Horizons Total Return Index ETFs

Horizons ETFs believes that investors should be able to access passive index strategies in the most cost and tax-efficient way possible. For this reason, each of Horizons Total Return Index ETFs (Horizons TRI ETFs) provides passive exposure to an index or benchmark from within a corporate class structure. Each Horizons TRI ETF is a separate corporate class, meaning its shares represent a specific class within a corporate structure. This structure allows these ETFs to seek to deliver greater tax-efficiency with less tracking error than traditional passive index or benchmark ETFs. Horizons TRI ETFs primarily utilize total return swaps, and are not expected to make taxable distributions.

Horizons ETFs 认为，投资者应该能够以尽可能最具成本效益和税收效率的方式来使用被动指数策略。因此，每个 Horizons 总回报指数 ETFs（Horizons TRI ETFs）会从公司类别结构中提供指数或基准的被动敞口。每个 Horizons TRI ETF 是一个单独的公司类别，这意味着其股份代表公司结构中的特定类别。与传统的被动指数或基准 ETFs 相比，这种结构允许这些 ETF 寻求提供更高的税收效率，并减少跟踪误差。Horizons TRI ETFs 主要利用总回报掉期，并且不希望进行应税分配。

The Horizons TRI ETFs that utilize total return swaps achieve tax-efficiency primarily by receiving the total return of the underlying index (before fees) – the value of the underlying index constituent distributions get reflected in the ETF’s share price and are not distributed to share holders. This means that an investor is generally only expected to be taxed on any capital appreciation of the ETF if, and when, the shares of their ETF are sold.

利用总回报掉期的 Horizons TRI ETFs 主要通过接收基础指数的总回报（在扣除费用之前）来实现税收效率——基础指数成分股的分配的价值反映在 ETF 的股价中，而不分配给股东 。这意味着通常仅在出售 ETF 的股票时，投资者才期望对 ETF 的任何资本增值被征税。

How Does a Horizons TRI ETF Work?

The majority of Horizons TRI ETFs utilize a synthetic structure, known as a total return swap.

大多数 Horizons TRI ETFs 利用一种合成结构，即总回报掉期。

Unlike a traditional physical replication ETF that typically purchases the securities found in the relevant index in the same proportions as the index, most Horizons TRI ETFs use a synthetic structure that never buys the securities of an index directly. Instead, the Horizons TRI ETFs receive the total return of the relevant index by entering into Total Return Swap agreements with one or more counterparties, typically large Canadian financial institutions, which provide the ETFs with the total return of the relevant index.

传统的物理复制 ETF 通常以与指数相同的比例购买相关指数中的证券，与此不同，大多数 Horizons TRI ETFs 使用的合成结构从不直接购买指数中的证券。取而代之的是，Horizons TRI ETFs 通过与一个或多个合同当事人（通常是大型加拿大金融机构）订立总回报掉期协议来获得相关指数的总回报，后者通常为 ETFs 提供相关指数的总回报。

The Horizons TRI ETFs that utilize total return swaps achieve tax-efficiency primarily by receiving the total return of the underlying index (before fees) – the value of the underlying index constituent distributions get reflected in the ETF’s share price and are not distributed to shareholders. This means that an investor is generally only expected to be taxed on any capital appreciation of their ETF shares if, and when, their shares of the ETF are sold.

利用总回报掉期的 Horizons TRI ETFs 主要通过接收基础指数的总回报（在扣除费用之前）来实现税收效率——基础指数成分股的分配的价值反映在 ETF 的股价中，而不分配给股东 。这意味着通常仅在出售 ETF 的股票时，投资者才期望对 ETF 的任何资本增值被征税。

To gain exposure to certain indices through a total return swap, counterparties may charge the Horizons TRI ETF a swap fee (depending on the underlying asset). The Horizons TRI ETFs that provide exposure to foreign equities and fixed income securities will typically be charged a swap fee. None of the Horizons TRI ETFs that provide exposure to Canadian equities and preferred shares currently have a swap fee associated with their total return swap. 

为了通过总回报掉期获得某些指数的敞口，合同当事人可能会向 Horizons TRI ETF 收取掉期费（取决于基础资产）。提供外国股票和固定收益证券敞口的 Horizons TRI ETFs 通常会收取掉期费。目前，提供加拿大股票和优先股敞口的 Horizons TRI ETFs 均没有与其总收益掉期相关的掉期费。

Tax-Efficient Investing

Each of the Horizons TRI ETFs is a class of shares in a corporate class structure, the Horizons ETF Corp. This simply means the ETFs are collectively structured as a single corporation, rather than individually as trusts, which was the traditional structure used by Canadian-listed ETFs and mutual funds.

