The .17 HMR round is similar to rounds developed by dedicated rimfire wildcatters who worked to create a rimfire cartridge with an exceptionally flat trajectory. These wildcatters were seeking to match the ballistics of the obsolete 5mm Remington Rimfire Magnum, which was made from 1970 to 1974, and was to that point the fastest rimfire cartridge ever produced.  With 5 mm diameter barrels and bullets being virtually unavailable at the time (the 5mm RMR was the last commercial 5 mm round until the 2004 release of the centerfire .204 Ruger), the commercially available .17 caliber became their bullet of choice.  The .22 Winchester Magnum Rimfire  was the logical parent case, rather than 5mm RMR (with its unique case head size, which requires a significantly different bolt and magazine), because it was commonly available, and it is a far larger and stronger case than the next largest, the .22 Long Rifle.  The .17 caliber wildcats not only met, but far exceeded the 5mm RMR's velocities and flat trajectory.  The accuracy of these cartridges was also quite good.  However, the downrange energy of the 5mm RMR is superior to both .22 WMR and .17 HMR, so there is still potential in the 5 mm rimfire for wildcatters.