recon Capital’s ETF business in early 2017, is part of the Firm’s larger effort to streamline its business and build out a suite of exchange-traded products that leverage the Firm’s in-house expertise. The migration of the Fund to the Horizons ETF Trust I did not result in any change in expense ratio for the Fund when compared to its expense ratio as a series of the Exchange Listed Funds Trust.
In addition, shareholders should expect continuity in their investment experience because the Fund’s investment objective and strategies did not change: the Fund seeks to provide investment results that, before fees and expenses, generally correspond to the performance of the Horizons S&P 500 Stock Covered Call Index.
Horizons ETFs Management (US) LLC is the new investment adviser to the Fund. The fund’s portfolio managers, who held that role in a sub-adviser capacity before the reorganisation, remain in place. The fund will no longer have a sub-adviser.