Canadian Enhanced Income ETF | MCTP

Middlefield Canadian Enhanced Income UCITS ETF – Dist

Europe’s first actively managed high income Canadian equity ETF

Case for the Canadian Enhanced Income ETF

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Dividend growth & reliable income

Canada’s dividend-growth leaders have the ability to generate resilient cash flows across market cycles. The ETF focuses on large-cap companies with durable balance sheets and consistent dividend growth, aiming to deliver high income and long-term capital growth.

Multiple tailwinds for Canada

Canada potentially offers powerful tailwinds for income and growth within our key sector weights: energy backed by global export demand and critical mineral leadership, banks underpinned by robust capital and a pro-business regulatory environment, and REITs trading at deep discounts with foreign investment and rate cuts driving renewed interest.

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Proven strategy, new format

The ETF builds on Middlefield’s decades of actively-managed, income-focused expertise, converting a long-standing London-listed investment trust into a more liquid UCITS ETF structure. This evolution gives European investors easier access to Middlefield’s Canadian income strategy.

Case for the Canadian Enhanced Income

Rising income and returns icon

Dividend growth & reliable income

Canada’s dividend-growth leaders have demonstrated their ability to generate resilient cash flows across market cycles. A Canadian Enhanced Income approach focuses on large-cap companies with durable balance sheets and a track record of consistent dividend growth – supporting both high income generation and long-term capital appreciation.

Multiple tailwinds for Canada

Canada offers compelling structural advantages for income and growth: energy companies benefit from global export demand and critical mineral leadership, banks are supported by strong capital positions and a pro-business regulatory environment, and REITs – currently trading at deep discounts – are attracting renewed interest amid foreign inflows and the prospect of rate cuts.

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Active approach

A Canadian Enhanced Income strategy may benefit from experienced active management – selecting high-quality income-generating assets, managing risk across market cycles, and dynamically adjusting allocations to maximise yield and growth potential.

Investment Strategy

The Middlefield Canadian Enhanced Income UCITS ETF (MCTP) is actively managed and focuses on high-quality, large-cap, dividend-paying Canadian equities – primarily Energy Producers & Pipelines, Financials, and Real Estate – that demonstrate durable cash flows and consistent dividend growth.

The ETF is constructed by combining a top-down and bottom-up approach for a concentrated portfolio of 30-50 securities. The team identifies themes and sectors with durable structural tailwinds while focusing on businesses with resilient balance sheets and cash flows, disciplined capital allocation, high earnings quality, sound governance, and attractive valuations. Portfolio positioning reflects quality, liquidity, and risk considerations, with sector and position limits in place to mitigate drawdowns. The team continuously monitors portfolio risk and actively engages with company management teams and sell-side research to gain further insights and optimise positioning.

Meet the Management Team

Dean

Dean Orrico | President and Chief Executive Officer

Mr. Orrico joined Middlefield in 1996 and is President and Chief Executive Officer. He is responsible for overseeing the firm’s asset management business and has 30 years of investment experience. Dean also serves as lead manager of Middlefield’s award-winning real estate mandates and London Stock Exchange-listed funds. He holds a Bachelor of Commerce degree from the Rotman School of Management at the University of Toronto and an MBA from the Schulich School of Business at York University.

Rob

Robert F. Lauzon | Chief Investment Officer

Mr. Lauzon joined Middlefield in 2002 and is Chief Investment Officer and Managing Director. He has managing equity income portfolios for more than 20 years and is lead manager on a number of Middlefield’s funds, including our flagship Income Plus Class and other award-winning mandates. Rob holds an Honours Bachelor of Business Administration from Wilfrid Laurier University, an MBA from the Rotman School of Management at the University of Toronto, and is a Chartered Financial Analyst (CFA) charterholder.

As of 15.10.2026

Fund Objective

Middlefield Canadian Enhanced Income UCITS ETF (MCTP) is Europe’s first actively managed Canadian equity income ETF. The fund is focused on large-cap, high-quality companies in Energy Production, Pipelines, Financials, and Real Estate sectors. The ETF primarily invests in companies within our key sector weights with a proven track record of growing dividends, providing unique exposure to Canada’s dividend-growth leaders in a UCITS ETF.

The ETF is managed by Middlefield, an independent equity-income manager with over 45 years of experience running award-winning Canadian and UK dividend strategies.

