horizons etfs management (latam) llc - … · extendiendo las posibilidades de diversificación y...

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Horizons ETFs Management (LATAM) LLC Extendiendo las posibilidades de diversificación y crecimiento

Fondo Bursátil Horizons MILA 40 de S&P

Mirae Asset Financial Group

Mirae Asset Financial Group es la firma líder de servicios financieros en Asia. Nuestro caracter independiente, cultura única de emprendimiento, e innovación, nos permite usar nuestra experiencia en mercados emergentes con el fin de proveer oportunidades excepcionales de inversión a nuestros clientes.

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Plataforma de Inversión Diversificada

Mirae Asset Global Investments es el Asset manager del grupo y ejecuta las inversiones “core” en los mercados emergentes. Nuestra plataforma de inversión ofrece multiples beneficios a nuestros clientes.

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Asset Manager Global líder en Asia

Somos uno de los Asset Managers mas reconocidos en Asia, enfocados en clientes insitucionales y retail. Adicionalmente, somos los únicos con headquarters en la region.

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* 2013 Asia Asset Management Fund Manager Survey. Includes asset managers in Asia ex-Japan, Australia and New Zealand.

Información a Junio 2013

Creciente presencia global

Nuestras oficinas están localizadas en los principales centros financieros internacionales, incluyendo los mercados de mayor relevancia en el mundo emergente. Esto nos permite tener una red de profesionales altamente experimentada.

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UNITED KINGDOM CHINA KOREA

INDIA

VIETNAM BRAZIL

CANADA

USA TAIWAN

HONG KONG

AUSTRALIA

COLOMBIA

Exchange Traded Funds | ETFs

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Data as of September 30 2013, unless otherwise stated

US$ 8.1bn in AUM

– Pasivos (Beta) US$ 4.6bn

– Activos US$ 2.2bn

– Apalancados/Inversos US$ 1.3bn

143 ETFs across 6 Global Markets

Lanzamos el primer ETF en 2006 con el objetivo de ofrecer a

nuestros clientes oportunidades de inversion costo - eficientes.

Nuestra plataforma de ETFs creció con la adquisición de

Horizons ETFs (Canadá) y BetaShares ETFs (Australia) 2011,

y el lanzamiento de los primeros ETFs en US, HK y Colombia.


Horizons ETFs tiene una licencia de exclusividad en los derechos del indice S&P MILA 40™, incluyendo sectores de los actuales y futuros países miembros del Mercado MILA

El 23 de Octubre de 2013 Horizons ETFs lanzó el Fondo Bursátil Horizons MILA 40 de S&P en la Bolsa de Valores de Colombia (BVC) | nemótecnico (HMILA40)

El Fondo Bursátil Horizons MILA 40 de S&P busca replicar el rendimiento del

índice S&P MILA 40™, antes de gastos & comisiones, denominado en pesos colombianos COP. (SPMILAO)

Sociedad Administradora Gestor Profesional Proveedor del Indice Cititrust Colombia S.A. Sociedad Fiduciaria Horizons Investment Management Inc. Standard and Poor´s

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Generalidades: Nemótecnico: HMILA40 Estructura legal: Fondo Bursátil Fecha de lanzamiento: Octubre 23, 2013 Administrador: Cititrust Colombia S.A. Gestor: Horizons Investment Management Inc. Numero de componentes: 41 | 40 acciones + efectivo Mercado primario (listing): Bolsa de Valores de Colombia (BVC) Cumplimiento: t+3 Valor de la canasta: approx. COP 150,000,000 (10,000 UP) Moneda : Peso Colombiano (COP) Cobertura (FX): No Distribucion de dividendos: Trimestral Indice de seguimiento: S&P MILA 40™ (COP) SPMILAO index Estructura de inversion: Replicación exacta* Costo de administración: 0.60% (máximo)

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Participantes Autorizados*

BTG-Pactual Citivalores Corredores Asociados Credicorp-Capital | Correval

*pendiente inclusión (max 6)

Monto mínimo a operar (mercado secundario) 1 UP (acción) COP 15,000 | USD $8 Canasta de creación/redención 10,000 UPs ~ COP 150,000,000 | USD 77k Horario postura órdenes (mercado primario) (12PM) T+0

