{"id":94210,"date":"2025-02-17T19:41:41","date_gmt":"2025-02-17T19:41:41","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/inside-the-horizons-one-ticket-etfs\/"},"modified":"2025-02-17T19:41:41","modified_gmt":"2025-02-17T19:41:41","slug":"inside-the-horizons-one-ticket-etfs","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=94210","title":{"rendered":"Inside the Horizons One-Ticket ETFs"},"content":{"rendered":"


\n<\/p>\n

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Are asset allocation ETFs cheap, well-diversified and convenient? Absolutely. Are they optimally tax-efficient? Perhaps not, though any tax edge you might get from using multiple ETFs and asset location strategies is likely to be outweighed by the additional costs and complexity. But what if there was an asset allocation ETF that could deliver better tax-efficiency without<\/em> significantly higher fees or more moving parts?<\/p>\n

That\u2019s the promise of the one-ticket solutions from Horizons ETFs<\/a>. They include a globally diversified mix of stocks and bonds in a single wrapper\u2014just like their counterparts from Vanguard, iShares, and BMO\u2014but with a unique twist. Most of the holdings are what Horizons calls Total Return Index ETFs<\/a> (or TRIs), and all of them use a corporate class structure<\/a>: both features are designed to pay no distributions, making them more tax-efficient than traditional ETFs.<\/p>\n

Although the ticker symbols are similar to those used by other asset allocation ETFs, the stock\/bond mixes are more aggressive in the Horizons family. Vanguard\u2019s VBAL<\/a> and iShares\u2019 XBAL<\/a> both hold 60% stocks, for example, but Horizons\u2019 HBAL<\/a> is 70%. Meanwhile, HGRO<\/a> is 100% equities, making it comparable to VEQT<\/a> and XEQT<\/a>, rather than to VGRO<\/a> or XGRO<\/a>, both of which include 20% bonds.<\/p>\n

There are many more differences between the Horizons one-ticket ETFs and their competitors. So let\u2019s jump in.<\/p>\n

On the equity side<\/strong><\/h3>\n

We\u2019ll start by looking at the equity side of the Horizons portfolios, and the easiest way to do this is to zero in on HGRO<\/a>, which is all stocks. (HCON<\/a> and HBAL<\/a> use the same underlying ETFs in similar proportions in their equity portfolios.) HGRO<\/a> uses six underlying equity ETFs to achieve global exposure:<\/p>\n

Source: Horizons ETFs, as of February 15, 2021<\/h5>\n

One of the first things you\u2019ll notice is the high allocation to US stocks compared with the asset allocation ETFs from Vanguard and iShares. VEQT<\/a> allocates about 41% to US equities, while XEQT<\/a> gives the country a 48% share. The Horizons portfolios trump both with a 55% allocation.<\/p>\n

That extra helping of US stocks comes at the expense of a much lower allocation to Canada. Whereas Vanguard and iShares assign roughly equal amounts to Canadian and overseas stocks, Horizons gives homegrown equities just a 16% share, compared with 21% to international developed markets and a little over 7% to emerging markets. (The emerging markets holding is a new addition: Horizons launched HXEM<\/a> last August.)<\/p>\n

I asked Mark Noble, Horizons\u2019 executive vice president of ETF strategy, why they decided on a relatively low allocation to Canada. He points out that one of the reasons to overweight domestic stocks<\/a> is the favourable tax treatment of Canadian dividends. But (as we\u2019ll discuss later) this isn\u2019t an issue for the Horizons ETFs. \u201cWe have huge underweight on Canada relative to our competitors because we don\u2019t need to be concerned with the ETFs\u2019 dividends or taxation.\u201d<\/p>\n

Another reason Canadians might overweight domestic stocks is to reduce currency risk. But this is another way the Horizons ETFs differ from their competitors: the one-ticket ETFs use currency hedging<\/a> for all the foreign equities.<\/p>\n

Why track the NASDAQ?<\/strong><\/h3>\n

All of the underlying ETFs in the Horizons portfolios are index funds, which is good news. However, not all of the funds track the broad market.<\/p>\n