Video

Middlefield has converted its Canadian Enhanced Income fund into an actively managed ETF, enhancing liquidity, pricing efficiency, and cost-effectiveness while maintaining its proven income-focused strategy. With exposure to Canada’s key sectors, the fund also offers diversification benefits amid growing demand for resource-rich, stable economies. Watch the video to learn more about the transition and what it means for investors.

Key Information

Inception Date22/10/2025
Base CurrencyCAD
Net Assets of FundCAD114,569,692
TER95 bps
Investment StyleActive
DomicileIreland
SFDR ClassificationArticle 6
ISINIE000P1G9TM6

Key Risks

When you invest in ETFs your capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. The value of equities and equity-related securities can be affected by daily stock and currency market movements.

Fund Information

TickerMCTP
Asset ClassEquities
Income TreatmentDistributing
Distribution FrequencyQuarterly
Investment StyleActive

Net Asset Values

NAVCAD12.32
Net assets of FundCAD114,569,692
Shares Outstanding9,297,071
Issuer AUM$5,613,515,252

Fund Structure

UCITS CompliantYes
UCITS EligibleYes
ISA EligibleYes
SIPP EligibleYes
UK Fund Reporting StatusYes

Key service providers

CustodianJ.P. Morgan SE - Dublin Branch
Portfolio ManagerMiddlefield Limited
IssuerHANetf ICAV

Registrations

austria Flag Austria
denmark Flag Denmark
finland Flag Finland
france Flag France
germany Flag Germany
ireland Flag Ireland
italy Flag Italy
luxembourg Flag Luxembourg
netherlands Flag Netherlands
norway Flag Norway
sweden Flag Sweden
uk Flag United Kingdom

Listings & Codes

ExchangeTickerRICSEDOLCCYListing Date
Borsa ItalianaMCT IMMCT.MIBS9F2N8€2025-10-23
LSEMCTP LNMCTP.LBQ0GQ78£2025-10-23
XetraASWF GYASWF.DEBS9F2P0€2025-10-23
Exchange Borsa Italiana
Ticker MCT IM
RIC MCT.MI
SEDOL BS9F2N8
CCY €
Listing Date 2025-10-23
Exchange LSE
Ticker MCTP LN
RIC MCTP.L
SEDOL BQ0GQ78
CCY £
Listing Date 2025-10-23
Exchange Xetra
Ticker ASWF GY
RIC ASWF.DE
SEDOL BS9F2P0
CCY €
Listing Date 2025-10-23

Distribution History

Total dividends paid each month for the fund.

DISTRIBUTION PER SHAREANNOUNCEMENT DATEEX-DATERECORD DATEPAYMENT DATE
CAD0.105009/02/202619/03/202620/03/202625/03/2026
CAD0.105011/06/202618/06/202619/06/202624/06/2026
CAD0.105014/09/202621/09/202622/09/202625/09/2026
—10/12/202618/12/202621/12/202630/12/2026
DISTRIBUTION PER SHAREANNOUNCEMENT DATEEX-DATERECORD DATEPAYMENT DATE
CAD0.100004/12/202511/12/202512/12/202529/12/2025

Performance

There is currently insufficient data to display the performance history.

Holdings As of 15.10.2026

No. of holdings: 33

NameWeight
WHITECAP RESOURCES INC5.15%
CANADIAN NATURAL5.15%
MANULIFE FINANCIAL CORP4.07%
TOURMALINE OIL CORP3.95%
NUTRIEN LTD3.90%
TOPAZ ENERGY CORP3.89%
PEYTO EXPLORATION &3.82%
GIBSON ENERGY INC COMMON3.64%
CANADIAN IMPERIAL BANK OF3.50%
ENBRIDGE INC COMMON STOCK3.37%

SectorWeight
Energy41.09%
Financials24.03%
Real Estate10.87%
Utilities10.56%
Materials6.41%
Communications2.37%
Health Care2.32%
Industrials1.89%
Other0.50%

Knowledge hub

Explore our expert-written monthly fund reports, periodic reviews, and key insights.

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About Investment Manager

Founded in 1979, Middlefield is a specialist equity-income asset manager with a 45-year track record of delivering dividend-focused investment strategies for instituitional and individual clients. With offices in both Toronto, Canada and London, UK, Middlefield manages strategies across real estate, healthcare, infrastructure, energy, technology and diversified income. The firm has built a reputation for combining deep sector expertise with disciplined active management, aiming to provide investors with resilient income and long-term growth across multiple market cycles.

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