IMPORTANTE

Día de Valoración vs. Día de Operación

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Valoración HMILA40 | NAV

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Valoración del Fondo Bursátil (FX) @NAV

TRM | TRM index (17,30) Observado | CLFXDOOB index (17,00) Promedio | PSSADATA index (13,30)

Precios infovalmer (Ok) | 18,00 Equities Tasas Fx (spot – implicitas)

Valoración HMILA40 infovalmer | Superfinanciera

Si está en el rango (+/- 0,75%) vs. NAV HMILA40 (last) Fuera del rango HM40IV*(+/- 0,75%) NAV

IOPV – Valoración (tiempo real) HM40IV (tick) Equities @last FX (mid market) reuters

S&P MILA 40™ | Un índice eficiente 5 de los 24 componentes del índice MSCI all Peru Capped se encuentran en el índice y

representan un 46,2% 13 de los 20 componentes del índice COLCAP de Colombia se encuentran en el SPMILA y

representan el 81,5% 21 de los 40 componentes del IPSA de Chile están en el SPMILA y representan el 84,8%

A excepción de Perú, (46,2%), los miembros del SPMILA representan al menos un 80% del

indice de referencia local. (COLCAP, IPSA)

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Indice Pais # accionesno. Acciones en el

índice localponderación representativa

del índice

IPSA Chile 40 21 84,8%IGBVL Peru 32 5 23,3%COLCAP Colombia 20 14 80,5%

subtotal 92 40

MSCI Chile IMI 25/50 Chile 40 18 84,3%MSCI All Peru Capped Peru 24 5 46,2%MSCI All Colombia Capped Colombia 24 13 93,9%

subtotal 88 36

SPMILA index

Una canasta de creación equivale a 10,000 Unidades de Participación | aproximadamente 150MM COP

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FALAB CC equity CLP 6,80% ECOPETL CB equity COP 7,63% BAP PE equity USD 6,29%COPEC CC equity CLP 5,37% PREC CB equity COP 4,32% BUENAVC1 P equity PEN 1,91%ENERSIS CC equity CLP 4,47% GRUPOSURCB equity COP 3,23% ALICORC1 PE equity PEN 1,58%ENDESA CC equity CLP 3,64% PFBCOLO CB equity COP 3,31% GRAMONC1 PE equity PEN 1,27%LAN CC equity CLP 3,59% EXITO CB equity COP 2,64% VOLCABC1 PE equity PEN 1,02%CENCOSUD CC equity CLP 3,27% NUTRESA CB equity COP 2,67%CMPC CC equity CLP 2,69% GRUPOARG CB equity COP 2,46% 12,07%BSAN CC equity CLP 2,60% BOGOTA CB equity COP 2,59% acciones # 5SQM/B CC equity CLP 2,05% PFAVAL CB equity COP 2,41%CHILE CC equity CLP 1,71% CORFICOL CB equity COP 1,76%BCI CC equity CLP 1,68% CEMARGOS CB equity COP 1,39%ANTAR CC equity CLP 1,55% ISA CB equity COP 1,23%CORPBANC CC equity CLP 1,45% PFDAVVND CB equity COP 1,17%SMCHILEB CC equity CLP 1,33% ISAGEN CB equity COP 0,89%AGUAS/A CC equity CLP 1,27%COLBUN CC equity CLP 1,30% 37,71%CGE CC equity CLP 1,23% acciones # 14ENTEL CC equity CLP 1,14%CAP CC equity CLP 1,07%CCU CC equity CLP 1,02%AESGENER CC equity CLP 1,00%

50,23%acciones # 21

CHILE COLOMBIA PERU

Portfolio Composition File (PCF) – Diario https://www.citibank.com.co/CitiTrust/ETFmila/index.htm

https://www.citibank.com.co/CitiTrust/ETFmila/index.htm

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EBITDA (regional) Exposure Población regional (95MM hab) Colombiano compra Colombiano…, Chileno y algo Peruano…

Ventajas

• Bajos costos transaccionales

– Expense ratio: 60 pbs. (0,60% anual máx) | remuneración Gestor & Administrador.

