HFR.TO - Global X Active Ultra-Short Term Investment Grade Bond ETF

Strategy

HFR owns primarily Canadian investment-grade corporate bonds, with a smaller U.S. allocation that is hedged back to Canadian dollars. The manager uses interest-rate swaps to neutralize most rate exposure, so the portfolio earns corporate-credit carry while avoiding the duration profile of a conventional aggregate-bond fund.

The hedge lowers sensitivity to government-yield moves, but it does not erase risk. Credit spreads can widen, issuer liquidity can deteriorate, and the swaps themselves add counterparty and implementation risk. A duration hedge is not a credit hedge.

Manager and Issuer Pedigree

Global X Investments Canada Inc. manages HFR, which began trading in December 2010. Fiera Capital Corporation is its sub-advisor, bringing an institutional Canadian fixed-income platform to an ETF that has accumulated roughly $663 million in assets as of September 2026.

The fund is actively managed rather than index-tracking. Its 0.40% management fee and 0.49% reported MER are paid for credit selection and the interest-rate hedge, so its value proposition rests on delivering steadier income and lower rate sensitivity than a broad corporate-bond ETF.

Outperformance

Outperforms when short-term credit is stable and rates are volatile: the corporate coupon accrues while the duration hedge limits losses from rising government yields.

Underperforms when short-term credit is stressed and rates are stable: widening spreads can overwhelm the coupon, while the short duration leaves little participation in a broad bond rally. Favorable tape: stable short-term credit and volatile rates. Hostile tape: stressed short-term credit and stable rates.

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Official ETF page

Read the official ETF page for current NAV, holdings, and documents: Global X Canada (HFR).

Beta and MER may not be accurate.
Educational content only; not investment advice. Past performance does not guarantee future results.