A decade of innovation: Celebrating 10 years of Mackenzie ETFs

This year marks a significant milestone for Mackenzie Investments as we celebrate the 10‑year anniversary of our Exchange‑Traded Fund (ETF) franchise. Since launching our first ETFs in April 2016, we have grown to more than $26 billion in assets under management across over 50 ETFs listed on Canadian exchanges, a testament to both the evolution of our ETF offering and the rapid growth of the Canadian ETF industry.

The ETF decade: A period of accelerated growth

What began as a niche investment vehicle has become a core portfolio building block for both individual and institutional investors across markets. The world’s first ETF, the Toronto Index Participation Units, was introduced right here in Canada in 1990. Industry momentum remains strong, with Canadian ETF assets projected to double every three and a half years based on growth rates observed over the past decade.¹

Total Canadian ETF assets have increased from just $90 billion in 2015 to more than $700 billion by the end of 2025. Over this period, Mackenzie’s ETF franchise has experienced impressive growth and an accelerating rate of adoption, as illustrated below.

Mackenzie ETFs AUM over time ($B)

Source: Bloomberg. As of March 31, 2026.

Mackenzie’s journey in the ETF landscape

As one of Canada’s largest investment management firms, Mackenzie has played a leading role in the evolution of the Canadian ETF industry.

Innovation at our core

Mackenzie’s entry into the ETF market in 2016 was distinct. Leveraging our long‑standing investment management capabilities, we initially launched four actively managed fixed income ETFs (MKB, MGB, MUB, and MFT). At the time, this approach perhaps seemed a little unconventional, as many providers were primarily focused on bringing low-cost passive solutions to market. In the decade since these launches, we have seen the emergence and proliferation of actively managed ETFs across asset classes. Our inaugural active fixed income strategies continue to resonate with investors a decade later, each continues to trade actively.

With a sharpened focus on portfolio construction, our subsequent ETF launches expanded the firm’s offering to include core index building blocks. To develop ETFs for the evolving needs of Canadians, we sought the input of investors and advisors across the country. Our design and construction process integrated Canada‑specific considerations such as varying tax regimes (domestic and foreign), underlying liquidity constraints and currency hedging. Looking beyond the traditional industry players, we licensed customized indices to provide improved, cost-effective solutions.

Mackenzie Investments has consistently developed innovative ETF strategies with the benefit of the end-investor at the core of our design philosophy. Providing Canadian investors with thoughtfully designed solutions has materialized in the launch of many ‘firsts’ in the Canadian ETF Industry, including:

• Inflation-protected Fixed Income (QTIP)
• Local currency emerging market bonds (QEBL)
• China A-Shares (QCH)
• International Bonds (QDXB)
• Actively managed Resources (MORE)
• Quantitative and Systematic Strategies (MGQE, MIQE)
• Actively managed Global Equity (MGDV) and Fixed Income (MCSB, MAAA)
•  Active Value Strategies (MAGV, MAUV).

These products have meaningfully transformed the ETF landscape as adoption has grown across index, active, quantitative, and systematic strategies.

As we continue our ETF journey we look forward to pioneering innovative and unique ETF strategies. Given our expertise and scale, we can leverage our considerable internal investment management capabilities, or partner with world class external investment managers as sub-advisors. Here are a few examples that showcase our commitment to smarter, more effective portfolio solutions:

Advanced quantitative strategies: The best of human and machine intelligence

The Mackenzie Quant ETFs represent the powerful synergy of artificial intelligence (AI) and human insight. Our approach leverages massive datasets, advanced modeling, and machine learning to build sophisticated quant strategies. Every model output is rigorously examined, validated, and interpreted by our experienced investment professionals. This ensures that technology amplifies human judgment, rather than replacing it, leading to more robust and intelligent investment decisions.

Income generation: Rethinking high-yield ETFs

The Mackenzie High Dividend Yield ETFs are engineered to overcome a key limitation of traditional covered call strategies: capped upside potential. The strategy opportunistically writes both calls and puts and applies modest leverage. This innovative approach is designed to generate yield in both rising and falling markets.

A modern take on portfolio tilting

The Mackenzie Defensive and Cyclical Tilt ETFs are designed to overcome GIC Sector definition flaws. Instead of broad sector classifications, our approach focuses on the specific characteristics of individual companies and how they respond to shifts in economic growth. This allows for a more precise and adaptive method of aligning the portfolio with the prevailing economic environment.

A shift to Value

The Mackenzie Global Value ETF, sub-advised by Barrow Hanley, uncovers high-potential opportunities that may be missed by conventional strategies across developed and emerging markets. The Mackenzie US Value ETF, sub-advised by Putnam, targets high-quality U.S. companies with strong cash flows and attractive valuations to capitalize on pricing inefficiencies and uncover return potential.

Our offering today spans a wide range of strategies designed to meet differing investment objectives and risk preferences. Each ETF is developed through a disciplined construction process that considers investor demand, market gaps, feasibility, liquidity, pricing, and portfolio tradeoffs.

Mackenzie ETFs – Timeline since inception

Looking ahead: The next decade of ETFs

As the market keeps evolving, Mackenzie’s innovation initiatives will continue to benefit from key trends shaping the industry in the years ahead:

• Active management: Continued demand for professionally managed strategies designed to navigate evolving market conditions.
• Outcome‑oriented solutions: Growing focus on income generation, risk management, and targeted outcomes, including target‑maturity, low‑volatility, and high‑income ETFs.
• Thematic investing: Sustained interest in long‑term structural themes such as artificial intelligence, clean energy, and disruptive technologies.
• Liquid alternatives: Broader access to non‑traditional strategies through liquid, transparent vehicles, including hedge fund and institutional-like strategies.

As we look to the future, Mackenzie Investments remains committed to advancing ETF innovation and developing relevant solutions that help Canadians navigate markets and achieve their long‑term financial goals. As part of this commitment, we encourage you to contact your Mackenzie sales team to discuss your portfolio.

For the full list of Mackenzie ETFs, please refer to the product roadmap: Mackenzie ETF product roadmap.

Thank you for being part of our journey over the past ten years. We look forward to continuing to build the next decade of ETF innovation together.

¹ Source: Morningstar. Period: January 1, 2016 to December 31, 2025.

Commissions, management fees, brokerage fees and expenses may all be associated with Exchange Traded Funds. Please read the prospectus before investing. Exchange Traded Funds are not guaranteed, their values change frequently and past performance may not be repeated. 

Index performance does not include the impact of fees, commissions and expenses that would be payable by investors in the investment products that seek to track an index. 

The content of this article (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it. 

This article may contain forward-looking information which reflect our or third-party current expectations or forecasts of future events. Forward-looking information is inherently subject to, among other things, risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed herein. These risks, uncertainties and assumptions include, without limitation, general economic, political and market factors, interest and foreign exchange rates, the volatility of equity and capital markets, business competition, technological change, changes in government regulations, changes in tax laws, unexpected judicial or regulatory proceedings and catastrophic events. Please consider these and other factors carefully and not place undue reliance on forward-looking information. The forward-looking information contained herein is current only as of March 31, 2026. There should be no expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.