• Acceso rápido y eficiente al “nuevo” mercado local • Diversificación automática • Liquidez para el inversionista • Transparencia • Manejo eficiente de dividendos Trimestral • No existe periodo mínimo de permanencia HMILA40 puede ser

comprado/vendido en el mismo día.

1 ticket 40 acciones

3 países | 1 moneda

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Variables Macro MILA | Básico

Que tan alineada esta la política monetaria de los 3 países? Y los rendimientos de los índices accionarios locales? Y las monedas?

El nuevo mercado local no es solamente Colombia (47MM habitantes)… es la región Andina…

es el MILA (95MM habitantes)

PIB (YoY) Inflacion Tasa interes Riesgo Pais Retorno Indice Retorno Población e*(YoY) (i) CDS 5yr (pbs) accionario YtD moneda YtD (MM)

Chile 4,50% 1,50% 4,50% 85 -12,55% -7,80% 17,4Peru 5,60% 3,04% 4% 137 -26,80% -8,99% 29,9

Colombia 4,20% 1,84% 3,25% 125 -9,69% -8,40% 47,7

promedio 4,77% 2,13% 3,92% 115,67 -16,35% -8,40% 95,0

nov-22

Links de Interés

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Portfolio Composition File (PCF) – Diario https://www.citibank.com.co/CitiTrust/ETFmila/index.htm

Horizons ETFs | Colombia

http://co.horizonsetfs.com/pub/es/Default.aspx

Cititrust | Fondo Bursátil MILA 40 de S&P https://www.citibank.com.co/CitiTrust/ETFmila/index.htm

S&P Dow Jones Indices | SPMILA40 http://us.spindices.com/indices/equity/sp-mila-40-index


http://co.horizonsetfs.com/pub/es/Default.aspx


http://us.spindices.com/indices/equity/sp-mila-40-index







ETF solutions for every investorTM

Gracias!

Disclaimer

Commissions, trailing commissions, management fees and expenses all may be associated with an investment in the exchange traded products sub-advised by Horizons Investment Management Inc. (the “Horizons Exchange Traded Products”). The Horizons Exchange Traded Products are not guaranteed, their values change frequently and past performance may not be repeated. The constating documents contain important information about the Horizons Exchange Traded Products. Please read the constating documents before investing. The obligations of the Management Company and the Portfolio Manager responsible for managing the portfolio of Fondo Bursátil Horizons S&P MILA 40 are ones of due diligence and in no case of guaranteed performance for Investors. The assets and funds supplied by Investors to the Authorized Participants for participation in Fondo Bursátil Horizons S&P MILA 40 are not deposits nor do they generate for the Stock Brokerage Companies, the Management Company or the Portfolio Manager, the obligations of a deposit institution and are not covered by the deposit insurance of the Guarantee Funds of Financial Institutions (FOGAFIN), nor by any other scheme of this nature. Investment in Fondo Bursátil Horizons S&P MILA 40 (the “Fund”) is subject to investment risks which include (among others) risk resulting from fluctuations in the prices of the assets making up the Fund. Diversification cannot protect against market risk. Securities concentrated in a single country or a single region or sector may be subject to greater volatility. Other kinds of risks are also associated with the investments described in the Prospectus. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and have been licensed for use by S&P Opco, LLC (“S&P Opco”), a subsidiary of S&P Dow Jones Indices LLC, and sublicensed for certain purposes by Horizons Investment Management Inc. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. MILA is a trademark of Bolsa de Valores de Colombia, S.A., Bolsa de Valores de Lima and Bolse de Comercio de Santiago (collectively, “MILA”), and have been licensed for use by S&P Opco and Horizons ETFs Management (Canada) Inc. The S&P MILA 40™ Index is a product of S&P Opco, and has been licensed for use by Horizons Investment Management Inc. The Fondo Bursátil Horizons S&P MILA 40 is not sponsored, endorsed, sold or promoted by S&P Opco, S&P Dow Jones Indices LLC, Dow Jones or any of their respective affiliates (collectively, “S&P Dow Jones Indices”) or MILA. Neither S&P Dow Jones Indices nor MILA makes any representation or warranty, express or implied, to the owners of the Fondo Bursátil Horizons S&P MILA 40 or any member of the public regarding the advisability of investing in securities generally or in Fondo Bursátil Horizons S&P MILA 40 particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices and MILA’s only relationship to Horizons ETFs Management (Canada) Inc. with respect to the S&P MILA 40™ Index is the licensing of the Index and certain trademarks, service marks and/or trade names and of S&P Dow Jones Indices and/or its third party licensors.

