HSPX $51.50

Change $0.05 +0.10%

Volume 1544

Last Close $51.45


Prices delayed by 15 minutes.
Last traded market price: Dec 13, 2017 09:15 PM

Inception Date:

CUSIP:

Ticker:

NET ASSETS:

Consolidated Prior Day Volume:

Exchange:

Eligibility:

Benchmark:

Bloomberg Ticker:

Total Gross Expense Ratio:

Currency:

June 21, 2013

44053G603

HSPX

66,875,078 (as at 2017-12-13)

1,544 (for 2017-12-13)

NYSE ARCA

Dividend Reinvestment Plan

S&P 500® Index Stock Covered Call Index

SPXCC

0.65

USD

Found In

ETFs

Covered Call

Investment Objective

The Horizons S&P 500 Covered Call ETF (“Fund”) seeks to provide investment results that will closely correspond, before fees and expenses, generally to the price and yield performance of the S&P 500® Stock Covered Call Index (SPXCC Index).

Why HSPX?

  • Potential Monthly Income: HSPX has distributed between 0.04% - 0.94% per month since inception on 6/21/2013.
  • Potential Upside: HSPX writes 2-2.5% out-of-the money call options which allows it to potentially participate in upside growth when the S&P 500 index rises.
  • Income Enhancer: HSPX seeks to collect dividends from the S&P 500 Index companies and monthly options premium from selling single stock options - potentially creating a different source of income from traditional fixed income.
  • Volatility Enhances Income:  Volatility is a key determinant of option pricing, historically as volatility rises, so too does the level of premium that can be generated on call writing. This additional premium could potentially reduce the volatility of the ETF compared to non-covered call strategies.
  • Options Execution: The ETF vehicle is beneficial to investors as it allows the ETF issuer to write the call options on the S&P 500 Index, rather than an individual investor needing to undertake a potentially expensive, time consuming, and complex call writing process.

Index Description

The S&P 500® Stock Covered Call Index (SPXCC Index) measures the total return of a portfolio consisting of equity securities of the companies included in the S&P 500 Index and call options systematically written on those securities through a “buy-write” or covered call strategy.

A “buy-write” strategy is an investment strategy in which the Fund buys a specific basket of stocks (such as the S&P 500 Index) and sells covered call options that correspond to that basket of stocks.

Index Methodology

HSPX tracks the SPXCC index which is a passive total return index. The Index consists of long positions in the stocks of the S&P 500® Index and corresponding short (written) call options on option-eligible stocks in the S&P® 500 Index. The call options are written about 2-2.5% out-of-the-money, whereby the exercise (or "strike") price of the option is above the market price of the stock.


 

Daily NAV

The NAV chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made by the ETF, if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance chart and is not indicative of future NAV values which will vary.

Month End Performance 11/30/2017

Quarter End Performance 09/30/2017

* Since inception date is June 21, 2013

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. An investor cannot invest directly in an index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

The S&P 500® Stock Covered Call Index (the “Index”) measures the performance of a hypothetical portfolio that employs a covered call strategy on the S&P 500®. A covered call strategy involves holding a long position in an asset (in this case, a stock) and selling or “writing” a call option on that asset in an attempt to generate additional income from the premium which is paid by the buyer of the option for the right, but not the obligation, to purchase the asset at a specified price (the “strike” price) on or before the option expiry date. The Index is comprised of long positions in all the stocks of the S&P 500®, together with short positions in near-term (one-month) call options on up to 100% of each of the option-eligible stock positions in the Index that meet the minimum requirements of the Index methodology, as determined on a monthly option-writing date (typically, the third Friday of each month). The call options are written “out-of-the-money” (OTM). An OTM call option is one whose strike price is above the market price of the underlying asset. The Index writes options OTM in an attempt to preserve some of the price appreciation potential of the underlying stocks.

