Recon Capital Advisors, LLC (“RCA”), the investment adviser to the four exchange-traded funds that make up the Recon Capital Series Trust, has entered into an agreement to be acquired by Horizons ETFs Management (USA) LLC (“Horizons USA”), a member of the Horizons Exchange Traded Funds Group, one of the largest collective families of ETFs in the world. RCA’s team will join Horizons USA, a subsidiary of Mirae Asset Global Investments Co., Ltd.

RCA is an SEC Registered Investment Adviser headquartered in Stamford, CT. The firm serves as investment adviser to Exchange Traded Funds.

Under the terms of the agreement, the members of RCA will join Horizons USA and the four ETFs will continue to be managed by Recon Capital under the Horizons USA name.

The addition of these ETFs to the Horizons USA platform means that Horizons ETFs will offer five US-listed ETFs, representing approximately US $149 million in assets under management (as of September 30, 2016). This family of ETFs includes the Horizons S&P 500® Covered Call ETF, which is listed on the New York Stock Exchange under the ticker symbol HSPX.

The combined lineup of ETFs is:

ETF Name Ticker Symbol
Recon Capital DAX Germany ETF (DAX)
Recon Capital NASDAQ 100 Covered Call ETF (QYLD)
Recon Capital USA Managed Risk ETF (USMR)
BullMark LatAm Select Leaders ETF (BMLA)
Horizons S&P 500® Covered Call ETF


Horizons USA also plans to launch three additional managed risk ETFs that are anticipated to list in Q1 2017 which will focus on Global (ex-USA), Japan and Europe. This is consistent with Horizons USA’s investment philosophy of redefining risk, enhancing yield and diversifying allocations to meet the evolving needs of global investors.

“We are very excited to have the Recon Capital team join Horizons ETFs,” said Taeyong Lee, President and Global Head of Mirae Asset Global Investment’s ETF Business. “They have proven expertise in the U.S. ETF market and have extensive insights on how to manage and grow the business in the U.S. As we manage approximately US $11.8 billion in assets under our global ETF business, this new team will be crucial in helping lead the US expansion and contribute to the strong momentum in the growth of our global ETF business.”

Garrett Paolella, Chief Executive Officer of RCA and Kevin Kelly, the firm’s Chief Investment Officer will join Horizons ETFs as Managing Directors with Troy Cates retaining the role as Head of Trading and Executive Director. Mr. Kelly is a well-known market commentator frequently appearing in both print and television media to discuss both global investment market trends and ETFs.

“We are proud to be joining the Horizons USA team,” said Mr. Paolella. “Horizons ETFs has built a solid reputation as an innovator in the global ETF market, and we share this commitment to innovation. The U.S. ETF business is highly competitive, but few ETF providers have the global breadth of product and expertise that Horizons ETFs has, and we think we can leverage that global expertise to dramatically grow our domestic business and build on our successes.”

The team from RCA will join Horizons USA effective immediately. The transition of the ETFs to Horizons USA is expected to be finalized by Q1 2017.

About the Horizons ETFs Group (

Horizons ETFs Management (USA) LLC is a member of the Horizons ETFs Group. The Horizons ETFs Group consists of innovative financial services companies offering regional families of ETFs in Canada, Korea, Hong Kong, Australia, the United States and Colombia. Currently, all of the ETFs offered by these companies use the Horizons ETFs’ brand with the exception of the ‘BetaShares’ family of ETFs in Australia and the ‘Mirae Asset Tiger ETFs’ family in Korea. With approximately US$11.8 billion in assets under management and 197 ETF listings worldwide (as of September 30, 2016), the Horizons ETFs Group makes up one of the largest collective families of ETFs in the world. All of the Horizons ETFs Group companies and affiliates are subsidiaries of Mirae Asset Global Investments Co., Ltd.

About Mirae Asset Global Investments (

Mirae Asset Global Investments is one of the world’s largest investment managers in emerging market equities. With approximately 650 employees, including 150 dedicated investment professionals, Mirae Asset offers a breadth of emerging markets expertise. Mirae Asset’s offices are located in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the U.K., the United States and Vietnam. Headquartered in Seoul, South Korea, the firm manages US$100 billion in assets globally (as of September 30, 2016) through a diversified platform to offer market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, such as real estate, private equity and hedge funds. Mirae Asset Global Investments (USA) LLC is focused on providing equity and fixed income investment advisory services to mutual funds, foreign investment trusts and institutions.

Exchange Traded Fund investing involves risk, including loss of principal.

Before investing you should carefully consider each Funds’ investment objectives, risks, charges and expenses. This and other information is in their respective prospectus which can be found at (HSPX) (DAX, QYLD, USMR, & BMLA). Please read the prospectus carefully before you invest. Distributor: Foreside Fund Services, LLC.

Individual shares of the Horizons-branded exchange traded funds (the “Funds”) may be purchased or sold in the secondary market throughout the regular trading day. However, shares of HSPX are not individually redeemable directly from the Funds. Each Fund issues and redeems shares on a continuous basis, at NAV, only in blocks of at least 50,000 shares (“Creation Units”), principally in-kind for securities included in the relevant Index. Recon Funds’ Shares are bought and sold at market price (not NAV), are not individually redeemable, and owners of the Shares may acquire those Shares from the Funds and tender those shares for redemption to the Funds in Creation Unit aggregations only, consisting of 50,000 Shares. Brokerage commissions will reduce returns.