Disclaimer (cont.)

The S&P MILA 40™ Index is determined, composed and calculated by S&P Opco and/or MILA without regard to Horizons ETFs Management (Canada) Inc. or Fondo Bursátil Horizons S&P MILA 40. S&P Dow Jones Indices and MILA have no obligation to take the needs of Horizons ETFs Management (Canada) Inc. or the owners of Fondo Bursátil Horizons S&P MILA 40 into consideration in determining, composing or calculating the S&P MILA 40™ Index. Neither S&P Dow Jones Indices nor MILA are responsible for and have not participated in the determination of the prices, and amount of the Fondo Bursátil Horizons S&P MILA 40 or the timing of the issuance or sale of the Fondo Bursátil Horizons S&P MILA 40 or in the determination or calculation of the equation by the which the Fondo Bursátil Horizons S&P MILA 40 is to be converted into cash. S&P Dow Jones Indices and MILA have no obligation or liability in connection with the administration, marketing or trading of the Fondo Bursátil Horizons S&P MILA 40. There is no assurance that investment products based on the S&P MILA 40™ Index will accurately track index performance or provide positive investment returns. S&P Opco and S&P Dow Jones Indices LLC are not investment advisors. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices or MILA to buy, sell, or hold such security, nor is it considered to be investment advice. NEITHER S&P DOW JONES INDICES NOR MILA GARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P MILA 40™ INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND MILA SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES AND MILA MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY HORIZONS ETFS MANAGEMENT (CANADA) INC, OWNERS OF THE FONDO BURSÁTIL HORIZONS S&P MILA 40, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P MILA 40™ INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES OR MILA BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND HORIZONS ETFS MANAGEMENT (CANADA) INC, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

The automatic registration of the Share Units of Fondo Bursátil Horizons S&P MILA 40 in the National Registry of Securities and Issuers, in accordance with the terms of Article 5.2.2.1.3 of Decree 2555, does not imply certification of the Colombian Financial Superintendence regarding the profitability of Fondo Bursátil Horizons S&P MILA 40 or the security of the investments. The Colombian Financial Superintendence advises potential investors that Fondo Bursátil Horizons S&P MILA 40 is a product involving risk, therefore, when taking any decision to invest, investors must read all the information carefully and must ensure they understand it correctly and adequately, without prejudice to the responsibilities of Stock Brokerage Companies as set out in Decree 2555. Potential investors must read the Prospectus and the Rules to adequately evaluate the appropriateness of the investment. The inscription of the Share Units in the National Securities and Issuers Registry does not imply any qualifications or responsibilities on behalf of the Colombian Financial Superintendence towards individuals or legal entities regarding the price, value or negotiability of the security or the respective issuance, or the solvency of the issuer. The registration of securities in the Bolsa de Valores de Colombia S.A. does not imply certification regarding the price or the negotiability of the securities or their issuing or the solvency of the issuer by the Bolsa de Valores de Colombia S.A. Horizons Investment Management Inc. is a registered investment advisor specializing in exchange traded fund (“ETF”) investment management. Horizons Investment Management Inc. believes that the information in this document is correct at the time of compilation, but no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Horizons Investment Management Inc., its officers, employees or agents. This document contains general information only and is not intended to be relied upon as a forecast, research, investment advice, or a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Investing in ETFs involves risks as their values change frequently. Past performance is not indicative of, and has no bearing on, future results. This document is confidential and intended solely for the addressee. It may not be published or distributed without the express written consent of Horizons Investment Management Inc. and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. This information is presented for institutional investor use only.

Disclaimer (cont.)

horizons etfs management (latam) llc - … · extendiendo las posibilidades de diversificación y...

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