Adjustments to thematic ETFs announced in line with changes to underlying benchmarks
Horizons ETFs has announced changes to two of its thematic index ETFs to reflect alterations to their underlying benchmarks.
The firm has renamed the Horizons Blockchain Technology & Hardware Index ETF as the Horizons Big Data & Hardware Index ETF. In line with the name change, the fund’s ticker symbol has been altered from BKCH to HBGD.
Meanwhile, the former Horizons Canadian Midstream Oil & Gas Index ETF is now the Horizons Pipelines & Energy Services Index ETF. No changes have been made to the ETF’s ticker symbol.
“Each ETF's name change reflects a recent change in name of its underlying index," said Horizons ETFs President and CEO Steve Hawkins. “In the case of BKCH, the vast majority of index constituents through 2019 were comprised of semiconductor and IT services companies that are integral to the infrastructure of the larger global big data trend, as well as blockchain.”
The name fund’s underlying benchmark, the Solactive Blockchain Technology & Hardware Index, was changed to the Solactive Big Data & Hardware Index.
“In the case of HOG, while it is still investing in midstream oil and gas companies, these companies are now more commonly known to investors as pipeline and energy services companies,” Hawkins added.
The Solactive Canadian Midstream Oil & Gas Index, HOG’s underlying benchmark, was renamed as the Solactive Pipelines & Energy Services Index.
While their names have changed, the two underlying indexes are still following their original methodologies, Horizons ETFs clarified; Solactive has not changed the indexes’ constituents as a result of the changes.
