Horizons betaPro launched an actively managed ETF on January 7 2009, the "Horizons AlphaPro Managed S&P/TSX 60", trading under ther symbol HAX.to on the TSX. BetaPro president Howard Atkinson says the ETF can go to cash if necessary and will use technical analysis from Phases & Cycles' Ron Meisels to over- and under-weight sectors of the TSX60 index. The Management Expense Ratio (MER) is 0.70% and there will be a 20% performance fee levied on top of that.
So, how well did it perform since the close of January 7?
- S$P60: 565.38 vs 550.77, ROI: +2.65%
- XIU.TO: an S&P60 tracking ETF: 14.24 vs 13.87, ROI:+2.66%
- HAX.to: 9.25 vs 9.60, -3.6%
We knew that leveraged ETFs are big money losers, this "actively managed" ETF appears to following on the same path.
Note also how well the XIU ETF tracks the underlying index (XIU is an iShares product).
You can readily see this in this 3-month chart comparing all three:
(kindly click to enlarge)
You can easily compare the performance of these ETFs (or any stocks) with the Paired Performance tool for Firefox, as well as analyze long-short strategies.
Thursday, April 30, 2009
Posted by The Shocked Investor at 6:25 PM
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- Gold and Silver Straddles Update
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