†Holdings File of the ETP on a Creation Unit basis used for calculating the Indicative Optimized Portfolio Value (IOPV) intraday.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Daily NAV

The NAV chart above only shows the historical daily net asset value per unit (NAV) of the ETF, and identifies the various distributions made by the ETF, if any. The distributions are not treated as reinvested, and it does not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder. The NAV values do contemplate management fees and other fund expenses. The chart is not a performance chart and is not indicative of future NAV values which will vary.

Month End Performance 11/30/2017

Quarter End Performance 09/30/2017

* Since inception date is June 21, 2013

Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. An investor cannot invest directly in an index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

The S&P 500® Stock Covered Call Index (the “Index”) measures the performance of a hypothetical portfolio that employs a covered call strategy on the S&P 500®. A covered call strategy involves holding a long position in an asset (in this case, a stock) and selling or “writing” a call option on that asset in an attempt to generate additional income from the premium which is paid by the buyer of the option for the right, but not the obligation, to purchase the asset at a specified price (the “strike” price) on or before the option expiry date. The Index is comprised of long positions in all the stocks of the S&P 500®, together with short positions in near-term (one-month) call options on up to 100% of each of the option-eligible stock positions in the Index that meet the minimum requirements of the Index methodology, as determined on a monthly option-writing date (typically, the third Friday of each month). The call options are written “out-of-the-money” (OTM). An OTM call option is one whose strike price is above the market price of the underlying asset. The Index writes options OTM in an attempt to preserve some of the price appreciation potential of the underlying stocks.

†Holdings File of the ETP on a Creation Unit basis used for calculating the Indicative Optimized Portfolio Value (IOPV) intraday.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Distributions

Year

 
 

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, select the Performance tab.

To the extent a distribution at the time it is made is comprised of something other than income, please refer to the applicable Rule 19a-1 Notice which may be found on the Fund's website under the Resources section. If a distribution is comprised solely of income, a Rule 19a-1 Notice will not be produced and posted.

†Holdings File of the ETP on a Creation Unit basis used for calculating the Indicative Optimized Portfolio Value (IOPV) intraday.

Sector Allocation

as at December 13, 2017

Top 10 Holdings

as at December 13, 2017

Holdings are subject to change. Download prior business day Holdings

Portfolio holdings, allocations and weightings are as at the date indicated, they are subject to change and should not be considered a recommendation to buy individual securities. Holdings are updated daily.

Rounding errors may result in a total that is fractionally greater than 100%. However, the exposure never exceeds 100%.

†Holdings File of the ETP on a Creation Unit basis used for calculating the Indicative Optimized Portfolio Value (IOPV) intraday.

Nav/Unit: $51.44000

Price: $51.50

Premium Discount: $0.06

Premium Discount Percentage: 0.12%

Outstanding Shares: 1,300,060

as at December 13, 2017

Distributions Paid  Monthly
Last Payment Amount $0.06708
30-day SEC yield  1.29%
12-month trailing yield  2.41%
Monthly Distribution  0.13%
YTD Distribution  2.31%
2016 Distribution  3.24%
2015 Distribution  4.67%
2014 Distribution  2.78%
Annualized Distribution  1.59%


As at November 30, 2017
Portion of the distribution may include a return of capital. These do not imply rates for any future distributions. The ETF is not required to make distributions.

★ ★ ★ ★ 

4 Star Rated for the overall & 3 year period out of 75 funds in the OPTIONS WRITING category via Morningstar as of 06/30/17

Performance data quoted represents past performance and is no guarantee of future results.

Risk Metrics Since Inception
As of 11/30/2017
Metric HSPX S&P 500
Volatility   10.17% 11.89%
Sharpe Ratio   0.85% 1.11
Beta   0.85 1.00
Correlation   0.9922 1.0000

Volatility is measured using the standard deviation of daily returns, annualized using 250 business days per year. The standard deviation is a measure of the dispersion of daily returns from the average of those daily returns within the same measurement period. The wider the dispersion of daily returns from the average daily returns, the higher the deviation.
 
Generating PDF. This may take a few moments. Close