(As of 1/31/2026)

Middlefield Real Estate Dividend ETF (MREL)

(Real Estate Equity)
FundGrade A+® Rating recipient
For more information about FundGrade click here
2024
2023
2021



Inception Return
(4/20/2011)
7.73 %
YTD Return 3.67 %
NAVPS
(2/19/2026)
$13.18
Change ($0.07) / -0.51 %
Growth of $10,000 (As of January 31, 2026)
MER 1.21 %
Assets ($mil) $150.49
Rank (1Yr) 6/148
Std Dev (3Yr) 15.16 %
Volatility Ranking (3Yr) 8/10
RRSP Eligibility Yes
Load No Load
Max Front End -
Max Back End -
Sales Status Open
 
Objective
Provide unitholders with stable monthly distributions and capital appreciation potential by investing in an actively managed portfolio of global issuetrs operating in, or that derive a significant portion of their revenue or earnings from, products or services related to the real estate sector.
Fund Manager

Middlefield Limited (ML)

Portfolio Manager

Dean C. Orrico, Middlefield Limited

Robert Moffat, Middlefield Limited

Sub-Advisor
-
 
Asset Allocation
(As of January 31, 2026)
Sector Allocation
(As of January 31, 2026)
Geographic Allocation
(As of January 31, 2026)
Top 10 Holdings
NameAssetSectorGeographicPercent
RioCan REIT - UnitsIncome Trust UnitsReal EstateCanada6.47%
Granite REIT - UnitsIncome Trust UnitsReal EstateCanada5.77%
Extendicare IncCanadian EquityHealthcareCanada5.61%
Boardwalk REIT - UnitsIncome Trust UnitsReal EstateCanada5.23%
Killam Apartment REIT - Units Cl AIncome Trust UnitsReal EstateCanada4.97%
Chartwell Retirement Residences - UnitsIncome Trust UnitsHealthcareCanada4.89%
Choice Properties REIT - UnitsIncome Trust UnitsReal EstateCanada4.84%
First Capital REIT - UnitsIncome Trust UnitsReal EstateCanada4.79%
Canadian Apartment Properties REIT - UnitsIncome Trust UnitsReal EstateCanada4.53%
H&R REIT - UnitsIncome Trust UnitsReal EstateCanada3.57%

Performance Data (As of January 31, 2026)
  Return (%) Annualized Return (%)
Return 1 Mth 3 Mth 6 Mth YTD 1 Yr 3 Yr 5 Yr 10 Yr
Fund 3.67 4.70 8.04 3.67 15.65 6.73 7.38 7.34
Benchmark 2.15 1.20 7.05 2.15 4.31 6.45 6.54 4.39
Quartile Ranking 1 1 1 1 1 1 1 1

Calendar Return (%) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Fund 12.19 7.02 7.88 -21.87 35.39 -3.38 20.36 2.77 10.38 6.09
Benchmark 4.74 10.11 10.39 -19.44 30.68 -11.04 15.42 2.74 1.40 1.59
Quartile Ranking 1 2 2 2 1 1 3 1 1 1

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