Horizons Absolute Return Global Currency (HARC-T)

Managed by CIBC. It's tanked and too volatile for him. It's essentially a hedge fund. An "absolute" return isn´t guaranteed.

He likes this product. It is not correlated with the market, it is the currency market, but what a lot of people don’t realize is that while the stock market is huge, the bond market is even bigger, and the currency market dwarfs them both. (This is managed by currency people at CIBC, not Horizon.) There are going to be a lot of Long positions and Short positions. It could be fairly volatile. You are basically playing the commodities market without the leverage. This is not for his type of client.

A lot of people don’t realize that although the stock market is huge, it is dwarfed by the bond market, which in turn is dwarfed by the currency market. This ETF has CIBC as a sub-advisor. It is not for the faint of heart because it does have leverage with Long and Short positions, so there could be some volatility. It has a very interesting asset class. For someone who wanted something that is a little bit edgy with a fascinating asset class, he likes the idea.