The US equity allocation in the Horizons ETFs includes two components. The largest is the Horizons US Large Cap Index ETF (HULC)<\/a>, which tracks a benchmark very similar to the S&P 500. But there is also a huge allocation to the Horizons NASDAQ-100 Index ETF (HXQ)<\/a>, which holds the 100 largest non-financial stocks on the NASDAQ exchange. This index is a media darling, but it\u2019s poorly diversified and bears no resemblance to the broad US market: it doubles down on the technology sector, which makes up about half the index.<\/p>\n

Why include such a large allocation to HXQ<\/a> rather than simply using HULC<\/a> for the entire US equity holding? Noble explains the decision was based on backtesting of rolling 20-year periods. \u201cThe NASDAQ-100 actually had the best historical risk\/reward trade-off: better than the S&P 500. So we combined the US exposure between those two benchmarks.\u201d He added: \u201cThis is a somewhat controversial strategic allocation decision, and probably the biggest point of differentiation with our competitors\u2019 strategies.\u201d<\/p>\n

The Horizons Europe 50 Index ETF (HXX)<\/a> is also an oddball: it tracks the 50 largest stocks in the Eurozone, which of course excludes the UK. I would have preferred to see only the Horizons International Developed Markets (HXDM)<\/a> in the mix, as it tracks a much broader index including all overseas developed markets, similar to the MSCI EAFE Index<\/a>.<\/p>\n

The balance of bonds <\/strong><\/h3>\n

Now it\u2019s over to the fixed income side. As we\u2019ve noted, HGRO<\/a> includes no bonds at all, while HCON<\/a> and HBAL<\/a> hold 50% and 30%, respectively. This includes approximately two-thirds Canadian and one-third US bonds.<\/p>\n

The Canadian bond allocation comes from the Horizons Canadian Select Universe Bond ETF (HBB)<\/a>, which is pegged to a broad-market index, similar to the flagship bond ETFs from Vanguard, iShares and BMO. Both one-ticket ETFs also include the Horizons US 7-10 Year Treasury Bond ETF (HTB)<\/a>, which gives you exposure to intermediate US government bonds, with the currency hedged to Canadian dollars.<\/p>\n

Putting it all together, the overall asset mix for the three funds looks like this:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Asset class<\/th>\nHCON<\/th>\nHBAL<\/th>\nHGRO<\/th>\n<\/tr>\n<\/thead>\n
Canadian equities<\/td>\n7.4%<\/td>\n10.2%<\/td>\n16.3%<\/td>\n<\/tr>\n
US equities<\/td>\n29.3%<\/td>\n40.5%<\/td>\n54.7%<\/td>\n<\/tr>\n
International equities<\/td>\n10.9%<\/td>\n15.1%<\/td>\n21.1%<\/td>\n<\/tr>\n
Emerging markets<\/td>\n3.7%<\/td>\n5.2%<\/td>\n7.3%<\/td>\n<\/tr>\n
Canadian bonds<\/td>\n32.3%<\/td>\n19.2%<\/td>\n0%<\/td>\n<\/tr>\n
US bonds<\/td>\n16.1%<\/td>\n9.6%<\/td>\n0%<\/td>\n<\/tr>\n
Other<\/td>\n0.3%<\/td>\n0.2%<\/td>\n0.6%<\/td>\n<\/tr>\n<\/tbody>\n
Total<\/th>\n100%<\/th>\n100%<\/th>\n100%<\/th>\n<\/tr>\n<\/tfoot>\n<\/table>\n
Source: Horizons ETFs, as of February 15, 2021<\/h5>\n

According to the funds\u2019 literature, the asset mix will be revisited \u201con each semi-annual rebalance,\u201d which occurs in January and July. But in practice, it has not changed much since the ETFs were launched in August 2018. The bond allocation in HCON<\/a> and HBAL<\/a> have remained at 50% and 30%, respectively, so the overall risk in the one-ticket ETFs has not crept up over time.<\/p>\n

Getting down to brass tax<\/strong><\/h3>\n

If you\u2019ve been investigating the Horizons one-ticket ETFs, it\u2019s probably not because you were attracted by the details of its asset mix. The big selling point, of course, is the promise of better tax-efficiency.<\/p>\n

