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Horizons Cash Maximizer ETF surpasses USD1 Billion in AUM


The Horizons Cash Maximizer ETF (HSAV) has surpassed USD1 billion in assets under management (AUM), as at 31 December, 2020.HSAV seeks to generate modest capital growth by investing primarily in high-interest deposit accounts with Canadian banks. While any decision to pay dividends or other distributions is within the discretion of the Manager, HSAV is not currently expected to make any regular distributions.

Launched on 6 February, 2020, HSAV surpassed the critical AUM milestone in less than one year, joining only 59 other Canadian-listed ETFs with AUMs exceeding USD1 billion as at 31 December, 2020, among the nearly 850 ETFs listed in Canada.

“High-interest savings ETFs, which include HSAV, saw strong inflows in 2020 as investors were attracted to their daily liquidity and yield,” says Steve Hawkins, President and CEO of Horizons ETFs. “HSAV, with a current effective management fee of 0.08% †, has the added benefit of being the lowest-cost offering among the Canadian high-interest savings ETFs available to investors in 2020.”

As noted in HSAV’s prospectus, if the ETF experiences a significant increase in total net assets, the Manager may, in its sole discretion and if determined to be in the best interests of shareholders, decide to suspend subscriptions for new ETF shares if considered necessary or desirable in order to manage potential tax implications and/or to permit HSAV to achieve, or continue to achieve, its investment objectives.

At this time, Horizons ETFs has determined that it will be suspending subscriptions for new shares of HSAV when its AUM exceeds USD1.5 billion. In the Manager’s view, this suspension, if it occurs, will ensure that HSAV will continue to achieve its investment objectives.

A period of suspended subscriptions, if any, will not affect the ability of existing shareholders of HSAV to sell their shares in the secondary market at a price reflective of its net asset value per share, assuming normal course market conditions. However, investors and potential investors should note that during a period of suspended subscriptions the shares of HSAV are expected to trade at a premium or even a substantial premium to its net asset value per share. During any suspension, investors are strongly discouraged from purchasing shares of HSAV.

Any suspension of subscriptions, or subsequent resumption of subscriptions, will be announced by press release and posted on the Manager’s website.

Although HSAV primarily invests in bank deposit accounts, HSAV is not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer.  

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