BetaPro Gold Bullion -2x Daily Bear ETF
HBD.TO
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- BetaPro Gold Bullion -2x Daily Bear ETF (HBD.TO) is an exchange-traded fund managed by Global X Investments Canada Inc., a subsidiary of Mirae Asset Financial Group, that seeks daily investment results, before fees and expenses, corresponding to two times (200%) the inverse of the daily performance of the Solactive Gold Front Month MD Rolling Futures Index ER, which tracks the price of front-month gold futures contracts traded on the Chicago Mercantile Exchange (CME); the ETF achieves its leveraged inverse exposure through forward agreements with Canadian bank counterparties, collateralized by cash, short-term Canadian federal or provincial treasury bills, and interest-bearing accounts, without directly holding physical gold bullion or futures contracts. The ETF targets sophisticated investors seeking tactical short exposure to gold prices on a daily basis, operating primarily in the commodities sector with a focus on precious metals; it lists on the Toronto Stock Exchange (TSX) and Cboe Canada in Canadian dollars, with net assets of approximately CAD 3.16 million as of recent data. Founded through the evolution of BetaPro Management Inc., which traces its origins to 2005 as part of Horizons ETFs (rebranded to Global X Investments Canada Inc. in May 2024), the ETF is headquartered in Toronto, Ontario, at 55 University Avenue, Suite 800. Recent developments include adjustments to forward agreement expenses and hedging costs effective January 20, 2025, reducing anticipated forward price reductions to between 0.296% and 0.70% per annum of notional exposure plus hedging costs of up to 0.6% for HBD, reflecting changing market conditions without altering management fees; in November 2025, Global X announced share consolidations for certain BetaPro ETFs (though HBD was not listed among them), alongside ongoing expansions of the BetaPro suite such as new 3x and -3x leveraged ETFs launched in August 2025.