The potential for tax reduction in the Horizons portfolios comes from the fact that most of the underlying holdings are Total Return Index ETFs<\/a> (TRIs), also called swap-based ETFs<\/a>, that do not hold stocks and bonds directly. And all of the ETFs use the corporate class structure, which is different from traditional ETFs and mutual funds (which are trusts).<\/p>\n

We don\u2019t have the space here to provide a full explanation of these strategies: for the gory details, I\u2019ll refer you to Horizons Swap ETFs: The Next Generation<\/a>, which I wrote when Horizons adopted the corporate class structure for many of its ETFs in the fall of 2019. The company has also produced a useful FAQ<\/a> outlining the potential advantages of both total return indexes and corporate class ETFs.<\/p>\n

For now it\u2019s enough to say that swap-based ETFs do not pay dividends or interest (which would be taxable every year), and instead convert all growth into capital gains, which can be deferred until you ultimately sell your units of the ETF. Corporate class ETFs are also designed to pay no distributions, and if they do occasionally make small payouts, they will be tax-friendly Canadian dividends or capital gains.<\/p>\n

There\u2019s no question this structure is more tax-efficient than traditional ETFs. But an apples-to-apples comparison with Horizons\u2019 competitors would be extremely complicated, misleading, and not very useful.<\/p>\n

It\u2019s one thing to compare the Horizons S&P\/TSX 60 Index ETF (HXT)<\/a> to the iShares S&P\/TSX 60 Index ETF (XIU)<\/a>, which track the same index. It\u2019s another thing to try to measure, for example, whether HGRO<\/a> is more tax-efficient than VEQT<\/a>. Any comparison would need to account for the former\u2019s much larger allocation to US stocks, which will have far more influence on performance. Any backtest would also have to acknowledge that emerging markets have only been part of the Horizons funds for a few months. And the different currency hedging strategies make any comparison even more problematic.<\/p>\n

It\u2019s worth noting that neither of the two US equity ETFs in the one-ticket portfolios use swaps: both the Horizons US Large Cap Index ETF (HULC)<\/a> and the Horizons NASDAQ-100 Index ETF (HXQ)<\/a> hold their stocks directly. The swap-based Horizons S&P 500 Index ETF (HXS)<\/a> was replaced after the launch of HULC<\/a> in February 2020, because the latter has a much lower fee (just 0.08%). In any case, thanks to the corporate class structure neither HULC<\/a> nor HXQ<\/a> are expected to make distributions.<\/p>\n

Your year-end surprise<\/strong><\/h3>\n

Which leads to one final note before we leave the tax discussion. You would expect a portfolio of total-return swaps and corporate class funds to pay little or no cash distributions: indeed, that\u2019s the whole point. However, all three Horizons one-ticket ETFs made year-end distributions in both 2019<\/a> and 2020.<\/p>\n

In some cases these were trivial amounts (less than a penny per share), but last year HCON<\/a> distributed almost $0.10 per unit (about 0.75% of the fund\u2019s value) and HGRO<\/a> paid out over $0.17 (about 1.3%). Most of the distributions were capital gains, with small amounts of return of capital and \u201cother income,\u201d the latter of which is fully taxable.<\/p>\n\n\n\n\n\n\n\n
Horizons ETF<\/th>\n2019 cash distribution (per unit)<\/th>\n2020 cash distribution (per unit)<\/th>\n<\/tr>\n<\/thead>\n
HCON<\/td>\n$0.00377<\/td>\n$0.0985<\/td>\n<\/tr>\n
HBAL<\/td>\n$0.02081<\/td>\n$0.00492<\/td>\n<\/tr>\n
HGRO<\/td>\n$0.02439<\/td>\n$0.17219<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What\u2019s going on here? \u201cThe corporate class ETFs in the underlying holdings don\u2019t make distributions,\u201d Horizons\u2019 Mark Noble confirms. However, HCON<\/a>, HBAL<\/a> and HGRO<\/a> themselves are not corporate class ETFs: they use the same trust structure as traditional funds. As a result, they can realize capital gains when rebalancing the underlying holdings, and they may distribute taxable income as a result of managing the currency hedging. \u201cIn total, though,\u201d says Noble, \u201cthe level of distributions and the tax liability of the ETFs is substantially lower than our competitors\u2019 strategies.\u201d<\/p>\n

