The federal government is moving to close a loophole that allows investors in certain exchange-traded funds to defer taxes, but the main provider of the products says it’s too early to know what the eventual impact of the proposed legislation will be.
One of the government’s main targets is believed to be swap-based ETFs – also known as total return ETFs. These complex products don’t hold any securities directly but deliver the same performance as an index through an agreement – called a total return swap – with a financial institution.
Horizons ETFs Management Inc. says it is still trying to determine how the proposed legislation will affect its 15 index total return ETFs, as well as other products that use derivatives. The list of ETFs that could potentially be affected includes its largest ETF – the Horizons S&P/TSX 60 Index ETF, with assets of about $1.88-billion – and funds that use derivatives to track commodities such as oil, natural gas and gold.
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