每个 Horizons TRI ETF 都是公司类别结构——Horizons ETF Corp——中的一类股份。这仅表示 ETFs 整体上是一个单一的公司，而不是单独地作为信托，那是加拿大上市的 ETFs 和共同基金所采用的传统结构。

NOTE: While the corporate class structure used by Horizons TRI ETFs is generally referred to as a mutual fund corporation, that is simply how it is classified for tax authorities. All of the products offered by Horizons ETFs are exchange traded funds, and not mutual funds offered via FundServ.

注意：虽然 Horizons TRI ETFs 使用的公司类别结构通常被称为共同基金公司，但这只是税务机关分类的方式。Horizons ETFs 提供的所有产品都是交易所交易基金，而不是通过 FundServ 提供的共同基金。

First established in 1987, mutual fund corporations are structured similarly to traditional corporations. Under one corporate structure, many different investment fund mandates (series or classes) can exist. In the case of Horizons ETF Corp., the different Horizons TRI ETFs are all held within the corporate structure, where each is a separate class of shares.

第一次成立于 1987 年，共同基金公司其结构与传统公司类似。在此公司结构下，可以存在许多不同的投资基金授权（系列或类别）。就 Horizons ETF Corp. 而言，不同的 Horizons TRI ETF 都在公司结构内持有，每个 ETF 都是单独的一类股份。

Within a Canadian mutual fund corporate structure, only capital gains and Canadian dividends can be distributed to investors. From a tax perspective, any other income and foreign dividends generated within any one class of the corporation can potentially be offset by income losses and expenses incurred in other class, which can, in certain circumstances, make the corporate class structure more tax-efficient than a traditional mutual fund trust.

在加拿大的共同基金公司结构中，只能将资本收益和加拿大股息分配给投资者。从税收的角度来看，在公司的任何一类中产生的任何其它收入和国外股息都可能被在另一类中产生的收入损失和支出所抵消，这在某些情况下可以使公司类结构比传统的共同基金信托在税收上更有效率。

According to research, more than $160 billion is invested in corporate class mutual funds in Canada as at November 30, 2019. It is a structure widely-used by advisors in Canada and end-investors, primarily in taxable accounts, to achieve more tax-efficient returns.

根据研究，截至 2019 年 11 月 30 日，加拿大在公司类的共同基金的投资超过 1600 亿加元。加拿大顾问和最终投资者广泛使用该结构，主要用于应税账户，以实现更有税收效率的回报。

What Makes the Horizons TRI ETFs Corporate Class Different?

The major difference between the Horizons TRI ETFs and other corporate class funds is that our ETFs primarily hold derivatives to achieve their investment returns, although physically-replicated Index ETFs can also be held within Horizons ETF Corp.

Horizons TRI ETFs 与其他公司类基金之间的主要区别在于，尽管也可以在 Horizons ETF Corp. 中持有实物复制指数 ETF，但我们的 ETF 主要持有衍生工具以实现其投资回报。

Within Horizons ETF Corp., the Horizons TRI ETFs offer distinct tax-efficiencies for investors. The tax-efficiency to investors is primarily achieved through our proprietary, synthetic Total Return structure, which is used by most of the Horizons TRI ETFs. There are also tax-efficiencies realized by Horizons ETF Corp. itself, when compared to a mutual fund trust structure, since the corporation can use widely-accepted corporate tax accounting options, such as the ability to use losses and expenses to offset income across all classes.

在 Horizons ETF Corp. 中，Horizons TRI ETFs 为投资者提供独特的税收效率。Horizons TRI ETFs 大部分使用了我们专有的合成的总回报结构，主要是用此为投资者提高了税收效率。与共同基金信托结构相比，Horizons ETF Corp. 本身也实现了税收节省，因为该公司可以使用广泛接受的公司税收会计选项，例如使用亏损和费用抵消所有类收入的能力。

The Horizons Tax Advantage: How Our Corporate Class Works For You

The Canadian ETF universe has a large variety of traditional, physically-replicated benchmark index products that can offer investors comparatively low-cost exposure to major indices and benchmarks. However, distributions from these investment funds generally result in taxable events for investors. These taxable distributions can reduce an investor’s potential after-tax return, when compared to the potential after-tax return on investment from owning a comparable Horizons TRI ETF.

加拿大 ETF 领域有大量传统的、可通过物理方式复制的基准指数产品，它们可以为投资者提供相对较低成本的主要指数和基准敞口。但是，这些投资基金的分配通常会导致投资者发生应税事件。与拥有可比的 Horizons TRI ETF 相比，这些应税分配可减少投资者的潜在税后回报。