Middlefield US Equity Dividend ETF
ACZ.TO
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- Middlefield US Equity Dividend ETF (TSX: MUSA), formerly known as American Core Sectors Dividend Fund (TSX: ACZ), is an exchange-traded fund managed by Middlefield Limited that seeks to provide unitholders with stable monthly cash distributions and long-term total returns through capital appreciation by investing in a diversified, actively managed portfolio comprised primarily of dividend-paying equity securities of U.S.-based companies. The fund focuses on issuers in the consumer, financials, industrials, and information technology sectors expected to benefit from U.S. economic growth, with additional allocations to healthcare, communication services, utilities, consumer staples, energy, real estate, and gold; top holdings as of June 30, 2025, include Middlefield Healthcare Dividend ETF (7.1%), NVIDIA Corporation (6.6%), Amazon.com Inc. (5.8%), Microsoft Corp. (5.3%), and Sony Group Corp. (4.8%), alongside other prominent names such as Broadcom Inc., Visa Inc., and Blackstone Property Partners L.P. The fund provides monthly distributions, recently set at CAD 0.04583 per unit, yielding approximately 2.75% to 2.84% based on current net asset values around CAD 44 million. Established under the laws of the Province of Alberta on November 28, 2013, as a closed-end investment fund and converted to an ETF on June 11, 2019, with its name changed to Middlefield US Equity Dividend ETF and ticker updated to MUSA on February 15, 2022, the fund is headquartered at The Well, 8 Spadina Ave., Suite 3100, Toronto, Ontario, under the trusteeship and management of Middlefield Limited, part of the Middlefield Group founded in 1979. Geographically, the portfolio is heavily weighted toward U.S. equities (approximately 82%), with Canadian (7-8%) and international (10%) exposures as of mid-2025; it trades on the Toronto Stock Exchange and benchmarks performance against indices like the S&P Dividend Aristocrats Index while maintaining active management. Middlefield Limited handles general administration, including accounting, compliance, and trading execution, while providing investment advice on portfolio construction and security selection. Recent developments include a significant advisory change effective April 1, 2025, when Middlefield Limited replaced affiliate Middlefield Capital Corporation as the fund's advisor, with no disruption to personnel or day-to-day operations as both entities share the same parent company; net assets declined to CAD 44.0 million at June 30, 2025, from CAD 49.5 million at year-end 2024 amid a net loss of CAD 3.4 million driven by unrealized investment losses, though the management expense ratio improved slightly to 1.24%. The fund participated in broader Middlefield initiatives, such as the April 2025 transfer of the related Middlefield Innovation Dividend ETF to Cboe Canada and ongoing announcements of estimated annual reinvested capital gains distributions across ETFs in April 2025. No major acquisitions, mergers, or new product launches directly affected this fund in the past 1-2 years, but portfolio turnover remained active at 38.88% for the first half of 2025, reflecting strategic adjustments amid U.S. economic shifts including improved recession odds and sector rotations toward technology and financials.