Toronto-based Horizons ETFs Management (Canada) Inc. announced on Friday that it will reduce the management fee on the Horizons Cdn Select Universe Bond ETF (HBB) effective July 1.

The fee will decrease from 0.15% to 0.09%.

HBB seeks to replicate, to the extent possible, the performance of the Solactive Canadian Select Universe Bond Index (Total Return), net of expenses. The index designed to measure the performance of the Canadian investment-grade fixed income market.

"With this management fee reduction, HBB now has one of the lowest management fees among the investment-grade bond ETFs in Canada," says Steve Hawkins, president and co-CEO of Horizons ETFs, in a statement.