Counting the cost<\/strong><\/h3>\n

If you\u2019re doing a cost comparison of the Horizons asset allocation ETFs and their competitors, you need to understand the subtleties, and that\u2019s not easy.<\/p>\n

The management fee for HCON<\/a>, HBAL<\/a> and HGRO<\/a> is given as 0% on the Horizons website, which is potentially misleading, and has been misinterpreted by some investors. This simply means that the one-ticket ETFs do not add a fee on top of those of the underlying holdings. (By contrast, Vanguard and iShares add a few extra basis points.) The site clearly adds that the funds are \u201csubject to the fees of the underlying ETFs,\u201d and indicates an MER of 0.15% or 0.16%.<\/p>\n

But even that\u2019s not the total cost. Many of the underlying ETFs also carry a \u201cswap fee,\u201d which is not reflected in the MER. It only shows up in the fund\u2019s trading expense ratio (TER), which you\u2019ll need to hunt for in the funds\u2019 semi-annual reports. Last year<\/a>, the three one-ticket ETFs reported TERs between 0.15% and 0.18%, pushing their overall costs to 0.29% to 0.34%.<\/p>\n

Bottom line<\/strong><\/h3>\n

It\u2019s taken us a while to get here, but now let\u2019s ask the only question that really matters: are the Horizons one-ticket ETFs an improvement on the asset allocation funds offered by Vanguard, iShares and BMO?<\/p>\n

I don\u2019t feel they have any place in a tax-sheltered account, such as an RRSP or TFSA. The only compelling argument you can make for the Horizons ETFs is in a non-registered account, where they are likely to be significantly more tax-efficient than their competitors.<\/p>\n

If Horizons had stuck with a more traditional equity asset mix, this argument would have been stronger. For example, they could have created a fund that held only the Horizons S&P\/TSX Capped Composite Index ETF (HXCN)<\/a> for Canadian equities, either HXS<\/a> or HULC<\/a> for US equities, and a combination of HXDM<\/a> and HXEM<\/a> for overseas stocks, leaving all the currency unhedged. Such a portfolio would have been very similar to VEQT<\/a> and XEQT<\/a>, with much less in the way of taxable distributions.<\/p>\n

Combine that equity lineup with the two swap-based fixed income ETFs in HBAL<\/a> and HCON<\/a> and you would certainly have a very tax-friendly balanced fund for non-registered accounts. That would have been enough to differentiate the Horizons funds from their competitors.<\/p>\n

But the strategies used in these ETFs\u2014the large allocation to the NASDAQ-100 index (and to a lesser extent the Europe 50 index) and the currency hedging\u2014have added another layer to the decision. Anyone looking for more tax-efficiency will also need to change their investment strategy, and that\u2019s letting the tail wag the dog.<\/p>\n

Finally, anyone considering these ETFs should spend some time understanding their complicated structure. You won\u2019t just be holding a portfolio of stocks and bonds: you\u2019ll be getting the majority of your exposure from derivatives, which are confusing, and carry some additional risks. These include the possibility that the federal government may stop allowing these structures, as they have done with several other tax-advantaged investments in the past. As always, make sure you understand what you\u2019re buying.<\/p>\n<\/p><\/div>\n

Comments are closed.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

Are asset allocation ETFs cheap, well-diversified and convenient? Absolutely. Are they optimally tax-efficient? Perhaps not, though any tax edge you might get from using multiple ETFs and asset location strategies is likely to be outweighed by the additional costs and complexity. But what if there was an asset allocation ETF that could deliver better tax-efficiency […]<\/p>\n","protected":false},"author":1,"featured_media":35670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[11685,19333,44883],"dealstore":[],"offerexpiration":[],"class_list":["post-94210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-etfs","tag-horizons","tag-oneticket"],"yoast_head":"\nInside the Horizons One-Ticket ETFs - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=94210\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inside the Horizons One-Ticket ETFs - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Are asset allocation ETFs cheap, well-diversified and convenient? 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