Horizons ETFs Management (Canada) announced Sept. 16 the launch of Horizons Growth TRI ETF Portfolio, an all-equity "ETF of ETFs" portfolio.

Units of the ETF have begun trading on the Toronto Stock Exchange (TSX), under the ticker symbol HGRO.

HGRO is the third offering within Horizons’ One-Ticket-Solution ETFs line-up. The others are the Horizons Conservative TRI ETF Portfolio (HCON) and the Horizons Balanced ETF Portfolio (HBAL), which were launched in 2018. Like HCON and HBAL, HGRO will only hold ETFs that are part of Horizons ETFs' Total Return Index (TRI) suite of ETFs, says Horizons.

"While mutual funds may have historically dominated the one-ticket-solution investing space, commonly referred to as balanced funds or fund-of-funds, today's Canadian marketplace is seeing significant demand from retail and institutional investors for one-ticket ETF solutions," said Steve Hawkins, President and CEO of Horizons ETFs. "HGRO is an equity-focused ETF that provides broad global equity exposure, with the added benefits of using our TRI ETFs, which have low index replication tracking error in a low fee structure."

Based on the historical management expense ratio of the portfolio of TRI ETFs held by HGRO, the total management expense ratio of HGRO is expected to be 0.17%, and will not exceed 0.19%, at any rebalance, says Horizons.