Horizons ETFs provide leveraged daily exposure to Japan

Morningstar Canada 15 January, 2014 | 2:35AM

Two leveraged exchange-traded funds sponsored by Horizons ETFs Management (Canada) Inc. -- one providing two-times daily long exposure and the other two-times daily inverse exposure -- began trading today on the Toronto Stock Exchange.

For both Horizons BetaPro MSCI Japan Bull Plus (HPU/TSX) and Horizons BetaPro MSCI Japan Bear Plus (HPD/TSX), the reference index is the MSCI Japan Index. This index represents approximately 85% of the free-float market capitalization of Japanese equities.

Each ETF seeks to produce returns, before fees and expenses, of either 200% or minus 200% of the performance of the MSCI Japan Index for a single day. U.S. dollar gains or losses arising from each of the ETFs' investments will be hedged back to the Canadian dollar whenever possible, Horizons said. The management fee for each ETF, which covers most expenses, is 1.15%.

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