Dynamic Active U.S. Mid-Cap ETF
DXZ.TO
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- Dynamic Active U.S. Mid-Cap ETF (DXZ.TO) is an exchange-traded fund that seeks long-term capital growth by investing primarily in equity securities of U.S.-based mid-capitalization companies, defined as those with market capitalizations between US$2 billion and US$12 billion; it achieves exposure through direct investments, securities of other funds including the Dynamic Active U.S. Mid-Cap Fund, and derivatives. The ETF employs an active management strategy via Dynamic's Equity Income team, utilizing the proprietary Quality At a Reasonable Price (QUARP) process to select high-quality companies with attractive free cash flows and growth potential across diversified sectors such as industrials, financials, consumer discretionary, and information technology; top holdings as of late 2024 include Fair Isaac Corporation, Brown & Brown Inc., Tyler Technologies Inc., and Graphic Packaging Holding Company, representing approximately 42% of assets. Managed by 1832 Asset Management L.P., a division of Dynamic Funds and ultimately under The Bank of Nova Scotia, the ETF benchmarks against the S&P MidCap 400 Index (total return in CAD terms), features a management expense ratio of 0.85% including a 0.75% management fee, and pays annual distributions that may be reinvested via a DRIP program. Launched on September 22, 2017, and listed on the Toronto Stock Exchange, the ETF is domiciled in Canada with headquarters aligned to Dynamic Funds' operations in Toronto, Ontario; it primarily allocates over 90% to U.S. equities, with minor exposure to foreign and Canadian securities, cash, and short-term investments, targeting institutional and retail investors seeking U.S. mid-cap equity exposure within a North American equity macro category. In recent developments, 1832 Asset Management L.P. announced enhancements to its fund lineup on December 2, 2025, including fee reductions, name changes, and risk rating adjustments across various Dynamic Funds products as part of the Marquis Investment Program streamlining following mergers effective November 14, 2025; while DXZ.TO was not specifically named in these changes, the manager confirmed year-end reinvested distributions for Dynamic Active ETFs in November 2025, with the ETF maintaining net assets of approximately C$29 million and showing strong compound returns since inception of around 8.9-11.9% as of late 2025.