The Canadian money manager Mirae Asset Global Investments’ Horizons exchange traded fund arm makes a beeline toward the south, launching its first U.S.-listed product and targets Latin America’s markets next.

Horizons recently launched a S&P 500 Covered Call ETF (NYSEArca: HSPX), which is designed to generate excess income while also limiting volatility relative to the index, and is planning Colombia-listed ETFs  as well, reports Jackie Noblett for Ignites. [Horizons Enters U.S. ETF Market with Covered Call Fund]

Mirae is the majority holder of Horizons, the third-largest ETF provider in Canada. Horizons also runs Mirae’s ETFs in Hong Kong and Korea, and the provider holds a mjaority stake in BetaShares in Australia.

Horizons offers a number of traditional beta-indexing, actively managed, leveraged and inverse products. However, the firm is focusing on strategies with better growth opportunities when breaking into an established market, such as the U.S.

“Every market we approach differently … being third, fourth or fifth to the market and trying to compete on price alone doesn’t appeal to us,” Howard Atkinson, managing director of Horizons ETFs Management, said in the article. “When you look at the U.S., rather than just trying to come in and compete with the big three firms on beta funds, we needed to do something a little bit different.”

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